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COMPANY REGISTRATION NUMBER: 12363471
QUANTUM IT DISTRIBUTION LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
QUANTUM IT DISTRIBUTION LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
82,573
12,623
CURRENT ASSETS
Stocks
149,947
602,234
Debtors
6
504,579
364,111
Cash at bank and in hand
11,520
39,591
---------
------------
666,046
1,005,936
CREDITORS: amounts falling due within one year
7
651,292
820,278
---------
------------
NET CURRENT ASSETS
14,754
185,658
--------
---------
TOTAL ASSETS LESS CURRENT LIABILITIES
97,327
198,281
CREDITORS: amounts falling due after more than one year
8
59,501
PROVISIONS
20,643
2,398
--------
---------
NET ASSETS
17,183
195,883
--------
---------
CAPITAL AND RESERVES
Called up share capital fully paid
100
100
Profit and loss account
17,083
195,783
--------
---------
SHAREHOLDERS FUNDS
17,183
195,883
--------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
QUANTUM IT DISTRIBUTION LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 9 October 2024 , and are signed on behalf of the board by:
Mr T J Skipper
Mr R C Bale
Director
Director
Company registration number: 12363471
QUANTUM IT DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit B2, Loades Eco Parc, Blackhorse Road, Coventry, CV7 9FW.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied, stated net of discounts and of Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
33% straight line
Motor vehicles
-
3 & 4 years straight line
Office equipment
-
33% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 6 (2023: 7 ).
5. TANGIBLE ASSETS
Plant and machinery
Motor vehicles
Equipment
Total
£
£
£
£
Cost
At 1 April 2023
1,595
67,156
68,751
Additions
89,490
89,490
-------
--------
--------
---------
At 31 March 2024
1,595
89,490
67,156
158,241
-------
--------
--------
---------
Depreciation
At 1 April 2023
1,595
54,533
56,128
Charge for the year
11,355
8,185
19,540
-------
--------
--------
---------
At 31 March 2024
1,595
11,355
62,718
75,668
-------
--------
--------
---------
Carrying amount
At 31 March 2024
78,135
4,438
82,573
-------
--------
--------
---------
At 31 March 2023
12,623
12,623
-------
--------
--------
---------
6. DEBTORS
2024
2023
£
£
Trade debtors
322,313
245,831
Other debtors
182,266
118,280
---------
---------
504,579
364,111
---------
---------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
62,870
11,158
Trade creditors
317,180
130,868
Social security and other taxes
4,253
82,340
Other creditors
266,989
595,912
---------
---------
651,292
820,278
---------
---------
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Other creditors
59,501
--------
----
9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R C Bale
72,754
24,542
( 25,635)
71,661
--------
--------
--------
--------
2023
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
Mr R C Bale
64,170
11,374
( 2,790)
72,754
--------
--------
-------
--------
10. RELATED PARTY TRANSACTIONS
During the period the company undertook the following transactions with related parties: The directors have advanced monies to the company. At 31 March 2024 the amount due from the company was £4,224 (2023 - £2,104).