Registered number
06734291
Qatana Asset Solutions Limited
Report and Accounts
31 January 2024
Qatana Asset Solutions Limited
Registered number: 06734291
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 225,268 77,567
Current assets
Debtors 4 208,897 188,933
Cash at bank and in hand 111,015 102,347
319,912 291,280
Creditors: amounts falling due within one year 5 (153,381) (92,449)
Net Current assets 166,531 198,831
Total assets less current liabilities 391,799 276,398
Creditors: amounts falling due after more than one year 6 (125,845) (33,398)
Provisions for liabilities - (2,984)
Net Assets 265,954 240,016
Capital and reserves
Called up share capital 100 100
Profit and loss account 265,854 239,916
Shareholders' funds 265,954 240,016
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr C Nightingale Mr P Allen
Director Director
Approved by the board on 22 May 2024
Qatana Asset Solutions Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland.
Turnover
Turnover is measured at the fair value of the consideration receivable, net of value added tax. Turnover includes revenue earned from the rendering of services.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicles 25% p.a. reducing balance basis
Fixtures, fittings and equipment 25% p.a. reducing balance basis
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 12 10
3 Tangible fixed assets
Fixtures, fittings & equipment Motor vehicles Total
£ £ £
Cost
At 1 February 2020 53,936 113,886 167,822
Additions 1,531 227,789 229,320
Disposals - (27,545) (27,545)
At 31 January 2021 55,467 314,130 369,597
Depreciation
At 1 February 2020 39,315 50,940 90,255
Charge for the year 4,227 71,115 75,342
On disposals - (21,268) (21,268)
At 31 January 2021 43,542 100,787 144,329
Net book value
At 31 January 2021 11,925 213,343 225,268
At 1 February 2020 14,621 62,946 77,567
4 Debtors 2024 2023
£ £
Trade debtors 186,927 180,552
Other debtors 21,970 8,381
208,897 188,933
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 9,600 9,600
Obligations under finance lease and hire purchase contracts 37,951 5,669
Trade creditors 21,663 14,005
Corporation tax 17,500 12,500
Other taxes and social security costs 66,667 44,977
Other creditors - 5,698
153,381 92,449
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 14,566 22,886
Obligations under finance lease and hire purchase contracts 110,268 10,125
Other creditors 1,011 387
125,845 33,398
7 Other information
Qatana Asset Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit K Alpha 319
Chobhan Business Centre
Woking
Surrey
GU24 8JB
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