1 August 2023 v2024.53.1 limited_company_frs_102_section_1a_v1_1_2 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP073212232023-08-012024-07-31073212232024-07-31073212232023-07-3107321223core:WithinOneYear2024-07-3107321223core:WithinOneYear2023-07-3107321223core:AfterOneYear2024-07-3107321223core:AfterOneYear2023-07-3107321223core:ShareCapital2024-07-3107321223core:ShareCapital2023-07-3107321223core:RetainedEarningsAccumulatedLosses2024-07-3107321223core:RetainedEarningsAccumulatedLosses2023-07-3107321223bus:Director12023-08-012024-07-3107321223bus:RegisteredOffice2023-08-012024-07-3107321223core:NetGoodwill2023-08-012024-07-31073212232022-08-012023-07-3107321223core:NetGoodwill2024-07-3107321223core:NetGoodwill2023-08-0107321223core:NetGoodwill2023-07-3107321223core:PlantMachinery2023-08-0107321223core:PlantMachinery2023-08-012024-07-3107321223core:PlantMachinery2024-07-3107321223core:PlantMachinery2023-07-310732122312023-08-012024-07-3107321223countries:EnglandWales2023-08-012024-07-3107321223bus:AuditExemptWithAccountantsReport2023-08-012024-07-3107321223bus:PrivateLimitedCompanyLtd2023-08-012024-07-3107321223bus:SmallEntities2023-08-012024-07-3107321223bus:FullAccounts2023-08-012024-07-31
Company registration number:
07321223
Quicktest Scientific Limited
Unaudited Filleted Financial Statements for the year ended
31 July 2024
BRIAN PAUL LIMITED
Chartered Accountants
Chase Green House, 42 Chase Side, Enfield, Middlesex, EN2 6NF, United Kingdom
Quicktest Scientific Limited
Statement of Financial Position
31 July 2024
20242023
Note££
Fixed assets    
Intangible assets 5
48,000
 
56,000
 
Tangible assets 6
9,482
 
3,682
 
57,482
 
59,682
 
Current assets    
Stocks
64,613
 
40,500
 
Debtors 7
8,583
 
13,502
 
Cash at bank and in hand
70,465
 
46,523
 
143,661
 
100,525
 
Creditors: amounts falling due within one year 8
(58,001
)
(46,323
)
Net current assets
85,660
 
54,202
 
Total assets less current liabilities 143,142   113,884  
Creditors: amounts falling due after more than one year 9
(32,200
)
(40,000
)
Provisions for liabilities
(1,601
) -  
Net assets
109,341
 
73,884
 
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
109,340
 
73,883
 
Shareholders funds
109,341
 
73,884
 
For the year ending
31 July 2024
, the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
financial statements
have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies’ regime.
In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
23 October 2024
, and are signed on behalf of the board by:
Raphael David Katz
Director
Company registration number:
07321223
Quicktest Scientific Limited
Notes to the Financial Statements
Year ended
31 July 2024

1 General information

The company is a private company limited by shares and is registered in England and Wales. The registered office and business address of the company is
Chase Green House
,
Middlesex
,
EN2 6NF
, United Kingdom. The business address of the company is Unit B, Greenhill House, Watford Business Park, Watford, Hertfordshire, WD18 8JA.

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership 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.

Current tax

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.

Goodwill

Purchased goodwill arises on business acquisitions and represents the difference between the cost of acquisition and the fair values of the identifiable assets and liabilities acquired.
Goodwill is initially recorded at cost, and is subsequently stated at cost less any accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over the useful economic life of the asset. Where a reliable estimate of the useful life of goodwill cannot be made, the life is presumed not to exceed five years.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.

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 stocks to their present location and condition.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is more likely than not that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured on an undiscounted basis at the tax rates that would apply in the periods in which timing differences are expected to reverse, based on tax rates and laws enacted at the statement of financial position date.

Provisions for liabilities

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.
Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Defined contribution pension plan

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 Average number of employees

The average number of persons employed by the company during the year was
6
(2023:
6
).

5 Intangible assets

Goodwill
£
Cost  
At
1 August 2023
and
31 July 2024
160,000
 
Amortisation  
At
1 August 2023
104,000
 
Charge
8,000
 
At
31 July 2024
112,000
 
Carrying amount  
At
31 July 2024
48,000
 
At 31 July 2023
56,000
 

6 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 August 2023
32,181
 
Additions
8,960
 
At
31 July 2024
41,141
 
Depreciation  
At
1 August 2023
28,499
 
Charge
3,160
 
At
31 July 2024
31,659
 
Carrying amount  
At
31 July 2024
9,482
 
At 31 July 2023
3,682
 

7 Debtors

20242023
££
Trade debtors
59
 
11,177
 
Other debtors
8,524
 
2,325
 
8,583
 
13,502
 

8 Creditors: amounts falling due within one year

20242023
££
Trade creditors
12,901
 
16,649
 
Taxation and social security
19,687
 
4,963
 
Other creditors
25,413
 
24,711
 
58,001
 
46,323
 

9 Creditors: amounts falling due after more than one year

20242023
££
Other creditors
32,200
 
40,000