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COMPANY REGISTRATION NUMBER: 13209207
Quantum 30 Limited
Filleted Unaudited Financial Statements
29 February 2024
Quantum 30 Limited
Financial Statements
Year ended 29 February 2024
Contents
Page
Balance sheet
1
Notes to the financial statements
3
Quantum 30 Limited
Balance Sheet
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
4
239,443
239,443
Current assets
Debtors
5
5,278
1,876
Cash at bank and in hand
30,549
22,363
--------
--------
35,827
24,239
Creditors: amounts falling due within one year
6
78,849
78,256
--------
--------
Net current liabilities
43,022
54,017
---------
---------
Total assets less current liabilities
196,421
185,426
Creditors: amounts falling due after more than one year
7
176,000
176,003
---------
---------
Net assets
20,421
9,423
---------
---------
Capital and reserves
Called up share capital
30
30
Profit and loss account
20,391
9,393
--------
-------
Shareholders funds
20,421
9,423
--------
-------
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 profit and loss account has not been delivered.
For the year ending 29 February 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 30 Limited
Balance Sheet (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 28 November 2024 , and are signed on behalf of the board by:
Mr I D M Dos Remedios
Director
Company registration number: 13209207
Quantum 30 Limited
Notes to the Financial Statements
Year ended 29 February 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 Park House, The Bridle Path, Seabridge, Newcastle-under-Lyme, Staffordshire, ST5 3SH. The company registration number is 13209207 .
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. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Revenue recognition
The turnover shown in the profit and loss account represents rental income receivable during the year. Turnover is recognised when the company obtains the right to receive consideration for services provided.
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Investment property
Investment properties are properties held to earn rentals and/or for capital appreciation. Investment properties are initially measured at cost and subsequently remeasured at fair value. Gains and losses arising from changes in the fair value of investment properties are included in profit and loss in the period in which they arise.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. The basic financial instruments of the company are as follows: Debtors Debtors do not carry any interest and are stated at their nominal value. Appropriate allowances for estimated irrecoverable amounts are recognised in the Profit and Loss account when there is objectives evidence that the asset is impaired. Cash at bank and in hand This comprises cash at bank and in hand. Loans Loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
4. Tangible assets
Investment property
£
Cost
At 1 March 2023 and 29 February 2024
239,443
---------
Depreciation
At 1 March 2023 and 29 February 2024
---------
Carrying amount
At 29 February 2024
239,443
---------
At 28 February 2023
239,443
---------
5. Debtors
2024
2023
£
£
Trade debtors
5,278
1,876
-------
-------
6. Creditors: amounts falling due within one year
2024
2023
£
£
Corporation tax
2,566
1,973
Other creditors
76,283
76,283
--------
--------
78,849
78,256
--------
--------
7. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
176,000
176,003
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £176,000 (2023: £176,003) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
The bank loan in favour of Charter Court Financial Services Limited is secured against the investment properties owned by the company.
8. Employee numbers
The average number of persons employed by the company during the year amounted to nil (2023- nil).