Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-31false2023-06-01falseNo description of principal activity32falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 13424424 2023-06-01 2024-05-31 13424424 2022-06-01 2023-05-31 13424424 2024-05-31 13424424 2023-05-31 13424424 c:Director1 2023-06-01 2024-05-31 13424424 d:OfficeEquipment 2023-06-01 2024-05-31 13424424 d:OfficeEquipment 2024-05-31 13424424 d:OfficeEquipment 2023-05-31 13424424 d:OfficeEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 13424424 d:ComputerEquipment 2023-06-01 2024-05-31 13424424 d:ComputerEquipment 2024-05-31 13424424 d:ComputerEquipment 2023-05-31 13424424 d:ComputerEquipment d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 13424424 d:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 13424424 d:CurrentFinancialInstruments 2024-05-31 13424424 d:CurrentFinancialInstruments 2023-05-31 13424424 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 13424424 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 13424424 d:ShareCapital 2024-05-31 13424424 d:ShareCapital 2023-05-31 13424424 d:RetainedEarningsAccumulatedLosses 2024-05-31 13424424 d:RetainedEarningsAccumulatedLosses 2023-05-31 13424424 c:FRS102 2023-06-01 2024-05-31 13424424 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 13424424 c:FullAccounts 2023-06-01 2024-05-31 13424424 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 13424424 2 2023-06-01 2024-05-31 13424424 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure
Registered number: 13424424


Q1 PROJECTS LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




















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Q1 PROJECTS LIMITED
REGISTERED NUMBER:13424424

BALANCE SHEET
AS AT 31 MAY 2024

As restated
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
477
567

  
477
567

Current assets
  

Debtors: amounts falling due within one year
 5 
8,950
9,317

Cash at bank and in hand
  
19,904
11,816

  
28,854
21,133

Creditors: amounts falling due within one year
 6 
(23,165)
(20,821)

Net current assets
  
 
 
5,689
 
 
312

Total assets less current liabilities
  
6,166
879

  

Net assets
  
6,166
879


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
6,066
779

  
6,166
879


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 October 2025.


Page 1

 
Q1 PROJECTS LIMITED
REGISTERED NUMBER:13424424
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024



L Bohan
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
Q1 PROJECTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Q1 Projects Limited is a private company limited by shares, domiciled in England and Wales. The
registered office address is Courtenay House, Pynes Hill, Exeter, England, EX2 5AZ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Going concern

The directors confirm that, having considered their expectations and intentions for the next twelve
months, and the availability of working capital, the company is a going concern.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 3

 
Q1 PROJECTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.6

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
20%
straight line
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
Q1 PROJECTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 5

 
Q1 PROJECTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees



The average monthly number of employees, including directors, during the year was 3 (2023 - 2).



4.


Tangible fixed assets





Office equipment
Computer equipment
Total

£
£
£



Cost or valuation


At 1 June 2023
-
1,277
1,277


Additions
419
-
419



At 31 May 2024

419
1,277
1,696



Depreciation


At 1 June 2023
-
710
710


Charge for the year on owned assets
84
425
509



At 31 May 2024

84
1,135
1,219



Net book value



At 31 May 2024
335
142
477



At 31 May 2023
-
567
567

Page 6

 
Q1 PROJECTS LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Debtors

As restated
2024
2023
£
£


Trade debtors
-
9,240

Other debtors
-
77

Prepayments and accrued income
8,950
-

8,950
9,317



6.


Creditors: Amounts falling due within one year

As restated
2024
2023
£
£

Corporation tax
16,017
12,955

Other taxation and social security
6,148
4,802

Other creditors
-
2,250

Accruals and deferred income
1,000
814

23,165
20,821



7.


Prior year adjustment

Prior year balance sheet figures have been restated in order to agree the retained earnings brought forward balance to the previously signed accounts. Dividends declared have also been restated to agree the split of dividends per share. This has a net effect of an increase in capital and reserves by £2,662.

 
Page 7