2023-05-012024-04-302024-04-30false13028884CAVERO QUANTUM 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CAVERO QUANTUM LIMITED

Registered Number
13028884
(England and Wales)

Unaudited Financial Statements for the Year ended
30 April 2024

CAVERO QUANTUM LIMITED
Company Information
for the year from 1 May 2023 to 30 April 2024

Directors

NAYLOR, Andrew James
RALPH, Richard Anthony
TRENHOLME, James
VARCOE, Benjamin Thomas Hornsby, Professor
WALLACE, Andrew Patrick

Registered Address

Nexus
Discovery Way
Leeds
LS2 3AA

Registered Number

13028884 (England and Wales)
CAVERO QUANTUM LIMITED
Statement of Financial Position
30 April 2024

Notes

2024

2023

£

£

£

£

Current assets
Debtors37,459735
Cash at bank and on hand69,672105,572
77,131106,307
Creditors amounts falling due within one year4(33,877)(25,261)
Net current assets (liabilities)43,25481,046
Total assets less current liabilities43,25481,046
Creditors amounts falling due after one year5(192,493)(88,271)
Net assets(149,239)(7,225)
Capital and reserves
Called up share capital11
Profit and loss account(149,240)(7,226)
Shareholders' funds(149,239)(7,225)
The financial statements were approved and authorised for issue by the Board of Directors on 21 November 2024, and are signed on its behalf by:
VARCOE, Benjamin Thomas Hornsby, Professor
Director
Registered Company No. 13028884
CAVERO QUANTUM LIMITED
Notes to the Financial Statements
for the year ended 30 April 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
Going concern
The directors believe that the company has adequate resources to continue in operational existence for the foreseeable future. The company continues to have the support of the directors and shareholders and therefore continue to adopt the going concern basis of accounting in preparing financial statements.
Turnover policy
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and/or the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Employee benefits
The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further obligation. Contributions to defined contribution plans are expensed in the period to which they relate. Amounts not paid are shown in accruals in the Statement of Financial Position. The assets of the plan are held separately from the company in independently administered funds.
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 the Income Statement
Current taxation
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
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.
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the Statement of Financial Position. They are depreciated over the shorter of their useful lives or the term of the lease. All other lease arrangements are classified as an operating lease Payments made under operating leases are charged to the Income Statement on a straight line basis over the lease term.
Government grants or assistance
Grants of a revenue nature are recognised in the Income Statement in the same period as the related expenditure.
2.Average number of employees

20242023
Average number of employees during the year55
3.Debtors: amounts due within one year

2024

2023

££
Other debtors7,459735
Total7,459735
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.
4.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables17,3411,284
Taxation and social security1,08522,181
Other creditors324346
Accrued liabilities and deferred income15,1271,450
Total33,87725,261
Short term creditors are measured at transaction price (which is usually the invoice 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.
5.Creditors: amounts due after one year

2024

2023

££
Amounts owed to related parties92,49388,271
Other creditors100,000-
Total192,49388,271
6.Pension commitments
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £1,246 (2023 - £1,394).
7.Other commitments
At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases of £600 (2023 - £600)
8.Related party transactions
Included in creditors over 1 year is a balance of £22,802 (2023 - £21,892) due to University of Leeds, a shareholder. Interest is charged at 5% per annum and the amount is due for repayment on 20 June 2025. Included in creditors over 1 year is a balance of £69,691 (2023 - £66,379) due to University of Leeds, a shareholder. Interest is charged at 5% per annum and the amount is due for repayment on 16 December 2025. Included within administration expenses is consultancy fees of £12,752 paid to Fonderie Limited, a company with common directors, in respect of services provided.