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QUANTUM SPEED LIMITED

Registered Number
10208393
(England and Wales)

Unaudited Financial Statements for the Year ended
30 June 2024

QUANTUM SPEED LIMITED
Company Information
for the year from 1 July 2023 to 30 June 2024

Director

SU, Brian

Registered Address

6 Gray Court
Stevenage
SG1 3UH

Registered Number

10208393 (England and Wales)
QUANTUM SPEED LIMITED
Balance Sheet as at
30 June 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets36191,238
6191,238
Current assets
Debtors24,84614,404
Cash at bank and on hand3,41617,365
28,26231,769
Creditors amounts falling due within one year4(28,337)(32,729)
Net current assets (liabilities)(75)(960)
Total assets less current liabilities544278
Provisions for liabilities5(118)(235)
Net assets42643
Capital and reserves
Called up share capital11
Profit and loss account42542
Shareholders' funds42643
The financial statements were approved and authorised for issue by the Director on 20 March 2025, and are signed on its behalf by:
SU, Brian
Director
Registered Company No. 10208393
QUANTUM SPEED LIMITED
Notes to the Financial Statements
for the year ended 30 June 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.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
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 (as applied to small entities by section 1A of the standard).
Revenue from rendering of services
Revenue 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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
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.
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.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Fixtures and fittings3
Office Equipment3
2.Average number of employees

20242023
Average number of employees during the year11
3.Tangible fixed assets

Plant & machinery

Fixtures & fittings

Office Equipment

Total

££££
Cost or valuation
At 01 July 23-40011,43411,834
At 30 June 24-40011,43411,834
Depreciation and impairment
At 01 July 23-40010,19610,596
Charge for year619--619
At 30 June 2461940010,19611,215
Net book value
At 30 June 24(619)-1,238619
At 30 June 23--1,2381,238
4.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables-5
Taxation and social security28,33732,724
Total28,33732,729
5.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)118235
Total118235