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Registration number: 07243867

Quantum Tuning Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 30 June 2024

 

Quantum Tuning Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Unaudited Abridged Financial Statements

4 to 8

 

Quantum Tuning Limited

Company Information

Directors

D E Guildford

S J Banfield

K R Exley

S C Yates

Registered office

Unit A Enterprise House
Waldeck Road
Maidenhead
Bucks
SL6 8BR

Accountants

Churchills
16 Copse Wood Way
Northwood
Middlesex
HA6 2UE

 

Quantum Tuning Limited

(Registration number: 07243867)
Abridged Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

117,449

135,127

Tangible assets

5

43,826

55,325

 

161,275

190,452

Current assets

 

Stocks

6

34,241

44,298

Debtors

7

812,180

646,538

Cash at bank and in hand

 

1,377,915

1,140,599

 

2,224,336

1,831,435

Creditors: Amounts falling due within one year

(679,496)

(817,423)

Net current assets

 

1,544,840

1,014,012

Net assets

 

1,706,115

1,204,464

Capital and reserves

 

Called up share capital

8

770

770

Capital redemption reserve

230

230

Retained earnings

1,705,115

1,203,464

Shareholders' funds

 

1,706,115

1,204,464

 

Quantum Tuning Limited

(Registration number: 07243867)
Abridged Balance Sheet as at 30 June 2024 (continued)

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 March 2025 and signed on its behalf by:
 

.........................................
D E Guildford
Director

 

Quantum Tuning Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit A Enterprise House
Waldeck Road
Maidenhead
Bucks
SL6 8BR
England

These financial statements were authorised for issue by the Board on 25 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These abridged financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These abridged financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Quantum Tuning Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

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

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% of net book value

Office equipment

20% of net book value

Motor vehicles

20% of net book value

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software

20% of net book value

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Quantum Tuning Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 23 (2023 - 22).

 

Quantum Tuning Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024 (continued)

4

Intangible assets

Total
£

Cost or valuation

At 1 July 2023

446,402

Additions acquired separately

11,685

At 30 June 2024

458,087

Amortisation

At 1 July 2023

311,275

Amortisation charge

29,363

At 30 June 2024

340,638

Carrying amount

At 30 June 2024

117,449

At 30 June 2023

135,127

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

277,588

39,517

317,105

At 30 June 2024

277,588

39,517

317,105

Depreciation

At 1 July 2023

245,586

16,194

261,780

Charge for the year

6,835

4,664

11,499

At 30 June 2024

252,421

20,858

273,279

Carrying amount

At 30 June 2024

25,167

18,659

43,826

At 30 June 2023

32,002

23,323

55,325

 

Quantum Tuning Limited

Notes to the Unaudited Abridged Financial Statements for the Year Ended 30 June 2024 (continued)

6

Stocks

2024
£

2023
£

Finished goods and goods for resale

34,241

44,298

7

Debtors

Debtors includes £Nil (2023 - £Nil) due after more than one year.

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

770

770

770

770

       

9

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £207.77 (2023 - £Nil) per each Ordinary shares

159,984

-

 

 

10

Related party transactions

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

448,731

355,314