| REGISTERED NUMBER: |
| QTURBOMECHS ROTATING EQUIPMENT |
| ENGINEERING LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 21 NOVEMBER 2023 TO 30 NOVEMBER 2024 |
| REGISTERED NUMBER: |
| QTURBOMECHS ROTATING EQUIPMENT |
| ENGINEERING LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 21 NOVEMBER 2023 TO 30 NOVEMBER 2024 |
| QTURBOMECHS ROTATING EQUIPMENT |
| ENGINEERING LIMITED (REGISTERED NUMBER: 15299979) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 21 NOVEMBER 2023 TO 30 NOVEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| Accountants' Report | 7 |
| QTURBOMECHS ROTATING EQUIPMENT |
| ENGINEERING LIMITED |
| COMPANY INFORMATION |
| FOR THE PERIOD 21 NOVEMBER 2023 TO 30 NOVEMBER 2024 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Ground Floor Cardigan House |
| Castle Court |
| Swansea Enterprise Park |
| Swansea |
| SA7 9LA |
| QTURBOMECHS ROTATING EQUIPMENT |
| ENGINEERING LIMITED (REGISTERED NUMBER: 15299979) |
| BALANCE SHEET |
| 30 NOVEMBER 2024 |
| Notes | £ |
| CURRENT ASSETS |
| Debtors | 4 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 5 |
| NET CURRENT LIABILITIES | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) |
| ( |
) |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| The financial statements were approved by the director and authorised for issue on |
| QTURBOMECHS ROTATING EQUIPMENT |
| ENGINEERING LIMITED (REGISTERED NUMBER: 15299979) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 21 NOVEMBER 2023 TO 30 NOVEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| QTURBOMECHS Rotating Equipment Engineering Limited is a |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| 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 rendering of services. Turnover is recognised when the company satisfies a performance obligation on completion of a promised service to the customer. |
| Taxation |
| The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date. |
| Deferred tax |
| Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. |
| The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority. |
| QTURBOMECHS ROTATING EQUIPMENT |
| ENGINEERING LIMITED (REGISTERED NUMBER: 15299979) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 21 NOVEMBER 2023 TO 30 NOVEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Cash at bank and in hand |
| Cash at bank and in hand are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' 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 debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised. |
| Impairment of financial assets |
| Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. |
| Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss |
| If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
| Derecognition of financial assets |
| Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party. |
| Classification of financial liabilities |
| Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| Basic financial liabilities |
| Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
| Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
| QTURBOMECHS ROTATING EQUIPMENT |
| ENGINEERING LIMITED (REGISTERED NUMBER: 15299979) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 21 NOVEMBER 2023 TO 30 NOVEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. |
| Derecognition of financial liabilities |
| Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled. |
| Equity instruments |
| Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company. |
| Creditors |
| Short term trade 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. |
| Going concern |
| The director made the decison to cease trading on 20th January 2025 and as such the financial statements have been prepared on a basis other than that of the going concern basis. This basis includes where applicable, writing the company's assets down to net realisable value. No provision has been made for terminating the business unless such costs were committed at the reporting date. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| £ |
| Other debtors |
| 5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| £ |
| Other creditors |
| 6. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the period ended 30 November 2024: |
| £ |
| Balance outstanding at start of period |
| Amounts advanced |
| Amounts repaid | ( |
) |
| Amounts written off | - |
| Amounts waived | - |
| Balance outstanding at end of period |
| QTURBOMECHS ROTATING EQUIPMENT |
| ENGINEERING LIMITED (REGISTERED NUMBER: 15299979) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 21 NOVEMBER 2023 TO 30 NOVEMBER 2024 |
| 7. | RELATED PARTY DISCLOSURES |
| At the year end there was an amount of £865 due from the director. This amount is interest free and has been repaid within 9months of the year end. |
| ACCOUNTANTS' REPORT TO THE DIRECTOR |
| ON THE UNAUDITED FINANCIAL STATEMENTS OF |
| QTURBOMECHS ROTATING EQUIPMENT |
| ENGINEERING LIMITED |
| The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies. |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of QTURBOMECHS Rotating Equipment Engineering Limited for the period ended 30 November 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us. |
| As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
| This report is made solely to the director of QTURBOMECHS Rotating Equipment Engineering Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of QTURBOMECHS Rotating Equipment Engineering Limited and state those matters that we have agreed to state to the director of QTURBOMECHS Rotating Equipment Engineering Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than QTURBOMECHS Rotating Equipment Engineering Limited and its director for our work or for this report. |
| It is your duty to ensure that QTURBOMECHS Rotating Equipment Engineering Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of QTURBOMECHS Rotating Equipment Engineering Limited. You consider that QTURBOMECHS Rotating Equipment Engineering Limited is exempt from the statutory audit requirement for the period. |
| We have not been instructed to carry out an audit or a review of the financial statements of QTURBOMECHS Rotating Equipment Engineering Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
| Ground Floor Cardigan House |
| Castle Court |
| Swansea Enterprise Park |
| Swansea |
| SA7 9LA |