QA Systems Limited 31/12/2024 iXBRL

Company registration number: 07888143

QA Systems Limited

Unaudited filleted financial statements

31 December 2024

QA Systems Limited

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

QA Systems Limited

Directors and other information


	Directors	Mr A Sczepansky
		Mr M Davis


	Company number	07888143


	Registered office	5th Floor, Cambridge House North
		1 Henry Street
		Bath
		BA1 1JS


	Business address	5th Floor, Cambridge Street North
		1 Henry Street
		Bath
		BA1 1JS

QA Systems Limited

Statement of financial position

31 December 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Intangible assets	5	3,482		5,089
Tangible assets	6	20,344		29,733
		_______		_______
			23,826		34,822

Current assets
Debtors	7	141,401		41,738
Cash at bank and in hand		21,533		56,496
		_______		_______
		162,934		98,234
Creditors: amounts falling due
within one year	8	( 100,334)		( 73,447)
		_______		_______
Net current assets			62,600		24,787
			_______		_______
Total assets less current liabilities			86,426		59,609

Provisions for liabilities			( 1,058)		( 1,838)

			_______		_______
Net assets			85,368		57,771
			_______		_______

Capital and reserves
Called up share capital			1,000		1,000
Profit and loss account			84,368		56,771
			_______		_______
Shareholder funds			85,368		57,771
			_______		_______

For the year ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 20 May 2025 , and are signed on behalf of the board by:

Mr A Sczepansky

Director

Company registration number: 07888143

QA Systems Limited

Notes to the financial statements

Year ended 31 December 2024

1. General information

The company is a private company limited by shares, registered in England & Wales. The address of the registered office is 5th Floor, Cambridge House North, 1 Henry Street, Bath, BA1 1JS.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis in accordance with the accounting policies set out below .The financial statements are prepared in sterling , which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.Turnover is recognised to the extent that the company obtains the right to consideration as contract activity progresses.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to profit or loss.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

Intangible assets

Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and any accumulated impairment losses .

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:


Other intangible assets	-	over the lifetime of the lease

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Assets held under finance leases are depreciated in the same way as owned assets.A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	33 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Hire purchase and finance leases

Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

The company holds the following basic financial instruments:- short term trade and other debtors and creditors; and - cash and bank balances.A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. They are derecognised when, in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party or, in the case of liabilities, when the company's obligations are discharged, expire or are cancelled.Such instruments are initially measured at transaction price and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments . Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Pension costs

The pension costs charged in the financial statements represent the contribution payable by the company during the year.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 11 (2023: 14 ).

5. Intangible assets

	Other intangible assets	Total
	£	£
Cost
At 1 January 2024 and 31 December 2024	51,187	51,187
	_______	_______
Amortisation
At 1 January 2024	46,098	46,098
Charge for the year	1,607	1,607
	_______	_______
At 31 December 2024	47,705	47,705
	_______	_______
Carrying amount
At 31 December 2024	3,482	3,482
	_______	_______
At 31 December 2023	5,089	5,089
	_______	_______

6. Tangible assets

	Fixtures, fittings and equipment	Total
	£	£
Cost
At 1 January 2024	165,343	165,343
Additions	3,082	3,082
Disposals	( 3,624)	( 3,624)
	_______	_______
At 31 December 2024	164,801	164,801
	_______	_______
Depreciation
At 1 January 2024	135,610	135,610
Charge for the year	12,467	12,467
Disposals	( 3,620)	( 3,620)
	_______	_______
At 31 December 2024	144,457	144,457
	_______	_______
Carrying amount
At 31 December 2024	20,344	20,344
	_______	_______
At 31 December 2023	29,733	29,733
	_______	_______

7. Debtors

	2024	2023
	£	£

Other debtors	141,401	41,738
	_______	_______

The debtors above include the following amounts falling due after more than one year:

	2024	2023
	£	£

Other debtors	20,000	20,000
	_______	_______

8. Creditors: amounts falling due within one year

	2024	2023
	£	£

Trade creditors	64,343	3,574
Corporation tax	-	2,572
Social security and other taxes	18,419	21,809
Other creditors	17,572	45,492
	_______	_______
	100,334	73,447
	_______	_______

9. Other financial commitments

At 31 December 2023, the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £ 115,617 (2023: £ 168,979 ).

10. Related party transactions

During the year, the company was provided with interest free, unsecured loans of £656,573 (2023: £802,018) from its parent company, QA Systems GmbH. After taking into account the company's activities as a general agent for its parent company £ 68,305 (2023: £ 15,196 ) was due from QA Systems GmbH as at 31 December 2024.

11. Controlling party

The company is a wholly owned subsidiary of QA Systems GmbH , a company incorporated in Germany.