Registered number
03966811
QP-Services UK Limited
Filleted Accounts
31 January 2018
QP-Services UK Limited
Registered number: 03966811
Balance Sheet
as at 31 January 2018
Notes 2018 2017
£ £
Fixed assets
Tangible assets 3 376,610 409,225
Investments 4 280,000 270,000
656,610 679,225
Current assets
Stocks 78,073 76,648
Debtors 5 127,614 72,946
Cash at bank and in hand 86,656 94,514
292,343 244,108
Creditors: amounts falling due within one year 6 (102,113) (85,504)
Net current assets 190,230 158,604
Total assets less current liabilities 846,840 837,829
Creditors: amounts falling due after more than one year 7 (152,500) (190,000)
Provisions for liabilities (19,663) (19,833)
Net assets 674,677 627,996
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 673,677 626,996
Shareholders' funds 674,677 627,996
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Lorraine Bedford
Director
Approved by the board on 15 August 2018
QP-Services UK Limited
Notes to the Accounts
for the year ended 31 January 2018
1 Accounting policies
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).
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 sale of goods and from 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Properties 5% straight line
Plant and machinery 25% reducing balance
Computer equipment 33% straight line
Motor Vehicles 25% reducing balance
Investments
Investment properties are shown at their open market value. The surplus or deficit arising form the annual revaluation is recognised in the profit and loss account for the year.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
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.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2018 2017
Number Number
Average number of persons employed by the company 8 8
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2017 406,099 87,072 52,087 545,258
Additions - 3,966 - 3,966
Disposals - (17,427) - (17,427)
At 31 January 2018 406,099 73,611 52,087 531,797
Depreciation
At 1 February 2017 46,044 64,323 25,666 136,033
Charge for the year 21,764 8,212 6,605 36,581
On disposals - (17,427) - (17,427)
At 31 January 2018 67,808 55,108 32,271 155,187
Net book value
At 31 January 2018 338,291 18,503 19,816 376,610
At 31 January 2017 360,055 22,749 26,421 409,225
4 Investments
Other
investments
£
Cost
At 1 February 2017 270,000
Revaluation 10,000
At 31 January 2018 280,000
Historical cost
At 1 February 2017 220,000
At 31 January 2018 220,000
The investment property was revalued at 31 January 2015 by the directors to market value by using local market data and best judgement from £220,000 to £260,000. The increase in value has been recognised in the accummulated profit and loss account from the revaluation reserve on transition to FRS-102.
5 Debtors 2018 2017
£ £
Trade debtors 127,614 72,946
6 Creditors: amounts falling due within one year 2018 2017
£ £
Bank loans and overdrafts 30,000 30,000
Trade creditors 5,702 3,513
Taxes and social security costs 63,190 48,769
Other creditors 3,221 3,222
102,113 85,504
7 Creditors: amounts falling due after one year 2018 2017
£ £
Bank loans 152,500 190,000
8 Loans 2018 2017
£ £
Creditors include:
Secured bank loans 182,500 220,000
9 Controlling party
During the year and the previous year, the company was under the control of Antony Wakeford and Lorraine Bedford by virtue of their shareholding.
10 Other information
QP-Services UK Limited is a private company limited by shares and incorporated in England. Its registered office is:
46 High Street
Yatton
Bristol
BS49 4HJ
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