Quasam Limited Company Accounts

COMPANY REGISTRATION NUMBER: 01544707

QUASAM LIMITED

Filleted Unaudited Financial Statements

31 March 2017

QUASAM LIMITED

Financial Statements

Year ended 31st March 2017

Contents	Pages

Officers and professional advisers	1

Statement of financial position	2 to 3

Statement of changes in equity	4

Notes to the financial statements	5 to 10

QUASAM LIMITED

Officers and Professional Advisers

The board of directors	J. Dixon
	A. Dixon

Company secretary	J. Dixon

Registered office	Hubbway House
	Suite 18
	Bassington Lane
	Cramlington
	Northumberland
	NE23 8AD

Accountants	Tait Walker LLP
	Chartered Accountants
	10 Manchester Street
	Morpeth
	Northumberland
	NE61 1BH

Bankers	Lloyds Bank plc
	32 The Gosforth Centre
	Gosforth
	Newcastle upon Tyne
	NE3 1JZ

	Lloyds Bank Plc
	6 The High Street
	Boscombe
	Dorset
	BH31 3RG

QUASAM LIMITED

Statement of Financial Position

31 March 2017

	2017		2016
Note	£	£	£

Fixed assets

Tangible assets	7		15,276	20,031

Current assets

Stocks		2,400	2,000
Debtors	8	73,913	177,051
Cash at bank and in hand		5,095	12,976
		--------	---------
		81,408	192,027

Creditors: amounts falling due within one year	9	158,101		232,487
		---------		---------
Net current liabilities			76,693	40,460
			--------	--------
Total assets less current liabilities			( 61,417)	( 20,429)

Creditors: amounts falling due after more than one year	10		5,542	9,042

Provisions

Taxation including deferred tax	( 758)	–
	--------	--------
Net liabilities	( 66,201)	( 29,471)
	--------	--------

Capital and reserves

Called up share capital	6,000	6,000
Profit and loss account	( 72,201)	( 35,471)
	--------	--------
Shareholders funds	( 66,201)	( 29,471)
	--------	--------

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 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 comprehensive income has not been delivered.

For the year ending 31st March 2017 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 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 .

QUASAM LIMITED

Statement of Financial Position (continued)

31 March 2017

These financial statements were approved by the board of directors and authorised for issue on 22 December 2017 , and are signed on behalf of the board by:

J. Dixon	A. Dixon
Director	Director

Company registration number: 01544707

QUASAM LIMITED

Statement of Changes in Equity

Year ended 31st March 2017

	Called up share capital	Profit and loss account	Total
	£	£	£
At 1st April 2015	6,000	( 97,804)	( 91,804)

Profit for the year		102,333	102,333
	-------	---------	---------
Total comprehensive income for the year	–	102,333	102,333

Dividends paid and payable	–	( 40,000)	( 40,000)
	-------	---------	---------
Total investments by and distributions to owners	–	( 40,000)	( 40,000)

At 31st March 2016	6,000	( 35,471)	( 29,471)

Loss for the year		( 36,730)	( 36,730)
	-------	---------	---------
Total comprehensive income for the year	–	( 36,730)	( 36,730)

	-------	---------	---------
At 31st March 2017	6,000	( 72,201)	( 66,201)
	-------	---------	---------

QUASAM LIMITED

Notes to the Financial Statements

Year ended 31st March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hubbway House, Suite 18, Bassington Lane, Cramlington, Northumberland, NE23 8AD.

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 the Republic of Ireland' and Companies Act 2016.

3. Going concern

At the balance sheet date, the company had a net deficit position of £66,201. The financial statements have been prepared on a going concern basis which assumes the company will continue in operational existence for the foreseeable future. The validity of the use of this basis depends upon the following:-

The company manages its day to day working capital requirements through funding from the directors. The current economic climate is difficult and creates uncertainty over the level of demand for the company's services.

The company forecasts and projections, taking account of reasonable possible changes in trading performance, show that the company should be able to operate within the level of its current funding. The directors are confident that the plans for the future are achievable and are expected to generate positive cash flows and sustain profitability over the following twelve months from the date the accounts are signed.

On the basis of their assessment of the company's financial position, the company's directors have a reasonable expectation that the company will be able to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

If the going concern basis proved to be invalid, the financial statements would have to be prepared on a break up basis in which the balance sheet would be restated to include all assets at estimated realisable values and all liabilities would become current and would have to be increased to include those liabilities contingent on the company ceasing to trade.

4. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1st April 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 14.

Revenue recognition

Turnover represents the value of goods sold and services provided during the year net of discounts, returns and Value Added Tax. For goods sold, turnover is recognised when the goods are physically delivered to the customer and for services provided, turnover is recognised to the extent that and when there is a right to consideration.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

Plant and machinery	-	20% reducing balance
Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance

Impairment of fixed 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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts 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 as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities.

5. Employee numbers

The average number of persons employed by the company during the year amounted to 14 (2016: 15 ).

6. Tax on (loss)/profit

Major components of tax (income)/expense

	2017	2016
	£	£

Current tax:

UK current tax (income)/expense	( 3,599)	3,599

Deferred tax:

Origination and reversal of timing differences	( 758)	–
	-------	-------
Tax on (loss)/profit	( 4,357)	3,599
	-------	-------

7. Tangible assets

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1st April 2016 and 31st March 2017	35,027	8,882	36,788	80,697
	--------	-------	--------	--------
Depreciation
At 1st April 2016	33,351	6,983	20,332	60,666
Charge for the year	355	285	4,115	4,755
	--------	-------	--------	--------
At 31st March 2017	33,706	7,268	24,447	65,421
	--------	-------	--------	--------
Carrying amount
At 31st March 2017	1,321	1,614	12,341	15,276
	--------	-------	--------	--------
At 31st March 2016	1,676	1,899	16,456	20,031
	--------	-------	--------	--------

8. Debtors

	2017	2016
	£	£
Trade debtors	44,418	161,988
Other debtors	29,495	15,063
	--------	---------
	73,913	177,051
	--------	---------

9. Creditors: amounts falling due within one year

	2017	2016
	£	£
Trade creditors	60,795	64,952
Accruals and deferred income	2,803	2,586
Corporation tax	–	3,599
Social security and other taxes	35,466	34,789
Obligations under finance leases and hire purchase contracts	3,500	3,500
Director loan accounts	18,589	18,940
Short term borrowings - Lloyds TSB Commercial Finance	35,857	101,379
Other creditors	1,091	2,742
	---------	---------
	158,101	232,487
	---------	---------

Amounts outstanding on the companies invoice financing arrangements and hire purchase contracts are secured over the assets to which they relate.

10. Creditors: amounts falling due after more than one year

	2017	2016
	£	£
Obligations under finance leases and hire purchase contracts	5,542	9,042
	-------	-------

Amounts outstanding on hire purchase contracts are secured over the assets to which they relate.

11. Deferred tax

The deferred tax included in the statement of financial position is as follows:

	2017	2016
	£	£
Included in provisions	( 758)	–
	----	----

The deferred tax account consists of the tax effect of timing differences in respect of:

	2017	2016
	£	£
Accelerated capital allowances	2,392	–
Unused tax losses	( 3,150)	–
	-------	----
	(758)	–
	-------	----

12. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
J. Dixon	( 17,525)	25,032	( 25,416)	( 17,909)
A. Dixon	( 1,415)	13,438	( 12,703)	( 680)
	--------	--------	--------	--------
	( 18,940)	38,470	( 38,119)	( 18,589)
	--------	--------	--------	--------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
J. Dixon	( 39,911)	46,897	( 24,511)	( 17,525)
A. Dixon	2,080	37,106	( 40,601)	( 1,415)
	--------	--------	--------	--------
	( 37,831)	84,003	( 65,112)	( 18,940)
	--------	--------	--------	--------

13. Related party transactions

The directors of the company, A. Dixon and J. Dixon , have given unlimited personal guarantees to the company's bankers, in respect of the company's bank borrowings. These guarantees are supported by mortgages over certain personal assets.

14. Transition to FRS 102

These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1st April 2015.

No transitional adjustments were required in equity or profit or loss for the year.