REGISTERED NUMBER: 04324158

REPORT OF THE DIRECTOR AND

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2014

FOR

ABILITY QUEST LTD

Page

Company Information

1

Report of the Director

2

Profit and Loss Account

3

Balance Sheet

4

Notes to the Financial Statements

5

DIRECTOR:

C Winter

SECRETARY:

REGISTERED OFFICE:

Unit 10 Lascombe Estate

Highfield Lane

Puttenham

Guildford

Surrey

GU3 1BB

REGISTERED NUMBER:

04324158

ACCOUNTANTS:

Kingfisher Business Advisors Ltd

Chartered Accountants

4 High St

Chobham

Woking

Surrey

GU24 8AA

The director presents his report with the financial statements of the company for the year ended 31 December 2014.

CESSATION OF TRADING

The company ceased trading on 31 December 2014.

DIRECTOR

C Winter held office during the whole of the period from 1 January 2014 to the date of this report.

This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to

small companies.

ON BEHALF OF THE BOARD:

C Winter - Director

5 June 2015

TURNOVER

113,474

167,440

Cost of sales

27,015

27,302

GROSS PROFIT

86,459

140,138

Administrative expenses

103,155

120,751

OPERATING (LOSS)/PROFIT

2

(16,696

)

19,387

Interest payable and similar charges

545

577

(LOSS)/PROFIT ON ORDINARY ACTIVITIES BEFORE TAXATION

(17,241

)

18,810

Tax on (loss)/profit on ordinary activities

3

(2,857

)

4,083

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(14,384

)

14,727

FIXED ASSETS

Tangible assets

5

-

14,284

CURRENT ASSETS

Stocks

-

1,200

Debtors

6

1,799

40,497

Cash at bank

21

6,471

1,820

48,168

CREDITORS

Amounts falling due within one year

7

281

38,817

NET CURRENT ASSETS

1,539

9,351

TOTAL ASSETS LESS CURRENT LIABILITIES

1,539

23,635

CREDITORS

Amounts falling due after more than one year

8

-

(4,855

)

PROVISIONS FOR LIABILITIES

9

-

(2,857

)

NET ASSETS

1,539

15,923

CAPITAL AND RESERVES

Called up share capital

10

1

1

Profit and loss account

11

1,538

15,922

SHAREHOLDERS' FUNDS

1,539

15,923

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2014.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2014 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies and with the Financial Reporting Standard for Smaller Entities (effective April 2008).

The financial statements were approved by the director on 5 June 2015 and were signed by:

C Winter - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective April 2008).

Turnover

Turnover represents net invoiced sales of goods, excluding value added tax.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

2.	OPERATING (LOSS)/PROFIT

The operating loss (2013 - operating profit) is stated after charging:

Period

1.4.13

Year Ended

to

31.12.14

31.12.13

£

£

Depreciation - owned assets

-

3,296

Loss on disposal of fixed assets

9,283

797

Director's remuneration and other benefits etc

6,300

6,300

3.

TAXATION

Analysis of the tax (credit)/charge

The tax (credit)/charge on the loss on ordinary activities for the year was as follows:

Period

1.4.13

Year Ended

to

31.12.14

31.12.13

£

£

Current tax:

UK corporation tax

-

3,205

Deferred tax

(2,857

)

878

Tax on (loss)/profit on ordinary activities

(2,857

)

4,083

4.

DIVIDENDS

Period

1.4.13

Year Ended

to

31.12.14

31.12.13

£

£

Ordinary share of 1

Final

-

29,100

5.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2014

46,004

Disposals

(46,004

)

At 31 December 2014

-

DEPRECIATION

At 1 January 2014

31,720

Eliminated on disposal

(31,720

)

At 31 December 2014

-

NET BOOK VALUE

At 31 December 2014

-

At 31 December 2013

14,284

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.14

31.12.13

£

£

Trade debtors

-

38,698

Other debtors

1,799

1,799

1,799

40,497

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.14

31.12.13

£

£

Hire purchase contracts

-

3,237

Trade creditors

2

12,663

Taxation and social security

-

15,853

Other creditors

279

7,064

281

38,817

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.12.14

31.12.13

£

£

Hire purchase contracts

-

4,855

9.	PROVISIONS FOR LIABILITIES

31.12.14

31.12.13

£

£

Deferred tax

-

2,857

Deferred

tax

£

Balance at 1 January 2014

2,857

Deferred Tax

(2,857

)

Balance at 31 December 2014

-

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.12.14

31.12.13

value:

£

£

1

Ordinary

1

1

1

11.

RESERVES

Profit

and loss

account

£

At 1 January 2014

15,922

Deficit for the year

(14,384

)

At 31 December 2014

1,538

12.	RELATED PARTY DISCLOSURES