Registered number:
05640907
Questers Resourcing Limited
Directors' report and financial statements
For the Year Ended
31 December 2016
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Questers Resourcing Limited
Company Information
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N Gandhi
(appointed
26 January 2006
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A Drangazhov
(appointed
14 January 2013
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Avanta Sackville Street, 25 Sackville Street
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Questers Resourcing Limited
Contents
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Statement of comprehensive income
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Statement of changes in equity
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Notes to the financial statements
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Questers Resourcing Limited
Directors' report
For the Year Ended 31 December 2016
The directors present their report and the financial statements for the year ended 31 December 2016.
The principal activity of the company continued to be that of the set up and maintenance of remote offices.
The profit for the year, after taxation, amounted to £
346,655
(2015 -
loss
£
995
)
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The directors recommend a final dividend payment of £325,962 for the year.
The directors who served during the year were:
N Gandhi
(appointed
26 January 2006
)
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A Drangazhov
(appointed
14 January 2013
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In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board on
27 September 2017
and signed on its behalf.
................................................
N Gandhi
Secretary
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Page 1
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Questers Resourcing Limited
Statement of comprehensive income
For the Year Ended 31 December 2016
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Profit/(loss) for the year
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There were no recognised gains and losses for 2016 or 2015 other than those included in the statement of comprehensive income.
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There was no other comprehensive income for 2016 (2015:£
NIL).
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The notes on pages 7 to 16 form part of these financial statements.
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Page 2
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Questers Resourcing Limited
Registered number:
05640907
Balance sheet
As at
31 December 2016
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The Company's
financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
27 September 2017
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Page 3
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Questers Resourcing Limited
Registered number:
05640907
Balance sheet
(continued)
As at
31 December 2016
The notes on pages 7 to 16 form part of these financial statements.
Page 4
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Questers Resourcing Limited
Statement of changes in equity
For the Year Ended
31 December 2016
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Dividends: Equity capital
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Total transactions with owners
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Page 5
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Questers Resourcing Limited
Statement of changes in equity
For the Year Ended
31 December 2015
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Comprehensive income for the year
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Other comprehensive income for the year
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Total comprehensive income for the year
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Total transactions with owners
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The notes on pages 7 to 16 form part of these financial statements.
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Page 6
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Questers Resourcing Limited
Notes to the financial statements
For the Year Ended 31 December 2016
The company is a limited liability company by shares incorporated in the United Kingdom. Its registered office address is at Avanta Sackville Street, 25 Sackville Street, London, W1S 3AX for which is also its principal place of business.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
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Information on the impact of first-time adoption of FRS 102 is given in note 14.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company accounting policies.
The following principal accounting policies have been applied:
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
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the amount of revenue can be measured reliably;
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it is probable that the Company will receive the consideration due under the contract;
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the stage of completion of the contract at the end of the reporting period can be measured reliably; and
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the costs incurred and the costs to complete the contract can be measured reliably.
Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
Page 7
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Questers Resourcing Limited
Notes to the financial statements
For the Year Ended 31 December 2016
2.
Accounting policies (continued)
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the statement of comprehensive income.
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or financed at a rate of interest that is not a market rate or in case of an out-right short-term loan not at market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.
Page 8
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Questers Resourcing Limited
Notes to the financial statements
For the Year Ended 31 December 2016
2.
Accounting policies (continued)
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Financial instruments (continued)
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Investments in non-convertible preference shares and in non-puttable ordinary and preference shares are measured:
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at fair value with changes recognised in the statement of comprehensive income if the shares are publicly traded or their fair value can otherwise be measured reliably;
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at cost less impairment for all other investments.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an 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.
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or income as appropriate. The company does not currently apply hedge accounting for interest rate and foreign exchange derivatives.
Short term 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.
Page 9
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Questers Resourcing Limited
Notes to the financial statements
For the Year Ended 31 December 2016
2.
Accounting policies (continued)
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Foreign currency translation
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Functional and presentation currency
The Company's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the statement of comprehensive income except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the statement of comprehensive income within 'other operating income'.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable.
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Operating leases: the Company as lessee
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Rentals paid under operating leases are charged to the statement of comprehensive income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
The Company has taken advantage of the optional exemption available on transition to FRS 102 which allows lease incentives on leases entered into before the date of transition to the standard 01 January 2015 to continue to be charged over the period to the first market rent review rather than the term of the lease.
Page 10
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Questers Resourcing Limited
Notes to the financial statements
For the Year Ended 31 December 2016
2.
Accounting policies (continued)
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the balance sheet.
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Current and deferred taxation
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The tax expense for the year comprises current and deferred tax. Tax is recognised in the statement of comprehensive income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
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The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
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Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.
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The average monthly number of employees, including the directors, during the year was as follows:
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Page 11
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Questers Resourcing Limited
Notes to the financial statements
For the Year Ended 31 December 2016
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Charge for the year on owned assets
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Page 12
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Questers Resourcing Limited
Notes to the financial statements
For the Year Ended 31 December 2016
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Amounts owed by group undertakings
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Prepayments and accrued income
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Cash and cash equivalents
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Accruals and deferred income
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Page 13
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Questers Resourcing Limited
Notes to the financial statements
For the Year Ended 31 December 2016
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Financial assets measured at fair value through profit or loss
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Financial assets measured at fair value through profit or loss comprise...
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Charged to profit or loss
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The provision for deferred taxation is made up as follows:
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Accelerated capital allowances
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Commitments under operating leases
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At 31 December 2016 the Company had future minimum lease payments under non-cancellable operating leases as follows:
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Page 14
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Questers Resourcing Limited
Notes to the financial statements
For the Year Ended 31 December 2016
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Related party transactions
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During the year, the company was related to the following companies (by virtue of their joint ownership by directors):
Questers EOOD Bulgaria – the value of the purchases during the year was £4,139,450, relating to the Company’s principal activity (2015 - £4,469,299). At the year end the Company owed £385,608 (2015 - £252,828).
Questers Techpark RS Serbia – the value of the purchases during the year was £909, relating to the Company’s principal activity (2015 - £13,750). At the year end the Company owed £NIL (2015 - £NIL).
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The company's ultimate controlling party is Questers Global Group Limited by virtue of its ownership of 100% of the issued share capital in the company.
Page 15
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Questers Resourcing Limited
Notes to the financial statements
For the Year Ended 31 December 2016
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First time adoption of FRS 102
The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.
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Page 16
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