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Unaudited Financial Statements for the Year Ended 31 October 2019 |
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QAF Limited |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 October 2019 |
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for |
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QAF Limited |
QAF Limited (Registered number: 08256918) |
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Contents of the Financial Statements |
for the Year Ended 31 October 2019 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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QAF Limited |
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Company Information |
for the Year Ended 31 October 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Certified Accountants |
Rockware Business Centre |
Office 16 |
5 Rockware Avenue |
Greenford |
Middlesex |
UB6 0AA |
QAF Limited (Registered number: 08256918) |
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Balance Sheet |
31 October 2019 |
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31.10.19 | 31.10.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Stocks |
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Debtors | 5 |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 7 |
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Retained earnings | 8 |
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SHAREHOLDERS' FUNDS |
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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. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director on
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QAF Limited (Registered number: 08256918) |
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Notes to the Financial Statements |
for the Year Ended 31 October 2019 |
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1. | STATUTORY INFORMATION |
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QAF Limited is a
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registered number and registered office address can be found on the Company Information page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Revenue is recognised to the extent that it is probable that the economic benefit 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: |
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Rendering of services |
Revenue from a contract to provide service 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 turnover can be measured reliably; |
- It is probable that the Company will receive the consideration due under the contract ; |
- the stage of completion of the contract at the end of the reporting period can be measured reliably; and |
- the costs incurred and the costs to complete the contract can be measured reliably. |
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Revenue is recognised when services are rendered. |
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Tangible fixed assets |
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. |
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The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item |
when that cost is incurred, if the replacement part is expected to provide incremental future benefit to the |
Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance charged to the |
Statement of comprehensive income during the year in which they are incurred. |
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Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful |
lives. |
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Depreciation is provided on the following basis: |
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Fixtures and fittings -10% on reducing balance |
Motor Vehicles -25% on reducing balance |
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The asset's 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. |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow |
moving items. |
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QAF Limited (Registered number: 08256918) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2019 |
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2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the |
timing difference. |
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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. |
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Debtors |
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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Creditors |
Short term trade 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. |
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Cash and cash equivalents |
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 life. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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QAF Limited (Registered number: 08256918) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2019 |
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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 November 2018 |
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Additions |
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At 31 October 2019 |
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DEPRECIATION |
At 1 November 2018 |
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Charge for year |
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At 31 October 2019 |
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NET BOOK VALUE |
At 31 October 2019 |
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At 31 October 2018 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.19 | 31.10.18 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.19 | 31.10.18 |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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7. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.19 | 31.10.18 |
value: | £ | £ |
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Ordinary | 1 | 1 | 1 |
QAF Limited (Registered number: 08256918) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 October 2019 |
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8. | RESERVES |
Retained |
earnings |
£ |
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At 1 November 2018 |
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Profit for the year |
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Dividends | ( |
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At 31 October 2019 |
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9. | ULTIMATE CONTROLLING PARTY |
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The ultimate controlling party is
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