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Unaudited Financial Statements |
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for the Year Ended 31 October 2020 |
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for |
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Quuu Limited |
REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 31 October 2020 |
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for |
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Quuu Limited |
Quuu Limited (Registered number: 09805394) |
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Contents of the Financial Statements |
for the year ended 31 October 2020 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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Chartered Accountants' Report | 7 |
Quuu Limited |
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Company Information |
for the year ended 31 October 2020 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
2 Maple Court |
Davenport Street |
Macclesfield |
Cheshire |
SK10 1JE |
Quuu Limited (Registered number: 09805394) |
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Balance Sheet |
31 October 2020 |
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31.10.20 | 31.10.19 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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CURRENT ASSETS |
Debtors | 5 |
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Cash at bank |
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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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CREDITORS |
Amounts falling due after more than one year | 7 | ( |
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PROVISIONS FOR LIABILITIES |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital | 8 |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS |
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The directors acknowledge their 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. |
Quuu Limited (Registered number: 09805394) |
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Balance Sheet - continued |
31 October 2020 |
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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 Board of Directors and authorised for issue on
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Quuu Limited (Registered number: 09805394) |
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Notes to the Financial Statements |
for the year ended 31 October 2020 |
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1. | STATUTORY INFORMATION |
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Quuu Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Tangible fixed assets |
Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes the original purchase price of the asset and the costs attributable to bringing the asset to its working condition for its intended use. |
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Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows: |
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Computer equipment | - 25% on cost |
Fixture and fittings | - 25% on cost |
Plant & Machinery | - 25% on cost |
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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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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to the Income Statement on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the Income Statement in the period to which they relate. |
Quuu Limited (Registered number: 09805394) |
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Notes to the Financial Statements - continued |
for the year ended 31 October 2020 |
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2. | ACCOUNTING POLICIES - continued |
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Share capital |
Ordinary shares are classed as equity. |
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Short term debtors |
Short term debtors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the Income Statement. |
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Cash and cash equivalents |
Cash and cash equivalents includes cash in hand, cash held with banks and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
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Share based payments |
The fair value of equity settled share based payments is recognised as an expense over the term of the vesting period, to reflect the value of the employee services rendered. A provision is made within Other Reserves representing the value of the Option and is adjusted as the Option is exercised or lapses. |
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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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4. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 November 2019 |
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Additions |
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At 31 October 2020 |
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DEPRECIATION |
At 1 November 2019 |
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Charge for year |
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At 31 October 2020 |
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NET BOOK VALUE |
At 31 October 2020 |
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At 31 October 2019 |
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5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.20 | 31.10.19 |
£ | £ |
Trade debtors |
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Other debtors |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.10.20 | 31.10.19 |
£ | £ |
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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Quuu Limited (Registered number: 09805394) |
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Notes to the Financial Statements - continued |
for the year ended 31 October 2020 |
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7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.10.20 | 31.10.19 |
£ | £ |
Bank loans |
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8. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.10.20 | 31.10.19 |
value: | £ | £ |
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Ordinary | £0.0001 | 2 | 2 |
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9. | OTHER FINANCIAL COMMITMENTS |
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At the balance sheet date the company has non cancellable operating lease commitments totalling 2020 £7,274 (2019: £16,376). |
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10. | SHARE-BASED PAYMENT TRANSACTIONS |
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The company established an equity settled share based payment "EMI Scheme" to incentivise employees. The options vest over a maximum period of 2 years. The number of options vested at the Balance Sheet date was 138 Ordinary Shares of £0.0001 at an exercise price of £0.0001 per share. Share Options were valued using the Black Scholes Share Option Valuation Model. |
Chartered Accountants' Report to the Board of Directors |
on the Unaudited Financial Statements of |
Quuu Limited |
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The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Quuu Limited for the year ended 31 October 2020 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us. |
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As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance. |
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This report is made solely to the Board of Directors of Quuu Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Quuu Limited and state those matters that we have agreed to state to the Board of Directors of Quuu Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quuu Limited and its Board of Directors, as a body, for our work or for this report. |
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It is your duty to ensure that Quuu Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Quuu Limited. You consider that Quuu Limited is exempt from the statutory audit requirement for the year. |
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We have not been instructed to carry out an audit or a review of the financial statements of Quuu Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements. |
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Chartered Accountants |
2 Maple Court |
Davenport Street |
Macclesfield |
Cheshire |
SK10 1JE |
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