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Unaudited Financial Statements |
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for the Year Ended 28th February 2022 |
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for |
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Quantum Cooling Dispense and |
Refridgeration Services LLP |
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REGISTERED NUMBER:
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Unaudited Financial Statements |
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for the Year Ended 28th February 2022 |
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for |
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Quantum Cooling Dispense and |
Refridgeration Services LLP |
Quantum Cooling Dispense and |
Refridgeration Services LLP (Registered number: OC322138) |
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Contents of the Financial Statements |
for the Year Ended 28th February 2022 |
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Page |
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Abridged Balance Sheet | 1 |
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Notes to the Financial Statements | 3 |
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Quantum Cooling Dispense and |
Refridgeration Services LLP (Registered number: OC322138) |
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Abridged Balance Sheet |
28th February 2022 |
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2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
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Investment property | 6 |
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CURRENT ASSETS |
Cash at bank |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT (LIABILITIES)/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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NET ASSETS ATTRIBUTABLE TO
MEMBERS |
1,167,701 |
915,026 |
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LOANS AND OTHER DEBTS DUE TO
MEMBERS |
- |
- |
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MEMBERS' OTHER INTERESTS |
Capital accounts | 1,167,701 | 915,026 |
1,167,701 | 915,026 |
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TOTAL MEMBERS' INTERESTS |
Members' other interests | 1,167,701 | 915,026 |
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The members acknowledge their responsibilities for: |
(a) | ensuring that the LLP keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the LLP 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 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 relating to financial statements, so far as applicable to the LLP. |
Quantum Cooling Dispense and |
Refridgeration Services LLP (Registered number: OC322138) |
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Abridged Balance Sheet - continued |
28th February 2022 |
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In accordance with Section 444 of the Companies Act 2006 as applied to LLPs by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008, the Statement of Comprehensive Income has not been delivered. |
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The financial statements were approved by the members of the LLP and authorised for issue on
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Quantum Cooling Dispense and |
Refridgeration Services LLP (Registered number: OC322138) |
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Notes to the Financial Statements |
for the Year Ended 28th February 2022 |
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1. | STATUTORY INFORMATION |
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Quantum Cooling Dispense and Refridgeration Services LLP is registered in England and Wales. The LLP's registered number and registered office address are as below: |
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Registered number: |
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Registered office: |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | STATEMENT OF COMPLIANCE |
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3. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Revenue recognition |
Turnover comprises the fair value of the consideration recevied or receivable for the rental of it's investment property in the ordinary course of the company's activities. |
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Tangible fixed assets |
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Improvements to property | - |
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Government grants |
Grants are classified either as a grant relating to revenue or a grant relating to assets. Grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support with no future related costs is recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred it is recognised as deferred income and not deducted from the carrying amount of the asset. |
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Investment property |
Investment property has been revalued to fair value at the balance sheet date by the members based on their own research and experience. There has been no independent professional valuation undertaken during the period. |
Quantum Cooling Dispense and |
Refridgeration Services LLP (Registered number: OC322138) |
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Notes to the Financial Statements - continued |
for the Year Ended 28th February 2022 |
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3. | ACCOUNTING POLICIES - continued |
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Basic financial assets |
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. |
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Basic financial liabilities |
Basic financial liabilities, including creditors and loans from fellow group companies are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised. |
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Financial instruments |
The company only enters into basic financial instrument 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 ordinary shares. |
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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, such as the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. |
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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 profit and loss. |
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4. | EMPLOYEE INFORMATION |
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The average number of employees during the year was NIL (2021 - NIL). |
Quantum Cooling Dispense and |
Refridgeration Services LLP (Registered number: OC322138) |
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Notes to the Financial Statements - continued |
for the Year Ended 28th February 2022 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1st March 2021 |
and 28th February 2022 |
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DEPRECIATION |
At 1st March 2021 |
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Charge for year |
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At 28th February 2022 |
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NET BOOK VALUE |
At 28th February 2022 |
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At 28th February 2021 |
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6. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1st March 2021 |
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Revaluations | 300,000 |
At 28th February 2022 |
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NET BOOK VALUE |
At 28th February 2022 |
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At 28th February 2021 |
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Fair value at 28th February 2022 is represented by: |
£ |
Valuation in 2017 | 235,000 |
Valuation in 2020 | 350,000 |
Valuation in 2021 | 100,000 |
Valuation in 2022 | 300,000 |
Cost | 665,000 |
1,650,000 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS |
2022 | 2021 |
£ | £ |
Repayable by instalments |
Mortgage due over 5 years | 109,016 | 148,553 |
Quantum Cooling Dispense and |
Refridgeration Services LLP (Registered number: OC322138) |
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Notes to the Financial Statements - continued |
for the Year Ended 28th February 2022 |
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8. | ULTIMATE CONTROLLING PARTY |
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During the year, the ultimate controlling party was Mr C Gonella and Mrs M R Gonella by virtue of having control of the designated members. |