Company Registration No. SC307569 (Scotland)
QUARCH TECHNOLOGY LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2015
QUARCH TECHNOLOGY LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
QUARCH TECHNOLOGY LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 AUGUST 2015
31 August 2015
- 1 -
2015
2014
Notes
£
£
£
£
Fixed assets
Tangible assets
2
12,617
6,059
Current assets
Stocks
151,213
104,040
Debtors
382,256
246,544
Cash at bank and in hand
1,006,220
743,238
1,539,689
1,093,822
Creditors: amounts falling due within one year
(199,273)
(174,249)
Net current assets
1,340,416
919,573
Total assets less current liabilities
1,353,033
925,632
Provisions for liabilities
(2,522)
(1,211)
1,350,511
924,421
Capital and reserves
Called up share capital
3
200
200
Share premium account
13,700
13,700
Profit and loss account
1,336,611
910,521
Shareholders' funds
1,350,511
924,421
For the financial year ended 31 August 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board for issue on 24 December 2015
Mr M Dearman
Director
Company Registration No. SC307569
QUARCH TECHNOLOGY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 AUGUST 2015
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
1.3
Turnover
Turnover represents the value of sales to customers, net of discounts and other payments to customers and excludes VAT. Sales of services are recognised when the company has provided the service to the customer and collectability of the related receivable is reasonably assured.
and other payments to customers and excludes VAT. Sales of
services are recognised when the company has provided the
service to the customer and collectability of the related receivable is reasonably assured.
1.4
Patents
Patents are valued at cost less accumulated amortisation. Amortisation is calculated to write off the cost in equal annual instalments over their estimated useful lives of 5 years.
1.5
Research and development
Research expenditure is written off to the profit and loss account in the year in which it is incurred. Development expenditure is written off in the same way unless the directors are satisfied as to the technical, commercial and financial viability of individual projects. In this situation, the expenditure is deferred and amortised over the period during which the company is expected to benefit.
1.6
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and equipment
25% straight line
Computer equipment
33% straight line
Assets costing less than £
250
are not capitalised.
1.7
Leasing
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
1.8
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value.
1.9
Deferred taxation
The charge for taxation takes into account taxation deferred as a result of timing differences between the treatment of certain items for taxation and accounting purposes. In general, deferred taxation is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.
Deferred taxation is measured on a non-discounted basis at the tax rates that are expected to apply in the periods in which the timing differences reverse, based on tax rates and the law enacted or substantively enacted at the balance sheet date.
1.10
Foreign currency translation
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.
QUARCH TECHNOLOGY LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2015
1
Accounting policies
(Continued)
- 3 -
2
Fixed assets
Tangible assets
£
Cost
At 1 September 2014
27,685
Additions
12,082
Disposals
(2,227)
At 31 August 2015
37,540
Depreciation
At 1 September 2014
21,623
On disposals
(2,227)
Charge for the year
5,527
At 31 August 2015
24,923
Net book value
At 31 August 2015
12,617
At 31 August 2014
6,059
3
Share capital
2015
2014
£
£
Allotted, called up and fully paid
700 A Ordinary shares of 20p each
140
140
300 B Ordinary shares of 20p each
60
60
200
200