ACCOUNTS - Final Accounts


Caseware UK (AP4) 2018.0.196 2018.0.1962018-12-31No description of principal activityfalse2018-01-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrue067079302018-01-012018-12-31067079302018-12-31067079302017-12-3106707930 c:Director1 2018-01-012018-12-3106707930 d:FurnitureFittings 2018-01-012018-12-3106707930 d:FurnitureFittings 2018-12-3106707930 d:FurnitureFittings 2017-12-3106707930 d:FurnitureFittings d:OwnedOrFreeholdAssets 2018-01-012018-12-3106707930 d:OfficeEquipment 2018-01-012018-12-3106707930 d:OfficeEquipment 2018-12-3106707930 d:OfficeEquipment 2017-12-3106707930 d:OfficeEquipment d:OwnedOrFreeholdAssets 2018-01-012018-12-3106707930 d:ComputerEquipment 2018-01-012018-12-3106707930 d:ComputerEquipment 2018-12-3106707930 d:ComputerEquipment 2017-12-3106707930 d:ComputerEquipment d:OwnedOrFreeholdAssets 2018-01-012018-12-3106707930 d:OwnedOrFreeholdAssets 2018-01-012018-12-3106707930 d:CurrentFinancialInstruments 2018-12-3106707930 d:CurrentFinancialInstruments 2017-12-3106707930 d:Non-currentFinancialInstruments 2018-12-3106707930 d:Non-currentFinancialInstruments 2017-12-3106707930 d:CurrentFinancialInstruments d:WithinOneYear 2018-12-3106707930 d:CurrentFinancialInstruments d:WithinOneYear 2017-12-3106707930 d:Non-currentFinancialInstruments d:AfterOneYear 2018-12-3106707930 d:Non-currentFinancialInstruments d:AfterOneYear 2017-12-3106707930 d:ShareCapital 2018-12-3106707930 d:ShareCapital 2017-12-3106707930 d:RetainedEarningsAccumulatedLosses 2018-12-3106707930 d:RetainedEarningsAccumulatedLosses 2017-12-3106707930 c:FRS102 2018-01-012018-12-3106707930 c:AuditExempt-NoAccountantsReport 2018-01-012018-12-3106707930 c:FullAccounts 2018-01-012018-12-3106707930 c:PrivateLimitedCompanyLtd 2018-01-012018-12-3106707930 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2018-01-012018-12-3106707930 2 2018-01-012018-12-31iso4217:GBP





06707930
31/12/2018














Quantlab (UK) Limited
Registered number: 06707930
Unaudited financial statements

For the year ended 31 December 2018

 
 06707930
31 December 2018
QUANTLAB (UK) LIMITED
Registered number: 06707930

BALANCE SHEET
AS AT 31 DECEMBER 2018

2018
2017
Note
£
£

Fixed assets
  

Tangible assets
 4 
289,902
643,457

  
289,902
643,457

Current assets
  

Debtors
 5 
207,129
162,339

Cash at bank and in hand
 6 
83,042
475,188

  
290,171
637,527

Creditors: amounts falling due within one year
 7 
(151,043)
(502,910)

Net current assets
  
 
 
139,128
 
 
134,617

Total assets less current liabilities
  
429,030
778,074

Creditors: amounts falling due after more than one year
 8 
(55,178)
(56,666)

Provisions for liabilities
  

Deferred tax
  
-
(31,215)

  
 
 
-
 
 
(31,215)

Net assets
  
373,852
690,193


Capital and reserves
  

Called up share capital 
  
1
1

Profit and loss account
  
373,851
690,192

  
373,852
690,193


- 1 -

 
 06707930
31 December 2018
QUANTLAB (UK) LIMITED
Registered number: 06707930
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2018

The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with 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 24 September 2019.




................................................
Bruce Eames
Director

The notes on pages 3 to 8 form part of these financial statements.

- 2 -

 
 06707930
31 December 2018
QUANTLAB (UK) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

1.


General information

Quantlab (UK) Limited is a company limited by shares, incorporated in England and Wales and domiciled in England.
The registered office is 45 Church Street, Birmingham, West Midlands, B3 2RT. and the registered number is 06707930.
The company's main activity is the provision of business consultancy services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

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:
the amount of revenue 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.

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Income and Retained Earnings 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 2017 to continue to be charged over the period to the first market rent review rather than the term of the lease.

- 3 -

 
 06707930
31 December 2018
QUANTLAB (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

2.Accounting policies (continued)

 
2.4

Interest income

Interest income is recognised in the Statement of Income and Retained Earnings using the effective interest method.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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:
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
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.

 
2.7

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.

- 4 -

 
 06707930
31 December 2018
QUANTLAB (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, .

Depreciation is provided on the following basis:

Fixtures & fittings
-
25% straight line
Office equipment
-
33.3% straight line
Leasehold Improvements
-
20% straight line

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 Income and Retained Earnings.

 
2.8

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.

 
2.9

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 value.

 
2.10

Creditors

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.

 
2.11

Provisions for liabilities

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 Income and Retained Earnings 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.

 
2.12

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
- 5 -

 
 06707930
31 December 2018
QUANTLAB (UK) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

2.Accounting policies (continued)


2.12
Financial instruments (continued)

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 the 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.


3.


Employees

The average monthly number of employees, including directors, during the year was 3 (2017 - 15).


4.


Tangible fixed assets





Fixtures & fittings
Office equipment
Leasehold improvement
Total

£
£
£
£



Cost or valuation


At 1 January 2018
17,283
734,943
450,307
1,202,533


Disposals
(17,283)
(710,558)
-
(727,841)



At 31 December 2018

-
24,385
450,307
474,692



Depreciation


At 1 January 2018
9,288
469,960
79,827
559,075


Charge for the year on owned assets
-
8,128
90,061
98,189


Disposals
(9,288)
(463,186)
-
(472,474)



At 31 December 2018

-
14,902
169,888
184,790



Net book value



At 31 December 2018
-
9,483
280,419
289,902



At 31 December 2017
7,994
264,983
370,480
643,457

- 6 -

 
 06707930
31 December 2018
QUANTLAB (UK) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

5.


Debtors

2018
2017
£
£

Due after more than one year

Other debtors
-
78,757

-
78,757

Due within one year

Other debtors
104,044
40,458

Prepayments and accrued income
49,414
43,124

Deferred taxation
53,671
-

207,129
162,339



6.


Cash and cash equivalents

2018
2017
£
£

Cash at bank and in hand
83,042
475,188

83,042
475,188



7.


Creditors: Amounts falling due within one year

2018
2017
£
£

Trade creditors
61,754
14,359

Other taxation and social security
13,927
34,189

Other creditors
68,123
447,093

Accruals and deferred income
7,239
7,269

151,043
502,910



8.


Creditors: Amounts falling due after more than one year

2018
2017
£
£

Other creditors
55,178
56,666

55,178
56,666


- 7 -

 
 06707930
31 December 2018
QUANTLAB (UK) LIMITED

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018

9.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £20,611 (2017 £106,541). Contributions totalling £2,202 (2017 £6,769) were payable to the fund at the balance sheet date and are included in creditors.


10.


Related party transactions

Bruce Eames owns 100% of the share capital of the company and is also an employee of Quantlab Financial, LLC a company based in the USA.
At the year end Quantlab (UK) Limited owed Quantlab Financial, LLC £1,279 (2017: £1,279)

 
- 8 -