ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

QUIKSWITCH LIMITED - Company Information

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Caseware UK (AP4) 2016.0.181 2016.0.181 2017-03-312017-03-31The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsefalseManagement consultancyfalse2016-03-22Debt 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 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. 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 Statement of comprehensive income. 10078287 2016-03-21 10078287 2016-03-22 2017-03-31 10078287 2017-03-31 10078287 c:Director1 2016-03-22 2017-03-31 10078287 d:CurrentFinancialInstruments 2017-03-31 10078287 d:CurrentFinancialInstruments d:WithinOneYear 2017-03-31 10078287 d:ShareCapital 2017-03-31 10078287 d:RetainedEarningsAccumulatedLosses 2017-03-31 10078287 d:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2017-03-31 10078287 c:FRS102 2016-03-22 2017-03-31 10078287 c:AuditExempt-NoAccountantsReport 2016-03-22 2017-03-31 10078287 c:FullAccounts 2016-03-22 2017-03-31 10078287 c:PrivateLimitedCompanyLtd 2016-03-22 2017-03-31 iso4217:GBP xbrli:pure

Registered number: 10078287










QUIKSWITCH LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE PERIOD ENDED 31 MARCH 2017
 
QUIKSWITCH LTD
REGISTERED NUMBER: 10078287

BALANCE SHEET
AS AT 31 MARCH 2017

2017
Note
£

  

Current assets
  

Debtors: amounts falling due within one year
 4 
1,000

Cash at bank and in hand
 5 
1,013

  
2,013

Creditors: amounts falling due within one year
 6 
(1,260)

Net current assets
  
 
 
753

Total assets less current liabilities
  
753

  

Net assets
  
753


Capital and reserves
  

Called up share capital 
  
1,000

Profit and loss account
  
(247)

  
753


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 period 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 comprehensive income 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 21 December 2017.





Rehan Ahmed
Director
The notes on pages 2 to 4 form part of these financial statements.

Page 1
 
QUIKSWITCH LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2017

1.


General information

Quikswitch Ltd is a company domiciled in England & Wales, registration number 10078287. The registered office is Bolton House, 18 Bolton Road, Bradford, West Yorkshire, BD1 4DA.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

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

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.

 
2.4

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.

 
2.5

Financial instruments

The Company only enters into basic financial instruments 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 non-puttable ordinary shares.

Debt instruments (other than those wholly repayable or receivable within one year), including loans
Page 2
 
QUIKSWITCH LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2017

2.Accounting policies (continued)


2.5
Financial instruments (continued)

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 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.

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 Statement of comprehensive income.

 
2.6

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.


3.


Employees

Staff costs were as follows:


The average monthly number of employees, including directors, during the period was 1.


4.


Debtors

2017
£


Other debtors
1,000

1,000



5.


Cash and cash equivalents

2017
£

Cash at bank and in hand
1,013

1,013


Page 3
 
QUIKSWITCH LTD
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2017

6.


Creditors: Amounts falling due within one year

2017
£

Other creditors
720

Accruals and deferred income
540

1,260



7.


Financial instruments

2017
£

Financial assets


Financial assets measured at fair value through profit or loss
1,013

1,013





Financial assets measured at fair value through profit or loss comprise the cash at bank and in hand.


Page 4