Avquest Limited Company Accounts
Avquest Limited Company Accounts
COMPANY REGISTRATION NUMBER:
05130573
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Financial Statements |
Year ended 31 December 2017
Contents |
Page |
Officers and professional advisers |
1 |
Statement of financial position |
2 |
Notes to the financial statements |
4 |
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Officers and Professional Advisers |
The board of directors |
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Company secretary |
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Registered office |
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Accountants |
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Accountants |
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Brooks House |
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1 Albion Place |
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Maidstone |
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Kent |
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ME14 5DY |
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Statement of Financial Position |
2017 |
2016 |
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Note |
£ |
£ |
£ |
Fixed assets
Intangible assets |
5 |
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Tangible assets |
6 |
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-------- |
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Current assets
Debtors |
7 |
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Creditors: amounts falling due within one year |
8 |
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Net current liabilities |
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Total assets less current liabilities |
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(
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Net assets/(liabilities) |
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(
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Capital and reserves
Called up share capital |
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Profit and loss account |
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(
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------- |
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Shareholders funds/(deficit) |
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(
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In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Directors' responsibilities:
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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
;
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
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Statement of Financial Position (continued) |
These financial statements were approved by the
board of directors
and authorised for issue on
28 September 2018
, and are signed on behalf of the board by:
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Director |
Company registration number:
05130573
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Notes to the Financial Statements |
Year ended 31 December 2017
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Brooks House, 1 Albion Place, Maidstone, Kent, ME14 5DY.
2.
Statement of compliance
3.
Accounting policies
Basis of preparation
Revenue recognition
Income tax
Intangible assets
Development Expenditure Development expenditure is capitalised where there is expected to be a benefit to future periods and the following conditions are met: (i) It is technically feasible to complete the research or development so that the product will be available for use or sale. (ii) It is intended to use or sell the product being developed. Any revaluation increase or decrease on land and buildings is credited to the property revaluation reserve. (iii) The Company is able to use or sell the product. (iv) It can be demonstrated that the product will generate probable future economic benefits. (v).Adequate technical, financial and other resources exist so that product development can be completed and subsequently used or sold. (vi) Expenditure attributable to the research and development work can be reliably measured. Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses and amortised over its useful economic life. Assessments of useful economic life is 3 years. All other research and development expenditure is recognised as an expense in the period in which it is incurred.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Development cost |
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment |
- |
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Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Financial instruments
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
3
(2016:
3
).
5.
Intangible assets
Development costs |
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£ |
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Cost |
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At 1 January 2017 |
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Additions |
– |
Additions from internal developments |
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At 31 December 2017 |
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Amortisation |
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At 1 January 2017 |
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Charge for the year |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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6.
Tangible assets
Equipment |
Total |
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£ |
£ |
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Cost |
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At 1 January 2017 and 31 December 2017 |
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Depreciation |
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At 1 January 2017 |
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Charge for the year |
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At 31 December 2017 |
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Carrying amount |
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At 31 December 2017 |
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At 31 December 2016 |
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7.
Debtors
2017 |
2016 |
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£ |
£ |
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Trade debtors |
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Other debtors |
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------- |
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8.
Creditors:
amounts falling due within one year
2017 |
2016 |
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£ |
£ |
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Bank loans and overdrafts |
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Trade creditors |
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Social security and other taxes |
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Other creditors |
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