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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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QUADRANGLE RESEARCH GROUP LIMITED |
REGISTERED NUMBER:
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FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 31 DECEMBER 2021 |
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FOR |
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QUADRANGLE RESEARCH GROUP LIMITED |
QUADRANGLE RESEARCH GROUP LIMITED (REGISTERED NUMBER: 08064640) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2021 |
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Company Information | 1 |
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Abridged Balance Sheet | 2 |
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Notes to the Financial Statements | 3 |
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QUADRANGLE RESEARCH GROUP LIMITED |
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COMPANY INFORMATION |
for the year ended 31 December 2021 |
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DIRECTORS: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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AUDITORS: |
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Chartered Certified Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
QUADRANGLE RESEARCH GROUP LIMITED (REGISTERED NUMBER: 08064640) |
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ABRIDGED BALANCE SHEET |
31 December 2021 |
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2021 | 2020 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Debtors |
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Cash in hand |
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CREDITORS |
Amounts falling due within one year |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
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6 |
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NET ASSETS |
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CAPITAL AND RESERVES |
Called up share capital |
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Other reserves |
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Retained earnings |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors and authorised for issue on
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QUADRANGLE RESEARCH GROUP LIMITED (REGISTERED NUMBER: 08064640) |
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NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2021 |
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1. | STATUTORY INFORMATION |
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Quadrangle Research Group Limited is a
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going concern |
The directors have assessed whether the use of the going concern assumption is appropriate in preparing these accounts. The directors have made this assessment in respect to a period of one year from the date of approval of these accounts. |
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The directors have concluded that there are no material uncertainties related to events or conditions that may cast significant doubt on the ability of the company to continue as a going concern. The directors are of the opinion that the company will have sufficient resources to meet its liabilities as they fall due. The most significant areas of judgement that affect items in the accounts are detailed below. |
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In arriving at the conclusion, the directors have considered the potential implications of Brexit and the effects of Covid 19 on the company. The directors have discussed the effects of Brexit on the further contracts and have concluded that there will not be further detrimental effects in the near future. The figures for the period under consideration have not been impacted by Covid 19 and the directors are confident that no adjustments are necessary to the carrying value of the assets held at the balance sheet date. |
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Critical accounting judgements and key sources of estimation uncertainty |
Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
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The items in the financial statements where these judgements and estimates have been made include: |
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- assessing the useful economic lives attributed to tangible fixed assets used to determine the annual depreciation charge, |
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- the provision required for any bad or doubtful debts and |
QUADRANGLE RESEARCH GROUP LIMITED (REGISTERED NUMBER: 08064640) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,value added tax and other sales taxes.. |
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Revenue is recognised as earned when, and to the extent that, the firm obtains the right to consideration in exchange for its performance under contracts. It is measured at the fair value of the right to consideration, which represents amounts chargeable to clients, including expenses and disbursements but excluding value added tax. |
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Revenue is generally recognised as contract activity progresses so that for incomplete contracts it reflects the partial performance of the contractual obligations. For such contracts the amount of revenue reflects the accrual of the right to consideration by reference to the value of work performed. Revenue not billed to clients is included in debtors and payments on account in excess of the relevant amount of revenue are included in creditors. |
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Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs. |
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Goodwill |
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Tangible fixed assets |
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Long leasehold | - |
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Fixtures and fittings | - |
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Computer equipment | - |
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Government grants |
Government grants, including non-monetary grants shall not be recognised until there is reasonable assurance that: |
(a) the entity will comply with the conditions attaching to them; and |
(b) the grants will be received. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
QUADRANGLE RESEARCH GROUP LIMITED (REGISTERED NUMBER: 08064640) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
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2. | ACCOUNTING POLICIES - continued |
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Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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Share based payments |
Judgement and estimation is required in determining the fair value of shares at the date of award. The fair value is estimated using valuation techniques which take into account the awards’ term, the risk-free interest rate and the expected volatility of the market price of the Company’s shares. Details of sharebased payments and the assumptions applied are disclosed in the note s to the accounts. |
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Loans and borrowings |
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised costs using effective interest rate method, less impairments. |
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Short term debtors and creditors |
Short term debtors and creditors with no stated interest rate are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2021 |
and 31 December 2021 |
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AMORTISATION |
At 1 January 2021 |
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Amortisation for year |
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At 31 December 2021 |
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NET BOOK VALUE |
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At 31 December 2021 |
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At 31 December 2020 |
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QUADRANGLE RESEARCH GROUP LIMITED (REGISTERED NUMBER: 08064640) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
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5. | TANGIBLE FIXED ASSETS |
Totals |
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COST |
At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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DEPRECIATION |
At 1 January 2021 |
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Charge for year |
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At 31 December 2021 |
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NET BOOK VALUE |
At 31 December 2021 |
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At 31 December 2020 |
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6. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN FIVE
YEARS |
2021 | 2020 |
£ | £ |
Repayable by instalments |
Bank loans | - | 36,667 |
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7. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2021 | 2020 |
£ | £ |
Within one year |
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Between one and five years |
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In more than five years |
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8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
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The Report of the Auditors was unqualified. |
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for and on behalf of
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QUADRANGLE RESEARCH GROUP LIMITED (REGISTERED NUMBER: 08064640) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
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9. | RELATED PARTY DISCLOSURES |
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The following included in other reserves are due to the directors of the business. These amounts arose from the acquisition of the trade and assets of Quadrangle Group LLP by Quadrangle Research Group Limited. |
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Opening
balance |
Amounts Repaid |
Closing
balance |
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£ | £ | £ |
B Skelton | 7,926 | 14,532 | -6,606 |
C Hastings | 334,800 | 164,229 | 170,571 |
J Gambles | 361,874 | 163,971 | 197,903 |
A Camps | 104,857 | 43,822 | 61,035 |
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Total | 809457 | 386,554 | 422,903 |
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In the year, the company paid £324,844 (2020: £378,382) to FQ Partnership Ltd, a company in which Mr John Gambles is a director. At the balance sheet date, an amount of £5,805,(2020: £13,200) was owed to the FQ Partnership Ltd. |
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The balance due to Quadrangle Group LLP at the year end was £1,805 (2020: £1,805) an LLP controlled by the directors of the company. |
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10. | FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES |
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In common with many other businesses of our size and nature we use our auditors to prepare and submit returns to the tax authorities and assist with the preparation of the financial statements. |
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11. | AUDITOR LIABILITY LIMITATION AGREEMENT |
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The company has entered into a liability limitation agreement with Raffingers, the statutory auditor, in respect of the statutory audit for the year ended 31 December 2021. The proportionate liability agreement follows the standard terms in Appendix B to the Financial Reporting Council's June 2008 Guidance on Auditor Liability Agreements, and was approved by members on 26 August 2022. |
QUADRANGLE RESEARCH GROUP LIMITED (REGISTERED NUMBER: 08064640) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2021 |
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12. | SHARE-BASED PAYMENT TRANSACTIONS |
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N umber of share options |
Weighted average
exercise price |
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2021 | 2020 | 2021 | 2020 |
Number | Number | £ | £ |
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Outstanding at 1st January | 350,673 | 477,816 | 0.10 | 0.10 |
Granted | - | 0.10 | 0.10 |
Forfeited | (127,143 | ) | 0.10 | 0.10 |
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Outstanding at 31 December | 350,673 | 350,673 | 0.10 | 0.10 |
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The estimated fair value was calculated by applying a Black-Scholes option pricing model. The calculated fair value of the share options has not been charged to the profit and loss account as it is not material to the accounts. |
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Inputs were as follows |
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2021 | 2020 |
Weighted average share price (£) | 0.12 | 0.12 |
Weighted average exercise price (£) | 0.10 | 0.10 |
Expected volatility (%) | 35.00 | 35.00 |
Expected life (Yrs) | 10.00 | 10.00 |
Risk free rate (%) | 1.25 | 1.25 |