REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
QUADRANGLE RESEARCH GROUP LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 DECEMBER 2022 |
FOR |
QUADRANGLE RESEARCH GROUP LIMITED |
QUADRANGLE RESEARCH GROUP LIMITED (REGISTERED NUMBER: 08064640) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 December 2022 |
Page |
Company Information | 1 |
Abridged Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
QUADRANGLE RESEARCH GROUP LIMITED |
COMPANY INFORMATION |
for the year ended 31 December 2022 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
19-20 Bourne Court |
Southend Road |
Woodford Green |
Essex |
IG8 8HD |
QUADRANGLE RESEARCH GROUP LIMITED (REGISTERED NUMBER: 08064640) |
ABRIDGED BALANCE SHEET |
31 December 2022 |
2022 | 2021 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Tangible assets | 5 |
CURRENT ASSETS |
Debtors |
Cash in hand |
CREDITORS |
Amounts falling due within one year |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Other reserves |
Retained earnings |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
QUADRANGLE RESEARCH GROUP LIMITED (REGISTERED NUMBER: 08064640) |
ABRIDGED BALANCE SHEET - continued |
31 December 2022 |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
QUADRANGLE RESEARCH GROUP LIMITED (REGISTERED NUMBER: 08064640) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 December 2022 |
1. | STATUTORY INFORMATION |
Quadrangle Research Group Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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. |
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. |
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. |
Turnover |
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. |
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. |
Fee income that is contingent on events outside the control of the firm is recognised when the contingent event occurs. |
Goodwill |
Tangible fixed assets |
Long leasehold | - |
Fixtures and fittings | - |
Computer equipment | - |
QUADRANGLE RESEARCH GROUP LIMITED (REGISTERED NUMBER: 08064640) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
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. |
Current or deferred taxation assets and liabilities are not discounted. |
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. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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. |
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. |
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. |
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. |
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. |
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. |
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. |
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. |
QUADRANGLE RESEARCH GROUP LIMITED (REGISTERED NUMBER: 08064640) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2022 |
2. | ACCOUNTING POLICIES - continued |
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. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | INTANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2022 |
and 31 December 2022 |
AMORTISATION |
At 1 January 2022 |
Amortisation for year |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
5. | TANGIBLE FIXED ASSETS |
Totals |
£ |
COST |
At 1 January 2022 |
Additions |
Disposals | ( |
) |
At 31 December 2022 |
DEPRECIATION |
At 1 January 2022 |
Charge for year |
Eliminated on disposal | ( |
) |
At 31 December 2022 |
NET BOOK VALUE |
At 31 December 2022 |
At 31 December 2021 |
QUADRANGLE RESEARCH GROUP LIMITED (REGISTERED NUMBER: 08064640) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 December 2022 |
6. | LEASING AGREEMENTS |
Minimum lease payments under non-cancellable operating leases fall due as follows: |
2022 | 2021 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
7. | RELATED PARTY DISCLOSURES |
Balances included in other reserves are due to the company directors.These amounts arose from the acquisition of the trade and assets of Quadrangle Group LLP by Quadrangle Research Group Limited. |
At the balance sheet date, the company was owed £1,805 (2021: £1,805) by Quadrangle Group LLP, a partnership controlled by the directors of the company. |