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REGISTERED NUMBER: 01157257 (England and Wales)















Unaudited Financial Statements

for the Year Ended 31st December 2021

for

Qualiturn Products Limited

Qualiturn Products Limited (Registered number: 01157257)






Contents of the Financial Statements
for the Year Ended 31st December 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Qualiturn Products Limited

Company Information
for the Year Ended 31st December 2021







DIRECTORS: B W Groom
N W Groom
S M Aulton





SECRETARY: Mrs L C Aldridge





REGISTERED OFFICE: Unit 7
Fountain Drive
Hertford
Hertfordshire
SG13 7UB





REGISTERED NUMBER: 01157257 (England and Wales)





ACCOUNTANTS: Meyer Williams
Chartered Accountants
Stag House
Old London Road
Hertford
Hertfordshire
SG13 7LA

Qualiturn Products Limited (Registered number: 01157257)

Balance Sheet
31st December 2021

31.12.21 31.12.20
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 5,303,587 5,080,284

CURRENT ASSETS
Stocks 376,666 223,252
Debtors 5 925,363 815,571
Cash at bank and in hand 2,253,965 1,842,023
3,555,994 2,880,846
CREDITORS
Amounts falling due within one year 6 1,324,265 1,356,322
NET CURRENT ASSETS 2,231,729 1,524,524
TOTAL ASSETS LESS CURRENT
LIABILITIES

7,535,316

6,604,808

CREDITORS
Amounts falling due after more than one
year

7

(1,365,497

)

(1,384,302

)

PROVISIONS FOR LIABILITIES (502,797 ) (427,632 )
NET ASSETS 5,667,022 4,792,874

CAPITAL AND RESERVES
Called up share capital 600 600
Capital redemption reserve 400 400
Retained earnings 5,666,022 4,791,874
SHAREHOLDERS' FUNDS 5,667,022 4,792,874

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2021 in accordance with Section 476 of the Companies Act 2006.

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.

Qualiturn Products Limited (Registered number: 01157257)

Balance Sheet - continued
31st December 2021


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Profit and Loss and Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 26th August 2022 and were signed on its behalf by:





N W Groom - Director


Qualiturn Products Limited (Registered number: 01157257)

Notes to the Financial Statements
for the Year Ended 31st December 2021

1. STATUTORY INFORMATION

Qualiturn Products Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" (March 2018) including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Going concern
The directors' have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis for preparing its financial statements.

Significant judgements and estimates
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had a significant effect on amounts recognised in the financial statements:

- The annual depreciation charge is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually.

- The company considers the recoverability of the cost of its stock holdings and work in progress and the associated provisioning required. When calculating the stock impairment provision management considers the nature and condition of the stock as well as applying assumptions around future saleability.

- The company makes estimates of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

Turnover
Turnover is measured at the fair value of the consideration received or receivable from the sale of goods and from the rendering of services in the year, net of returns and value added tax.

The company recognises turnover when the risks and rewards of ownership have transferred to the buyer, usually on the completion of an order, when the amount of revenue can be measured reliably and it is probable that economic benefits associated to the transaction will flow to the entity.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost of each asset less its residual value over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Improvements to property - 2% straight line
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 25% reducing balance and 15% on reducing balance
Motor vehicles- 25% on reducing balance

No depreciation has been provided on the company's freehold property as, in the opinion of the directors, the market value of the property continues to be in excess of the book value. The company maintains and refurbishes the freehold property to a level which enables the directors to conclude that the expected residual value will be of a level that results in no depreciation being charged.

Qualiturn Products Limited (Registered number: 01157257)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2021

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its estimated selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit or loss.

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.

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 profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand and other short-term 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.

Creditors
Basic short term financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, are initially recognised at 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.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.


Qualiturn Products Limited (Registered number: 01157257)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2021

2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts are capitalised in the balance sheet and are depreciated over their estimated useful lives.

The interest element of these obligations is charged to profit and loss at a constant rate based on the outstanding capital sum. The capital element of the future payments are treated as a liability.

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 41 (2020 - 38 ) .

4. TANGIBLE FIXED ASSETS
Improvements
Freehold to Plant and
property property machinery
£    £    £   
COST
At 1st January 2021 1,866,363 904,671 4,947,992
Additions - - 817,882
Disposals - - (361,275 )
At 31st December 2021 1,866,363 904,671 5,404,599
DEPRECIATION
At 1st January 2021 - 32,088 2,793,101
Charge for year - 18,094 497,978
Eliminated on disposal - - (322,188 )
At 31st December 2021 - 50,182 2,968,891
NET BOOK VALUE
At 31st December 2021 1,866,363 854,489 2,435,708
At 31st December 2020 1,866,363 872,583 2,154,891

Qualiturn Products Limited (Registered number: 01157257)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2021

4. TANGIBLE FIXED ASSETS - continued

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1st January 2021 116,036 181,919 8,016,981
Additions 3,744 - 821,626
Disposals - - (361,275 )
At 31st December 2021 119,780 181,919 8,477,332
DEPRECIATION
At 1st January 2021 37,406 74,102 2,936,697
Charge for year 16,210 26,954 559,236
Eliminated on disposal - - (322,188 )
At 31st December 2021 53,616 101,056 3,173,745
NET BOOK VALUE
At 31st December 2021 66,164 80,863 5,303,587
At 31st December 2020 78,630 107,817 5,080,284


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Trade debtors 885,521 799,919
Other debtors 24,350 1,000
Prepayments 15,492 14,652
925,363 815,571

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.21 31.12.20
£    £   
Bank loans 34,631 33,702
Hire purchase contracts (see note 8) 371,427 306,376
Trade creditors 448,280 293,547
Corporation tax 177,813 171,567
Social security and other taxes 106,750 187,054
Other creditors 28,942 129,404
Directors' current accounts 72,879 177,031
Accrued expenses 83,543 57,641
1,324,265 1,356,322

Qualiturn Products Limited (Registered number: 01157257)

Notes to the Financial Statements - continued
for the Year Ended 31st December 2021

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.21 31.12.20
£    £   
Bank loans 36,310 35,341
Bank loans - 2-5 years 119,001 115,853
Bank loans more than 5 years
by instalment 695,596 740,959
Hire purchase contracts (see note 8) 514,590 492,149
1,365,497 1,384,302

Amounts falling due in more than five years:

Repayable by instalments
Bank loans more than 5 years
by instalment 695,596 740,959
695,596 740,959

8. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.21 31.12.20
£    £   
Net obligations repayable:
Within one year 371,427 306,376
Between one and five years 514,590 492,149
886,017 798,525

9. SECURED DEBTS

The following secured debts are included within creditors:

31.12.21 31.12.20
£    £   
Bank loans 885,538 925,855
Hire purchase contracts 886,017 798,525
1,771,555 1,724,380

The company's banking facilities are secured by a debenture, dated 21st December 1984, over the assets of the company together with a legal mortgage over the company's freehold property.

10. CAPITAL COMMITMENTS

At the year end the Company was committed to capital expenditure, totalling £213,396, in respect of additions to plant and machinery and motor vehicles due for delivery or installation in 2022.