Year Ended
Registration number:
QA Distribution Andover Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Financial Statements |
QA Distribution Andover Limited
Company Information
Directors |
A Trotter S Trotter M Maag |
Registered office |
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Accountants |
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QA Distribution Andover Limited
Balance Sheet
31 December 2021
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2021 |
2020 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and 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 year |
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Net liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders' deficit |
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QA Distribution Andover Limited
Balance Sheet
31 December 2021
For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 accounts. |
These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
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Company Registration Number: 11091061
QA Distribution Andover Limited
Notes to the Financial Statements
Year Ended 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis. There are net liabilities at the balance sheet date.
The directors have confirmed their intentions to continue to support the company for at least the 12 month period from the date of these financial statements.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for storage costs and distribution charges in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
Government grants
During the year the company took advantage of the Government's Coronavirus Job Retention Scheme. This conditional government grant income is recognised under the accrual model within the financial statements and as such is recognised on a systematic basis over the periods in which the company recognised the related costs for which the grants were intended to compensate.
QA Distribution Andover Limited
Notes to the Financial Statements
Year Ended 31 December 2021
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
10% to 20% straight line basis |
Motor vehicles |
10% straight line basis |
Leases
Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Balance Sheet as a finance lease obligation.
Lease payments are apportioned between finance costs in the Profit and Loss Account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
QA Distribution Andover Limited
Notes to the Financial Statements
Year Ended 31 December 2021
Financial instruments
Classification
• Short term trade and other debtors and creditors;
• Finance lease liabilities; and
• Cash and bank balances.
All financial instruments are classified as basic.
Recognition and measurement
Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument and derecognised when in the case of assets, the contractual rights to cash flows from the assets expire or substantially all the risks and rewards of ownership are transferred to another party, or in the case of liabilities, when the company’s obligations are discharged, expire or are cancelled.
Such instruments are initially measured at transaction price, including transaction costs, and are subsequently carried at the undiscounted amount of the cash or other consideration expected to be paid or received, after taking account of impairment adjustments.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
QA Distribution Andover Limited
Notes to the Financial Statements
Year Ended 31 December 2021
Tangible assets |
Plant and machinery |
Total |
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Cost or valuation |
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At 1 January 2021 |
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Additions |
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At 31 December 2021 |
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Depreciation |
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At 1 January 2021 |
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Charge for the year |
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At 31 December 2021 |
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Carrying amount |
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At 31 December 2021 |
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At 31 December 2020 |
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Debtors |
2021 |
2020 |
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Trade debtors |
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Prepayments |
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Other debtors |
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QA Distribution Andover Limited
Notes to the Financial Statements
Year Ended 31 December 2021
Creditors |
Creditors: amounts falling due within one year
Note |
2021 |
2020 |
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Due within one year |
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Loans and borrowings |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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Accruals and deferred income |
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Secured creditors
Loans and borrowings includes net obligations under finance lease and hire purchase contracts of £12,905 (2020: £11,765) which are secured against the relevant asset.
Other creditors include £246,308 (2020: £262,147) due to a factoring company and are secured against trade debts of the company.
Creditors: amounts falling due after more than one year
Note |
2021 |
2020 |
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Due after one year |
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Loans and borrowings |
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2020 |
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Due after more than five years |
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After more than five years by instalments |
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Creditors include bank loans repayable by instalments of which £Nil (2020 - £15,000) is due after more than five years.
Secured creditors
Loans and borrowings includes net obligations under finance lease and hire purchase contracts of £10,300 (2020: £Nil) which are secured against the relevant asset.
QA Distribution Andover Limited
Notes to the Financial Statements
Year Ended 31 December 2021
Loans and borrowings |
2021 |
2020 |
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Loans and borrowings due after one year |
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Bank borrowings |
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HP and finance lease liabilities |
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- |
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2021 |
2020 |
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Current loans and borrowings |
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Bank borrowings |
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Hire purchase contracts |
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Included in the loans and borrowings are the following amounts due after more than five years:
Financial commitments, guarantees and contingencies |
Amounts not provided for in the balance sheet
The total amount of financial commitments not included in the balance sheet is £