Company Registration No. 13866036 (England and Wales)
QUANTUM ROOFING LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023
PAGES FOR FILING WITH REGISTRAR
QUANTUM ROOFING LTD
COMPANY INFORMATION
Directors
Mr J M B Bourne
(Appointed 23 January 2022)
Mr S A K Reader
(Appointed 17 October 2022)
Company number
13866036
Registered office
Regency House
48 Birmingham Road
Bromsgrove
Worcestershire
B61 0DD
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Tide Platform Limited
5th Floor
1 Appold St
London
EC2A 2UT
QUANTUM ROOFING LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 6
QUANTUM ROOFING LTD
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF QUANTUM ROOFING LTD FOR THE PERIOD ENDED 31 JANUARY 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Quantum Roofing Ltd for the period ended 31 January 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Quantum Roofing Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Quantum Roofing Ltd and state those matters that we have agreed to state to the Board of Directors of Quantum Roofing Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quantum Roofing Ltd and its Board of Directors as a body, for our work or for this report.

It is your duty to ensure that Quantum Roofing Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Quantum Roofing Ltd. You consider that Quantum Roofing Ltd is exempt from the statutory audit requirement for the period.

We have not been instructed to carry out an audit or a review of the financial statements of Quantum Roofing Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Ormerod Rutter Limited
20 October 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
QUANTUM ROOFING LTD
BALANCE SHEET
AS AT 31 JANUARY 2023
31 January 2023
- 2 -
2023
Notes
£
£
Fixed assets
Tangible assets
3
8,346
Current assets
Debtors
4
74,278
Cash at bank and in hand
177
74,455
Creditors: amounts falling due within one year
5
(36,318)
Net current assets
38,137
Total assets less current liabilities
46,483
Provisions for liabilities
6
(418)
Net assets
46,065
Capital and reserves
Called up share capital
7
100
Profit and loss reserves
45,965
Total equity
46,065

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial period ended 31 January 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 20 October 2023 and are signed on its behalf by:
Mr J M B Bourne
Mr S A K Reader
Director
Director
Company Registration No. 13866036
QUANTUM ROOFING LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JANUARY 2023
- 3 -
1
Accounting policies
Company information

Quantum Roofing Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Regency House, 48 Birmingham Road, Bromsgrove, Worcestershire, B61 0DD.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for good and services provided in the normal course of business, and is shown net of VAT.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from the provision of services is recognised by reference to the stage of completion, when the costs incurred and costs to complete can be estimated reliably.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Plant and equipment
20% on reducing balance
IT equipment
20% on reducing balance
Motor vehicles
1.4
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

QUANTUM ROOFING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.5
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

2
Employees

The average monthly number of persons (including directors) employed by the company during the period was 2.

3
Tangible fixed assets
Plant and equipment
IT equipment
Motor vehicles
Total
£
£
£
£
Cost
At 23 January 2022
-
0
-
0
-
0
-
0
Additions
1,639
1,764
7,500
10,903
At 31 January 2023
1,639
1,764
7,500
10,903
Depreciation and impairment
At 23 January 2022
-
0
-
0
-
0
-
0
Depreciation charged in the period
329
353
1,875
2,557
At 31 January 2023
329
353
1,875
2,557
Carrying amount
At 31 January 2023
1,310
1,411
5,625
8,346
QUANTUM ROOFING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2023
- 5 -
4
Debtors
2023
Amounts falling due within one year:
£
Trade debtors
1,824
Other debtors
72,454
74,278
5
Creditors: amounts falling due within one year
2023
£
Trade creditors
16,175
Taxation and social security
19,141
Other creditors
1,002
36,318
6
Provisions for liabilities
2023
£
Deferred tax liabilities
418
7
Called up share capital
2023
£
Ordinary share capital
Issued and fully paid
70 Ordinary A of £1 each
70
30 Ordinary B of £1 each
30
100

The following shares were allotted and fully paid for cash at par during the period:

70 Ordinary A shares of £1 each

30 Ordinary B shares of £1 each

QUANTUM ROOFING LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JANUARY 2023
- 6 -
8
Directors' transactions
Advances or credits have been granted by the company to its directors as follows:
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Closing balance
£
£
£
£
Loan
2.00
-
24,730
208
24,938
-
24,730
208
24,938
The directors' loan accounts were repaid within nine months of the year end.
9
Ultimate controlling party

The ultimate controlling party is Mr J M B Bourne.

10
Comparatives

This is the first period of trade, therefore there are no comparatives.

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