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REGISTERED NUMBER: 01602429 (England and Wales)













Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Quickflash Limited

Quickflash Limited (Registered number: 01602429)






Contents of the Financial Statements
for the year ended 31 March 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Quickflash Limited

Company Information
for the year ended 31 March 2023







DIRECTORS: G Farrow
A Farrow
L M Ross



SECRETARY: M A Downes



REGISTERED OFFICE: 2 Roker Avenue
Roker
Sunderland
Tyne and Wear
SR6 0BY



REGISTERED NUMBER: 01602429 (England and Wales)



ACCOUNTANTS: TTR Barnes
Chartered Accountants
3-5 Grange Terrace
Stockton Road
Sunderland
Tyne & Wear
SR2 7DG



BANKERS: The Royal Bank of Scotland plc
64 Fawcett Street
Sunderland
Tyne and Wear
SR1 1BB

Quickflash Limited (Registered number: 01602429)

Statement of Financial Position
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 545,281 551,383

CURRENT ASSETS
Stocks 23,500 25,500
Debtors 5 284,963 278,675
Cash at bank and in hand 333,131 194,060
641,594 498,235
CREDITORS
Amounts falling due within one year 6 270,809 232,758
NET CURRENT ASSETS 370,785 265,477
TOTAL ASSETS LESS CURRENT
LIABILITIES

916,066

816,860

CREDITORS
Amounts falling due after more than one
year

7

(4,175

)

(7,963

)

PROVISIONS FOR LIABILITIES (7,591 ) (8,635 )
NET ASSETS 904,300 800,262

CAPITAL AND RESERVES
Called up share capital 75 75
Retained earnings 904,225 800,187
SHAREHOLDERS' FUNDS 904,300 800,262

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 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.

Quickflash Limited (Registered number: 01602429)

Statement of Financial Position - continued
31 March 2023


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 Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 August 2023 and were signed on its behalf by:





A Farrow - Director


Quickflash Limited (Registered number: 01602429)

Notes to the Financial Statements
for the year ended 31 March 2023

1. STATUTORY INFORMATION

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

The financial statements have been prepared on the going concern basis, which assumes that the company will continue in operational existence for the foreseeable future, which the directors consider appropriate.

Turnover
Turnover represents sales of goods and services, excluding value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Land and buildings - not provided
Plant and machinery etc - 33% on reducing balance, 25% Straight line, 20% on reducing balance, 10% on reducing balance and not provided

Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable is less than cost.

Financial instruments
The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are recognised at transaction value and subsequently measured at their settlement value.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Quickflash Limited (Registered number: 01602429)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid 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 16 (2022 - 17 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 April 2022 489,139 213,590 702,729
Additions - 4,259 4,259
At 31 March 2023 489,139 217,849 706,988
DEPRECIATION
At 1 April 2022 - 151,346 151,346
Charge for year - 10,361 10,361
At 31 March 2023 - 161,707 161,707
NET BOOK VALUE
At 31 March 2023 489,139 56,142 545,281
At 31 March 2022 489,139 62,244 551,383

Quickflash Limited (Registered number: 01602429)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and
machinery
etc
£   
COST
At 1 April 2022
and 31 March 2023 13,659
DEPRECIATION
At 1 April 2022 1,362
Charge for year 2,459
At 31 March 2023 3,821
NET BOOK VALUE
At 31 March 2023 9,838
At 31 March 2022 12,297

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 4,794 7,348
Amounts owed by group undertakings 252,963 236,000
Other debtors 27,206 35,327
284,963 278,675

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts - 192
Hire purchase contracts 3,789 3,789
Trade creditors 66,934 21,866
Taxation and social security 86,028 63,858
Other creditors 114,058 143,053
270,809 232,758

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Hire purchase contracts 4,175 7,963

Quickflash Limited (Registered number: 01602429)

Notes to the Financial Statements - continued
for the year ended 31 March 2023

8. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 7,964 11,752

Hire purchase contracts are secured upon the assets to which they relate.

9. ULTIMATE PARENT COMPANY

The ultimate parent company is Hi Performance (Holdings) Limited, registered office address 2 Roker Avenue, Sunderland, SR6 0BY.