Registered number
05218096
Quatropi Limited
Unaudited Filleted Accounts
31 August 2023
Quatropi Limited
Registered number: 05218096
Balance Sheet
as at 31 August 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 158,485 180,662
Current assets
Stocks 1,236,118 1,063,449
Debtors 4 1,599,187 1,231,738
Cash at bank and in hand 993,930 1,149,796
3,829,235 3,444,983
Creditors: amounts falling due within one year 5 (1,401,341) (1,171,951)
Net current assets 2,427,894 2,273,032
Total assets less current liabilities 2,586,379 2,453,694
Creditors: amounts falling due after more than one year 6 - (25,096)
Provisions for liabilities (13,706) (14,630)
Net assets 2,572,673 2,413,968
Capital and reserves
Called up share capital 2 2
Profit and loss account 2,572,671 2,413,966
Shareholders' funds 2,572,673 2,413,968
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
J Scott
Director
Approved by the board on 14 November 2023
Quatropi Limited
Notes to the Accounts
for the year ended 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant, furniture and equipment over 3 & 4 years
Motor vehicles over 4 years
Leasehold costs over the lease term
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 27 30
3 Tangible fixed assets
Motor vehicles Plant, furniture & equipment Leasehold costs Total
£ £ £ £
Cost
At 1 September 2022 214,555 147,920 171,666 534,141
Additions 49,394 3,076 1,255 53,725
Disposals (55,115) (7,562) - (62,677)
At 31 August 2023 208,834 143,434 172,921 525,189
Depreciation
At 1 September 2022 141,840 114,954 96,685 353,479
Charge for the year 34,037 16,065 25,425 75,527
On disposals (55,115) (7,187) - (62,302)
At 31 August 2023 120,762 123,832 122,110 366,704
Net book value
At 31 August 2023 88,072 19,602 50,811 158,485
At 31 August 2022 72,715 32,966 74,981 180,662
4 Debtors 2023 2022
£ £
Trade debtors 374,918 307,953
Amounts owed by group undertakings and undertakings in which the company has a participating interest 750,321 375,104
Other debtors 473,948 548,681
1,599,187 1,231,738
Amounts due after more than one year included above 125,000 125,000
5 Creditors: amounts falling due within one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts 24,394 36,816
Trade creditors 262,175 268,553
Taxation and social security costs 425,499 371,812
Other creditors 689,273 494,770
1,401,341 1,171,951
6 Creditors: amounts falling due after one year 2023 2022
£ £
Obligations under finance lease and hire purchase contracts - 25,096
7 Loans 2023 2022
£ £
Creditors include:
Secured bank loans 24,394 61,912
Loans are secured on the assets.
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 1,063,044 962,563
9 Other information
Quatropi Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 8
Whitacre Road
Nuneaton
Warwickshire
CV11 6BX
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