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REGISTERED NUMBER: 04364769 (England and Wales)















Queensbury Products Limited

Unaudited Financial Statements for the Year Ended 28 February 2023






Queensbury Products Limited (Registered number: 04364769)






Contents of the Financial Statements
for the Year Ended 28 February 2023




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Queensbury Products Limited

Company Information
for the Year Ended 28 February 2023







DIRECTORS: J D Knight
M J Hodge



REGISTERED OFFICE: 4 King Square
Bridgwater
Somerset
TA6 3YF



REGISTERED NUMBER: 04364769 (England and Wales)



ACCOUNTANTS: Maxwells
Chartered Accountants
4 King Square
Bridgwater
Somerset
TA6 3YF



BANKERS: National Westminster Bank plc
49 North Street
Taunton
Somerset
TA4 2JY

Queensbury Products Limited (Registered number: 04364769)

Abridged Statement of Financial Position
28 February 2023

28.2.23 28.2.22
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 - 562
Tangible assets 6 623,221 278,054
623,221 278,616

CURRENT ASSETS
Stocks 146,916 109,331
Debtors 367,259 463,604
Cash at bank and in hand 633,418 470,170
1,147,593 1,043,105
CREDITORS
Amounts falling due within one year 710,153 623,799
NET CURRENT ASSETS 437,440 419,306
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,060,661

697,922

CREDITORS
Amounts falling due after more than one year (151,225 ) (231,336 )

PROVISIONS FOR LIABILITIES (118,412 ) (52,504 )
NET ASSETS 791,024 414,082

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Share premium 10,000 10,000
Capital redemption reserve 2,500 2,500
Retained earnings 768,524 391,582
SHAREHOLDERS' FUNDS 791,024 414,082

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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.

Queensbury Products Limited (Registered number: 04364769)

Abridged Statement of Financial Position - continued
28 February 2023


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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 28 February 2023 in accordance with Section 444(2A) of the Companies Act 2006.

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

The financial statements were approved by the Board of Directors and authorised for issue on 7 November 2023 and were signed on its behalf by:





M J Hodge - Director


Queensbury Products Limited (Registered number: 04364769)

Notes to the Financial Statements
for the Year Ended 28 February 2023

1. STATUTORY INFORMATION

Queensbury 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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.
Plant and machinery etc - 33% on cost and 15% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


Queensbury Products Limited (Registered number: 04364769)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

3. ACCOUNTING POLICIES - continued
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.

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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 20 (2022 - 15 ) .

5. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2022
and 28 February 2023 15,000
AMORTISATION
At 1 March 2022 14,438
Amortisation for year 562
At 28 February 2023 15,000
NET BOOK VALUE

At 28 February 2023 -
At 28 February 2022 562

Queensbury Products Limited (Registered number: 04364769)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

6. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2022 628,390
Additions 398,735
Disposals (16,364 )
At 28 February 2023 1,010,761
DEPRECIATION
At 1 March 2022 350,336
Charge for year 53,016
Eliminated on disposal (15,812 )
At 28 February 2023 387,540
NET BOOK VALUE
At 28 February 2023 623,221
At 28 February 2022 278,054

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

Totals
£   
COST
At 1 March 2022 85,000
Transfer to ownership (85,000 )
At 28 February 2023 -
DEPRECIATION
At 1 March 2022 40,630
Transfer to ownership (40,630 )
At 28 February 2023 -
NET BOOK VALUE
At 28 February 2023 -
At 28 February 2022 44,370

Queensbury Products Limited (Registered number: 04364769)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2023

7. SECURED DEBTS

The following secured debts are included within creditors:

28.2.23 28.2.22
£    £   
Other loans 231,336 320,637
Hire purchase contracts - 9,563
231,336 330,200

The hire purchase agreement is secured on the asset to which it relates.

The other loans are secured in part by a personal guarantee provided by the company's directors and the balance is a government secured CBILS loan.