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Registered Number: 05897889
England and Wales

 

 

 

QUALITY DRAINAGE COMPANY LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 September 2022

End date: 31 August 2023
Director Benjamin Daniel Lawrence
Registered Number 05897889
Registered Office 1st Floor, North Office
Peills Courtyard, Bourne Road
Bromley
Kent
BR2 9NS
Accountants Ludlow Painter Limited
Produce House
1a Wickham Court Road
West Wickham
Kent
BR4 9LN
Secretary Sarah Lawrence
1
Director's report and financial statements
The director presents his annual report and the financial statements for the year ended 31 August 2023.
Principal activities
The principal activity of the company during the financial year was drainage and plumbing services.
Director
The director who served the company throughout the year was as follows:
Benjamin Daniel Lawrence
Statement of director's responsibilities
The director is responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the director must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the director is required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. The director is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The director is responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions

On behalf of the board.


----------------------------------
Sarah Lawrence
Secretary

Date approved: 15 November 2023
2
Report to the director on the preparation of the unaudited statutory accounts of Quality Drainage Company Ltd for the year ended 31 August 2023.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Quality Drainage Company Ltd for the year ended 31 August 2023 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes from the companys accounting records and from information and explanations you have given to us.

As a practising member firm of the Institute of Financial Accountants (IFA), we are subject to its ethical and other professional requirements which are detailed at https://www.ifa.org.uk/about-us/acting-in-the-public-interest/memberregulations.

This report is made solely to the Board of Directors of Quality Drainage Company Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Quality Drainage Company Ltd and state those matters that we have agreed to state to the Board of Directors of Quality Drainage Company Ltd, as a body, in this report.To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quality Drainage Company Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Quality Drainage Company Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Quality Drainage Company Ltd.You consider that Quality Drainage Company Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit of the accounts of Quality Drainage Company 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 financial statements 31 August 2023.



....................................................
Ludlow Painter Limited
Produce House
1a Wickham Court Road
West Wickham
Kent
BR4 9LN
15 November 2023
3
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 5 79,980    76,117 
79,980    76,117 
Current assets      
Stocks 6 37,000    38,000 
Debtors 7 133,978    141,376 
Cash at bank and in hand 107,104    39,943 
278,082    219,319 
Creditors: amount falling due within one year 8 (125,378)   (110,225)
Net current assets 152,704    109,094 
 
Total assets less current liabilities 232,684    185,211 
Creditors: amount falling due after more than one year 9 (43,522)   (33,477)
Provisions for liabilities 10 (15,408)   (13,942)
Net assets 173,754    137,792 
 

Capital and reserves
     
Called up share capital 11 2    2 
Profit and loss account 173,752    137,790 
Shareholder's funds 173,754    137,792 
 


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

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 15 November 2023 and were signed by:


-------------------------------
Benjamin Daniel Lawrence
Director
4
  Equity share capital   Retained Earnings   Total
£ £ £
At 01 September 2021 2  39,511  39,513 
Profit for the year 205,279  205,279 
Total comprehensive income for the year 205,279  205,279 
Dividends (107,000) (107,000)
Total investments by and distributions to owners (107,000) (107,000)
At 31 August 2022 2  137,790  137,792 
At 01 September 2022 2  137,790  137,792 
Profit for the year 206,962  206,962 
Total comprehensive income for the year 206,962  206,962 
Dividends (171,000) (171,000)
Total investments by and distributions to owners (171,000) (171,000)
At 31 August 2023 2  173,752  173,754 
5
General Information
Quality Drainage Company Ltd is a private company, limited by shares, registered in England and Wales, registration number 05897889, registration address 1st Floor, North Office, Peills Courtyard, Bourne Road, Bromley, Kent, BR2 9NS.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The directors believe that the company is experiencing good levels of sales growth and profitability, and that it is well placed to manage its business risks successfully. Accordingly, they have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Operating lease rentals
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
Finance lease and hire purchase charges
The finance element of the rental payment is charged to the profit and loss account on a straight line basis.
Website cost
Planning and operating costs for the company's website are charged to the profit and loss account as incurred.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. Tax is recognised in the statement of income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.
The company’s liability for current tax is calculated using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Current and deferred tax assets and liabilities are not discounted
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the balance sheet when their payment has been approved by the shareholders prior to the balance sheet date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Plant and Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Office Equipment 25% 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. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Directors' Emoluments

2023
£
  2022
£
Administrative Expenses
Directors Remuneration 9,000    8,500 
Directors Pension Contributions 3,000    3,000 
12,000    11,500 

3.

Staff Costs

2023
£
  2022
£
Wages and salaries 420,905    353,873 
Pension costs, defined contribution plan 31,352    27,102 
Other staff costs 4,597    4,792 
456,854    385,767 

4.

Average number of employees

Average number of employees during the year was 11 (2022 : 9).
5.

Tangible fixed assets

Cost or valuation Plant and Machinery   Motor Vehicles   Office Equipment   Total
  £   £   £   £
At 01 September 2022 65,214    168,492    32,375    266,081 
Additions   32,495      32,495 
Disposals   (19,700)     (19,700)
At 31 August 2023 65,214    181,287    32,375    278,876 
Depreciation
At 01 September 2022 57,751    107,706    24,507    189,964 
Charge for year 1,866    22,827    1,967    26,660 
On disposals   (17,728)     (17,728)
At 31 August 2023 59,617    112,805    26,474    198,896 
Net book values
Closing balance as at 31 August 2023 5,597    68,482    5,901    79,980 
Opening balance as at 01 September 2022 7,463    60,786    7,868    76,117 


6.

Stocks

2023
£
  2022
£
Stocks 37,000    38,000 
37,000    38,000 

7.

Debtors: amounts falling due within one year

2023
£
  2022
£
Trade Debtors 133,978    141,376 
133,978    141,376 

8.

Creditors: amount falling due within one year

2023
£
  2022
£
Corporation Tax 56,329    46,145 
PAYE & Social Security 5,188    8,706 
Other Creditors 1,441    1,300 
HP And Finance Lease Liability (Under 1yr) 12,844    17,157 
Directors Current Account 102    433 
VAT 49,474    36,484 
125,378    110,225 

9.

Creditors: amount falling due after more than one year

2023
£
  2022
£
HP And Finance Lease Liability (1-2yrs) 15,519    9,020 
HP And Finance Lease Liability (2-5yrs) 28,003    24,457 
43,522    33,477 

10.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax 13,942    11,227 
Deferred Tax Charged to the P&L Account 1,466    2,715 
15,408    13,942 

11.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
2 Class A shares of £1.00 each  
 

6