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COMPANY REGISTRATION NUMBER: 03755648
Qualitape (UK) Limited
Filleted Unaudited Financial Statements
For the year ended
30 June 2023
Qualitape (UK) Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
2,583
4,153
Tangible assets
6
63,910
75,421
Investments
7
10,000
40,225
--------
---------
76,493
119,799
Current assets
Stocks
148,222
161,907
Debtors
8
297,263
335,231
Cash at bank and in hand
67,223
24,339
---------
---------
512,708
521,477
Creditors: amounts falling due within one year
9
345,861
458,031
---------
---------
Net current assets
166,847
63,446
---------
---------
Total assets less current liabilities
243,340
183,245
Creditors: amounts falling due after more than one year
10
41,864
60,521
Provisions
Deferred taxation
15,978
18,855
---------
---------
Net assets
185,498
103,869
---------
---------
Capital and reserves
Called up share capital
20
20
Profit and loss account
185,478
103,849
---------
---------
Shareholders funds
185,498
103,869
---------
---------
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 Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Qualitape (UK) Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 6 October 2023 , and are signed on behalf of the board by:
J M Rowson
Director
Company registration number: 03755648
Qualitape (UK) Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Sarah Court, Piperell Way, Haverhill, Suffolk, CB9 8PA.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied during the year, stated net of discounts and of value added tax.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the reporting date.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being recognised in profit or loss.
Operating leases
Lease payments are recognised as an expense and lease receipts are recognised as income over the lease term on a straight-line basis.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Patents, trademarks and licences
-
20% straight line
Website
-
20% straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures, fittings and plant
-
15% straight line
Office equipment
-
33% straight line
Investments in associates and participating interests
Investments in associates and participating interests accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Dividends and other distributions receivable from the investment are recognised as income when received.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Lease or hire purchase payments are apportioned between the finance charges and reduction of the outstanding lease liability using the sum of the digits method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Defined pension contribution plans
Contributions to defined pension contribution plans are recognised as an expense in the period in which the related service is provided.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 9 (2022: 10 ).
5. Intangible assets
Patents, trademarks and licences
Website
Total
£
£
£
Cost
At 1 July 2022 and 30 June 2023
2,850
5,000
7,850
-------
-------
-------
Amortisation
At 1 July 2022
2,280
1,417
3,697
Charge for the year
570
1,000
1,570
-------
-------
-------
At 30 June 2023
2,850
2,417
5,267
-------
-------
-------
Carrying amount
At 30 June 2023
2,583
2,583
-------
-------
-------
At 30 June 2022
570
3,583
4,153
-------
-------
-------
6. Tangible assets
Fixtures, fittings and plant
Office equipment
Total
£
£
£
Cost
At 1 July 2022
92,511
16,235
108,746
Additions
650
2,056
2,706
--------
--------
---------
At 30 June 2023
93,161
18,291
111,452
--------
--------
---------
Depreciation
At 1 July 2022
22,070
11,255
33,325
Charge for the year
11,734
2,483
14,217
--------
--------
---------
At 30 June 2023
33,804
13,738
47,542
--------
--------
---------
Carrying amount
At 30 June 2023
59,357
4,553
63,910
--------
--------
---------
At 30 June 2022
70,441
4,980
75,421
--------
--------
---------
7. Investments
Shares in participating interests
£
Cost
At 1 July 2022 and 30 June 2023
40,225
--------
Impairment
At 1 July 2022
Impairment losses
30,225
--------
At 30 June 2023
30,225
--------
Carrying amount
At 30 June 2023
10,000
--------
At 30 June 2022
40,225
--------
The company owns 50% of the share capital of Vehicle Resources Limited, a company registered in England and Wales.
8. Debtors
2023
2022
£
£
Trade debtors
296,143
316,212
Other debtors
1,120
19,019
---------
---------
297,263
335,231
---------
---------
9. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
65,808
80,952
Trade creditors
151,028
283,192
Social security and other taxes
100,704
39,636
Other creditors
28,321
54,251
---------
---------
345,861
458,031
---------
---------
The bank loan of £55,808 (2022 - £70,952) is secured against the assets of the company whilst the bank loan of £10,000 has been provided to the company under the Bounce Back Loan scheme. Included within other creditors is an amount of £8,657 (2022 - £8,004) relating to assets acquired under hire purchase agreements. Hire purchase agreements are secured on the assets concerned.
10. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans
20,000
30,000
Other creditors
21,864
30,521
--------
--------
41,864
60,521
--------
--------
The bank loan of £20,000 (2022 - £30,000) has been provided to the company under the Bounce Back Loan scheme. Included within other creditors is an amount of £21,864 (2022 - £30,521) relating to assets acquired under hire purchase agreements. Hire purchase agreements are secured on the assets concerned.
11. Deferred tax
The deferred tax included in the statement of financial position is as follows:
2023
2022
£
£
Included in provisions
15,978
18,855
--------
--------
The deferred tax account consists of the tax effect of timing differences in respect of:
2023
2022
£
£
Accelerated capital allowances
15,978
18,855
--------
--------
12. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Later than 1 year and not later than 5 years
53,060
52,231
--------
--------