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REGISTERED NUMBER: 03357926 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Quad Contracts Limited

Quad Contracts Limited (Registered number: 03357926)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Quad Contracts Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: Mr D D Nebbitt
Mr I R Marlow





REGISTERED OFFICE: Unit 2 Larch Court
2 Royal Oak Yard
Bermondsey Street
London
SE1 3GB





REGISTERED NUMBER: 03357926 (England and Wales)





ACCOUNTANTS: Wolfson Associates Limited
1st Floor
314 Regents Park Road
Finchley
London
N3 2LT

Quad Contracts Limited (Registered number: 03357926)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 33,476 20,978

CURRENT ASSETS
Stocks 589,394 41,695
Debtors 5 449,294 415,487
Cash at bank 830,121 371,831
1,868,809 829,013
CREDITORS
Amounts falling due within one year 6 1,636,734 676,093
NET CURRENT ASSETS 232,075 152,920
TOTAL ASSETS LESS CURRENT
LIABILITIES

265,551

173,898

CREDITORS
Amounts falling due after more than one
year

7

-

62,500
NET ASSETS 265,551 111,398

CAPITAL AND RESERVES
Called up share capital 8 300 300
Capital redemption reserve 100 100
Retained earnings 265,151 110,998
SHAREHOLDERS' FUNDS 265,551 111,398

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.

Quad Contracts Limited (Registered number: 03357926)

Balance Sheet - 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 October 2023 and were signed on its behalf by:




Mr D D Nebbitt - Director



Mr I R Marlow - Director


Quad Contracts Limited (Registered number: 03357926)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Quad Contracts 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Turnover
Turnover represents amounts receivable for services net of VAT and trade discounts.

Where the final outcome of a contract for the provision of services can be assessed with reasonable certainty:
turnover is recognised by reference to the stage of completion, which is assessed based on surveys of work performed; and profit is recognised on turnover at the expected margin for the contract. Where the outcome cannot be estimated reliably, turnover is recognised only to the extent of costs incurred that it is probable will be recovered.

Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Quad Contracts Limited (Registered number: 03357926)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Quad Contracts Limited (Registered number: 03357926)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Taxation
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

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.

Quad Contracts Limited (Registered number: 03357926)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

2. ACCOUNTING POLICIES - continued

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 11 (2022 - 10 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Short Plant and and
leasehold machinery fittings
£    £    £   
COST
At 1 April 2022 - 1,150 18,146
Additions 5,357 - 1,158
Disposals - - -
At 31 March 2023 5,357 1,150 19,304
DEPRECIATION
At 1 April 2022 - 953 15,581
Charge for year 1,042 49 931
Eliminated on disposal - - -
At 31 March 2023 1,042 1,002 16,512
NET BOOK VALUE
At 31 March 2023 4,315 148 2,792
At 31 March 2022 - 197 2,565

Quad Contracts Limited (Registered number: 03357926)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 April 2022 13,490 25,407 58,193
Additions 17,224 5,174 28,913
Disposals - (8,480 ) (8,480 )
At 31 March 2023 30,714 22,101 78,626
DEPRECIATION
At 1 April 2022 7,009 13,672 37,215
Charge for year 5,926 2,107 10,055
Eliminated on disposal - (2,120 ) (2,120 )
At 31 March 2023 12,935 13,659 45,150
NET BOOK VALUE
At 31 March 2023 17,779 8,442 33,476
At 31 March 2022 6,481 11,735 20,978

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 407,680 379,773
Gross amounts owed by contract
customers

2

2
Other debtors 6,825 500
Staff loans 5,050 5,616
Directors' current accounts - 2,772
Prepayments and accrued income 29,737 26,824
449,294 415,487

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts 62,500 125,000
Trade creditors 1,001,189 306,314
Tax 96,696 28,998
Social security and other taxes 13,033 9,882
VAT 392,269 94,464
Other creditors 1,207 9,355
Accruals and deferred income 69,840 102,080
1,636,734 676,093

The company has a debenture dated 17 September 2020 with a fixed and floating charge over all current and future assets of the company. The debenture is in favour of HSBC bank.

Quad Contracts Limited (Registered number: 03357926)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts - 62,500

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
150 Ordinary Shares of £1 Each £1 150 150
150 "A" Ordinary shares of £1 Each £1 150 150
300 300

There are no restrictions on the distribution of dividends and repayment of capital.

9. OPERATING LEASE COMMITMENTS

Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023 2022
£ £

Within one year 27,300 125,000
Between two and five years 34,125 62,500
In over five years - -
61,425 187,500