3 31/03/2023 2023-03-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 05019074 2022-04-01 2023-03-31 05019074 2023-03-31 05019074 2022-03-31 05019074 2021-04-01 2022-03-31 05019074 2022-03-31 05019074 core:IntangibleAssetsOtherThanGoodwill 2022-04-01 2023-03-31 05019074 core:PlantMachinery 2022-04-01 2023-03-31 05019074 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 05019074 core:MotorVehicles 2022-04-01 2023-03-31 05019074 bus:Director1 2022-04-01 2023-03-31 05019074 core:IntangibleAssetsOtherThanGoodwill 2022-03-31 05019074 core:IntangibleAssetsOtherThanGoodwill 2023-03-31 05019074 core:PlantMachinery 2022-03-31 05019074 core:FurnitureFittingsToolsEquipment 2022-03-31 05019074 core:MotorVehicles 2022-03-31 05019074 core:PlantMachinery 2023-03-31 05019074 core:FurnitureFittingsToolsEquipment 2023-03-31 05019074 core:MotorVehicles 2023-03-31 05019074 core:WithinOneYear 2023-03-31 05019074 core:WithinOneYear 2022-03-31 05019074 core:ShareCapital 2023-03-31 05019074 core:ShareCapital 2022-03-31 05019074 core:RetainedEarningsAccumulatedLosses 2023-03-31 05019074 core:RetainedEarningsAccumulatedLosses 2022-03-31 05019074 core:IntangibleAssetsOtherThanGoodwill 2022-03-31 05019074 core:PlantMachinery 2022-03-31 05019074 core:FurnitureFittingsToolsEquipment 2022-03-31 05019074 core:MotorVehicles 2022-03-31 05019074 bus:SmallEntities 2022-04-01 2023-03-31 05019074 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 05019074 bus:FullAccounts 2022-04-01 2023-03-31 05019074 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 05019074 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31
Company registration number: 05019074
Quickfencer Limited
Unaudited filleted financial statements
31 March 2023
Quickfencer Limited
Contents
Statement of financial position
Notes to the financial statements
Quickfencer Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 4,301 3,204
Tangible assets 6 78,688 39,609
_______ _______
82,989 42,813
Current assets
Stocks 40,927 49,319
Debtors 7 73,748 26,474
Cash at bank and in hand 113,411 81,461
_______ _______
228,086 157,254
Creditors: amounts falling due
within one year 8 ( 50,999) ( 45,612)
_______ _______
Net current assets 177,087 111,642
_______ _______
Total assets less current liabilities 260,076 154,455
Provisions for liabilities ( 19,672) ( 7,526)
_______ _______
Net assets 240,404 146,929
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 240,304 146,829
_______ _______
Shareholders funds 240,404 146,929
_______ _______
For the year ending 31 March 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.
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.
These financial statements were approved by the board of directors and authorised for issue on 14 November 2023 , and are signed on behalf of the board by:
Mrs Anne Brewer
Director
Company registration number: 05019074
Quickfencer Limited
Notes to the financial statements
Year ended 31 March 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 Moorgate Farm, Kenyon Lane, Dinckley, Blackburn, Lancashire, BB6 8AN.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
Deferred taxation is provided on the liability method to take account of timing differences between the treatment of certain items for accounts purposes and their treatment for tax purposes.Tax deferred or accelerated is accounted for in respect of all material timing differences, in particular accelerated capital allowances and revaluation gains on investment properties. All deferred tax is charged/(credited) to the Statement of Income and Retained Earnings.
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 life of that asset.
Patents - 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.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
Tangible assets are initially recorded at cost, and is subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
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 stocks to their present location and condition.
Provisions
Provisions are set up only where it is probable that a present obligation exists as a result of an event prior to the balance sheet date and that a payment will be required in a settlement that can be estimated reliably. Where material, provisions are calculated on a discounted basis.
Financial instruments
The following assets and liabilities are classified as financial instruments - trade debtors, trade creditors, bank loans and directors' loans.Bank loans are initially measured at the present value of future payments, discounted at a market rate of interest, and subsequently at amortised cost using the effective interest method. Directors' loans (being repayable on demand), trade debtors and trade creditors are measured at the undiscounted amount of the cash or other consideration expected to be paid or received.Financial assets that are measured at amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Intangible assets
Other intangible assets Total
£ £
Cost
At 1 April 2022 18,746 18,746
Additions 2,010 2,010
_______ _______
At 31 March 2023 20,756 20,756
_______ _______
Amortisation
At 1 April 2022 15,542 15,542
Charge for the year 913 913
_______ _______
At 31 March 2023 16,455 16,455
_______ _______
Carrying amount
At 31 March 2023 4,301 4,301
_______ _______
At 31 March 2022 3,204 3,204
_______ _______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2022 25,225 3,682 54,486 83,393
Additions 4,000 - 55,295 59,295
_______ _______ _______ _______
At 31 March 2023 29,225 3,682 109,781 142,688
_______ _______ _______ _______
Depreciation
At 1 April 2022 12,167 3,270 28,347 43,784
Charge for the year 3,211 102 16,903 20,216
_______ _______ _______ _______
At 31 March 2023 15,378 3,372 45,250 64,000
_______ _______ _______ _______
Carrying amount
At 31 March 2023 13,847 310 64,531 78,688
_______ _______ _______ _______
At 31 March 2022 13,058 412 26,139 39,609
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 63,045 20,789
Other debtors 10,703 5,685
_______ _______
73,748 26,474
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 6,172 12,517
Corporation tax 11,522 7,740
Social security and other taxes 21,842 14,395
Other creditors 11,463 10,960
_______ _______
50,999 45,612
_______ _______