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Registration number: 04001868

Qualsafe Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Qualsafe Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 10

 

Qualsafe Limited

(Registration number: 04001868)
Balance Sheet as at 31 March 2023

Note

2023

2022

   

£

£

£

£

Fixed assets

   

 

Intangible assets

5

 

-

 

-

Tangible assets

6

 

1,012,250

 

1,010,925

Investments

7

 

51

 

51

   

1,012,301

 

1,010,976

Current assets

   

 

Stocks

164,318

 

159,048

 

Debtors

8

597,825

 

874,881

 

Cash at bank and in hand

 

415,052

 

1,271,503

 

 

1,177,195

 

2,305,432

 

Creditors: Amounts falling due within one year

9

(699,278)

 

(1,547,481)

 

Net current assets

   

477,917

 

757,951

Total assets less current liabilities

   

1,490,218

 

1,768,927

Creditors: Amounts falling due after more than one year

9

 

(266,666)

 

(366,666)

Provisions for liabilities

 

(26,000)

 

(35,000)

Net assets

   

1,197,552

 

1,367,261

Capital and reserves

   

 

Called up share capital

11

858

 

858

 

Profit and loss account

1,196,694

 

1,366,403

 

Total equity

   

1,197,552

 

1,367,261

 

Qualsafe Limited

(Registration number: 04001868)
Balance Sheet as at 31 March 2023

For the financial 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 7 September 2023 and signed on its behalf by:
 

.........................................
N C Barraclough
Director

 

Qualsafe Limited

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

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
City View
Wapping Road
Bradford
BD3 0EQ

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements were prepared in accordance with Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The company's functional and presentation currency is pound sterling.

Summary of disclosure exemptions

The company has taken advantage of the exemption under Section 1AC.35 from disclosing transactions and balances with fellow group undertakings that are wholly owned.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods in the ordinary course of the company’s activities. Turnover is shown net of value added tax.

The company recognises revenue when the significant risks and rewards of ownership have been transferred to the buyer; the company retains no continuing involvement or control over the goods; the amount of revenue can be measured reliably and it is probable that future economic benefits will flow to the entity.

Government grants

Grants are recognised when there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.

Grants are measured at the fair value of the asset received or receivable.

Grants relating to revenue shall be recognised in income on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate.

 

Qualsafe Limited

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

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Freehold buildings

2% straight line basis

Fixtures and fittings

25% straight line basis

Motor vehicles

25% straight line basis

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5% straight line basis

 

Qualsafe Limited

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

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Qualsafe Limited

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

Financial instruments


Financial assets

Basic financial assets, including trade and other receivables, are initially recognised at transaction price, 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 for a similar asset. Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss and any subsequent reversal is recognised in profit or loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities

Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 for a similar debt instrument.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 82 (2022 - 68).

4

Government grants

During the year the company has received grant income of £nil (2022 - £6,580) in respect of the Coronavirus Job Retention Scheme.

 

Qualsafe Limited

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

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 April 2022

28,000

28,000

Disposals

(28,000)

(28,000)

At 31 March 2023

-

-

Amortisation

At 1 April 2022

28,000

28,000

Amortisation eliminated on disposals

(28,000)

(28,000)

At 31 March 2023

-

-

Carrying amount

At 31 March 2023

-

-

6

Tangible assets

Freehold land and buildings
£

Fixture and fittings
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

1,002,206

237,720

151,865

1,391,791

Additions

-

46,049

65,526

111,575

Disposals

-

-

(42,036)

(42,036)

At 31 March 2023

1,002,206

283,769

175,355

1,461,330

Depreciation

At 1 April 2022

185,315

131,024

64,527

380,866

Charge for the year

18,544

52,292

35,911

106,747

Eliminated on disposal

-

-

(38,533)

(38,533)

At 31 March 2023

203,859

183,316

61,905

449,080

Carrying amount

At 31 March 2023

798,347

100,453

113,450

1,012,250

At 31 March 2022

816,891

106,696

87,338

1,010,925

7

Investments

2023
£

2022
£

Investments in subsidiaries

51

51

 

Qualsafe Limited

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

8

Debtors

2023
£

2022
£

Trade debtors

419,025

508,860

Amounts owed by group undertakings

-

220,710

Prepayments

178,050

140,361

Other debtors

750

4,950

 

597,825

874,881

9

Creditors

2023
£

2022
£

Due within one year

Loans and borrowings

100,000

784,470

Trade creditors

231,638

199,525

Amounts owed to group undertakings

4,523

-

Taxation and social security

214,087

327,036

Accruals and deferred income

107,146

147,974

Other creditors

41,884

88,476

699,278

1,547,481


Creditors include bank loans and overdrafts which are secured of £100,000 (2022 - £100,000).

2023
£

2022
£

Due after one year

Loans and borrowings

266,666

366,666

Creditors include bank loans and overdrafts which are secured of £266,666 (2022 - £366,666).

 

Qualsafe Limited

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

10

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

100,000

100,000

Other borrowings

-

684,470

100,000

784,470

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

266,666

366,666

11

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

A Ordinary shares of £1 each

440

440

440

440

B Ordinary shares of £1 each

132

132

132

132

C Ordinary shares of £1 each

143

143

143

143

D Ordinary of £1 each

143

143

143

143

 

858

858

858

858

12

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £28,063 (2022 - £12,011).

 

Qualsafe Limited

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

13

Related party transactions

Expenditure with and payables to related parties

2023

£

Interest free directors loan account

-

2022

£

Interest free directors loan account

684,470