39 28 November 2023 false false false false false false false false false true false false false false false false No description of principal activity 2022-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 33,131 6,963 40,094 58 58 40,036 33,131 xbrli:pure xbrli:shares iso4217:GBP 08396364 2022-03-01 2023-02-28 08396364 2023-02-28 08396364 2022-02-28 08396364 2021-03-01 2022-02-28 08396364 2022-02-28 08396364 bus:Director1 2022-03-01 2023-02-28 08396364 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-28 08396364 core:PlantMachinery 2022-02-28 08396364 core:FurnitureFittings 2022-02-28 08396364 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-28 08396364 core:PlantMachinery 2023-02-28 08396364 core:FurnitureFittings 2023-02-28 08396364 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 08396364 core:PlantMachinery 2022-03-01 2023-02-28 08396364 core:FurnitureFittings 2022-03-01 2023-02-28 08396364 core:WithinOneYear 2023-02-28 08396364 core:WithinOneYear 2022-02-28 08396364 core:AfterOneYear 2023-02-28 08396364 core:AfterOneYear 2022-02-28 08396364 core:ShareCapital 2023-02-28 08396364 core:ShareCapital 2022-02-28 08396364 core:SharePremium 2023-02-28 08396364 core:SharePremium 2022-02-28 08396364 core:RevaluationReserve 2023-02-28 08396364 core:RevaluationReserve 2022-02-28 08396364 core:RetainedEarningsAccumulatedLosses 2023-02-28 08396364 core:RetainedEarningsAccumulatedLosses 2022-02-28 08396364 core:BetweenOneFiveYears 2023-02-28 08396364 core:BetweenOneFiveYears 2022-02-28 08396364 core:MoreThanFiveYears 2023-02-28 08396364 core:MoreThanFiveYears 2022-02-28 08396364 core:LandBuildings core:OwnedOrFreeholdAssets 2022-02-28 08396364 core:PlantMachinery 2022-02-28 08396364 core:FurnitureFittings 2022-02-28 08396364 bus:SmallEntities 2022-03-01 2023-02-28 08396364 bus:Audited 2022-03-01 2023-02-28 08396364 bus:FullAccounts 2022-03-01 2023-02-28 08396364 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 08396364 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 08396364 core:IntangibleAssetsOtherThanGoodwill 2022-03-01 2023-02-28 08396364 core:IntangibleAssetsOtherThanGoodwill 2022-02-28 08396364 core:IntangibleAssetsOtherThanGoodwill 2023-02-28 08396364 core:OfficeEquipment 2022-02-28 08396364 core:OfficeEquipment 2022-03-01 2023-02-28 08396364 core:OfficeEquipment 2023-02-28
COMPANY REGISTRATION NUMBER: 08396364
QICTRIMS LIMITED
FILLETED FINANCIAL STATEMENTS
28 February 2023
QICTRIMS LIMITED
STATEMENT OF FINANCIAL POSITION
28 February 2023
2023
2022
Note
£
£
£
FIXED ASSETS
Intangible assets
5
40,036
33,131
Tangible assets
6
664,054
590,435
---------
---------
704,090
623,566
CURRENT ASSETS
Stocks
850,916
723,746
Debtors
7
3,019,430
2,286,742
Cash at bank and in hand
111,027
18,865
------------
------------
3,981,373
3,029,353
CREDITORS: amounts falling due within one year
8
1,950,348
1,402,755
------------
------------
NET CURRENT ASSETS
2,031,025
1,626,598
------------
------------
TOTAL ASSETS LESS CURRENT LIABILITIES
2,735,115
2,250,164
CREDITORS: amounts falling due after more than one year
9
158,478
216,179
PROVISIONS
166,899
137,260
------------
------------
NET ASSETS
2,409,738
1,896,725
------------
------------
CAPITAL AND RESERVES
Called up share capital fully paid
110
110
Share premium account
49,990
49,990
Revaluation reserve
56,778
56,778
Profit and loss account
2,302,860
1,789,847
------------
------------
SHAREHOLDERS FUNDS
2,409,738
1,896,725
------------
------------
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 comprehensive income has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
QICTRIMS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
28 February 2023
These financial statements were approved by the board of directors and authorised for issue on 28 November 2023 , and are signed on behalf of the board by:
Mr J Irwin
Director
Company registration number: 08396364
QICTRIMS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 28 FEBRUARY 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 Radclive Road, Gawcott, Buckingham, Buckinghamshire, MK18 4BL.
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, 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.
Revenue recognition
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.
Income tax
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 at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that 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 that are expected to apply to the reversal of the timing difference.
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 taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense 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. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
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 as follows:
Intellectual property
-
10% 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. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Leasehold improvements
-
17%, 20% and 33% straight line
Plant and machinery
-
10%, 16.67%, 20%, 25% and 33% straight line
Fixtures and fittings
-
20% and 33% straight line
Equipment
-
20% and 33% straight line
Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss.
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 as a finance cost 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 39 (2022: 32 ).
5. INTANGIBLE ASSETS
Intellectual Property
£
Cost
At 1 March 2022
33,131
Additions
6,963
--------
At 28 February 2023
40,094
--------
Amortisation
Charge for the year
58
--------
At 28 February 2023
58
--------
Carrying amount
At 28 February 2023
40,036
--------
At 28 February 2022
33,131
--------
6. TANGIBLE ASSETS
Leasehold improvements
Plant and machinery
Fixtures and fittings
Office equipment
Total
£
£
£
£
£
Cost
At 1 March 2022
9,315
884,306
13,636
47,875
955,132
Additions
7,406
147,829
16,450
7,831
179,516
Disposals
( 25)
( 25)
--------
------------
--------
--------
------------
At 28 February 2023
16,721
1,032,135
30,061
55,706
1,134,623
--------
------------
--------
--------
------------
Depreciation
At 1 March 2022
8,431
318,315
7,533
30,418
364,697
Charge for the year
1,564
92,886
2,559
8,888
105,897
Disposals
( 25)
( 25)
--------
------------
--------
--------
------------
At 28 February 2023
9,995
411,201
10,067
39,306
470,569
--------
------------
--------
--------
------------
Carrying amount
At 28 February 2023
6,726
620,934
19,994
16,400
664,054
--------
------------
--------
--------
------------
At 28 February 2022
884
565,991
6,103
17,457
590,435
--------
------------
--------
--------
------------
7. DEBTORS
2023
2022
£
£
Trade debtors
1,461,768
1,276,365
Amounts owed by group undertakings and undertakings in which the company has a participating interest
1,304,244
844,105
Other debtors
253,418
166,272
------------
------------
3,019,430
2,286,742
------------
------------
8. CREDITORS: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
157,528
212,618
Trade creditors
912,882
589,062
Amounts owed to group undertakings and undertakings in which the company has a participating interest
95,412
Corporation tax
205,319
230,584
Social security and other taxes
186,787
216,307
Other creditors
392,420
154,184
------------
------------
1,950,348
1,402,755
------------
------------
Included with Other Creditors is £287,408 (2022: Other Debtors £80,490) in respect of Lloyds Bank invoice factoring. The banking facilities provided by Lloyds Bank are secured via a fixed and floating charge over the assets of the company.
9. CREDITORS: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
158,478
216,179
---------
---------
10. OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
256,590
207,693
Later than 1 year and not later than 5 years
896,010
834,600
Later than 5 years
18,345
226,038
------------
------------
1,170,945
1,268,331
------------
------------
11. SUMMARY AUDIT OPINION
The auditor's report for the year dated 28 November 2023 was unqualified .
The senior statutory auditor was David Kelland FCA , for and on behalf of Meadows & Co Limited .
12. RELATED PARTY TRANSACTIONS
The company has taken advantage of the provisions available under FRS 102 not to disclose transactions and balances with companies within a 100% owned group.
13. PARENT UNDERTAKING
The smallest group that prepares consolidated accounts which include the results of QICTrims Limited is headed by Silvanito Holdings Limited , a company registered in England and Wales, which has a registered office of QICTrims Radclive Road, Gawcott, Buckingham, United Kingdom, MK18 4BL .