Company registration number 05254717 (England and Wales)
QUICK SLIDE LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
QUICK SLIDE LIMITED
COMPANY INFORMATION
Directors
Mr Adrian Barraclough
Mr Ben Weber
Company number
05254717
Registered office
Unit 15 Heaton Estate
Bradford Road
Brighouse
West Yorkshire
HD6 4BW
Auditor
BHP LLP
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
QUICK SLIDE LIMITED
CONTENTS
Page
Strategic report
1 - 4
Directors' report
5
Directors' responsibilities statement
6
Independent auditor's report
7 - 9
Statement of comprehensive income
10
Balance sheet
11
Statement of changes in equity
12
Notes to the financial statements
13 - 25
QUICK SLIDE LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2023
- 1 -
The directors present the strategic report for the year ended 31 May 2023.
Fair review of the business
The continued controlled profitable growth of Quick Slide Limited remains a key priority of the Directors while ensuring that the business remains a safe and secure place to work for our staff, customers, suppliers, and stakeholders.
Quick Slide Limited has continued to grow and in tandem with this, invested in some significant machinery, technology, training, Research and Development.
We aim to keep a stimulated and well-rewarded workforce, trade partners and suppliers while continuing to introduce powerful new initiatives.
Looking forward to next year
PEST analysis is always huge on our agenda, especially as we become more dependent on the size of the potential market.
We appreciate our market will be smaller and also, due to considered instability in some supply areas for raw materials such as China, have procurement options in other areas and also carry a stock level probably 50% more than the norm for our industry.
QUICK SLIDE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 2 -
Development and performance
Although the marketplace for our industry has had a strong year there have been significant challenges with:
Competition
Staffing
Client credit
Changing of standards
With great effort, we grew our Turnover by over 20%.
This was a strategic plan of growing our strong clients and moving on some weaker clients to our competitors. This allowed us to focus on strong clients and build their volumes thereby protecting future business and reducing costs such as distribution and customer care.
We also further developed our relationships with our supplier base working closely on new innovations for mutual gain. This should keep us in a strong position for future years.
Our IT department also benefitted from investment in software, staffing and technical innovations.
Understanding that IT is playing a bigger and bigger element in the manufacturing industry we recognised that we need to stay ahead of the curve and now this takes a more and more significant part of our focus.
IT security is also a huge threat and we’ve seen many competitors and associates affected by ransomware etc. Therefore, we have invested heavily in security and internal procedures.
Finally, we have invested very heavily in capital plant equipment for manufacturing. This not only provides repeatable quality and increased throughput, it also gives much confidence to our stakeholders going forward that we’re the company to partner with and work for.
Last years Initiatives
Looking forward to next year
This next year looks like it’s going to be a challenging one for our industry with forecasts of a downturn in home improvements in the order of 20%
We will definitely benefit from the strong relationships we forged during our last year in both sales and supply.
Our product range has also grown to include a modern external door system (Indifold) and internal heritage glazing system that provide our clients with a broader product base aimed at the high end of our market
We also plan to play a bigger part in the new build sector. Although this market is shrinking, the repeatable quality and 99.4% OTIF (on time in full) of our business is something that aligns so well with the new build sector.
Research and development remains a real key focus for us also, constantly deploying our best resources to create a better and more secure future.
QUICK SLIDE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 3 -
Key performance indicators
In terms of the market sector, our planned sales split across our key market sectors remained the same. There was though an increase in sales volume capacity within these markets which put pressure on our gross margins.
We closely monitor various areas of the business right from web hits, and trade partner applications all the way through to after-sales costs.
These statistics allow us to have a deep understanding of the business not just orders and accounts.
We’re also introducing many considered new products at exhibitions and trade shows which again facilitate direct feedback not just from our clients but theirs.
The current year’s order book is strong, with all markets being well represented.
The directors remain committed to adding new products to the company's portfolio that will generate additional revenue in the coming years.
The company's key financial and other performance indicators during the year were as follows:
2023 2022 2021
Turnover £ 30,601,849 24,902,712 19,508,220
Gross profit margin % 34 37 33
Profit/(loss) on ordinary activities before taxation £ 2,665,049 2,774,794 920,247
Price risk, credit risk, liquidity risk and cash flow risk
The company’s principle financial instruments comprise trade debtors, trade creditors, and hire purchase contracts. The main purpose of these instruments is to raise funds for the company’s operations and to finance them. Owing to the nature of the financial instruments used there is no exposure to price risk.
The company’s approach to managing other risks applicable to the financial instruments concerned is set out below.
The trade debtors, credit and cash flow risks are managed by policies concerning the credit offering to customers and the monitoring of amounts outstanding in terms of time and credit limits. Weekly credit control meetings ensure aged debt is minimal.
The creditors liquidity risk is managed by cashflow planning ensuring sufficient funds are available to meet amounts due.
The bank loans are secured on the company's fixed assets. The interest rate and monthly repayment on the bank loans are fixed. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the repayments.
The business is a lessee in respect of assets under hire purchase contracts. The liquidity risk in respect of these is a managed by ensuring that there are sufficient funds to meet the payments.
The fundamental change in the market has continued to be increased competition in the window company sector. This has had negligible impact on our turnover as we have continued to direct our sales more towards the end user marketplace where our major competitors are unable to follow.
We have offered a high level of service and support to our trade customers that ensures that we continue to sell at a profitable level but also forge partnerships rather than fickle short-term relationships.
QUICK SLIDE LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 4 -
Mr Adrian Barraclough
Director
20 February 2024
QUICK SLIDE LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2023
- 5 -
The directors present their annual report and financial statements for the year ended 31 May 2023.
Principal activities
The principal activity of the company continued to be that of window manufacturing.
Results and dividends
The results for the year are set out on page 10.
No ordinary dividends were paid. The directors do not recommend payment of a final dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr Adrian Barraclough
Mr Ben Weber
Changes in presentation of the financial statements
The company has chosen in accordance with Companies Act 2006, s. 414C(11) to set out in the company's strategic report information required by Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008, Sch. 7 to be contained in the directors' report. It has done so in respect of objectives and policies and price risk, credit risk, liquidity risk and cash flow risk.
Statement of disclosure to auditor
So far as each person who was a director at the date of approving this report is aware, there is no relevant audit information of which the company’s auditor is unaware. Additionally, the directors individually have taken all the necessary steps that they ought to have taken as directors in order to make themselves aware of all relevant audit information and to establish that the company’s auditor is aware of that information.
On behalf of the board
Mr Adrian Barraclough
Director
20 February 2024
QUICK SLIDE LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the company website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
QUICK SLIDE LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUICK SLIDE LIMITED
- 7 -
Opinion
We have audited the financial statements of Quick Slide Limited (the 'company') for the year ended 31 May 2023 which comprise the statement of comprehensive income, the balance sheet, the statement of changes in equity and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and fair view of the state of the company's affairs as at 31 May 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
QUICK SLIDE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUICK SLIDE LIMITED
- 8 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.
We gained an understanding of the legal and regulatory framework applicable to the company and the industry in which it operates and considered the risk of acts by the company that were contrary to applicable laws and regulations, including fraud. We designed audit procedures to respond to the risk, recognising that the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
We focussed on laws and regulations, relevant to the company, which could give rise to a material misstatement in the financial statements. Our tests included agreeing the financial statement disclosures to underlying supporting documentation, enquiries with management, review of client's operation of controls within the year (in particular; management and security of stock, treatment of revenue within the accounts and the posting of manual journals affecting the balances within the accounts) and review of expenses, such as legal costs. There are inherent limitations in the audit procedures described and, the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it.
As part of our audit, we addressed the risk of management override of internal controls, including testing of journals and review of nominal ledger. We evaluated whether there was evidence of bias by the directors that represented a risk of material misstatement due to fraud.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
QUICK SLIDE LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUICK SLIDE LIMITED
- 9 -
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Ann Brown
Senior Statutory Auditor
For and on behalf of BHP LLP
20 February 2024
Chartered Accountants
Statutory Auditor
New Chartford House
Centurion Way
Cleckheaton
Bradford
West Yorkshire
BD19 3QB
QUICK SLIDE LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2023
- 10 -
2023
2022
Notes
£
£
Turnover
3
30,601,849
24,902,712
Cost of sales
(20,232,595)
(15,729,314)
Gross profit
10,369,254
9,173,398
Distribution costs
(1,529,342)
(1,290,468)
Administrative expenses
(6,167,061)
(5,111,038)
Other operating income
27,354
Operating profit
4
2,672,851
2,799,246
Interest receivable and similar income
7
16,156
381
Interest payable and similar expenses
8
(23,958)
(24,833)
Profit before taxation
2,665,049
2,774,794
Tax on profit
9
(568,468)
(517,015)
Profit for the financial year
2,096,581
2,257,779
The profit and loss account has been prepared on the basis that all operations are continuing operations.
QUICK SLIDE LIMITED
BALANCE SHEET
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
12
2,785,890
1,289,255
Current assets
Stocks
13
155,771
224,899
Debtors
14
4,813,369
3,806,451
Cash at bank and in hand
2,809,090
2,704,028
7,778,230
6,735,378
Creditors: amounts falling due within one year
15
(4,146,442)
(3,746,317)
Net current assets
3,631,788
2,989,061
Total assets less current liabilities
6,417,678
4,278,316
Creditors: amounts falling due after more than one year
16
(179,824)
(417,888)
Provisions for liabilities
Deferred tax liability
18
578,634
297,789
(578,634)
(297,789)
Net assets
5,659,220
3,562,639
Capital and reserves
Called up share capital
20
1,000
1,000
Profit and loss reserves
5,658,220
3,561,639
Total equity
5,659,220
3,562,639
The financial statements were approved by the board of directors and authorised for issue on 20 February 2024 and are signed on its behalf by:
Mr Adrian Barraclough
Director
Company Registration No. 05254717
QUICK SLIDE LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
- 12 -
Share capital
Profit and loss reserves
Total
Notes
£
£
£
Balance at 1 June 2021
1,000
2,303,860
2,304,860
Year ended 31 May 2022:
Profit and total comprehensive income for the year
-
2,257,779
2,257,779
Dividends
10
-
(1,000,000)
(1,000,000)
Balance at 31 May 2022
1,000
3,561,639
3,562,639
Year ended 31 May 2023:
Profit and total comprehensive income for the year
-
2,096,581
2,096,581
Balance at 31 May 2023
1,000
5,658,220
5,659,220
QUICK SLIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
- 13 -
1
Accounting policies
Company information
Quick Slide Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 15 Heaton Estate, Bradford Road, Brighouse, West Yorkshire, HD6 4BW.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of Audasi Holdings Limited. These consolidated financial statements are available from its registered office at 31 The Square, Dringhouses, York, North Yorkshire, YO24 1UR.
1.2
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue un operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements. true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
QUICK SLIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 14 -
1.4
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is 5 years.
For the purposes of impairment testing, goodwill is allocated to the cash-generating units expected to benefit from the acquisition. Cash-generating units to which goodwill has been allocated are tested for impairment at least annually, or more frequently when there is an indication that the unit may be impaired. If the recoverable amount of the cash-generating unit is less than the carrying amount of the unit, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the unit and then to the other assets of the unit pro-rata on the basis of the carrying amount of each asset in the unit.
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and machinery
10% reducing balance or straight line
Fixtures, fittings & equipment
30% straight line
Motor vehicles
25% straight line
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.
1.6
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
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 (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) 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 (or cash-generating unit) 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 (or cash-generating unit) 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.
QUICK SLIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 15 -
1.7
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.8
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.9
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet 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.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publicly traded and whose fair values cannot be measured reliably are measured at cost less impairment.
QUICK SLIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 16 -
Impairment of financial assets
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. 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 is recognised in profit or loss.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Other financial liabilities
Derivatives, including interest rate swaps and forward foreign exchange contracts, are not basic financial instruments. Derivatives are initially recognised at fair value on the date a derivative contract is entered into and are subsequently re-measured at their fair value. Changes in the fair value of derivatives are recognised in profit or loss in finance costs or finance income as appropriate, unless hedge accounting is applied and the hedge is a cash flow hedge.
Debt instruments that do not meet the conditions in FRS 102 paragraph 11.9 are subsequently measured at fair value through profit or loss. Debt instruments may be designated as being measured at fair value through profit or loss to eliminate or reduce an accounting mismatch or if the instruments are measured and their performance evaluated on a fair value basis in accordance with a documented risk management or investment strategy.
QUICK SLIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 17 -
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.10
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.11
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account 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 liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.12
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.
1.13
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
QUICK SLIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 18 -
1.14
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
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.
1.15
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.
Grants received in relation to the government Coronavirus Job Retention Scheme (Furlough) have been recognised within other operating income. The grant is accounted for on the accruals basis once the related payroll return has been submitted.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Key sources of estimation uncertainty
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.
Warranty provision
An element of judgement is involved in the percentage used to calculate the warranty provision of customer turnover. The warranty provision calculated is then compared to actual returns in the prior year.
QUICK SLIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 19 -
3
Turnover and other revenue
An analysis of the company's turnover is as follows:
2023
2022
£
£
Turnover analysed by class of business
Sales
30,601,849
24,902,712
2023
2022
£
£
Turnover analysed by geographical market
UK
30,601,849
24,902,712
2023
2022
£
£
Other revenue
Interest income
16,156
381
Grants received
-
27,354
4
Operating profit
2023
2022
Operating profit for the year is stated after charging/(crediting):
£
£
Government grants
-
(27,354)
Fees payable to the company's auditor for the audit of the company's financial statements
17,925
15,440
Depreciation of owned tangible fixed assets
307,015
141,263
Depreciation of tangible fixed assets held under finance leases
104,130
122,126
Profit on disposal of tangible fixed assets
(51,250)
(16,720)
Operating lease charges
286,010
291,559
5
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Adminstration and support
26
18
Production
136
123
Sales, marketing and distribution
41
36
203
177
QUICK SLIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
5
Employees
(Continued)
- 20 -
Their aggregate remuneration comprised:
2023
2022
£
£
Wages and salaries
6,841,987
5,649,208
Social security costs
526,167
410,068
Pension costs
93,744
73,085
7,461,898
6,132,361
6
Directors' remuneration
2023
2022
£
£
Remuneration for qualifying services
160,500
108,417
Company pension contributions to defined contribution schemes
15,750
15,900
176,250
124,317
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 2 (2022 - 2)
7
Interest receivable and similar income
2023
2022
£
£
Interest income
Interest on bank deposits
16,156
381
8
Interest payable and similar expenses
2023
2022
£
£
Interest on finance leases and hire purchase contracts
23,958
24,833
QUICK SLIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 21 -
9
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
287,646
518,646
Adjustments in respect of prior periods
(23)
(120)
Total current tax
287,623
518,526
Deferred tax
Origination and reversal of timing differences
280,845
(1,511)
Total tax charge
568,468
517,015
The actual charge for the year can be reconciled to the expected charge for the year based on the profit or loss and the standard rate of tax as follows:
2023
2022
£
£
Profit before taxation
2,665,049
2,774,794
Expected tax charge based on the standard rate of corporation tax in the UK of 20.00% (2022: 19.00%)
533,083
527,211
Tax effect of expenses that are not deductible in determining taxable profit
2,984
2,112
Change in unrecognised deferred tax assets
(4,318)
Adjustments in respect of prior years
(23)
(120)
Fixed asset differences
(20,260)
(14,559)
Effect of change in deferred tax rates
57,002
2,371
Taxation charge for the year
568,468
517,015
10
Dividends
2023
2022
£
£
Final paid
1,000,000
QUICK SLIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 22 -
11
Intangible fixed assets
Goodwill
£
Cost
At 1 June 2022 and 31 May 2023
65,037
Amortisation and impairment
At 1 June 2022 and 31 May 2023
65,037
Carrying amount
At 31 May 2023
At 31 May 2022
12
Tangible fixed assets
Plant and machinery
Fixtures, fittings & equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 June 2022
2,038,341
185,855
210,724
2,434,920
Additions
1,803,324
892
103,564
1,907,780
At 31 May 2023
3,841,665
186,747
314,288
4,342,700
Depreciation and impairment
At 1 June 2022
870,717
169,612
105,336
1,145,665
Depreciation charged in the year
328,286
8,037
74,822
411,145
At 31 May 2023
1,199,003
177,649
180,158
1,556,810
Carrying amount
At 31 May 2023
2,642,662
9,098
134,130
2,785,890
At 31 May 2022
1,167,624
16,243
105,388
1,289,255
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2023
2022
£
£
Plant and machinery
633,919
738,048
13
Stocks
2023
2022
£
£
Raw materials and consumables
155,771
224,899
QUICK SLIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 23 -
14
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
2,042,184
1,344,437
Gross amounts owed by contract customers
124,868
201,251
Amounts owed by group undertakings
2,417,304
1,818,126
Other debtors
32,636
35,257
Prepayments and accrued income
196,377
407,380
4,813,369
3,806,451
15
Creditors: amounts falling due within one year
2023
2022
Notes
£
£
Obligations under finance leases
17
237,555
229,960
Trade creditors
1,322,582
1,120,129
Amounts owed to group undertakings
477,815
Corporation tax
20,146
518,526
Other taxation and social security
443,575
608,073
Other creditors
825,844
627,341
Accruals and deferred income
818,925
642,288
4,146,442
3,746,317
Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
16
Creditors: amounts falling due after more than one year
2023
2022
Notes
£
£
Obligations under finance leases
17
179,824
417,888
Obligations under finance leases and hire purchase contracts are secured on the assets to which they relate.
17
Finance lease obligations
2023
2022
Future minimum lease payments due under finance leases:
£
£
Within one year
237,555
229,960
In two to five years
179,824
417,888
417,379
647,848
QUICK SLIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
17
Finance lease obligations
(Continued)
- 24 -
Finance lease payments represent rentals payable by the company for certain items of plant and machinery. Leases include purchase options at the end of the lease period, and no restrictions are placed on the use of the assets. The average lease term is 3 years. All leases are on a fixed repayment basis and no arrangements have been entered into for contingent rental payments.
18
Deferred taxation
Deferred tax assets and liabilities are offset where the company has a legally enforceable right to do so. The following is the analysis of the deferred tax balances (after offset) for financial reporting purposes:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
578,634
297,789
2023
Movements in the year:
£
Liability at 1 June 2022
297,789
Charge to profit or loss
280,845
Liability at 31 May 2023
578,634
The net reversal of deferred tax liabilities expected to occur in the next year is £65,000 (2022: £29,000 ).
19
Retirement benefit schemes
2023
2022
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
93,744
73,085
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
20
Share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
1,000
1,000
1,000
1,000
Each ordinary share is entitled to one vote. All dividends shall be apportioned and paid proportionately to the amounts paid up on the ordinary shares.
QUICK SLIDE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 25 -
21
Financial commitments, guarantees and contingent liabilities
The company has given a guarantee to Natwest Bank plc in relation to the bank loans of its parent company, Audasi Holdings Limited. The amount guaranteed is £952,000 (2022 - £952,000).
22
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:
2023
2022
£
£
Within one year
442,443
449,196
Between two and five years
399,777
702,621
842,220
1,151,817
23
Capital commitments
Amounts contracted for but not provided in the financial statements:
2023
2022
£
£
Acquisition of tangible fixed assets
920,700
-
24
Ultimate controlling party
The ultimate parent company is Audasi Holdings Limited, a company registered in England and Wales. The company is controlled by the Board of Directors.
Audasi Holdings Limited prepares group financial statements and copies can be obtained from-
The Secretary
Audasi Holdings Limited
31 The Square
Dringhouses
York
North Yorkshire
YO24 1UR
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