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No description of principal activity
2021-10-01
Sage Accounts Production Advanced 2021 - FRS102_2021
xbrli:pure
xbrli:shares
iso4217:GBP
08725149
2021-10-01
2022-09-30
08725149
2022-09-30
08725149
2021-09-30
08725149
2020-10-01
2021-09-30
08725149
2021-09-30
08725149
core:PlantMachinery
2021-10-01
2022-09-30
08725149
bus:OrdinaryShareClass1
2021-10-01
2022-09-30
08725149
bus:Director1
2021-10-01
2022-09-30
08725149
core:WithinOneYear
2022-09-30
08725149
core:WithinOneYear
2021-09-30
08725149
core:PlantMachinery
2021-09-30
08725149
core:PlantMachinery
2022-09-30
08725149
core:AfterOneYear
2022-09-30
08725149
core:AfterOneYear
2021-09-30
08725149
core:ShareCapital
2022-09-30
08725149
core:ShareCapital
2021-09-30
08725149
core:RetainedEarningsAccumulatedLosses
2022-09-30
08725149
core:RetainedEarningsAccumulatedLosses
2021-09-30
08725149
core:AcceleratedTaxDepreciationDeferredTax
2022-09-30
08725149
core:AcceleratedTaxDepreciationDeferredTax
2021-09-30
08725149
core:PlantMachinery
2021-09-30
08725149
bus:SmallEntities
2021-10-01
2022-09-30
08725149
bus:AuditExemptWithAccountantsReport
2021-10-01
2022-09-30
08725149
bus:FullAccounts
2021-10-01
2022-09-30
08725149
bus:SmallCompaniesRegimeForAccounts
2021-10-01
2022-09-30
08725149
bus:PrivateLimitedCompanyLtd
2021-10-01
2022-09-30
08725149
bus:OrdinaryShareClass1
2022-09-30
08725149
bus:OrdinaryShareClass1
2021-09-30
08725149
core:OfficeEquipment
2021-10-01
2022-09-30
08725149
core:OfficeEquipment
2022-09-30
08725149
core:OfficeEquipment
2021-09-30
08725149
core:OtherRelatedParties
2021-10-01
2022-09-30
COMPANY REGISTRATION NUMBER:
08725149
QUICKS QAL LIMITED (FORMERLY ARCHERY WORLD LIMITED) |
|
FILLETED UNAUDITED FINANCIAL STATEMENTS |
|
QUICKS QAL LIMITED (FORMERLY ARCHERY WORLD LIMITED) |
|
YEAR ENDED 30 SEPTEMBER 2022
Balance sheet
1 to 2
Notes to the financial statements
3 to 6
QUICKS QAL LIMITED (FORMERLY ARCHERY WORLD LIMITED) |
|
30 September 2022
Fixed assets
Tangible assets |
5 |
20,711 |
24,366 |
|
|
|
|
Current assets
Stocks |
60,000 |
60,000 |
Debtors |
6 |
173,943 |
160,205 |
Cash at bank and in hand |
40 |
34,343 |
|
------------ |
------------ |
|
233,983 |
254,548 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
(
249,373) |
(
144,857) |
|
------------ |
------------ |
Net current (liabilities)/assets |
(
15,390) |
109,691 |
|
------------ |
------------ |
Total assets less current liabilities |
5,321 |
134,057 |
|
|
|
|
Creditors: amounts falling due after more than one year |
8 |
(
35,569) |
(
42,355) |
|
|
|
|
Provisions |
(
3,546) |
(
4,155) |
|
------------ |
------------ |
Net (liabilities)/assets |
(
33,794) |
87,547 |
|
------------ |
------------ |
|
|
|
Capital and reserves
Called up share capital |
10 |
2 |
2 |
Profit and loss account |
(
33,796) |
87,545 |
|
------------ |
------------ |
Shareholders (deficit)/funds |
(
33,794) |
87,547 |
|
------------ |
------------ |
|
|
|
|
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 profit and loss account has not been delivered.
For the year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's 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 director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
QUICKS QAL LIMITED (FORMERLY ARCHERY WORLD LIMITED) |
|
BALANCE SHEET (continued) |
|
30 September 2022
These financial statements were approved by the
board of directors
and authorised for issue on
12 February 2024
, and are signed on behalf of the board by:
Company registration number:
08725149
QUICKS QAL LIMITED (FORMERLY ARCHERY WORLD LIMITED) |
|
NOTES TO THE FINANCIAL STATEMENTS |
|
YEAR ENDED 30 SEPTEMBER 2022
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1 Howcroft Head, Rochdale Road, Halifax, HX4 8JG.
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. 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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.
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
Taxation
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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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 equipment |
- |
15% reducing balance |
|
Office equipment |
- |
33% straight line |
|
|
|
|
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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
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 balance sheet 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
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
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
5
(2021:
4
).
5.
Tangible assets
|
Plant and equipment |
Office equipment |
Total |
|
£ |
£ |
£ |
Cost |
|
|
|
At 1 October 2021 and 30 September 2022 |
36,984 |
1,651 |
38,635 |
|
------------ |
------------ |
------------ |
Depreciation |
|
|
|
At 1 October 2021 |
12,618 |
1,651 |
14,269 |
Charge for the year |
3,655 |
– |
3,655 |
|
------------ |
------------ |
------------ |
At 30 September 2022 |
16,273 |
1,651 |
17,924 |
|
------------ |
------------ |
------------ |
Carrying amount |
|
|
|
At 30 September 2022 |
20,711 |
– |
20,711 |
|
------------ |
------------ |
------------ |
At 30 September 2021 |
24,366 |
– |
24,366 |
|
------------ |
------------ |
------------ |
|
|
|
|
6.
Debtors
|
2022 |
2021 |
|
£ |
£ |
Amounts owed by group undertakings |
162,764 |
149,026 |
Director's loan account |
11,179 |
11,179 |
|
------------ |
------------ |
|
173,943 |
160,205 |
|
------------ |
------------ |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2022 |
2021 |
|
£ |
£ |
Bank loan |
6,200 |
5,520 |
Trade creditors |
89,568 |
– |
Amounts owed to group undertakings |
24,035 |
27,485 |
Accruals and deferred income |
3,500 |
3,500 |
Corporation tax |
– |
17,616 |
Social security and other taxes |
117,248 |
86,748 |
Bank overdraft |
4,833 |
– |
Other creditors |
3,989 |
3,988 |
|
------------ |
------------ |
|
249,373 |
144,857 |
|
------------ |
------------ |
|
|
|
8.
Creditors:
amounts falling due after more than one year
|
2022 |
2021 |
|
£ |
£ |
Bank loan |
35,569 |
42,355 |
|
------------ |
------------ |
|
|
|
9.
Deferred tax
The deferred tax included in the balance sheet is as follows:
|
2022 |
2021 |
|
£ |
£ |
Included in provisions |
3,546 |
4,155 |
|
------------ |
------------ |
|
|
|
The deferred tax account consists of the tax effect of timing differences in respect of:
|
2022 |
2021 |
|
£ |
£ |
Accelerated capital allowances |
3,546 |
4,155 |
|
------------ |
------------ |
|
|
|
10.
Called up share capital
Issued, called up and fully paid
|
2022 |
2021 |
|
No. |
£ |
No. |
£ |
Ordinary shares of £ 1 each |
2 |
2 |
2 |
2 |
|
------------ |
------------ |
------------ |
------------ |
|
|
|
|
|
11.
Director's advances, credits and guarantees
Transactions with the director Included in debtors is an amount owed by the director of £11,179 (2021: £11,179) this amount is unsecured, repayable on demand and currently interest free.
12.
Related party transactions
Included in debtors are amounts due from fellow group companies of £162,764 (2021: £149,026) which are unsecured, currently interest free and repayable on demand. Included in creditors are amounts due to fellow group companies in the amount of £24,305 (2021: £27,485) which are unsecured, currently interest free and repayable on demand. Control of the company The company is a wholly owned subsidiary of Archery World Holdings Limited. The ultimate parent company is 10 Zone Archery Limited. The director, PM Bowers owns 100% of the issued share capital of 10 Zone Archery Limited.
13.
Going concern
The director has confirmed that adequate working capital will be provided to enable the company to continue trading until at least 28 February 2025. Consequently, the accounts have been prepared on a going concern basis.