Registered number
06906722
QC Flooring Limited
Filleted Accounts
31 May 2023
QC Flooring Limited
Registered number: 06906722
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 2,571 3,430
Current assets
Stocks 36,302 27,000
Debtors 4 50,766 32,658
Cash at bank and in hand 31,013 122,381
118,081 182,039
Creditors: amounts falling due within one year 5 (86,811) (75,036)
Net current assets 31,270 107,003
Total assets less current liabilities 33,841 110,433
Creditors: amounts falling due after more than one year 6 (33,205) (42,890)
Net assets 636 67,543
Capital and reserves
Called up share capital 1 1
Profit and loss account 635 67,542
Shareholder's funds 636 67,543
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
M Scott
Director
Approved by the board on 7 March 2024
QC Flooring Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 25% reducing balance
Fixtures, fittings, tools and equipment 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 June 2022 3,005 14,220 17,225
At 31 May 2023 3,005 14,220 17,225
Depreciation
At 1 June 2022 2,036 11,759 13,795
Charge for the year 243 616 859
At 31 May 2023 2,279 12,375 14,654
Net book value
At 31 May 2023 726 1,845 2,571
At 31 May 2022 969 2,461 3,430
4 Debtors 2023 2022
£ £
Trade debtors 27,858 30,628
Other debtors 22,908 2,030
50,766 32,658
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 59
Trade creditors 78,437 49,933
Taxation and social security costs 7,130 24,768
Other creditors 1,244 276
86,811 75,036
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 33,205 42,890
7 Other information
QC Flooring Limited is a private company limited by shares and incorporated in England. Its registered office is:
30 Goulds Close, Bletchley, Milton Keynes, Buckinghamshire, MK1 1EQ
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