Company Registration No. NI047597 (Northern Ireland)
QUALITY WOOD MOULDINGS LIMITED
Unaudited accounts
for the year ended 31 December 2023
QUALITY WOOD MOULDINGS LIMITED
Unaudited accounts
Contents
QUALITY WOOD MOULDINGS LIMITED
Company Information
for the year ended 31 December 2023
Director
Sebastiaan Peeters
Company Number
NI047597 (Northern Ireland)
Registered Office
MANDERWOOD PROPERTIES
DRUMHAW
LISNASKEA
CO FERMANAGH
BT92 0FP
Accountants
W F Lemon & Co Ltd
76 Main Street
Lisnaskea
Co Fermanagh
BT92 0JD
QUALITY WOOD MOULDINGS LIMITED
Statement of financial position
as at 31 December 2023
Tangible assets
38,916
42,480
Inventories
475,954
545,699
Cash at bank and in hand
72,032
41,414
Creditors: amounts falling due within one year
(295,423)
(341,019)
Net current assets
581,561
604,032
Total assets less current liabilities
620,477
646,512
Creditors: amounts falling due after more than one year
(82,157)
(142,649)
Provisions for liabilities
Deferred tax
(9,729)
(10,620)
Net assets
528,591
493,243
Called up share capital
88,300
88,300
Capital redemption reserve
10,000
10,000
Capital contribution reserve
(14,264)
(14,264)
Profit and loss account
444,555
409,207
Shareholders' funds
528,591
493,243
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 12 March 2024 and were signed on its behalf by
Sebastiaan Peeters
Director
Company Registration No. NI047597
QUALITY WOOD MOULDINGS LIMITED
Notes to the Accounts
for the year ended 31 December 2023
QUALITY WOOD MOULDINGS LIMITED is a private company, limited by shares, registered in Northern Ireland, registration number NI047597. The registered office is MANDERWOOD PROPERTIES, DRUMHAW, LISNASKEA, CO FERMANAGH, BT92 0FP.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% Straight Line
Fixtures & fittings
25% Straight Line
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
QUALITY WOOD MOULDINGS LIMITED
Notes to the Accounts
for the year ended 31 December 2023
4
Tangible fixed assets
Plant & machinery
Motor vehicles
Fixtures & fittings
Total
Cost or valuation
At cost
At cost
At cost
At 1 January 2023
52,174
25,872
13,183
91,229
At 31 December 2023
58,404
25,872
13,183
97,459
At 1 January 2023
34,263
3,450
11,036
48,749
Charge for the year
5,693
3,450
651
9,794
At 31 December 2023
39,956
6,900
11,687
58,543
At 31 December 2023
18,448
18,972
1,496
38,916
At 31 December 2022
17,911
22,422
2,147
42,480
Amounts falling due within one year
Trade debtors
317,316
349,619
Accrued income and prepayments
11,682
8,319
6
Creditors: amounts falling due within one year
2023
2022
Bank loans and overdrafts
63,659
59,459
Obligations under finance leases and hire purchase contracts
1,432
4,296
Trade creditors
167,360
204,813
Taxes and social security
15,252
27,899
7
Creditors: amounts falling due after more than one year
2023
2022
Obligations under finance leases and hire purchase contracts
-
1,432
8
Average number of employees
During the year the average number of employees was 5 (2022: 5).