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Registration number: NI662259

QM Electrical Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

QM Electrical Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

QM Electrical Ltd

Company Information

Directors

Mr Brendan McMullan

Mr Stephen Fearon

Registered office

8 Regina Park
Jonesborough
Newry
Co Down
BT35 8HX

Accountants

SP McKeown & Co Ltd
Chartered Certified Accountants, Registered Auditors and Tax Advisors
5 Lower Catherine Street
Newry
Co Down
BT35 6BE

 

QM Electrical Ltd

(Registration number: NI662259)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

66,210

27,764

Cash at bank and in hand

 

91,339

43,106

 

157,549

70,870

Creditors: Amounts falling due within one year

5

(64,268)

(43,222)

Total assets less current liabilities

 

93,281

27,648

Creditors: Amounts falling due after more than one year

5

(1,567)

(2,336)

Net assets

 

91,714

25,312

Capital and reserves

 

Called up share capital

6

100

100

Retained earnings

91,614

25,212

Shareholders' funds

 

91,714

25,312

For the financial year ending 30 June 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 13 March 2024 and signed on its behalf by:
 

.........................................
Mr Brendan McMullan
Director

   
     
 

QM Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

1

General information

The company is a private company limited by share capital, incorporated in Northern Ireland.

The address of its registered office is:
8 Regina Park
Jonesborough
Newry
Co Down
BT35 8HX

These financial statements were authorised for issue by the Board on 13 March 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

QM Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor vehicles

20% reducing balance basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

QM Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Debtors

Current

2023
£

2022
£

Other debtors

66,210

27,764

 

66,210

27,764

 

QM Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

5

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

7

800

800

Trade creditors

 

13,731

2,526

Taxation and social security

 

33,880

5,950

Accruals and deferred income

 

2,376

1,300

Other creditors

 

13,481

32,646

 

64,268

43,222

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

7

1,567

2,336

6

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

       

7

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

1,567

2,336

Current loans and borrowings

2023
£

2022
£

Bank borrowings

800

800

Bank borrowings

 

QM Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Bounce back loan is denominated in sterling with a nominal interest rate of 2.5%, and the final instalment is due on 27 May 2026. The carrying amount at year end is £2,367 (2022 - £3,136).

8

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £500.00 (2022 - £Nil) per each Ordinary Shares

50,000

-

 

 

9

Related party transactions

 

QM Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Transactions with directors

2023

At 1 July 2022
£

Advances to director
£

Repayments by director
£

At 30 June 2023
£

Mr Brendan McMullan

Director Loan

(13,702)

48,265

(34,450)

112

Mr Stephen Fearon

Directors Loan

-

37,078

(34,450)

2,628

2022

At 1 July 2021
£

Advances to director
£

Repayments by director
£

At 30 June 2022
£

Mr Brendan McMullan

Director Loan

(3,300)

2,030

(12,432)

(13,702)

 

QM Electrical Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2023

Dividends paid to directors

2023
£

2022
£

Mr Brendan McMullan

DIvidends

25,000

-

 

 

Mr Stephen Fearon

Dividends

25,000

-