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Registration number: 04562234

QED Construction Limited

Unaudited Filleted Abridged Financial Statements

for the Year Ended 31 December 2023

Pages for filing with Registrar

 

QED Construction Limited

Contents

Company Information

1

Abridged Balance Sheet

2 to 3

Notes to the Abridged Financial Statements

4 to 8

 

QED Construction Limited

Company Information

Directors

Mr P G Turner

Mr I A Ashton

Company secretary

Mr P G Turner

Registered office

Larch House Lindle Business Park
Lindle Lane Hutton
Preston
Lancs
PR4 4AQ

 

QED Construction Limited

(Registration number: 04562234)
Abridged Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

180,560

211,882

Current assets

 

Debtors

1,776,073

1,548,214

Cash at bank and in hand

 

214,470

220,798

 

1,990,543

1,769,012

Prepayments and accrued income

 

98,824

9,445

Creditors: Amounts falling due within one year

(1,401,968)

(1,095,204)

Net current assets

 

687,399

683,253

Total assets less current liabilities

 

867,959

895,135

Creditors: Amounts falling due after more than one year

(14,806)

(24,947)

Provisions for liabilities

(38,748)

(46,170)

Accruals and deferred income

 

(13,554)

(39,999)

Net assets

 

800,851

784,019

Capital and reserves

 

Called up share capital

200

200

Revaluation reserve

24,086

24,086

Retained earnings

776,565

759,733

Shareholders' funds

 

800,851

784,019

 

QED Construction Limited

(Registration number: 04562234)
Abridged Balance Sheet as at 31 December 2023 (continued)

For the financial 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.

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.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) 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 4 April 2024 and signed on its behalf by:
 

.........................................
Mr P G Turner
Company secretary and director

 

QED Construction Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Larch House Lindle Business Park
Lindle Lane Hutton
Preston
Lancs
PR4 4AQ

These financial statements were authorised for issue by the Board on 4 April 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 abridged 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 abridged 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.

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 £.

 

QED Construction Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Key sources of estimation uncertainty

Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. The carrying amount is £180,560 (2022 -£211,882).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of goods 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;

Government grants

The company recognises government grants on the accruals model under FRS102.

Grants that compensate the company for expenses incurred are recognised in profit or loss on a systematic basis in the periods in which the expenses are recognised.

Tax

The tax expense for the period comprises current and deferred 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

 

QED Construction Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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

Computer equipment

50% on reducing balance

Motor vehicles

25% on reducing balance

Plant and machinery

25% on reducing balance

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business in 2009, has now been fully amortised evenly over its estimated useful life of 5 years.

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.

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.

 

QED Construction Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Leases

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Defined contribution pension obligation

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Classification
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 statement of financial position 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 liability simultaneously.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. As equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

 

QED Construction Limited

Notes to the Abridged Financial Statements for the Year Ended 31 December 2023 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 31 (2022 - 30).

4

Intangible assets

Total
£

Cost or valuation

At 1 January 2023

260,000

At 31 December 2023

260,000

Amortisation

At 1 January 2023

260,000

At 31 December 2023

260,000

Carrying amount

At 31 December 2023

-

5

Tangible assets

Total
£

Cost or valuation

At 1 January 2023

599,688

Additions

27,724

Disposals

(18,615)

At 31 December 2023

608,797

Depreciation

At 1 January 2023

387,807

Charge for the year

56,704

Eliminated on disposal

(16,274)

At 31 December 2023

428,237

Carrying amount

At 31 December 2023

180,560

At 31 December 2022

211,882