Registered number
02181405
Qing Cables Limited
Filleted Accounts
31 December 2023
Qing Cables Limited
Company Information
Directors
M L G Taylor
L J M L Taylor
K M Wylde
Accountants
Anderson Griffin
Rotunda Buildings
Montpellier Exchange
Cheltenham
Glos
Registered office
Unit H
Malmesbury Road
Kingsditch Trading Estate
Cheltenham
Glos
Registered number
02181405
Qing Cables Limited
Registered number: 02181405
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 985,620 929,755
Investments 4 - 31,250
985,620 961,005
Current assets
Stocks 2,275,774 2,230,892
Debtors 5 1,993,210 1,934,269
Cash at bank and in hand 1,592,637 734,410
5,861,621 4,899,571
Creditors: amounts falling due within one year 6 (1,035,323) (1,018,406)
Net current assets 4,826,298 3,881,165
Total assets less current liabilities 5,811,918 4,842,170
Creditors: amounts falling due after more than one year 7 (876,036) (732,770)
Net assets 4,935,882 4,109,400
Capital and reserves
Called up share capital 701 701
Profit and loss account 4,935,181 4,108,699
Shareholders' funds 4,935,882 4,109,400
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
L J M L Taylor
Director
Approved by the board on 31 March 2024
Qing Cables Limited
Notes to the Accounts
for the year ended 31 December 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:
Freehold property nil
Machinery and office equipment over four years
Motor vehicles over four years
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.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
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 16 16
3 Tangible fixed assets
Freehold property Machinery and office equipment Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 914,335 281,971 62,950 1,259,256
Additions - 18,998 64,030 83,028
Disposals - - (47,750) (47,750)
At 31 December 2023 914,335 300,969 79,230 1,294,534
Depreciation
At 1 January 2023 - 274,151 55,350 329,501
Charge for the year - 7,358 10,817 18,175
On disposals - - (38,762) (38,762)
At 31 December 2023 - 281,509 27,405 308,914
Net book value
At 31 December 2023 914,335 19,460 51,825 985,620
At 31 December 2022 914,335 7,820 7,600 929,755
4 Investments
Other
investments
£
Cost
At 1 January 2023 31,250
Revaluation (31,250)
At 31 December 2023 -
5 Debtors 2023 2022
£ £
Trade debtors 1,993,210 1,934,269
6 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 250,799 355,353
Taxation and social security costs 620,702 528,776
Other creditors 163,822 134,277
1,035,323 1,018,406
7 Creditors: amounts falling due after one year 2023 2022
£ £
Directors loans 876,036 732,770
8 Controlling party
The company is controlled by M L G Taylor.
9 Other information
Qing Cables Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit H
Malmesbury Road
Kingsditch Trading Estate
Cheltenham
Glos
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