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Company No: 10990578 (England and Wales)

QC ENGINEERING GROUP LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2023
Pages for filing with the registrar

QC ENGINEERING GROUP LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

QC ENGINEERING GROUP LIMITED

BALANCE SHEET

As at 31 October 2023
QC ENGINEERING GROUP LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 400,000 0
400,000 0
Current assets
Debtors 4 31 107,945
Cash at bank and in hand 7,944 100,185
7,975 208,130
Creditors: amounts falling due within one year 5 ( 152,726) 0
Net current (liabilities)/assets (144,751) 208,130
Total assets less current liabilities 255,249 208,130
Provision for liabilities ( 3,996) 0
Net assets 251,253 208,130
Capital and reserves
Called-up share capital 6 30 30
Revaluation reserve 11,987 0
Profit and loss account 239,236 208,100
Total shareholders' funds 251,253 208,130

For the financial year ending 31 October 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of QC Engineering Group Limited (registered number: 10990578) were approved and authorised for issue by the Board of Directors on 16 April 2024. They were signed on its behalf by:

Mr S Russell
Director
QC ENGINEERING GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
QC ENGINEERING GROUP LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

QC Engineering Group Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is C/O Francis Clark Llp 18, Unit 23, Melville Building East, Royal William Yard, Plymouth, PL1 3GW, United Kingdom. The principal place of business is The Bungalow, Unit 12, Galileo Close, Plympton, PL7 4JW.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer. Turnover from the sale of goods is recognised when the goods are physically delivered to the customer. Revenue from services is recognised as they are delivered.

Dividend income

Dividend income is recognised when the company's right to receive payment has been established.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 0 0

3. Tangible assets

Investment property Total
£ £
Cost
At 01 November 2022 0 0
Additions 384,017 384,017
Revaluations 15,983 15,983
At 31 October 2023 400,000 400,000
Accumulated depreciation
At 01 November 2022 0 0
At 31 October 2023 0 0
Net book value
At 31 October 2023 400,000 400,000
At 31 October 2022 0 0

4. Debtors

2023 2022
£ £
Other debtors 31 107,945

5. Creditors: amounts falling due within one year

2023 2022
£ £
Amounts owed to Group undertakings 147,835 0
Taxation and social security 4,891 0
152,726 0

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
15 Ordinary A shares of £ 1.00 each 15 15
15 Ordinary B shares of £ 1.00 each 15 15
30 30