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Company No: 03654531 (England and Wales)

QUALITY COMPONENT ENGINEERING LIMITED

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

QUALITY COMPONENT ENGINEERING LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2023

Contents

QUALITY COMPONENT ENGINEERING LIMITED

BALANCE SHEET

As at 31 October 2023
QUALITY COMPONENT ENGINEERING LIMITED

BALANCE SHEET (continued)

As at 31 October 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 180,134 211,244
180,134 211,244
Current assets
Stocks 61,420 46,247
Debtors 4 469,239 344,599
Cash at bank and in hand 112,568 733,616
643,227 1,124,462
Creditors: amounts falling due within one year 5 ( 476,804) ( 912,015)
Net current assets 166,423 212,447
Total assets less current liabilities 346,557 423,691
Creditors: amounts falling due after more than one year 6 ( 108,923) ( 180,674)
Provision for liabilities ( 35,304) ( 41,417)
Net assets 202,330 201,600
Capital and reserves
Called-up share capital 7 30 30
Profit and loss account 202,300 201,570
Total shareholder's funds 202,330 201,600

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.

Director's responsibilities:

The financial statements of Quality Component Engineering Limited (registered number: 03654531) were approved and authorised for issue by the Director on 16 April 2024. They were signed on its behalf by:

Mr S J Russell
Director
QUALITY COMPONENT ENGINEERING LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2023
QUALITY COMPONENT ENGINEERING 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

Quality Component Engineering 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 Melville Building East, Unit 18, 23 Royal William Yard, Plymouth, PL1 3GW, United Kingdom. The principal place of business is Unit 12a, Galileo Close, Plympton, PL7 4JW.

The financial statements have been prepared under the historical cost convention, modified to include 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 £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

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.

Employee benefits

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

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.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line, reducing balance basis over its expected useful life, as follows:

Leasehold improvements 5 years straight line
Plant and machinery 15 % reducing balance
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Government grants

Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants are classified as relating either to revenue or to assets. Grants relating to revenue are recognised in income over the period in which the related costs are recognised. Grants relating to assets are recognised over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 23 24

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Total
£ £ £ £ £
Cost
At 01 November 2022 6,265 673,699 124,632 65,728 870,324
Additions 0 3,595 29,995 4,703 38,293
Disposals 0 0 ( 41,500) 0 ( 41,500)
At 31 October 2023 6,265 677,294 113,127 70,431 867,117
Accumulated depreciation
At 01 November 2022 1,357 585,176 33,525 39,022 659,080
Charge for the financial year 1,253 13,664 22,777 4,475 42,169
Disposals 0 0 ( 14,266) 0 ( 14,266)
At 31 October 2023 2,610 598,840 42,036 43,497 686,983
Net book value
At 31 October 2023 3,655 78,454 71,091 26,934 180,134
At 31 October 2022 4,908 88,523 91,107 26,706 211,244

4. Debtors

2023 2022
£ £
Trade debtors 319,131 341,115
Amounts owed by Group undertakings 137,743 0
Other debtors 12,365 3,484
469,239 344,599

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans 6,540 6,540
Trade creditors 120,754 255,859
Amounts owed to Group undertakings 0 148,206
Taxation and social security 68,806 110,349
Obligations under finance leases and hire purchase contracts 8,189 11,310
Other creditors 272,515 379,751
476,804 912,015

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans 82,048 139,577
Obligations under finance leases and hire purchase contracts 26,072 39,812
Other creditors 803 1,285
108,923 180,674

The amounts owed in respect of hire purchase contracts are secured against the assets in which they relate to.

7. 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