Registered number
12185850
QDFC LTD
Filleted Accounts
30 September 2023
QDFC LTD
Registered number: 12185850
Balance Sheet
as at 30 September 2023
Notes 2023 2022
£ £
Fixed assets
Intangible assets 3 60,000 75,000
Tangible assets 4 18,301 27,293
78,301 102,293
Current assets
Stocks 8,765 8,225
Debtors 5 7,125 7,125
Cash at bank and in hand 79,639 138,512
95,529 153,862
Creditors: amounts falling due within one year 6 (120,638) (217,647)
Net current liabilities (25,109) (63,785)
Total assets less current liabilities 53,192 38,508
Creditors: amounts falling due after more than one year 7 (16,667) (26,667)
Net assets 36,525 11,841
Capital and reserves
Called up share capital 4 4
Profit and loss account 36,521 11,837
Shareholders' funds 36,525 11,841
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.
R Hoyland
Director
Approved by the board on 22 February 2024
QDFC LTD
Notes to the Accounts
for the year ended 30 September 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.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
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:
Plant and machinery over 4 and 5 years
Fixtures, fittings, tools and equipment over 4 and 5 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. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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 13
3 Intangible fixed assets £
Goodwill:
Cost
At 1 October 2022 150,000
At 30 September 2023 150,000
Amortisation
At 1 October 2022 75,000
Provided during the year 15,000
At 30 September 2023 90,000
Net book value
At 30 September 2023 60,000
At 30 September 2022 75,000
Goodwill is being written off in equal annual instalments over its estimated economic life of 10 years.
4 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 October 2022 6,652 55,826 62,478
Additions - 4,380 4,380
At 30 September 2023 6,652 60,206 66,858
Depreciation
At 1 October 2022 3,992 31,193 35,185
Charge for the year 1,330 12,042 13,372
At 30 September 2023 5,322 43,235 48,557
Net book value
At 30 September 2023 1,330 16,971 18,301
At 30 September 2022 2,660 24,633 27,293
5 Debtors 2023 2022
£ £
Other debtors 7,125 7,125
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 6,574 3,050
Taxation and social security costs 38,655 33,765
Other creditors 65,409 170,832
120,638 217,647
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 16,667 26,667
8 Related party transactions
Included in other creditors are amounts to directors as follows:
RP Hoyland £30,024 (2022:£125,937)
D Bell £35,385 (2022:£44,895)
9 Controlling party
The company is controlled by Mr & Mrs Hoyland, and Mr & Mrs Bell.
10 Other information
QDFC LTD is a private company limited by shares and incorporated in England. Its registered office is:
50 Hoyland Road
Hoyland Common
Barnsley
S74 0PB
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