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Registration number: 05559060

QED Structures Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

QED Structures Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

QED Structures Ltd

Company Information

Directors

I Waddingham

S Hull

N Waddingham

Mr Nigel Tsang

Company secretary

Mr Nigel Tsang

Registered office

7 Hove Manor Parade
Hove Street
Hove
East Sussex
BN3 2DF

Accountants

Redshield Business Solutions Limited
Chartered Accountants
Suite 3, 1 - 3 Warren Court
Park Road
Crowborough
East Sussex
TN6 2QX

 

QED Structures Ltd

(Registration number: 05559060)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

9,889

14,833

Tangible assets

5

16,950

23,706

Investments

6

2,630

1

 

29,469

38,540

Current assets

 

Debtors

7

442,293

427,477

Cash at bank and in hand

 

34,632

29,938

 

476,925

457,415

Creditors: Amounts falling due within one year

8

(336,323)

(321,898)

Net current assets

 

140,602

135,517

Total assets less current liabilities

 

170,071

174,057

Creditors: Amounts falling due after more than one year

8

(202,237)

(130,081)

Net (liabilities)/assets

 

(32,166)

43,976

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

(32,167)

43,975

Shareholders' (deficit)/funds

 

(32,166)

43,976

For the financial year ending 31 August 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.

 

QED Structures Ltd

(Registration number: 05559060)
Balance Sheet as at 31 August 2023 (continued)

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.

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 3 March 2024 and signed on its behalf by:
 


I Waddingham
Director

 

QED Structures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 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:
7 Hove Manor Parade
Hove Street
Hove
East Sussex
BN3 2DF
England

These financial statements were authorised for issue by the Board on 3 March 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 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 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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services 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;
and specific criteria have been met for each of the company's activities.

 

QED Structures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises current 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.

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

Office Equipment

33.3% on cost

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Software

20% on cost

 

QED Structures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

QED Structures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

2

Accounting policies (continued)

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 25 (2022 - 17).

 

QED Structures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 September 2022

24,722

24,722

At 31 August 2023

24,722

24,722

Amortisation

At 1 September 2022

9,889

9,889

Amortisation charge

4,944

4,944

At 31 August 2023

14,833

14,833

Carrying amount

At 31 August 2023

9,889

9,889

At 31 August 2022

14,833

14,833

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 September 2022

78,148

78,148

At 31 August 2023

78,148

78,148

Depreciation

At 1 September 2022

46,111

46,111

Charge for the year

15,087

15,087

At 31 August 2023

61,198

61,198

Carrying amount

At 31 August 2023

16,950

16,950

At 31 August 2022

23,706

23,706

 

QED Structures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

6

Investments

2023
£

2022
£

Investments in subsidiaries

2,630

1

Subsidiaries

£

Cost or valuation

At 1 September 2022

1

Additions

2,629

At 31 August 2023

2,630

Provision

Carrying amount

At 31 August 2023

2,630

At 31 August 2022

1

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking

Registered office

Holding

Proportion of voting rights and shares held

     

2023

2022

Subsidiary undertakings

QED Structures Spain SL

Capital Social

100%

0%

Subsidiary undertakings

QED Structures Spain SL

The principal activity of QED Structures Spain SL is Structural Engineering.

 

QED Structures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

7

Debtors

Current

2023
£

2022
£

Trade debtors

316,071

339,019

Prepayments

56,857

34,334

Other debtors

69,365

54,124

 

442,293

427,477

 

QED Structures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

10

52,315

50,694

Trade creditors

 

123,532

155,004

Taxation and social security

 

153,601

110,607

Other creditors

 

6,875

5,593

 

336,323

321,898

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

10

202,237

130,081

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

1

1

1

1

         

10

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

202,237

130,081

 

QED Structures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

10

Loans and borrowings (continued)

2023
£

2022
£

Current loans and borrowings

Other borrowings

52,315

50,694

Bank borrowings

Barclays bounce back loan is denominated in Sterling with a nominal interest rate of 2.5%, and the final instalment is due on 12 June 2026. The carrying amount at year end is £28,333 (2022 - £38,333).

Funding Circle Loan is denominated in Sterling with a nominal interest rate of 8.30%, and the final instalment is due on 14 October 2027. The carrying amount at year end is £225,755 (2022 - £141,123).

11

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £Nil per each Ordinary shares

 

10,000

 

10,000

         

12

Related party transactions

 

QED Structures Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023 (continued)

12

Related party transactions (continued)

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

139,551

133,995

Contributions paid to money purchase schemes

1,321

1,320

140,872

135,315