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NBQ Ltd

Registered Number
NI060105
(Northern Ireland)

Unaudited Financial Statements for the Year ended
31 July 2023

NBQ Ltd
Company Information
for the year from 1 August 2022 to 31 July 2023

Director

Gavin Patrick Quinn

Company Secretary

Gavin Patrick Quinn

Registered Address

9a Dobbin Street
Armagh
BT61 7QQ

Registered Number

NI060105 (Northern Ireland)
NBQ Ltd
Balance Sheet as at
31 July 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets324,68357,494
24,68357,494
Current assets
Stocks338,691306,512
Debtors45,316236,753
Cash at bank and on hand314,67930,706
698,686573,971
Creditors amounts falling due within one year(524,882)(486,938)
Net current assets (liabilities)173,80487,033
Total assets less current liabilities198,487144,527
Provisions for liabilities(4,690)(664)
Net assets193,797143,863
Capital and reserves
Called up share capital22
Profit and loss account193,795143,861
Shareholders' funds193,797143,863
The financial statements were approved and authorised for issue by the Director on 5 March 2024, and are signed on its behalf by:
Gavin Patrick Quinn
Director
Registered Company No. NI060105
NBQ Ltd
Notes to the Financial Statements
for the year ended 31 July 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
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).
Revenue from sale of goods
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.
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.
Current taxation
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)Straight line (years)
Land and buildings-50
Fixtures and fittings25-
Vehicles25-
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Stocks are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Government grants or assistance
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis 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 and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
2.Average number of employees

20232022
Average number of employees during the year00
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 August 2271,940
Additions26,422
Disposals(60,000)
At 31 July 2338,362
Depreciation and impairment
At 01 August 2214,446
Charge for year5,233
On disposals(6,000)
At 31 July 2313,679
Net book value
At 31 July 2324,683
At 31 July 2257,494
4.Related party transactions
During the year the company entered into the following transactions with related parties: B&G Energy Limited - Transactions value 2023 - £0 2022- £0 B&G Energy Limited - Balance owed by - 2023 - £32,081 2022- £32,081 NBQ Solutions Limited - Transactions value 2023 - £(215,000) 2022 - £768 NBQ Solutions Limited - Balance owed by - 2023 - £(24,634) 2022- £190,366 Gavin Quinn is a director of both companies.