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REGISTERED NUMBER: SC602534 (Scotland)










Unaudited Financial Statements

for the Year Ended

31 December 2023

for

Q REDESIGN LIMITED

Q REDESIGN LIMITED (REGISTERED NUMBER: SC602534)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Q REDESIGN LIMITED

Company Information
for the Year Ended 31 December 2023







DIRECTOR: P Kidd Queen





REGISTERED OFFICE: Oakfield House
378 Brandon Street
Motherwell
Lanarkshire
ML1 1XA





REGISTERED NUMBER: SC602534 (Scotland)





ACCOUNTANTS: WDM Associates
Oakfield House
378 Brandon Street
Motherwell
ML1 1XA

Q REDESIGN LIMITED (REGISTERED NUMBER: SC602534)

Balance Sheet
31 December 2023

2023 2022
Notes £    £   
FIXED ASSETS
Tangible assets 4 30,667 40,895

CURRENT ASSETS
Stocks 5 166,427 179,504
Debtors 6 16,000 16,000
Cash at bank and in hand 152,317 199,864
334,744 395,368
CREDITORS
Amounts falling due within one year 7 (370,263 ) (478,415 )
NET CURRENT LIABILITIES (35,519 ) (83,047 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(4,852

)

(42,152

)

CREDITORS
Amounts falling due after more than one
year

8

-

(12,151

)
NET LIABILITIES (4,852 ) (54,303 )

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings (4,952 ) (54,403 )
SHAREHOLDERS' FUNDS (4,852 ) (54,303 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Q REDESIGN LIMITED (REGISTERED NUMBER: SC602534)

Balance Sheet - continued
31 December 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 July 2024 and were signed by:





P Kidd Queen - Director


Q REDESIGN LIMITED (REGISTERED NUMBER: SC602534)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Q Redesign Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Stocks
Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Basic financial instruments
Basic financial instruments, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Q REDESIGN LIMITED (REGISTERED NUMBER: SC602534)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 3 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023
and 31 December 2023 3,669 96,251 28,604 128,524
DEPRECIATION
At 1 January 2023 2,496 65,655 19,478 87,629
Charge for year 293 7,649 2,286 10,228
At 31 December 2023 2,789 73,304 21,764 97,857
NET BOOK VALUE
At 31 December 2023 880 22,947 6,840 30,667
At 31 December 2022 1,173 30,596 9,126 40,895

5. STOCKS
2023 2022
£    £   
Stocks 14,212 14,212
Showroom display stock 150,490 136,484
Work-in-progress 1,725 28,808
166,427 179,504

6. DEBTORS
2023 2022
£    £   
Amounts falling due within one year:
Trade debtors 1,500 -
Prepayments 14,500 14,500
16,000 14,500

Q REDESIGN LIMITED (REGISTERED NUMBER: SC602534)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS - continued
2023 2022
£    £   
Amounts falling due after more than one year:
Other debtors - 1,500

Aggregate amounts 16,000 16,000

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 14,478 29,848
Trade creditors (3,581 ) 37,366
Tax 8,115 -
Social security and other taxes 2,204 9,429
VAT 15,500 40,414
Directors' current accounts 251,207 250,838
Accruals and deferred income 77,822 106,036
Accrued expenses 4,518 4,484
370,263 478,415

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans - 1-2 years - 12,151

9. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Bank loans 14,478 41,999

HSBC UK Bank plc hold a floating charge over all assets and undertakings of the company.