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Registration number: 03028728

AQC Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

AQC Limited

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

AQC Limited

(Registration number: 03028728)
Statement of Financial Position as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

100,251

129,548

Current assets

 

Debtors

4

1,449,575

3,427,418

Cash at bank and in hand

 

298,888

469,405

 

1,748,463

3,896,823

Creditors: Amounts falling due within one year

5

(1,236,094)

(3,300,335)

Net current assets

 

512,369

596,488

Total assets less current liabilities

 

612,620

726,036

Creditors: Amounts falling due after more than one year

5

(45,837)

(60,380)

Provisions for liabilities

(23,440)

(21,642)

Net assets

 

543,343

644,014

Capital and reserves

 

Called up share capital

100

100

Capital redemption reserve

10

10

Retained earnings

543,233

643,904

Shareholders' funds

 

543,343

644,014

 

AQC Limited

(Registration number: 03028728)
Statement of Financial Position as at 31 March 2024

For the financial year ending 31 March 2024 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.

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 Income Statement.

Approved and authorised by the Board on 2 August 2024 and signed on its behalf by:
 

.........................................
Mr S Stott
Director

   
     
 

AQC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
585 Oldham Road
Rochdale
Lancashire
OL16 4SU
United Kingdom

These financial statements were authorised for issue by the Board on 2 August 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

The financial statements have been prepared in accordance with the provisions of FRS 102 section 1A for small entities. There were no material departures.

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.

Going concern

Due to the current unprecedented market and economic conditions in the U.K. and internationally, the expected impact of the COVID-19 pandemic on the Company’s operations cannot be reasonably estimated. Revenue may fall as customers are hit by the pandemic, but expenses will, likely, decrease as a result which will help to mitigate the impact on profits and the company has support from the group in place to cover any deficit for at least 12 months from the date of approval of these financial statements.

 

AQC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Revenue recognition

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.

Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

Government grants

Government grants are included in the Profit and Loss on the accruals basis.

Tangible assets

Tangible assets are stated in the statement of financial position 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, as follows:

Asset class

Depreciation method and rate

Motor vehicles

33.33% on cost

Computer equipment

20% on cost

Fixtures and fittings

15% on cost

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.

Lease payments are apportioned between finance costs in the income statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

AQC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 

 

AQC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2023

41,436

245,427

286,863

Additions

4,322

29,590

33,912

Disposals

-

(61,074)

(61,074)

At 31 March 2024

45,758

213,943

259,701

Depreciation

At 1 April 2023

31,256

126,058

157,314

Charge for the year

4,348

53,546

57,894

Eliminated on disposal

-

(55,758)

(55,758)

At 31 March 2024

35,604

123,846

159,450

Carrying amount

At 31 March 2024

10,154

90,097

100,251

At 31 March 2023

10,180

119,368

129,548

4

Debtors

2024
£

2023
£

Trade debtors

1,363,093

3,120,406

Prepayments

13,847

26,949

Other debtors

72,635

280,063

1,449,575

3,427,418

 

AQC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

5

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

6

29,393

24,603

Trade creditors

 

842,909

1,806,055

Taxation and social security

 

51,921

193,956

Accruals and deferred income

 

15,320

679,291

Other creditors

 

296,551

596,430

 

1,236,094

3,300,335

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

6

45,837

60,380

6

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Finance lease liabilities

45,837

60,380

2024
£

2023
£

Current loans and borrowings

Finance lease liabilities

29,393

24,603


Secured creditors:
Finance lease liabilities of £84,982 (2022: £22,379) are secured on the assets to which they relate.

7

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 22 (2023 - 19).

 

AQC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Financial commitments, guarantees and contingencies

Amounts not provided for in the statement of financial position

The total amount of financial commitments not included in the balance sheet is £120,000 (2023 - £150,000).

9

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr S Stott

Advances

48,099

-

(48,099)

-

         
       

 

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr S Stott

Advances

-

78,099

(30,000)

48,099