1 January 2023 v2024.41.1 limited_company_frs_102_section_1a_v1_1_1 companies_houseSoftwarefalsetruetruetrueNo description of principal activityfalsetruexbrli:purexbrli:sharesiso4217:GBP069468772023-01-012023-12-31069468772023-12-31069468772022-12-3106946877core:WithinOneYear2023-12-3106946877core:WithinOneYear2022-12-3106946877core:AfterOneYear2023-12-3106946877core:AfterOneYear2022-12-3106946877core:ShareCapital2023-12-3106946877core:ShareCapital2022-12-3106946877core:RetainedEarningsAccumulatedLosses2023-12-3106946877core:RetainedEarningsAccumulatedLosses2022-12-3106946877bus:Director12023-01-012023-12-3106946877bus:Director22023-01-012023-12-3106946877core:MotorVehicles2023-01-012023-12-3106946877core:OfficeEquipment2023-01-012023-12-31069468772022-01-012022-12-3106946877core:PlantMachinery2023-12-3106946877core:PlantMachinery2022-12-310694687712023-01-012023-12-3106946877countries:EnglandWales2023-01-012023-12-3106946877bus:AuditExemptWithAccountantsReport2023-01-012023-12-3106946877bus:PrivateLimitedCompanyLtd2023-01-012023-12-3106946877bus:SmallEntities2023-01-012023-12-3106946877bus:FullAccounts2023-01-012023-12-31
Company registration number:
06946877
Qualiflex Biproduct Solutions Ltd
Unaudited Filleted Financial Statements for the year ended
31 December 2023
Qualiflex Biproduct Solutions Ltd
Chartered accountant's report to the board of directors on the preparation of the unaudited statutory financial statements of Qualiflex Biproduct Solutions Ltd
Year ended
31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the
financial statements
of
Qualiflex Biproduct Solutions Ltd
for the year ended
31 December 2023
which comprise the income statement, statement of financial position and related notes from the company’s accounting records and from information and explanations you have given me.
As a practising member of the Institute of Chartered Accountants in England and Wales (ICAEW), I am subject to its ethical and other professional requirements which are detailed at icaew.com/​regulations.
This report is made solely to the Board of Directors of
Qualiflex Biproduct Solutions Ltd
, as a body, in accordance with the terms of my engagement letter dated 18 January 2020. My work has been undertaken solely to prepare for your approval the
financial statements
of
Qualiflex Biproduct Solutions Ltd
and state those matters that I have agreed to state to the Board of Directors of
Qualiflex Biproduct Solutions Ltd
, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than
Qualiflex Biproduct Solutions Ltd
and its Board of Directors, as a body, for my work or for this report.
It is your duty to ensure that
Qualiflex Biproduct Solutions Ltd
has kept adequate accounting records and to prepare statutory
financial statements
that give a true and fair view of the assets, liabilities, financial position and profit of
Qualiflex Biproduct Solutions Ltd
. You consider that
Qualiflex Biproduct Solutions Ltd
is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Qualiflex Biproduct Solutions Ltd. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
ANGELA HAYWARD ACCOUNTANT LIMITED
Chartered Accountant
17 High Street
Needham Market
Ipswich
Suffolk
IP6 8AL
United Kingdom
Date:
3 September 2024
Qualiflex Biproduct Solutions Ltd
Statement of Financial Position
31 December 2023
20232022
Note££
Fixed assets    
Tangible assets 5
1
 
1
 
Current assets    
Debtors 6
6,926
 
330,541
 
Cash at bank and in hand
328,217
 
6,682
 
335,143
 
337,223
 
Creditors: amounts falling due within one year 7
(14,247
)
(26,346
)
Net current assets
320,896
 
310,877
 
Total assets less current liabilities 320,897   310,878  
Creditors: amounts falling due after more than one year 8
(17,500
)
(27,500
)
Net assets
303,397
 
283,378
 
Capital and reserves    
Called up share capital
10,000
 
10,000
 
Profit and loss account
293,397
 
273,378
 
Shareholders funds
303,397
 
283,378
 
For the year ending
31 December 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 financial statements for the year in question in accordance with section 476;
  • The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These
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.
These
financial statements
were approved by the board of directors and authorised for issue on
3 September 2024
, and are signed on behalf of the board by:
Mr J G Baker
Mr T C M Smits
DirectorDirector
Company registration number:
06946877
Qualiflex Biproduct Solutions Ltd
Notes to the Financial Statements
Year ended
31 December 2023

1 General information

2 Statement of compliance

These
financial statements
have been prepared in compliance with FRS 102 Section 1A, 'The Financial Reporting Standard applicable to the UK and Republic of Ireland'.

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods and services supplied, net of discounts and Value Added Tax.
Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Motor vehicles
50% straight line
Office equipment
100% straight line

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

Defined contribution pension plan

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4 Average number of employees

The average number of persons employed by the company during the year was
1
(2022:
1.00
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 January 2023
and
31 December 2023
1,550
 
Depreciation  
At
1 January 2023
and
31 December 2023
1,549
 
Carrying amount  
At
31 December 2023
1
 
At 31 December 2022
1
 

6 Debtors

20232022
££
Trade debtors
6,616
 
24,271
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest -  
306,270
 
Other debtors
310
  -  
6,926
 
330,541
 
Although technically the group loan is repayable on demand, it is not expected to be recovered within one year

7 Creditors: amounts falling due within one year

20232022
££
Bank loans and overdrafts
10,000
 
10,000
 
Trade creditors
2,564
 
12,524
 
Taxation and social security -  
2,432
 
Other creditors
1,683
 
1,390
 
14,247
 
26,346
 

8 Creditors: amounts falling due after more than one year

20232022
££
Bank loans and overdrafts
17,500
 
27,500