The Quartz Worktop Company Limited
Registered number: 12527551
Statement of Financial Position
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 609,646 389,809
Current assets
Stocks 205,985 145,539
Debtors 4 152,474 110,193
Cash at bank and in hand 145,705 85,636
504,164 341,368
Creditors: amounts falling due within one year 5 (398,739) (292,938)
Net current assets 105,425 48,430
Total assets less current liabilities 715,071 438,239
Creditors: amounts falling due after more than one year 6 (194,902) (147,432)
Provisions for liabilities (98,160) (67,165)
Net assets 422,009 223,642
Capital and reserves
Called up share capital 100 100
Profit and loss account 421,909 223,542
Shareholders' funds 422,009 223,642
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
F Hawkins
Director
Approved by the board on 9 September 2024
The Quartz Worktop Company Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102 Section 1a small entities, the financial reporting standard applicable in the UK and the Republic of Ireland.
Turnover
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. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Leasehold improvements 10 year straight line
Plant and machinery 5/10/20 year straight line
Inventories
Inventories are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price, less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price. Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Provisions
Provisions are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
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.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
The company operates a defined contribution pension scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2 Employees and directors 2024 2023
Number Number
Average number of directors and persons employed by the company 19 11
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 April 2023 42,093 431,382 473,475
Additions 64,336 221,309 285,645
At 31 March 2024 106,429 652,691 759,120
Depreciation
At 1 April 2023 5,784 77,882 83,666
Charge for the year 7,629 58,179 65,808
At 31 March 2024 13,413 136,061 149,474
Net book value
At 31 March 2024 93,016 516,630 609,646
At 31 March 2023 36,309 353,500 389,809
4 Debtors 2024 2023
£ £
Trade debtors 73,482 52,680
Other debtors 78,992 57,513
152,474 110,193
5 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 70,458 41,244
Trade creditors 239,161 148,496
Accruals 31,974 18,897
Other taxes and social security costs 22,285 16,277
Other creditors 34,861 68,024
398,739 292,938
6 Creditors: amounts falling due after one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 155,053 87,432
Other creditors 39,849 60,000
194,902 147,432
7 Other information
The Quartz Worktop Company Limited is a private company limited by shares and incorporated in England. Its registered office is:
First Floor, 10 Chruch Square
Leighton Buzzard
Bedfordshire
LU7 1AE
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