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REGISTERED NUMBER: 01211246 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024

FOR

QUALITY CEILINGS LIMITED

QUALITY CEILINGS LIMITED (REGISTERED NUMBER: 01211246)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


QUALITY CEILINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Kenneth Mager
Craig Sutcliffe





REGISTERED OFFICE: Units 14/15
Marshalls Hall Mills
Elland Lane
Elland
HX5 9DU





REGISTERED NUMBER: 01211246 (England and Wales)





ACCOUNTANTS: Walter Dawson & Son
Chartered Accountants
First Floor Offices, Unit A4
Old Power Way
Lowfields Business Park
Elland
HX5 9DE

QUALITY CEILINGS LIMITED (REGISTERED NUMBER: 01211246)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 256,788 244,741

CURRENT ASSETS
Stocks 19,592 24,350
Debtors 5 364,310 456,825
Cash at bank and in hand 475,078 391,017
858,980 872,192
CREDITORS
Amounts falling due within one year 6 409,741 462,741
NET CURRENT ASSETS 449,239 409,451
TOTAL ASSETS LESS CURRENT
LIABILITIES

706,027

654,192

PROVISIONS FOR LIABILITIES 9,886 5,616
NET ASSETS 696,141 648,576

CAPITAL AND RESERVES
Called up share capital 14,100 14,100
Profit and loss account 682,041 634,476
696,141 648,576

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

QUALITY CEILINGS LIMITED (REGISTERED NUMBER: 01211246)

BALANCE SHEET - continued
31 MAY 2024


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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 5 September 2024 and were signed on its behalf by:





Craig Sutcliffe - Director


QUALITY CEILINGS LIMITED (REGISTERED NUMBER: 01211246)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1. STATUTORY INFORMATION

Quality Ceilings Limited is a private company, limited by shares , registered in England and Wales. 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 for goods supplied and services rendered, net of discounts and Value Added Tax.

In respect of long-term contracts and contracts for on-going services, turnover represents the value of work done in the year, including estimates of amounts not invoiced. Turnover is recognised by reference to the stage of completion.

Retentions are recognised when there is a reasonable certainty that the related debt will be received by the company.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 20% on cost

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

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, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.

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.

QUALITY CEILINGS LIMITED (REGISTERED NUMBER: 01211246)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

2. ACCOUNTING POLICIES - continued

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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.

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.

CONSTRUCTION CONTRACTS
Amounts recoverable on construction contracts, which are included in debtors are stated at the net sales value of the work done after provisions for contingencies and anticipated future losses on contracts, less amounts received as progress payments on account. Excess progress payments are included in creditors as payments received on account.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 6 (2023 - 7 ) .

QUALITY CEILINGS LIMITED (REGISTERED NUMBER: 01211246)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 June 2023 272,215 20,294 38,182 49,077 379,768
Additions - - 1,090 40,440 41,530
Disposals - (3,665 ) (3,457 ) (26,582 ) (33,704 )
At 31 May 2024 272,215 16,629 35,815 62,935 387,594
DEPRECIATION
At 1 June 2023 53,327 20,294 36,458 24,948 135,027
Charge for year 5,444 - 812 12,595 18,851
Eliminated on disposal - (3,665 ) (3,457 ) (15,950 ) (23,072 )
At 31 May 2024 58,771 16,629 33,813 21,593 130,806
NET BOOK VALUE
At 31 May 2024 213,444 - 2,002 41,342 256,788
At 31 May 2023 218,888 - 1,724 24,129 244,741

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 185,012 281,215
Amounts recoverable on
contracts 148,420 146,586
Other debtors 30,878 29,024
364,310 456,825

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts - 21,593
Trade creditors 198,052 221,587
Amounts owed to participating interests 22,054 55,054
Taxation and social security 49,709 70,055
Other creditors 139,926 94,452
409,741 462,741

QUALITY CEILINGS LIMITED (REGISTERED NUMBER: 01211246)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
£    £   
Within one year 6,729 6,729
Between one and five years 7,290 7,290
14,019 14,019

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Bank loans - 21,593

The bank loan facility is secured by a debenture comprising of fixed and floating charges over all the assets and undertakings of the company and a mortgage over the freehold property held by the company.