Company Registration No. 12764232 (England and Wales)
Quickfix Guttering Supplies Ltd
Unaudited accounts
for the year ended 31 July 2023
Quickfix Guttering Supplies Ltd
Unaudited accounts
Contents
Quickfix Guttering Supplies Ltd
Company Information
for the year ended 31 July 2023
Company Number
12764232 (England and Wales)
Registered Office
339 Whalebone Lane South
Romford
Essex
RM6 6HB
England
Quickfix Guttering Supplies Ltd
Statement of financial position
as at 31 July 2023
Cash at bank and in hand
7,337
89,927
Creditors: amounts falling due within one year
(52,411)
(92,120)
Net current liabilities
(25,273)
(2,193)
Net assets/(liabilities)
18,042
(2,193)
Called up share capital
200
200
Profit and loss account
17,842
(2,393)
Shareholders' funds
18,042
(2,193)
For the year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 12 September 2024 and were signed on its behalf by
Jitender Singh
Director
Company Registration No. 12764232
Quickfix Guttering Supplies Ltd
Notes to the Accounts
for the year ended 31 July 2023
Quickfix Guttering Supplies Ltd is a private company, limited by shares, registered in England and Wales, registration number 12764232. The registered office is 339 Whalebone Lane South, Romford, Essex, RM6 6HB, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended 31 July 2023 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 August 2021.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in the notes below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. 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 and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% on reducing balance
Fixtures & fittings
25% on cost
Computer equipment
25% on cost
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Quickfix Guttering Supplies Ltd
Notes to the Accounts
for the year ended 31 July 2023
Expenditure on research and development is written off in the year in which it is incurred.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
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Tangible fixed assets
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
Additions
22,900
28,000
5,326
56,226
At 31 July 2023
22,900
28,000
5,326
56,226
Charge for the year
4,580
7,000
1,331
12,911
At 31 July 2023
4,580
7,000
1,331
12,911
At 31 July 2023
18,320
21,000
3,995
43,315
Amounts falling due within one year
6
Creditors: amounts falling due within one year
2023
2022
Taxes and social security
2,459
-
Loans from directors
31,698
92,120
Quickfix Guttering Supplies Ltd
Notes to the Accounts
for the year ended 31 July 2023
Allotted, called up and fully paid:
200 Ordinary shares of £1 each
200
200
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Transactions with related parties
Included in other creditors is the sum of £31,698 (2022: £92,120) owed to Mr Jitender Singh, a sold director and 100% shareholder of the company.
9
Average number of employees
During the year the average number of employees was 2 (2022: 2).