Registered number
03878774
Quality & Service Limited
Filleted Accounts
31 December 2023
Quality & Service Limited
Registered number: 03878774
Balance Sheet
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 27,512 33,823
Current assets
Stocks 10,782 26,308
Debtors 4 349,385 394,095
Cash at bank and in hand 155,459 60,935
515,626 481,338
Creditors: amounts falling due within one year 5 (342,883) (293,765)
Net current assets 172,743 187,573
Total assets less current liabilities 200,255 221,396
Creditors: amounts falling due after more than one year 6 - (73,634)
Net assets 200,255 147,762
Capital and reserves
Called up share capital 100 100
Profit and loss account 200,155 147,662
Shareholders' funds 200,255 147,762
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 and delivered 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.
Susan Anne Roberts
Director
Approved by the board on 21 June 2024
Quality & Service Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Land and buildings Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 January 2023 6,561 79,680 10,000 96,241
Additions 1,385 1,060 - 2,445
At 31 December 2023 7,946 80,740 10,000 98,686
Depreciation
At 1 January 2023 4,703 48,315 9,400 62,418
Charge for the year 735 7,421 600 8,756
At 31 December 2023 5,438 55,736 10,000 71,174
Net book value
At 31 December 2023 2,508 25,004 - 27,512
At 31 December 2022 1,858 31,365 600 33,823
4 Debtors 2023 2022
£ £
Trade debtors 321,020 355,366
Other debtors 28,365 38,729
349,385 394,095
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 22,226 19,766
Trade creditors 82,064 143,929
Taxation and social security costs 179,177 107,358
Other creditors 59,416 22,712
342,883 293,765
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans - 67,700
Obligations under finance lease and hire purchase contracts - 5,934
- 73,634
7 Controlling party
Susan Anne Roberts controls 50% of the shares
John Bernard Rodgers controls 50% of the shares
8 Other information
Quality & Service Limited is a private company limited by shares and incorporated in England. Its registered office is:
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