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REGISTERED NUMBER: 06774160 (England and Wales)















QML(UK) LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024






QML(UK) LIMITED (REGISTERED NUMBER: 06774160)






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




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3 to 5


QML(UK) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTORS: Mrs P Bodger-Yates
J W Yates
M A Leaver



REGISTERED OFFICE: Dale Farm
Westcliffe
Sleaford
Lincolnshire
NG34 8RG



REGISTERED NUMBER: 06774160 (England and Wales)



ACCOUNTANTS: Duncan & Toplis Limited
Oxley House
Lincoln Way
Louth
Lincolnshire
LN11 0LS



BANKERS: National Westminster Bank Plc
Northgate
Sleaford
Lincolnshire

QML(UK) LIMITED (REGISTERED NUMBER: 06774160)

STATEMENT OF FINANCIAL POSITION
31 MAY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 331,639 313,528

CURRENT ASSETS
Stocks - 5,825
Debtors 5 166,534 230,754
Cash at bank 146,048 84,460
312,582 321,039
CREDITORS
Amounts falling due within one year 6 116,532 185,620
NET CURRENT ASSETS 196,050 135,419
TOTAL ASSETS LESS CURRENT LIABILITIES 527,689 448,947

CREDITORS
Amounts falling due after more than one year 7 (10,905 ) (28,726 )

PROVISIONS FOR LIABILITIES (82,910 ) (59,571 )
NET ASSETS 433,874 360,650

CAPITAL AND RESERVES
Called up share capital 9 3 3
Retained earnings 433,871 360,647
SHAREHOLDERS' FUNDS 433,874 360,650

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.

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2024 and were signed on its behalf by:





J W Yates - Director


QML(UK) LIMITED (REGISTERED NUMBER: 06774160)

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

1. STATUTORY INFORMATION

QML(UK) 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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 represents amounts chargeable to clients for professional services provided during the year excluding Value Added Tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Plant and machinery - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Office equipment - 25% on reducing balance

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.

Stocks
Stocks are valued at the lower of cost and estimated selling price less costs to complete and sell and after making due allowance for obsolete and slow moving items.

Financial instruments
The company has chosen to adopt the FRS 102A in respect of financial instruments.

Basic financial assets, including trade and other debtors and cash and bank balances are initially recognised at transaction price, unless the arrangement constitute a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

At the end of each reporting period, financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in the income statement.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.


QML(UK) LIMITED (REGISTERED NUMBER: 06774160)

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

2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and Motor Office
machinery vehicles equipment Totals
£    £    £    £   
COST
At 1 June 2023 159,478 428,066 16,262 603,806
Additions 50,095 44,215 - 94,310
Disposals (5,375 ) (32,000 ) - (37,375 )
At 31 May 2024 204,198 440,281 16,262 660,741
DEPRECIATION
At 1 June 2023 60,948 223,738 5,592 290,278
Charge for year 20,230 26,270 3,353 49,853
Eliminated on disposal (2,026 ) (9,003 ) - (11,029 )
At 31 May 2024 79,152 241,005 8,945 329,102
NET BOOK VALUE
At 31 May 2024 125,046 199,276 7,317 331,639
At 31 May 2023 98,530 204,328 10,670 313,528

The net book value of tangible fixed assets includes £ 13,838 (2023 - £ 98,458 ) in respect of assets held under hire purchase contracts.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 74,614 155,261
Directors' current accounts 89,852 74,668
Other taxes and social security 2,068 -
Prepayments - 825
166,534 230,754

QML(UK) LIMITED (REGISTERED NUMBER: 06774160)

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

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Bank loans and overdrafts 10,000 10,000
Hire purchase contracts 7,838 83,173
Trade creditors - 221
Taxation 50,175 28,882
Other taxes and social security - 880
VAT 45,008 58,631
Other creditors 491 890
Accrued expenses 3,020 2,943
116,532 185,620

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£    £   
Bank loans - 1-2 years 10,000 10,000
Bank loans - 2-5 years 905 10,888
Hire purchase contracts - 7,838
10,905 28,726

8. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£    £   
Hire purchase contracts 7,838 91,011

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
1 Ordinary £1 3 3

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 May 2024 and 31 May 2023:

2024 2023
£    £   
J W Yates and Mrs P Bodger-Yates
Balance outstanding at start of year 74,668 93,712
Amounts advanced 110,184 74,956
Amounts repaid (95,000 ) (94,000 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 89,852 74,668

The directors' loan account is unsecured and repayable on demand. Interest has been charged at HM Revenue and Customs' official rate of interest. The overdrawn directors loan account was repaid within the year in the form of a dividend.