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REGISTERED NUMBER: 05260560 (England and Wales)






















Unaudited Financial Statements

for the Year Ended 31 December 2023

for

Quickits Limited

Quickits Limited (Registered number: 05260560)






Contents of the Financial Statements
for the Year Ended 31 December 2023




Page

Company Information 1

Chartered Accountants' Report 2

Balance Sheet 3

Notes to the Financial Statements 5


Quickits Limited

Company Information
for the Year Ended 31 December 2023







DIRECTORS: R Smith
C E Smith





SECRETARY: R Smith





REGISTERED OFFICE: Alexandra House
43 Alexandra Street
Nottingham
Nottinghamshire
NG5 1AY





BUSINESS ADDRESS: Unit 3
Drakehouse Court
Hamilton Road
Sutton-in-Ashfield
Nottinghamshire
NG17 5LD





REGISTERED NUMBER: 05260560 (England and Wales)





ACCOUNTANTS: Wright Vigar Limited
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY

Chartered Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Quickits Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Quickits Limited for the year ended 31 December 2023 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Quickits Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Quickits Limited and state those matters that we have agreed to state to the Board of Directors of Quickits Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quickits Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Quickits Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Quickits Limited. You consider that Quickits Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Quickits Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Wright Vigar Limited
Chartered Accountants & Business Advisers
Alexandra House
43 Alexandra St
Nottingham
Nottinghamshire
NG5 1AY


23 September 2024

Quickits Limited (Registered number: 05260560)

Balance Sheet
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 27,496 11,700
Tangible assets 5 655,789 635,052
683,285 646,752

CURRENT ASSETS
Stocks 251,519 306,609
Debtors 6 3,779,208 3,194,376
Cash at bank and in hand 136,501 73,531
4,167,228 3,574,516
CREDITORS
Amounts falling due within one year 7 3,810,700 3,379,833
NET CURRENT ASSETS 356,528 194,683
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,039,813

841,435

CREDITORS
Amounts falling due after more than one
year

8

(188,599

)

(146,427

)

PROVISIONS FOR LIABILITIES (126,921 ) (121,840 )
NET ASSETS 724,293 573,168

CAPITAL AND RESERVES
Called up share capital 200 200
Retained earnings 724,093 572,968
724,293 573,168

Quickits Limited (Registered number: 05260560)

Balance Sheet - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 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 September 2024 and were signed on its behalf by:





R Smith - Director


Quickits Limited (Registered number: 05260560)

Notes to the Financial Statements
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Quickits 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.

The financial statements are prepared in sterling which is the functional currency of the entity.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Other intangible asset are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 33% on cost and 20% on reducing balance
Motor vehicles - 25% on reducing balance

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

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 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Quickits Limited (Registered number: 05260560)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 31 (2022 - 44 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 January 2023 13,000
Additions 17,240
At 31 December 2023 30,240
AMORTISATION
At 1 January 2023 1,300
Charge for year 1,444
At 31 December 2023 2,744
NET BOOK VALUE
At 31 December 2023 27,496
At 31 December 2022 11,700

5. TANGIBLE FIXED ASSETS
Fixtures
Land and Plant and and Motor
Buildings machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2023 54,985 1,946,520 449,856 134,223 2,585,584
Additions - 153,595 16,724 3,150 173,469
At 31 December 2023 54,985 2,100,115 466,580 137,373 2,759,053
DEPRECIATION
At 1 January 2023 - 1,573,767 329,841 46,924 1,950,532
Charge for year - 100,568 29,551 22,613 152,732
At 31 December 2023 - 1,674,335 359,392 69,537 2,103,264
NET BOOK VALUE
At 31 December 2023 54,985 425,780 107,188 67,836 655,789
At 31 December 2022 54,985 372,753 120,015 87,299 635,052

Quickits Limited (Registered number: 05260560)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 1,105,207 980,830
Amounts owed by group undertakings 2,626,361 2,166,648
Other debtors 47,640 46,898
3,779,208 3,194,376

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 411,798 496,420
Hire purchase contracts (see note 9) 92,909 128,763
Trade creditors 2,707,443 2,195,784
Taxation and social security 384,236 367,862
Other creditors 214,314 191,004
3,810,700 3,379,833

The bank overdraft and loans are secured by a fixed and floating charge over the assets of the company.
Hire purchase contracts are secured against the assets to which they relate.

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Bank loans 14,402 25,050
Hire purchase contracts (see note 9) 174,197 121,377
188,599 146,427

9. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year 92,909 128,763
Between one and five years 174,197 121,377
267,106 250,140

Non-cancellable operating leases
2023 2022
£    £   
Within one year 102,924 104,539
Between one and five years 103,528 92,721
206,452 197,260

There are no formal lease agreements in place in respect of the rental of the business unit 1, 2, 3 and 8 at 31 December 2023. The leasing commitment for these units has, therefore, been restricted to one month.

Quickits Limited (Registered number: 05260560)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2023

10. RELATED PARTY DISCLOSURES

Laser Ltd


Laser Ltd is a fellow subsidiary of Quickits Holdings Ltd, which is the parent company. R Smith and C Smith are directors of each company.

The following related party transactions occurred during the year:

Sales to Laser of £12,893 (2022 - £nil)
Purchases from Laser of £413,922 (2022 - £515,142)
Debtors due from Laser at the year end of £358,481 (2022 - £347,434)
Creditors payable to Laser at the year end of £2,359,264 (2022 - £1,875,337)

Premier Powder Coating Ltd


Premier Powder Coating Ltd is a company in which R Smith is also a director.

The following related party transactions occurred during the year:

Sales to Premier Powder Coating of £187 (2022 - £nil)
Purchases from Premier Powder Coating of £21,403 (2022 - £27,308)
Debtors due from Premier Powder Coating at the year end of £165,405 (2022 - £123,707)
Creditors payable to Premier Powder Coating at the year end of £58,285 (2022 - £33,156)

11. ULTIMATE CONTROLLING PARTY

The company is a 100% subsidiary of Quickits Holdings Limited, a company registered in England and Wales, whose Registered Office address is 43 Alexandra Street, Nottingham, NG5 1AY.