REGISTERED NUMBER: |
QUORN COUNTRY TILES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 MAY 2023 TO 31 DECEMBER 2023 |
REGISTERED NUMBER: |
QUORN COUNTRY TILES LIMITED |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 MAY 2023 TO 31 DECEMBER 2023 |
QUORN COUNTRY TILES LIMITED (REGISTERED NUMBER: 05361505) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 | to | 6 |
QUORN COUNTRY TILES LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
3 Princes Court |
Royal Way |
Loughborough |
Leicestershire |
LE11 5XR |
QUORN COUNTRY TILES LIMITED (REGISTERED NUMBER: 05361505) |
STATEMENT OF FINANCIAL POSITION |
31 DECEMBER 2023 |
2023 | 2023 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
Property, plant and equipment | 5 |
CURRENT ASSETS |
Inventories |
Debtors | 6 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Retained earnings |
SHAREHOLDERS' FUNDS |
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 were approved by the Board of Directors and authorised for issue on |
QUORN COUNTRY TILES LIMITED (REGISTERED NUMBER: 05361505) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Quorn Country Tiles Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
The significant accounting policies applied in the preparation of these financial statement are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Revenue |
Revenue is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue is recognised on the despatch of goods or provision of services. |
Goodwill |
Acquired goodwill is written off in equal annual instalments over its estimated useful economic life. |
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. |
Website development costs | 33% Straight line |
Patents and licences | 33% Straight line |
Property, plant & equipment |
Property, plant and equipment is 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. |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Land and building leasehold | 20% Straight line |
Plant and machinery | 15% Reducing balance |
Fixtures, fittings and equipment | 15% Reducing balance and 33.33% Straight line |
Motor vehicles | 25% Reducing balance |
At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered an impairment loss. If there is an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying amount. If the estimated recoverable amount is lower, the carrying amount is reduced to its estimated recoverable amount, and an impairment loss is recognised immediately in the income statement. |
If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment is recognised immediately in the income statement. |
Inventories |
Inventories are valued at the lower of cost and fair value less costs to complete and sell, after making due allowance for obsolete slow moving items. |
QUORN COUNTRY TILES LIMITED (REGISTERED NUMBER: 05361505) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the period 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. |
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 period 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 statement of financial position 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. |
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 period was |
4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
Goodwill | assets | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
At 31 December 2023 |
AMORTISATION |
At 1 May 2023 |
Charge for period |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 April 2023 |
QUORN COUNTRY TILES LIMITED (REGISTERED NUMBER: 05361505) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023 |
5. | PROPERTY, PLANT AND EQUIPMENT |
Plant and |
Land and | machinery |
buildings | etc | Totals |
£ | £ | £ |
COST |
At 1 May 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) |
At 31 December 2023 |
DEPRECIATION |
At 1 May 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 30 April 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2023 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2023 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2023 |
value: | £ | £ |
Ordinary | £1 | 100 | 100 |
QUORN COUNTRY TILES LIMITED (REGISTERED NUMBER: 05361505) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 MAY 2023 TO 31 DECEMBER 2023 |
9. | OTHER FINANCIAL COMMITMENTS |
The company has commitments due as follows: |
2023 | 2023 |
£ | £ |
Within one year: | 304,702 | 307,993 |
Within one to two years: | 274,745 | 293,620 |
Within two to five years: | 683,905 | 791,735 |
More than five years: | 391,416 | 466,750 |
1,654,768 | 1,860,097 |
10. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the period ended 31 December 2023 and the year ended 30 April 2023: |
2023 | 2023 |
£ | £ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
No interest was charged on the overdrawn directors' current accounts. The loans are not secured and are repayable on demand. |