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COMPANY REGISTRATION NUMBER: 10691640
QUICK FIX SUPPLIES LTD
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
QUICK FIX SUPPLIES LTD
FINANCIAL STATEMENTS
Year ended 31 March 2024
CONTENTS
PAGE
Balance sheet
1
Notes to the financial statements
3
QUICK FIX SUPPLIES LTD
BALANCE SHEET
31 March 2024
2024
2023
Note
£
£
FIXED ASSETS
Tangible assets
5
66,063
1,698
CURRENT ASSETS
Stocks
50,000
50,000
Debtors
6
22,040
17,716
Cash at bank and in hand
20,151
27,337
--------
--------
92,191
95,053
CREDITORS: amounts falling due within one year
7
( 96,890)
( 81,881)
--------
--------
NET CURRENT (LIABILITIES)/ASSETS
( 4,699)
13,172
--------
--------
TOTAL ASSETS LESS CURRENT LIABILITIES
61,364
14,870
CREDITORS: amounts falling due after more than one year
8
( 54,678)
( 9,113)
PROVISIONS
( 12,297)
( 425)
--------
--------
NET (LIABILITIES)/ASSETS
( 5,611)
5,332
--------
--------
CAPITAL AND RESERVES
Called up share capital
2
2
Profit and loss account
( 5,613)
5,330
-------
-------
SHAREHOLDERS FUNDS
( 5,611)
5,332
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
QUICK FIX SUPPLIES LTD
BALANCE SHEET (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 23 September 2024 , and are signed on behalf of the board by:
Mr M A Munir
Director
Company registration number: 10691640
QUICK FIX SUPPLIES LTD
NOTES TO THE FINANCIAL STATEMENTS
Year ended 31 March 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Cedar House, Hazel Drive, Newport, NP10 8FY. The principal place of trading is 113 Woodville Road, Cardiff, CF24 4DY.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
10 - 20% straight line
Fixtures and fittings
-
10% straight line
Motor vehicles
-
10% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the balance sheet as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to 3 (2023: 2 ).
5. TANGIBLE ASSETS
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2023
2,527
3,000
5,527
Additions
179
382
64,434
64,995
-------
-------
--------
--------
At 31 March 2024
2,706
3,382
64,434
70,522
-------
-------
--------
--------
Depreciation
At 1 April 2023
1,679
2,150
3,829
Charge for the year
317
313
630
-------
-------
--------
--------
At 31 March 2024
1,996
2,463
4,459
-------
-------
--------
--------
Carrying amount
At 31 March 2024
710
919
64,434
66,063
-------
-------
--------
--------
At 31 March 2023
848
850
1,698
-------
-------
--------
--------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 March 2024
64,434
--------
At 31 March 2023
--------
6. DEBTORS
2024
2023
£
£
Trade debtors
21,603
17,523
Other debtors
437
193
--------
--------
22,040
17,716
--------
--------
7. CREDITORS: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,050
4,050
Corporation tax
5,647
Social security and other taxes
9,539
7,230
Other creditors
83,301
64,954
--------
--------
96,890
81,881
--------
--------
Included within creditors due within one year is and amount of £8,569 (2023 - £nil) relating to finance leases and hire purchase agreements. This amount is secured on the assets to which the agreements relate.
8. CREDITORS: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
5,063
9,113
Other creditors
49,615
--------
-------
54,678
9,113
--------
-------
Included within creditors due after more than one year is and amount of £49,615 (2023 - £nil) relating to finance leases and hire purchase agreements. This amount is secured on the assets to which the agreements relate.
9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES
Included within other creditors is a balance of £132 (2023: £99 due from the company) due from the directors. The balance is interest free and repayable on demand.
10. RELATED PARTY TRANSACTIONS
Included within other creditors is a balance of £62,896 (2023 - £62,896) due to companies owned by a relative of the director. These balances are interest free and repayable on demand.