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REGISTERED NUMBER: 00366170 (England and Wales)










FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST JULY 2024

FOR

QUALITY SPRINGS & PRESSINGS LIMITED

QUALITY SPRINGS & PRESSINGS LIMITED (REGISTERED NUMBER: 00366170)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024










Page

Company Information 1

Abridged Balance Sheet 3

Notes to the Financial Statements 5


QUALITY SPRINGS & PRESSINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JULY 2024







DIRECTORS: Mr L Green
Mr S Delaney



REGISTERED OFFICE: c/o Michael Heaven & Associates Limited
47 Calthorpe Road
Edgbaston
BIRMINGHAM
West Midlands
B15 1TH



BUSINESS ADDRESS: 48D Pipers Road
Park Farm Industrial Estate
Park Farm
REDDITCH
Worcestershire
B98 0HU



REGISTERED NUMBER: 00366170 (England and Wales)



ACCOUNTANTS: Michael Heaven & Associates Limited
Chartered Certified Accountants
47 Calthorpe Road
Edgbaston
BIRMINGHAM
B15 1TH




QUALITY SPRINGS & PRESSINGS LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST JULY 2024







BANKERS: Lloyds Bank PLC
13-14 High Street
Cradley Heath
West Midlands
B64 5HP



INCORPORATED: 28th March 1941

QUALITY SPRINGS & PRESSINGS LIMITED (REGISTERED NUMBER: 00366170)

ABRIDGED BALANCE SHEET
31ST JULY 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 865,890 874,471

CURRENT ASSETS
Stocks 139,940 140,217
Debtors 347,120 433,220
Cash at bank and in hand 413,862 397,332
900,922 970,769
CREDITORS
Amounts falling due within one year 409,768 450,605
NET CURRENT ASSETS 491,154 520,164
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,357,044

1,394,635

PROVISIONS FOR LIABILITIES 5 42,296 41,095
NET ASSETS 1,314,748 1,353,540

CAPITAL AND RESERVES
Called up share capital 6 55,000 55,000
Capital redemption reserve 100 100
Retained earnings 1,259,648 1,298,440
SHAREHOLDERS' FUNDS 1,314,748 1,353,540

QUALITY SPRINGS & PRESSINGS LIMITED (REGISTERED NUMBER: 00366170)

ABRIDGED BALANCE SHEET - continued
31ST JULY 2024


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st July 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st July 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.

All the members have consented to the preparation of an abridged Income Statement and an abridged Balance Sheet for the year ended 31st July 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 1st October 2024 and were signed on its behalf by:




Mr L Green - Director



Mr S Delaney - Director


QUALITY SPRINGS & PRESSINGS LIMITED (REGISTERED NUMBER: 00366170)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST JULY 2024


1. STATUTORY INFORMATION

Quality Springs & Pressings 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.

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

The company recognises revenue when the amount of revenue can be measured reliably, when it is probable that future economic benefits will flow to the entity and when specific criteria have been met.

Tangible fixed assets
Depreciation is provided on all tangible fixed assets at annual rates calculated to write off the cost, less estimated residual value, on a straight line basis over their expected useful economic lives as follows:


Plant and machinery- 3 -10 years
Motor vehicles- 4 years
Fixtures and fittings- 2 years
Buildings- 50 years



Stocks
Stock is valued at the lower of cost and net realisable value. Cost is determined on a first in first out basis. Net realisable value represents estimated selling price less costs to complete and sell. Provision is made for slow moving, obsolete or damaged stock where the net realisable value is less than cost.

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable.


QUALITY SPRINGS & PRESSINGS LIMITED (REGISTERED NUMBER: 00366170)

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


2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction.

At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

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.

Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors
Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

QUALITY SPRINGS & PRESSINGS LIMITED (REGISTERED NUMBER: 00366170)

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


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 21 (2023 - 21 ) .

4. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1st August 2023 1,780,849
Additions 66,439
At 31st July 2024 1,847,288
DEPRECIATION
At 1st August 2023 906,378
Charge for year 75,020
At 31st July 2024 981,398
NET BOOK VALUE
At 31st July 2024 865,890
At 31st July 2023 874,471

5. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred taxation 42,296 41,095

Deferred
tax
£   
Balance at 1st August 2023 41,095
Movement 1,201
Balance at 31st July 2024 42,296

QUALITY SPRINGS & PRESSINGS LIMITED (REGISTERED NUMBER: 00366170)

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


5. PROVISIONS FOR LIABILITIES - continued

Provisions are recognised when the company has a legal or constructive obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

A provision for annual leave accrued by employees as a result of services rendered in the current period, and which employees are entitled to carry forward and use within the next 12 months is recognised. The provision is measured at the salary cost payable for the period of absence.

6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
55,000 Ordinary £1 55,000 55,000