Company registration number 08059326 (England and Wales)
HC QS LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
HC QS LIMITED
COMPANY INFORMATION
Directors
Mr J A Brown
Mr R J Mayer
Company number
08059326
Registered office
2 - 6 Boundary Row
London
SE1 8HP
Accountants
Bryden Johnson Limited
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
Business address
Suite 122 Capital Business Centre
22 Carlton Road
South Croydon
Surrey
CR2 0BS
HC QS LIMITED
CONTENTS
Page
Directors' report
1
Accountants' report
2
Profit and loss account
3
Balance sheet
4 - 5
Notes to the financial statements
6 - 9
HC QS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024
- 1 -
The directors present their annual report and financial statements for the year ended 31 May 2024.
Principal activities
The principal activity of the company continued to be that of quantity surveying.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mr J A Brown
Mr R J Mayer
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:
select suitable accounting policies and then apply them consistently;
make judgements and accounting estimates that are reasonable and prudent;
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Small companies exemption
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
On behalf of the board
Mr J A Brown
Mr R J Mayer
Director
Director
26 September 2024
HC QS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF HC QS LIMITED FOR THE YEAR ENDED 31 MAY 2024
- 2 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of HC QS Limited for the year ended 31 May 2024 set out on pages 3 to 9 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 at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the board of directors of HC QS Limited, as a body, in accordance with the terms of our engagement letter dated 13 July 2024. Our work has been undertaken solely to prepare for your approval the financial statements of HC QS Limited and state those matters that we have agreed to state to the board of directors of HC QS Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than HC QS Limited and its board of directors as a body, for our work or for this report.
It is your duty to ensure that HC QS 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 HC QS Limited. You consider that HC QS 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 HC QS 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.
Bryden Johnson Limited
7 October 2024
Chartered Accountants
Kings Parade
Lower Coombe Street
Croydon
Surrey
CR0 1AA
HC QS LIMITED
PROFIT AND LOSS ACCOUNT
FOR THE YEAR ENDED 31 MAY 2024
- 3 -
2024
2023
£
£
Turnover
5,304,671
4,516,065
Cost of sales
(4,197,341)
(3,538,988)
Gross profit
1,107,330
977,077
Administrative expenses
(482,139)
(400,840)
Operating profit
625,191
576,237
Interest receivable and similar income
1,203
1,926
Profit before taxation
626,394
578,163
Tax on profit
(164,419)
(120,725)
Profit for the financial year
461,975
457,438
The profit and loss account has been prepared on the basis that all operations are continuing operations.
HC QS LIMITED
BALANCE SHEET
AS AT 31 MAY 2024
31 May 2024
- 4 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
28,213
29,740
Current assets
Debtors
4
915,042
706,426
Cash at bank and in hand
446,944
542,369
1,361,986
1,248,795
Creditors: amounts falling due within one year
5
(712,966)
(678,851)
Net current assets
649,020
569,944
Total assets less current liabilities
677,233
599,684
Creditors: amounts falling due after more than one year
6
(90,909)
Net assets
677,233
508,775
Capital and reserves
Called up share capital
7
7,823
8,002
Share premium account
12,082
12,082
Capital redemption reserve
179
Other reserves
114,050
114,050
Profit and loss reserves
543,099
374,641
Total equity
677,233
508,775
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
HC QS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024
31 May 2024
- 5 -
The financial statements were approved by the board of directors and authorised for issue on 26 September 2024 and are signed on its behalf by:
Mr J A Brown
Mr R J Mayer
Director
Director
Company Registration No. 08059326
HC QS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
1
Accounting policies
Company information
HC QS Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 - 6 Boundary Row, London, SE1 8HP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
10% straight line
Fixtures, fittings & equipment
25% straight line
Computer equipment
33% straight line
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash at bank and in hand
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
HC QS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 7 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts 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.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
1.9
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.10
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
HC QS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 8 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
30
29
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 June 2023
32,612
80,972
113,584
Additions
4,436
4,436
At 31 May 2024
32,612
85,408
118,020
Depreciation and impairment
At 1 June 2023
6,250
77,594
83,844
Depreciation charged in the year
3,261
2,702
5,963
At 31 May 2024
9,511
80,296
89,807
Carrying amount
At 31 May 2024
23,101
5,112
28,213
At 31 May 2023
26,362
3,378
29,740
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
860,816
651,541
Other debtors
54,226
54,885
915,042
706,426
HC QS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 9 -
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
45,455
Trade creditors
235,151
222,117
Corporation tax
164,419
120,725
Other taxation and social security
225,595
191,305
Other creditors
87,801
99,249
712,966
678,851
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
90,909
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
157
18,074
2
181
Ordinary F shares of 1p each
782,115
782,115
7,821
7,821
782,272
800,189
7,823
8,002
During the year the company repurchased 17,916 ordinary shares that were then cancelled.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
50,767
19,614
9
Parent company
The parent company is HCQS Holdings Limited. The registered office is 2 - 6 Boundary Row, London, SE1 8HP.