Registered number
09389386
Steve Quick Interior Solutions Limited
Filleted Accounts
31 January 2024
Steve Quick Interior Solutions Limited
Registered number: 09389386
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 27,582 36,912
Current assets
Stocks 1,165 6,872
Debtors 4 31,206 35,391
Cash at bank and in hand 6,509 5,352
38,880 47,615
Creditors: amounts falling due within one year 5 (31,436) (38,831)
Net current assets 7,444 8,784
Total assets less current liabilities 35,026 45,696
Creditors: amounts falling due after more than one year 6 (29,694) (37,838)
Provisions for liabilities (5,240) (7,013)
Net assets 92 845
Capital and reserves
Called up share capital 2 2
Profit and loss account 90 843
Shareholders' funds 92 845
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs Patricia Ann Seaford - Quick
Director
Approved by the board on 15 October 2024
Steve Quick Interior Solutions Limited
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment over 3 years
Motor vehicles 25% reducing balance
Plant and machinery 20% reducing balance
Leasehold Improvements over 5 years
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 3 3
3 Tangible fixed assets
Leasehold improvements Plant and machinery etc Motor vehicles Total
£ £ £ £
Cost
At 1 February 2023 6,797 35,811 49,495 92,103
Additions - 182 - 182
At 31 January 2024 6,797 35,993 49,495 92,285
Depreciation
At 1 February 2023 4,223 26,399 24,569 55,191
Charge for the year 1,304 1,976 6,232 9,512
At 31 January 2024 5,527 28,375 30,801 64,703
Net book value
At 31 January 2024 1,270 7,618 18,694 27,582
At 31 January 2023 2,574 9,412 24,926 36,912
4 Debtors 2024 2023
£ £
Trade debtors 4,099 13,145
Other debtors 27,107 22,246
31,206 35,391
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 2,886 2,897
Obligations under finance lease and hire purchase contracts 5,269 5,269
Trade creditors 11,005 15,727
Taxation and social security costs 10,794 13,804
Other creditors 1,482 1,134
31,436 38,831
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 17,400 20,275
Obligations under finance lease and hire purchase contracts 12,294 17,563
29,694 37,838
7 Other financial commitments 2024 2023
£ £
Total future minimum payments under non-cancellable operating leases 7,200 7,200
8 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr Steven John Quick 6,805 13,554 (6,805) 13,554
Miss Patricia Ann Seaford - Quick 6,805 13,554 (6,805) 13,554
13,610 27,108 (13,610) 27,108
9 Other information
Steve Quick Interior Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
5B Sunrise Business Park
Higher Shaftesbury Road
Blandford Forum
Dorset
DT11 8ST
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