Company registration number 4262652 (England and Wales)
QUALITY PUMPS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
QUALITY PUMPS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
QUALITY PUMPS LIMITED
BALANCE SHEET
AS AT
30 JUNE 2024
30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
13,459
18,911
Current assets
Stocks
1,027,143
1,233,569
Debtors
4
580,393
516,351
Cash at bank and in hand
421,200
166,661
2,028,736
1,916,581
Creditors: amounts falling due within one year
5
(421,705)
(456,342)
Net current assets
1,607,031
1,460,239
Total assets less current liabilities
1,620,490
1,479,150
Creditors: amounts falling due after more than one year
6
(9,640)
(19,908)
Provisions for liabilities
(17,000)
(17,000)
Net assets
1,593,850
1,442,242
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
1,593,848
1,442,240
Total equity
1,593,850
1,442,242

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 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 and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

QUALITY PUMPS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 JUNE 2024
30 June 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 15 November 2024 and are signed on its behalf by:
Mr J W T Elliot
Director
Company Registration No. 4262652
QUALITY PUMPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information

Quality Pumps Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Azets, Burnham Yard, London End, Beaconsfield, Bucks, United Kingdom, HP9 2JH.

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 goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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:

Plant and equipment
10% on cost
Fixtures and fittings
Straight line over 3 - 5 years
Motor vehicles
25% on cost
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

QUALITY PUMPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Provisions

Provisions are recognised when the company has a legal or constructive present obligation as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

 

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the reporting end date, taking into account the risks and uncertainties surrounding the obligation. Where the effect of the time value of money is material, the amount expected to be required to settle the obligation is recognised at present value. When a provision is measured at present value, the unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

1.7
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.8
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.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
7
8
QUALITY PUMPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023 and 30 June 2024
68,813
19,904
110,164
198,881
Depreciation and impairment
At 1 July 2023
52,467
19,904
107,599
179,970
Depreciation charged in the year
3,400
-
0
2,052
5,452
At 30 June 2024
55,867
19,904
109,651
185,422
Carrying amount
At 30 June 2024
12,946
-
0
513
13,459
At 30 June 2023
16,346
-
0
2,565
18,911
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
511,944
469,187
Other debtors
68,449
47,164
580,393
516,351
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,268
10,015
Trade creditors
122,473
170,279
Taxation and social security
188,194
162,399
Other creditors
100,770
113,649
421,705
456,342
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,640
19,908

A fixed charge against the assets of the company, dated 14 October 2020, was created for securing all monies due or to become due to HSBC UK Bank Plc.

QUALITY PUMPS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
7
Operating lease commitments
Lessee

At 30 June 2024 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £28,857 (2023 : £57,714).

 

The above lease is held in the name of the company's parent undertaking, Quality Couplings Limited. The commitment has been disclosed in these financial statements on the basis that the premises are utilised by Quality Pumps Limited and the rental costs are borne by this company.

8
Contingent liabilities

The company is part of a VAT group registration scheme with its parent undertaking, Quality Couplings Limited. Therefore both companies are jointly and severely liable for all VAT liabilities of the group.

9
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
Directors loan
-
28,782
38,274
(28,782)
38,274
28,782
38,274
(28,782)
38,274
10
Parent company

The company's ultimate parent undertaking is Quality Couplings Limited, a company registered in England & Wales.

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