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Company No: 04238367 (England and Wales)

QUALITY MARKING SERVICES LIMITED

Unaudited Financial Statements
For the financial year ended 31 August 2024
Pages for filing with the registrar

QUALITY MARKING SERVICES LIMITED

Unaudited Financial Statements

For the financial year ended 31 August 2024

Contents

QUALITY MARKING SERVICES LIMITED

BALANCE SHEET

As at 31 August 2024
QUALITY MARKING SERVICES LIMITED

BALANCE SHEET (continued)

As at 31 August 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 580,346 404,304
580,346 404,304
Current assets
Stocks 187,777 187,811
Debtors 4 1,179,262 1,150,838
Cash at bank and in hand 357,767 242,774
1,724,806 1,581,423
Creditors: amounts falling due within one year 5 ( 1,719,706) ( 1,482,746)
Net current assets 5,100 98,677
Total assets less current liabilities 585,446 502,981
Creditors: amounts falling due after more than one year 6 ( 333,697) ( 395,706)
Provision for liabilities ( 105,606) ( 56,244)
Net assets 146,143 51,031
Capital and reserves
Called-up share capital 7 50,500 50,500
Profit and loss account 95,643 531
Total shareholders' funds 146,143 51,031

For the financial year ending 31 August 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Quality Marking Services Limited (registered number: 04238367) were approved and authorised for issue by the Board of Directors on 25 November 2024. They were signed on its behalf by:

Mr G J Clark
Director
QUALITY MARKING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
QUALITY MARKING SERVICES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 August 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Quality Marking Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on tax rates and laws substantively enacted at the balance sheet date. Deferred tax assets and liabilities are not discounted.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line/reducing balance basis over its expected useful life, as follows:

Leasehold improvements 10 years straight line
Plant and machinery 5 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 5 years straight line
Office equipment 5 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) 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 Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 33 33

3. Tangible assets

Leasehold improve-
ments
Plant and machinery Vehicles Fixtures and fittings Office equipment Computer equipment Total
£ £ £ £ £ £ £
Cost
At 01 September 2023 25,988 7,335 511,682 34,897 457,216 27,084 1,064,202
Additions 0 0 270,289 7,249 59,513 7,599 344,650
Disposals 0 0 ( 58,131) 0 ( 1,244) 0 ( 59,375)
At 31 August 2024 25,988 7,335 723,840 42,146 515,485 34,683 1,349,477
Accumulated depreciation
At 01 September 2023 23,618 5,970 276,005 30,065 306,756 17,484 659,898
Charge for the financial year 1,108 274 61,354 1,811 55,768 6,156 126,471
Disposals 0 0 ( 15,994) 0 ( 1,244) 0 ( 17,238)
At 31 August 2024 24,726 6,244 321,365 31,876 361,280 23,640 769,131
Net book value
At 31 August 2024 1,262 1,091 402,475 10,270 154,205 11,043 580,346
At 31 August 2023 2,370 1,365 235,677 4,832 150,460 9,600 404,304

4. Debtors

2024 2023
£ £
Trade debtors 847,052 882,066
Amounts owed by directors 25,376 42,651
Prepayments 270,584 208,897
VAT recoverable 19,551 0
Corporation tax 15,182 16,295
Other debtors 1,517 929
1,179,262 1,150,838

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans (secured) 82,654 82,654
Trade creditors 653,965 443,644
Amounts owed to directors 0 5
Other loans 96,000 0
Accruals 105,788 59,740
Other taxation and social security 35,457 134,122
Obligations under finance leases and hire purchase contracts (secured) 81,681 92,094
Other creditors 664,161 670,487
1,719,706 1,482,746

Bank loans are secured over the assets held in the company by a fixed and floating charge. Hire purchase contracts are secured against the assets to which they relate.

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans (secured) 174,563 259,656
Other loans 8,000 0
Obligations under finance leases and hire purchase contracts (secured) 151,134 136,050
333,697 395,706

Bank loans are secured over the assets held in the company by a fixed and floating charge. Hire purchase contracts are secured against the assets to which they relate.

7. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
100 Ordinary A shares of £ 1.00 each 100 100
100 Ordinary B shares of £ 1.00 each 100 100
50,300 Ordinary shares of £ 1.00 each 50,300 50,300
50,500 50,500

8. Financial commitments

Commitments

Capital commitments are as follows:

2024 2023
£ £
Contracted for but not provided for:
Finance leases entered into 381,147 168,003

9. Related party transactions

Transactions with the entity's directors

2024 2023
£ £
Opening balance 42,646 (517)
Plus loan advancements made in the period 49,407 57,168
Less loan repayments in the period (23,677) (14,005)
Less dividends declared in the period (43,000) 0
Closing balance 25,376 42,646

Quality Marking Services Limited operates a loan account with it's directors'. The loan has no fixed date of repayment and bears interest at the rate stipulated by HMRC on any amounts exceeding £10,000.