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Registered number: 03700271
Qfc Contractors Ltd
Financial Statements
For The Year Ended 29 February 2024
BBK Partnership
1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ
Financial Statements
Contents
Page
Company Information 1
Statement of Financial Position 2—3
Notes to the Financial Statements 4—7
Page 1
Company Information
Directors Mr Paul Goodwin
Mr Alan Kennedy
Mr William Worthington
Secretary Mr Paul Goodwin
Company Number 03700271
Registered Office Building E2 Fieldhouse Farm
Dunnings Lane
Brentwood
Essex
CM13 3HE
Accountants BBK Partnership
Chartered Accountants & Statutory Auditors
1 Beauchamp Court
10 Victors Way
Barnet
Hertfordshire
EN5 5TZ
Page 1
Page 2
Statement of Financial Position
Registered number: 03700271
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 3 2,389 1,779
2,389 1,779
CURRENT ASSETS
Stocks 4 72,117 180,000
Debtors 5 533,187 283,545
Cash at bank and in hand 15,271 32,528
620,575 496,073
Creditors: Amounts Falling Due Within One Year 6 (527,630 ) (365,352 )
NET CURRENT ASSETS (LIABILITIES) 92,945 130,721
TOTAL ASSETS LESS CURRENT LIABILITIES 95,334 132,500
Creditors: Amounts Falling Due After More Than One Year 7 (84,091 ) (124,241 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (597 ) (7,714 )
NET ASSETS 10,646 545
CAPITAL AND RESERVES
Called up share capital 10 100 100
Income Statement 10,546 445
SHAREHOLDERS' FUNDS 10,646 545
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For the year ending 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Income Statement.
On behalf of the board
Mr Paul Goodwin
Director
28/10/2024
The notes on pages 4 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. Accounting Policies
1.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
1.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
1.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% on reducing balance
Fixtures & Fittings 25% on reducing balance
1.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
1.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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.
...CONTINUED
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1.5. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 6 (2023: 5)
6 5
3. Tangible Assets
Motor Vehicles Fixtures & Fittings Total
£ £ £
Cost
As at 1 March 2023 6,500 29,904 36,404
Additions - 1,406 1,406
As at 29 February 2024 6,500 31,310 37,810
Depreciation
As at 1 March 2023 6,412 28,213 34,625
Provided during the period 22 774 796
As at 29 February 2024 6,434 28,987 35,421
Net Book Value
As at 29 February 2024 66 2,323 2,389
As at 1 March 2023 88 1,691 1,779
4. Stocks
2024 2023
£ £
Stock 72,117 180,000
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5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 346,500 88,693
S455 Tax 41,728 41,580
VAT 16,580 25,333
Directors' loan accounts 128,379 127,939
533,187 283,545
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 33,793 54,391
Corporation tax 173,971 188,829
Other taxes and social security 173,220 47,486
Credit cards 1,669 2,416
Sub contractors Wages Payable 133,977 61,730
Accrued expenses 11,000 10,500
527,630 365,352
7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bounce back loan 23,123 33,002
Funding Circle 60,968 91,239
84,091 124,241
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Deferred Tax 597 7,714
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9. Provisions for Liabilities
Deferred Tax
£
As at 1 March 2023 7,714
Reversals (7,117 )
Balance at 29 February 2024 597
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
11. General Information
Qfc Contractors Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 03700271 . The registered office is Building E2 Fieldhouse Farm, Dunnings Lane, Brentwood, Essex, CM13 3HE.
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