Company registration number 07884300 (England and Wales)
Q9 CLADDING SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
Q9 CLADDING SOLUTIONS LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 7
Q9 CLADDING SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
242,642
82,057
Current assets
Debtors
5
4,251,968
3,301,924
Cash at bank and in hand
1,591,030
287,646
5,842,998
3,589,570
Creditors: amounts falling due within one year
6
(3,719,972)
(2,592,056)
Net current assets
2,123,026
997,514
Total assets less current liabilities
2,365,668
1,079,571
Creditors: amounts falling due after more than one year
7
(20,396)
(50,015)
Provisions for liabilities
(43,142)
(20,514)
Net assets
2,302,130
1,009,042
Capital and reserves
Called up share capital
500
500
Capital redemption reserve
500
500
Profit and loss reserves
2,301,130
1,008,042
Total equity
2,302,130
1,009,042

The directors of the company have elected not to include a copy of the income statement within the financial statements.true

For the financial year ended 31 March 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.

Q9 CLADDING SOLUTIONS LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 MARCH 2024
31 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 December 2024 and are signed on its behalf by:
Mr G Race
Mrs K Race
Director
Director
Company registration number 07884300 (England and Wales)
Q9 CLADDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -
1
Accounting policies
Company information

Q9 Cladding Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Stables, Arlaw Banks, Winston, Darlington, Co Durham, DL2 3PX.

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 contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

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 machinery
20% reducing balance
Equipment
20% straight line
Motor vehicles
25% reducing balance
Website
10% Straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

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).

Q9 CLADDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Cash and cash equivalents

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.

 

Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

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 and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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.

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.

1.10
Retirement benefits

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

Q9 CLADDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

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

2024
2023
Number
Number
Total
30
20
Q9 CLADDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 6 -
4
Tangible fixed assets
Plant and machinery
Equipment
Motor vehicles
Website
Total
£
£
£
£
£
Cost
At 1 April 2023
19,977
71,885
67,593
-
0
159,455
Additions
17,286
15,137
160,278
1,645
194,346
At 31 March 2024
37,263
87,022
227,871
1,645
353,801
Depreciation and impairment
At 1 April 2023
9,127
47,565
20,706
-
0
77,398
Depreciation charged in the year
3,547
7,917
22,215
82
33,761
At 31 March 2024
12,674
55,482
42,921
82
111,159
Carrying amount
At 31 March 2024
24,589
31,540
184,950
1,563
242,642
At 31 March 2023
10,850
24,320
46,887
-
0
82,057
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Gross amounts owed by contract customers
3,368,917
2,499,302
Other debtors
859,072
777,909
Prepayments and accrued income
23,979
24,713
4,251,968
3,301,924
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
16,385
80,986
Obligations under finance leases and hire purchase contracts
5,570
10,973
Trade creditors
2,640,402
1,909,509
Corporation tax
373,307
82,224
Other taxation and social security
81,079
59,434
Other creditors
24,869
272,730
Accruals and deferred income
578,360
176,200
3,719,972
2,592,056

Obligations under hire purchase contracts are secured against the assets to which they relate.

 

Within bank loans is a Barclays loan totalling £6,386 which is secured by a personal guarantee given by Mr G Race, director.

Q9 CLADDING SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 7 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
12,507
26,635
Obligations under finance leases and hire purchase contracts
7,889
23,380
20,396
50,015

Obligations under hire purchase contracts are secured against the assets to which they relate.

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
£
£
15,786
31,858
2024-03-312023-04-01false02 December 2024CCH SoftwareCCH Accounts Production 2024.100No description of principal activityMr G RaceMrs K RaceMr M T CrinionMr K SmithMr B BentleyMrs K Racefalsefalse078843002023-04-012024-03-31078843002024-03-31078843002023-03-3107884300core:PlantMachinery2024-03-3107884300core:ComputerEquipment2024-03-3107884300core:MotorVehicles2024-03-3107884300core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2024-03-3107884300core:PlantMachinery2023-03-3107884300core:ComputerEquipment2023-03-3107884300core:MotorVehicles2023-03-3107884300core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-3107884300core:CurrentFinancialInstrumentscore:WithinOneYear2024-03-3107884300core:CurrentFinancialInstrumentscore:WithinOneYear2023-03-3107884300core:Non-currentFinancialInstrumentscore:AfterOneYear2024-03-3107884300core:Non-currentFinancialInstrumentscore:AfterOneYear2023-03-3107884300core:CurrentFinancialInstruments2024-03-3107884300core:CurrentFinancialInstruments2023-03-3107884300core:Non-currentFinancialInstruments2024-03-3107884300core:Non-currentFinancialInstruments2023-03-3107884300core:ShareCapital2024-03-3107884300core:ShareCapital2023-03-3107884300core:CapitalRedemptionReserve2024-03-3107884300core:CapitalRedemptionReserve2023-03-3107884300core:RetainedEarningsAccumulatedLosses2024-03-3107884300core:RetainedEarningsAccumulatedLosses2023-03-3107884300bus:Director12023-04-012024-03-3107884300bus:CompanySecretaryDirector12023-04-012024-03-3107884300core:PlantMachinery2023-04-012024-03-3107884300core:ComputerEquipment2023-04-012024-03-3107884300core:MotorVehicles2023-04-012024-03-3107884300core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-04-012024-03-31078843002022-04-012023-03-3107884300core:PlantMachinery2023-03-3107884300core:ComputerEquipment2023-03-3107884300core:MotorVehicles2023-03-3107884300core:Non-standardPPEClass1ComponentTotalPropertyPlantEquipment2023-03-31078843002023-03-3107884300bus:PrivateLimitedCompanyLtd2023-04-012024-03-3107884300bus:SmallCompaniesRegimeForAccounts2023-04-012024-03-3107884300bus:FRS1022023-04-012024-03-3107884300bus:AuditExemptWithAccountantsReport2023-04-012024-03-3107884300bus:Director22023-04-012024-03-3107884300bus:Director32023-04-012024-03-3107884300bus:Director42023-04-012024-03-3107884300bus:Director52023-04-012024-03-3107884300bus:CompanySecretary12023-04-012024-03-3107884300bus:FullAccounts2023-04-012024-03-31xbrli:purexbrli:sharesiso4217:GBP