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REGISTERED NUMBER: NI609100 (Northern Ireland)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2024

FOR

QEL AIR LTD

QEL AIR LTD (REGISTERED NUMBER: NI609100)

CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 SEPTEMBER 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4

Report of the Accountants 7

QEL AIR LTD

COMPANY INFORMATION
for the Year Ended 30 SEPTEMBER 2024







DIRECTORS: Mr T Elliott
Mrs R Elliott



SECRETARY: Mrs R Elliott



REGISTERED OFFICE: 115 Moybrone Road
Letterbreen
Enniskillen
Co. Fermanagh
BT749EP



REGISTERED NUMBER: NI609100 (Northern Ireland)



ACCOUNTANTS: Patton Rainey Stenson Limited
Chartered Accountants
6 East Bridge Street
Enniskillen
Co. Fermanagh
BT74 7BT



BANKERS: Danske Bank
183 Donegall Square West
Belfast
BT1 6JS

QEL AIR LTD (REGISTERED NUMBER: NI609100)

BALANCE SHEET
30 SEPTEMBER 2024

30.9.24 30.9.23
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 3 - -
Tangible assets 4 60,319 33,103
60,319 33,103

CURRENT ASSETS
Stocks 32,450 35,650
Debtors 5 141,474 57,223
Cash at bank 63,006 41,133
236,930 134,006
CREDITORS
Amounts falling due within one year 6 240,827 151,724
NET CURRENT LIABILITIES (3,897 ) (17,718 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

56,422

15,385

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 56,322 15,285
SHAREHOLDERS' FUNDS 56,422 15,385

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

QEL AIR LTD (REGISTERED NUMBER: NI609100)

BALANCE SHEET - continued
30 SEPTEMBER 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 January 2025 and were signed on its behalf by:





Mr T Elliott - Director


QEL AIR LTD (REGISTERED NUMBER: NI609100)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 SEPTEMBER 2024


1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of goods and services excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost
Plant and machinery - 33% on reducing balance
Fixtures and fittings - 20% on reducing balance
Motor vehicles - 25% on reducing balance

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

QEL AIR LTD (REGISTERED NUMBER: NI609100)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2024


1. ACCOUNTING POLICIES - continued

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2023 - 4 ) .

3. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 October 2023
and 30 September 2024 10,600
AMORTISATION
At 1 October 2023
and 30 September 2024 10,600
NET BOOK VALUE
At 30 September 2024 -
At 30 September 2023 -

4. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 October 2023 - 48,804 - 11,000 59,804
Additions 22,950 500 840 18,695 42,985
At 30 September 2024 22,950 49,304 840 29,695 102,789
DEPRECIATION
At 1 October 2023 - 19,568 - 7,133 26,701
Charge for year 59 9,902 168 5,640 15,769
At 30 September 2024 59 29,470 168 12,773 42,470
NET BOOK VALUE
At 30 September 2024 22,891 19,834 672 16,922 60,319
At 30 September 2023 - 29,236 - 3,867 33,103

QEL AIR LTD (REGISTERED NUMBER: NI609100)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 SEPTEMBER 2024


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Trade debtors 128,640 51,820
VAT 12,834 5,403
141,474 57,223

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.9.24 30.9.23
£    £   
Other loans 3,955 6,150
Trade creditors 139,025 92,104
Tax 8,183 -
Directors' current accounts 79,934 46,613
Accrued expenses 9,730 6,857
240,827 151,724

QEL AIR LTD

REPORT OF THE ACCOUNTANTS TO THE DIRECTORS OF
QEL AIR LTD


The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 30 September 2024 set out on pages three to nine and you consider that the company is exempt from an audit.

In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us.






Patton Rainey Stenson Limited
Chartered Accountants
6 East Bridge Street
Enniskillen
Co. Fermanagh
BT74 7BT


17 January 2025