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Registration number: 05962197

Qdos Developments Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 January 2024

 

Qdos Developments Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Qdos Developments Limited

Company Information

Director

Mr H W Bilton

Registered office

Stone Cottage
Summerhill Road
Prestbury
Macclesfield
Cheshire
SK10 4AH

 

Qdos Developments Limited

(Registration number: 05962197)
Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,397

3,196

Current assets

 

Stocks

5

6,090,175

7,648,738

Debtors

6

19,330

19,939

Cash at bank and in hand

 

18,106

32,328

 

6,127,611

7,701,005

Creditors: Amounts falling due within one year

7

(7,754,360)

(8,967,652)

Net current liabilities

 

(1,626,749)

(1,266,647)

Total assets less current liabilities

 

(1,624,352)

(1,263,451)

Creditors: Amounts falling due after more than one year

7

(2,201,677)

(2,202,070)

Net liabilities

 

(3,826,029)

(3,465,521)

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

(3,826,129)

(3,465,621)

Shareholders' deficit

 

(3,826,029)

(3,465,521)

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

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 27 January 2025
 

 

Qdos Developments Limited

(Registration number: 05962197)
Balance Sheet as at 31 January 2024

.........................................
Mr H W Bilton
Director

 

Qdos Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Stone Cottage
Summerhill Road
Prestbury
Macclesfield
Cheshire
SK10 4AH

These financial statements were authorised for issue by the director on 27 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Qdos Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery etc

25% reducing balance

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Qdos Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Qdos Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 February 2023

22,878

2,424

25,302

At 31 January 2024

22,878

2,424

25,302

Depreciation

At 1 February 2023

19,824

2,282

22,106

Charge for the year

764

35

799

At 31 January 2024

20,588

2,317

22,905

Carrying amount

At 31 January 2024

2,290

107

2,397

At 31 January 2023

3,054

142

3,196

5

Stocks

2024
£

2023
£

Work in progress

6,090,175

7,648,738

6

Debtors

Current

2024
£

2023
£

Prepayments

1,966

2,415

Other debtors

17,364

17,524

 

19,330

19,939

7

Creditors

Creditors: amounts falling due within one year

 

Qdos Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

1,302,581

2,835,181

Trade creditors

 

6,187

4,862

Amounts owed to group undertakings and undertakings in which the company has a participating interest

11

70,000

70,000

Taxation and social security

 

-

152

Other creditors

 

6,375,592

6,057,457

 

7,754,360

8,967,652

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

2,201,677

2,202,070

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

2,201,677

2,202,070

Current loans and borrowings

2024
£

2023
£

Other borrowings

1,302,581

2,835,181

10

Financial commitments, guarantees and contingencies

Amounts disclosed in the balance sheet

 

Qdos Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Included in the balance sheet are financial commitments of £3,504,258 (2023 - £5,037,251). Loans are secured upon properties that the company holds within stock.

11

Related party transactions

At the balance sheet date the company owed the director £5,565,486 (2023: £5,383,986). The loan is interest free and repayable on demand. The director will continue to support the company for the foreseeable future.

 

Qdos Developments Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Transactions with the director

2024

At 1 February 2023
£

Advances to director
£

Repayments by director
£

At 31 January 2024
£

Mr H W Bilton

Directors loan

(5,383,986)

-

(181,500)

(5,565,486)

2023

At 1 February 2022
£

Advances to director
£

At 31 January 2023
£

Mr H W Bilton

Directors loan

(5,535,336)

151,350

(5,383,986)