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Registration number: 04562234

QED Construction Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2024

Pages for filing with Registrar

 

QED Construction Limited

Contents


 

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 9

 

QED Construction Limited

Company Information


 

Directors

Mr P G Turner

Mr I A Ashton

Company secretary

Mr P G Turner

Registered office

Larch House Lindle Business Park
Lindle Lane Hutton
Preston
Lancs
PR4 4AQ

 

QED Construction Limited

(Registration number: 04562234)
Balance Sheet as at 31 December 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

6

155,148

180,560

Current assets

 

Debtors

7

1,219,646

1,874,897

Cash at bank and in hand

 

235,113

214,470

 

1,454,759

2,089,367

Creditors: Amounts falling due within one year

8

(716,528)

(1,415,522)

Net current assets

 

738,231

673,845

Total assets less current liabilities

 

893,379

854,405

Creditors: Amounts falling due after more than one year

8

(4,409)

(14,806)

Provisions for liabilities

(32,779)

(38,748)

Net assets

 

856,191

800,851

Capital and reserves

 

Called up share capital

200

200

Revaluation reserve

24,276

24,086

Retained earnings

831,715

776,565

Shareholders' funds

 

856,191

800,851

 

QED Construction Limited

(Registration number: 04562234)
Balance Sheet as at 31 December 2024 (continued)

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

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 January 2025 and signed on its behalf by:
 

.........................................
Mr P G Turner
Company secretary and director

 

QED Construction Limited

Notes to the Financial Statements for the Year Ended 31 December 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:
Larch House Lindle Business Park
Lindle Lane Hutton
Preston
Lancs
PR4 4AQ

These financial statements were authorised for issue by the Board on 29 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 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" Section 1A for small entities and the Companies Act 2006.

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.

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 £.

 

QED Construction Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

Key sources of estimation uncertainty

Tangible fixed assets, other than investment properties, are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values. The carrying amount is £155,148 (2023 - £180,560).

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of goods 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;

Government grants

The company recognises government grants on the accruals model under FRS102.

Grants that compensate the company for expenses incurred are recognised in profit or loss on a systematic basis in the periods in which the expenses are recognised.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

 

QED Construction Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

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

Computer equipment

50% on reducing balance

Motor vehicles

25% on reducing balance

Plant and machinery

25% on reducing balance

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business in 2009, has now been fully amortised evenly over its estimated useful life of 5 years.

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.

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.

Leases

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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

 

QED Construction Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

2

Accounting policies (continued)

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.

Defined contribution pension obligation

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.

Financial instruments

Classification
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 liability simultaneously.

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

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

 

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 33 (2023 - 31).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

51,912

56,704

 

QED Construction Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

5

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 January 2024

260,000

260,000

At 31 December 2024

260,000

260,000

Amortisation

At 1 January 2024

260,000

260,000

At 31 December 2024

260,000

260,000

Carrying amount

At 31 December 2024

-

-

6

Tangible assets

Computer equipment
 £

Motor vehicles
 £

Plant & machinery
 £

Total
£

Cost or valuation

At 1 January 2024

34,457

236,546

337,794

608,797

Additions

5,711

-

28,406

34,117

Disposals

-

(13,090)

(559)

(13,649)

At 31 December 2024

40,168

223,456

365,641

629,265

Depreciation

At 1 January 2024

25,268

163,641

239,327

428,236

Charge for the year

6,448

16,574

28,890

51,912

Eliminated on disposal

-

(6,031)

-

(6,031)

At 31 December 2024

31,716

174,184

268,217

474,117

Carrying amount

At 31 December 2024

8,452

49,272

97,424

155,148

At 31 December 2023

9,189

72,905

98,466

180,560

 

QED Construction Limited

Notes to the Financial Statements for the Year Ended 31 December 2024 (continued)

7

Debtors

Current

2024
£

2023
£

Trade debtors

1,035,346

1,518,930

Amounts owed by related parties

413

167,635

Prepayments

65,644

98,824

Other debtors

118,243

89,508

 

1,219,646

1,874,897

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Loans and borrowings

10,397

10,140

Trade creditors

411,454

368,165

Amounts due to related parties

20,736

791,682

Other taxation and social security

256,284

222,678

Other payables

6,709

9,303

Accruals

10,948

13,554

716,528

1,415,522

Creditors: amounts falling due after more than one year

Loans and borrowings

4,409

14,806