9 false false false false false false false false false false true false false false false false false No description of principal activity 2023-05-01 Sage Accounts Production Advanced 2023 - FRS102_2023 33,612 3,916 37,528 37,528 33,612 170,533 170,533 170,533 xbrli:pure xbrli:shares iso4217:GBP SC339873 2023-05-01 2024-04-30 SC339873 2024-04-30 SC339873 2023-04-30 SC339873 2022-05-01 2023-04-30 SC339873 2023-04-30 SC339873 2022-04-30 SC339873 core:PlantMachinery 2023-05-01 2024-04-30 SC339873 core:FurnitureFittings 2023-05-01 2024-04-30 SC339873 core:MotorVehicles 2023-05-01 2024-04-30 SC339873 bus:Director4 2023-05-01 2024-04-30 SC339873 core:PlantMachinery 2023-04-30 SC339873 core:FurnitureFittings 2023-04-30 SC339873 core:MotorVehicles 2023-04-30 SC339873 core:PlantMachinery 2024-04-30 SC339873 core:FurnitureFittings 2024-04-30 SC339873 core:MotorVehicles 2024-04-30 SC339873 core:PatentsTrademarksLicencesConcessionsSimilar 2023-05-01 2024-04-30 SC339873 core:WithinOneYear 2024-04-30 SC339873 core:WithinOneYear 2023-04-30 SC339873 core:AfterOneYear 2024-04-30 SC339873 core:AfterOneYear 2023-04-30 SC339873 core:ShareCapital 2024-04-30 SC339873 core:ShareCapital 2023-04-30 SC339873 core:SharePremium 2024-04-30 SC339873 core:SharePremium 2023-04-30 SC339873 core:RevaluationReserve 2024-04-30 SC339873 core:RevaluationReserve 2023-04-30 SC339873 core:RetainedEarningsAccumulatedLosses 2024-04-30 SC339873 core:RetainedEarningsAccumulatedLosses 2023-04-30 SC339873 core:PatentsTrademarksLicencesConcessionsSimilar 2024-04-30 SC339873 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-30 SC339873 core:PatentsTrademarksLicencesConcessionsSimilar 2023-04-30 SC339873 core:CostValuation core:Non-currentFinancialInstruments 2024-04-30 SC339873 core:Non-currentFinancialInstruments 2024-04-30 SC339873 core:Non-currentFinancialInstruments 2023-04-30 SC339873 core:PlantMachinery 2023-04-30 SC339873 core:MotorVehicles 2023-04-30 SC339873 bus:SmallEntities 2023-05-01 2024-04-30 SC339873 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 SC339873 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 SC339873 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 SC339873 bus:FullAccounts 2023-05-01 2024-04-30 SC339873 core:ComputerEquipment 2023-05-01 2024-04-30 SC339873 core:ComputerEquipment 2023-04-30 SC339873 core:ComputerEquipment 2024-04-30 SC339873 core:AfterOneYear 2023-05-01 2024-04-30
COMPANY REGISTRATION NUMBER: SC339873
QED Naval Ltd
Filleted Unaudited Financial Statements
30 April 2024
QED Naval Ltd
Statement of Financial Position
30 April 2024
2024
2023
Note
£
£
Fixed Assets
Intangible assets
5
37,528
33,612
Tangible assets
6
22,959
197,991
Investments
7
170,533
170,533
---------
---------
231,020
402,136
Current Assets
Debtors
8
898,601
415,789
Cash at bank and in hand
12,816
651,984
---------
------------
911,417
1,067,773
Creditors: amounts falling due within one year
9
310,183
139,629
---------
------------
Net Current Assets
601,234
928,144
---------
------------
Total Assets Less Current Liabilities
832,254
1,330,280
Creditors: amounts falling due after more than one year
10
14,810
14,810
---------
------------
Net Assets
817,444
1,315,470
---------
------------
Capital and Reserves
Called up share capital
8
8
Share premium account
4,634,089
4,634,089
Revaluation reserve
1,000,000
1,000,000
Profit and loss account
( 4,816,653)
( 4,318,627)
------------
------------
Shareholders Funds
817,444
1,315,470
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 30 April 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
QED Naval Ltd
Statement of Financial Position (continued)
30 April 2024
These financial statements were approved by the board of directors and authorised for issue on 30 January 2025 , and are signed on behalf of the board by:
Mr J Smith
Director
Company registration number: SC339873
QED Naval Ltd
Notes to the Financial Statements
Year Ended 30 April 2024
1. General Information
The company is a private company limited by shares, registered in Scotland. The address of the registered office is 2nd Floor Office (2/4), 11 Castle Street, Edinburgh, EH2 3AH, Scotland.
2. Statement of Compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting Policies
Basis of Preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going Concern
The company has made a loss for the year of £498,026 (2023 - £1,004,904). In making their going concern assessment, the Directors have considered budgets and forecasts for the business and believe that the company can continue trading for a period of at least 12 months from the date of signing these financial statements, and therefore the financial statements have been prepared on a going concern basis.
Judgements and Key Sources of Estimation Uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue Recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Foreign Currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Intangible Assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at revalued amounts, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Tangible Assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
25% straight line
Fixtures and fittings
-
25% straight line
Motor vehicles
-
25% straight line
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Investments in Associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in Joint Ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
Impairment of Fixed Assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined Contribution Plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee Numbers
The average number of persons employed by the company during the year amounted to 9 (2023: 7 ).
5. Intangible Assets
Patents, trademarks and licences
£
Cost
At 1 May 2023
33,612
Additions
3,916
--------
At 30 April 2024
37,528
--------
Amortisation
At 1 May 2023 and 30 April 2024
--------
Carrying amount
At 30 April 2024
37,528
--------
At 30 April 2023
33,612
--------
6. Tangible Assets
Plant and machinery
Fixtures and fittings
Motor vehicles
Equipment
Total
£
£
£
£
£
Cost
At 1 May 2023
1,015,467
1,608
27,553
91,458
1,136,086
Additions
10,627
10,627
Disposals
( 11,502)
( 11,502)
------------
-------
--------
---------
------------
At 30 April 2024
1,003,965
1,608
27,553
102,085
1,135,211
------------
-------
--------
---------
------------
Depreciation
At 1 May 2023
841,031
1,608
9,516
85,940
938,095
Charge for the year
167,638
5,695
5,527
178,860
Disposals
( 4,703)
( 4,703)
------------
-------
--------
---------
------------
At 30 April 2024
1,003,966
1,608
15,211
91,467
1,112,252
------------
-------
--------
---------
------------
Carrying amount
At 30 April 2024
( 1)
12,342
10,618
22,959
------------
-------
--------
---------
------------
At 30 April 2023
174,436
18,037
5,518
197,991
------------
-------
--------
---------
------------
7. Investments
Shares in group undertakings
£
Cost
At 1 May 2023 and 30 April 2024
170,533
---------
Impairment
At 1 May 2023 and 30 April 2024
---------
Carrying amount
At 30 April 2024
170,533
---------
At 30 April 2023
170,533
---------
8. Debtors
2024
2023
£
£
Trade debtors
84,015
94,483
Amounts owed by group undertakings and undertakings in which the company has a participating interest
244,908
158,721
Other debtors
569,678
162,585
---------
---------
898,601
415,789
---------
---------
Within Other Debtors, is accrued income of £462,206 relating to grant income received post year end from OREC for the Tiger Project which completed in October 2023.
9. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
65,026
45,742
Social security and other taxes
5,456
7,494
Other creditors
239,701
86,393
---------
---------
310,183
139,629
---------
---------
Within Other Creditors, are loans from John Dawson - £75,625 and John Boyce - £64,257 which were both repaid post year end.
10. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
14,810
14,810
--------
--------
The balance of £14,810 relates to a Hire Purchase agreement secured against the Nissan Navara Double Cab Pick Up.
11. Investments in Joint Ventures
The company has a direct 50% holding of ordinary share capital in Tocardo BV, an entity with a registered office in Holland and the nature of the business being that of renewable energy.
12. Related Party Transactions
Included within other debtors is a balance of £282,588 (2023 - £133,085) due from Tocardo BV, a company in which QED Naval Ltd holds 50% of shares. The balance is unsecured, interest free and has no fixed terms of repayment. Also included within other debtors is a balance of £-44,479 (2023 - £25,637) due to QED Marine Projects Ltd, a company in which QED Naval Ltd holds 100% of shares. The balance is unsecured, interest free and has no fixed terms of repayment.
13. Controlling Party
The director does not consider there to be an ultimate controlling party of the company.