Company registration number 03431811 (England and Wales)
Independent Quantity Surveyors Limited
Unaudited financial statements
For the year ended 31 March 2024
Independent Quantity Surveyors Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
Independent Quantity Surveyors Limited
Statement of financial position
As at 31 March 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Property, plant and equipment
4
658,589
665,616
Current assets
Inventory
73,829
76,266
Debtors
5
387,068
301,657
Cash at bank and in hand
36,501
460,897
414,424
Creditors: amounts falling due within one year
6
(415,567)
(302,448)
Net current assets
45,330
111,976
Total assets less current liabilities
703,919
777,592
Creditors: amounts falling due after more than one year
7
(507,894)
(595,840)
Net assets
196,025
181,752
Capital and reserves
Called up share capital
2
2
Revaluation reserve
9
240,911
240,911
Retained earnings
(44,888)
(59,161)
Total equity
196,025
181,752
Independent Quantity Surveyors Limited
Statement of financial position (continued)
As at 31 March 2024
31 March 2024
- 2 -
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 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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the income statement within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 18 March 2025 and are signed on its behalf by:
W Taylor Watson
Director
Company registration number 03431811 (England and Wales)
Independent Quantity Surveyors Limited
Notes to the financial statements
For the year ended 31 March 2024
- 3 -
1
Accounting policies
Company information
Independent Quantity Surveyors Limited is a private company limited by shares incorporated in England and Wales. The company's registered number is 03431811 and the registered office address is The Old Red King, 162 Bury New Road Whitefield, Manchester, United Kingdom, M45 6AD.
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
Revenue
Revenue is recognised at the fair value of the consideration received or receivable for quantity surveying services provided in the normal course of business, and is shown net of VAT and other sales related taxes at the point those services are provided.
1.3
Property, plant and equipment
Property, plant and equipment is 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:
Freehold land and buildings
Not depreciated
Plant and machinery
20% on reducing balance and 3% on cost
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
Inventory
Inventories are valued at the lower of cost and estimated selling price less costs to complete and sell. Costs compromises of 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, an assessment is made for impairment. Any excess of the carrying amount of inventories over its estimated selling price costs to complete and sell is recognised as an impairment loss in the income statement. Reversals of impairment losses are also recognised in the income statement.
1.5
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties and loans to related parties.
Independent Quantity Surveyors Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial assets
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the income statement.
Basic financial liabilities
Basic financial liabilities are initially measured at transaction price and subsequently measured at amortised cost, being the transaction price less any amounts settled.
1.6
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
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 statement of financial position date.
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.
1.7
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the income statement in the period to which they relate.
1.8
Government grants
Grants of a revenue nature are credited to income in the period to which they relate.
1.9
Hire purchase and leasing commitments
Rentals paid under operating leases are charged to the income statement on a straight line basis over the period of the lease.
Independent Quantity Surveyors Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 5 -
2
Judgements and key sources of estimation uncertainty
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Although these estimates are based on management's best knowledge of the amount, events or actions, actual results ultimately may differ from those estimates.
The estimates are continually evaluated. Revisions to accounting estimates are recognised in the period in which the estimate is revised.
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are outlined below.
Estimating the useful economic life of an asset and the anticipated residual value are considered a key judgement in calculating an appropriate depreciation charge.
The directors use judgement to provide against bad debts using knowledge of customers and experience. The provisions are revisited after the statement of financial position date to ensure appropriate.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 17 (2023 - 14)
2024
2023
Number
Number
Total
17
14
Independent Quantity Surveyors Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 6 -
4
Property, plant and equipment
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost or valuation
At 1 April 2023
636,653
182,787
819,440
Additions
2,232
2,232
At 31 March 2024
636,653
185,019
821,672
Depreciation and impairment
At 1 April 2023
66,975
86,849
153,824
Depreciation charged in the year
9,259
9,259
At 31 March 2024
66,975
96,108
163,083
Carrying amount
At 31 March 2024
569,678
88,911
658,589
At 31 March 2023
569,678
95,938
665,616
Land and buildings with a carrying amount of £600,000 were revalued in 2019 by independent valuers not connected with the company on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties.
Cost or valuation at 31 March 2024 is represented by:
Land and Buildings
Plant and machinery
2024
2023
2024
2023
£
£
£
£
Cost
431,173
431,173
185,019
182,787
Valuation in 2019
205,480
205,480
-
-
Carrying value
636,653
636,653
185,019
182,787
If land and buildings had not been revalued they would have been included at the following historical cost:
2024 2023
£ £
Cost 431,173 431,173
Aggregate depreciation 124,985 124,985
Independent Quantity Surveyors Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
- 7 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
218,032
72,542
Other debtors
169,036
229,115
387,068
301,657
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
149,789
114,849
Trade creditors
20,405
37,624
Taxation and social security
207,725
126,730
Other creditors
37,648
23,245
415,567
302,448
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
507,894
595,840
Creditors which fall due after five years are as follows:
2024
2023
£
£
Payable by instalments
468,411
454,967
8
Loans and overdrafts
2024
2023
£
£
Bank loans
651,836
710,689
Bank overdrafts
5,847
657,683
710,689
Payable within one year
149,789
114,849
Payable after one year
507,894
595,840
Independent Quantity Surveyors Limited
Notes to the financial statements (continued)
For the year ended 31 March 2024
8
Loans and overdrafts
(Continued)
- 8 -
The long-term loans are secured by a fixed and floating charge over the undertaking and all properties and assets of the company present and future.
9
Revaluation reserve
The Revaluation reserve on 31 March 2024 was £240,911 (£240,911 - 2023).
10
Directors' transactions
The following advances and credits to directors subsisted during the year ended 31 March 2024 and 31 March 2023:
W Taylor Watson and L Taylor Watson
Opening balance
Amounts advanced
Amounts repaid
Closing balance
£
£
£
£
2023
61,939
188,505
(62,500)
187,944
2024
187,944
134,558
(217,616)
104,886
249,883
323,063
(280,116)
292,830
The maximum overdrawn balance in the year was £251,941. There were no material advances in the year or prior.
The loan is unsecured, interest free and repayable on demand, and has been repaid in full by 31 December 2024.
Dividends paid in the year were made when the company has sufficient distributable reserves.