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Registration number: 06663391

QK & Associates Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 August 2024

 

QK & Associates Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

QK & Associates Limited

Company Information

Directors





 

Q Kiani

R Kiani

Registered office






 

53 Hatfield Road
St Albans
Hertfordshire
AL1 4JE

Accountants

A S Partnership Ltd
Chartered Certified Accountants
158 Stafford Road
Wallington
Surrey
SM6 9BS

 

QK & Associates Limited

(Registration number: 06663391)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

           

Fixed Assets

   

 

Tangible Assets

4

 

964,484

 

976,619

Current assets

   

 

Stocks

5

132,307

 

4,333

 

Debtors

6

-

 

100,367

 

Cash at bank and in hand

 

16,409

 

30,045

 

 

148,716

 

134,745

 

Creditors: Amounts falling due within one year

7

(72,948)

 

(74,642)

 

Net current assets

   

75,768

 

60,103

Total assets less current liabilities

   

1,040,252

 

1,036,722

Creditors: Amounts falling due after more than one year

7

 

(289,764)

 

(312,218)

Provisions for liabilities

 

688

 

-

Net assets

   

751,176

 

724,504

Capital and reserves

   

 

Called up share capital

100

 

100

 

Profit and loss account

751,076

 

724,404

 

Total equity

   

751,176

 

724,504

For the financial year ending 31 August 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.

 

QK & Associates Limited

(Registration number: 06663391)
Balance Sheet as at 31 August 2024

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 and the option not to file the Profit and Loss Account has been taken.

As permitted by s444A and s444(5A) of the Companies Act 2006, the directors have not delivered to the Registrar a copy of the directors report, profit and loss account and associated notes.

Approved and authorised by the Board on 19 March 2025 and signed on its behalf by:
 

.........................................
Q Kiani
Director

 

QK & Associates Limited

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

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
53 Hatfield Road
St Albans
Hertfordshire
AL1 4JE

These financial statements were authorised for issue by the Board on 19 March 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.

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.

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

25% on reducing balance

 

QK & Associates Limited

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

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.

 

QK & Associates Limited

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

Borrowings

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

QK & Associates Limited

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

4

Tangible Assets

Land and buildings
£

Other tangible assets
£

Total
£

Cost or valuation

At 1 September 2023

1,044,662

102,113

1,146,775

At 31 August 2024

1,044,662

102,113

1,146,775

Depreciation

At 1 September 2023

77,910

92,246

170,156

Charge for the year

9,668

2,467

12,135

At 31 August 2024

87,578

94,713

182,291

Carrying amount

At 31 August 2024

957,084

7,400

964,484

At 31 August 2023

966,752

9,867

976,619

Included within the net book value of land and buildings above is £957,084 (2023 - £966,752) in respect of freehold land and buildings.
 

5

Stocks

2024
£

2023
£

Work in progress

132,307

4,333

6

Debtors

2024
£

2023
£

Trade Debtors

-

4,700

Other debtors

-

95,667

Total current trade and other debtors

-

100,367

 

QK & Associates Limited

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

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

45,600

41,747

Other creditors

 

26,591

32,543

Directors' loan accounts

 

757

352

 

72,948

74,642

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

289,764

312,218

8

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100