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Company Registration No. 10097826 (England and Wales)
QUALITY WAY LTD Unaudited accounts for the year ended 31 August 2024
QUALITY WAY LTD Unaudited accounts Contents
Page
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QUALITY WAY LTD Company Information for the year ended 31 August 2024
Directors
Abdul Azim Masjidi Jaspreet Singh Dhillon
Company Number
10097826 (England and Wales)
Registered Office
142 JOHNSON STREET UNIT 7 SOUTHALL UB2 5FD ENGLAND
Accountants
SAMI & CO ACCOUNTANTS 48 BILTON ROAD PERIVALE MIDDLESEX UB6 7DH
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QUALITY WAY LTD Statement of financial position as at 31 August 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
7,057 
8,821 
Current assets
Inventories
511,305 
469,500 
Debtors
98,506 
122,428 
Cash at bank and in hand
47,056 
90,167 
656,867 
682,095 
Creditors: amounts falling due within one year
(139,496)
(155,674)
Net current assets
517,371 
526,421 
Total assets less current liabilities
524,428 
535,242 
Creditors: amounts falling due after more than one year
(99,095)
(109,486)
Net assets
425,333 
425,756 
Capital and reserves
Called up share capital
1,000 
1,000 
Profit and loss account
424,333 
424,756 
Shareholders' funds
425,333 
425,756 
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 March 2025 and were signed on its behalf by
Abdul Azim Masjidi Director Company Registration No. 10097826
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QUALITY WAY LTD Notes to the Accounts for the year ended 31 August 2024
1
Statutory information
QUALITY WAY LTD is a private company, limited by shares, registered in England and Wales, registration number 10097826. The registered office is 142 JOHNSON STREET, UNIT 7, SOUTHALL, UB2 5FD, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% Reducing balance
Computer equipment
20% Reducing balance
Government grants
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
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QUALITY WAY LTD Notes to the Accounts for the year ended 31 August 2024
4
Tangible fixed assets
Motor vehicles 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 September 2023
23,232 
650 
23,882 
At 31 August 2024
23,232 
650 
23,882 
Depreciation
At 1 September 2023
14,581 
480 
15,061 
Charge for the year
1,730 
34 
1,764 
At 31 August 2024
16,311 
514 
16,825 
Net book value
At 31 August 2024
6,921 
136 
7,057 
At 31 August 2023
8,651 
170 
8,821 
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
Trade debtors
98,506 
122,428 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
VAT
2,957 
3,061 
Trade creditors
119,076 
130,534 
Taxes and social security
17,463 
22,079 
139,496 
155,674 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
19,107 
29,498 
Loans from directors
79,988 
79,988 
99,095 
109,486 
8
Average number of employees
During the year the average number of employees was 5 (2023: 4).
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