QUEEN'S COMPOSITES LIMITED

Company Registration Number:
NI604478 (Northern Ireland)

Unaudited statutory accounts for the year ended 31 July 2024

Period of accounts

Start date: 1 August 2023

End date: 31 July 2024

QUEEN'S COMPOSITES LIMITED

Contents of the Financial Statements

for the Period Ended 31 July 2024

Directors report
Profit and loss
Balance sheet
Additional notes
Balance sheet notes

QUEEN'S COMPOSITES LIMITED

Directors' report period ended 31 July 2024

The directors present their report with the financial statements of the company for the period ended 31 July 2024

Principal activities of the company

The company is a wholly owned subsidiary of Queen’s University Belfast. The principal activity of the company is to act as a partner in NI Composites O&M LLP which provides operating and managerial services in respect of the Northern Ireland Advanced Composites and Engineering Centre (NIACE). NIACE is a technology hub for the research and development of advanced engineering and advanced materials technologies across a range of industrial sectors.

Political and charitable donations

The company made no political contributions in either the year ended 31 July 2024 or 31 July 2023.



Directors

The director shown below has held office during the whole of the period from
1 August 2023 to 31 July 2024

Mrs Anne McLaughlin


Secretary Margaret Connolly

The above report has been prepared in accordance with the special provisions in part 15 of the Companies Act 2006

This report was approved by the board of directors on
26 February 2025

And signed on behalf of the board by:
Name: Mrs Anne McLaughlin
Status: Director

QUEEN'S COMPOSITES LIMITED

Profit And Loss Account

for the Period Ended 31 July 2024

2024 2023


£

£
Turnover: 0 0
Cost of sales: 0 0
Gross profit(or loss): 0 0
Distribution costs: ( 5,585 ) ( 5,942 )
Operating profit(or loss): (5,585) (5,942)
Profit(or loss) before tax: (5,585) (5,942)
Profit(or loss) for the financial year: (5,585) (5,942)

QUEEN'S COMPOSITES LIMITED

Balance sheet

As at 31 July 2024

Notes 2024 2023


£

£
Current assets
Debtors: 3 1 1
Cash at bank and in hand: 4,134 8,703
Total current assets: 4,135 8,704
Creditors: amounts falling due within one year: 4 ( 18,376 ) ( 17,360 )
Net current assets (liabilities): (14,241) (8,656)
Total assets less current liabilities: (14,241) ( 8,656)
Total net assets (liabilities): (14,241) (8,656)
Capital and reserves
Called up share capital: 1 1
Profit and loss account: (14,242 ) (8,657 )
Total Shareholders' funds: ( 14,241 ) (8,656)

The notes form part of these financial statements

QUEEN'S COMPOSITES LIMITED

Balance sheet statements

For the year ending 31 July 2024 the company was entitled to exemption 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.

This report was approved by the board of directors on 26 February 2025
and signed on behalf of the board by:

Name: Mrs Anne McLaughlin
Status: Director

The notes form part of these financial statements

QUEEN'S COMPOSITES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Valuation information and policy

    Other debtors/creditors Other debtors are recognised initially at transaction price less attributable transaction costs. Other creditors are recognised initially at transaction price plus attributable transaction costs. Subsequent to initial recognition they are measured at amortised cost using the effective interest method, less any impairment losses in the case of other debtors. If the arrangement constitutes a financial transaction, for example, if payment is deferred beyond normal business terms, then it is measured at the present value of future payments discounted at a market rate of interest for a similar debt instrument.

    Other accounting policies

    Financial assets (including other debtors) A financial asset not carried at fair value through profit or loss is assessed at each reporting date to determine whether there is objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event has occurred after the initial recognition of the asset, and the loss event that had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. Tax An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. For financial instruments measured at cost less impairment an impairment is calculated as the difference between its carrying amount and the best estimate of the amount that the company would receive for the asset if it were to be sold at the reporting date. Interest on the impaired asset continues to be recognised through the unwinding of the discount. Impairment losses are recognised in profit or loss. When a subsequent event causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. Tax on the profit or loss for the year comprises current and deferred tax. Tax is recognised in the profit and loss account except to the extent that it relates to items recognised directly in equity or other comprehensive income, in which case it is recognised directly in equity or other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the balance sheet date, and any adjustment to tax payable in respect of previous years. Deferred tax is provided on timing differences which arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is not recognised on permanent differences arising because certain types of income or expense are non-taxable or are disallowable for tax or because certain tax charges or allowances are greater or smaller than the corresponding income or expense.

QUEEN'S COMPOSITES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

  • 2. Employees

    2024 2023
    Average number of employees during the period 0 0

QUEEN'S COMPOSITES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

3. Debtors

2024 2023
£ £
Other debtors 1 1
Total 1 1

QUEEN'S COMPOSITES LIMITED

Notes to the Financial Statements

for the Period Ended 31 July 2024

4. Creditors: amounts falling due within one year note

2024 2023
£ £
Trade creditors 10,314 10,405
Accruals and deferred income 8,062 6,955
Total 18,376 17,360