Company registration number 01959944 (England and Wales)
TQC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
TQC LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Statement of changes in equity
3 - 4
Notes to the financial statements
5 - 11
TQC LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
498,104
488,370
Current assets
Stocks
103,462
95,122
Debtors
5
712,623
805,325
Cash at bank and in hand
938,169
282,105
1,754,254
1,182,552
Creditors: amounts falling due within one year
6
(1,084,694)
(600,017)
Net current assets
669,560
582,535
Total assets less current liabilities
1,167,664
1,070,905
Creditors: amounts falling due after more than one year
7
(8,333)
(18,333)
Provisions for liabilities
(29,068)
(34,124)
Net assets
1,130,263
1,018,448
Capital and reserves
Called up share capital
27,814
27,814
Share premium account
18,676
18,676
Revaluation reserve
266,205
246,316
Capital redemption reserve
52,411
52,411
Profit and loss reserves
765,157
673,231
Total equity
1,130,263
1,018,448
TQC LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2024
30 September 2024
- 2 -
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 17 April 2025 and are signed on its behalf by:
M C Jones CEng Bsc (Hons) MPhil FIMechE
Director
Company registration number 01959944 (England and Wales)
TQC LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 3 -
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
Balance at 1 October 2022
27,814
18,676
209,986
52,411
712,155
1,021,042
Year ended 30 September 2023:
Loss
-
-
-
-
(54,119)
(54,119)
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
66,525
-
-
66,525
Tax relating to other comprehensive income
-
-
(15,000)
-
-
(15,000)
Total comprehensive income
-
-
51,525
-
(54,119)
(2,594)
Transfers
-
-
(1,336)
-
1,336
-
Transfer - deferred tax on revalued property
-
-
(13,859)
-
13,859
-
Balance at 30 September 2023
27,814
18,676
246,316
52,411
673,231
1,018,448
TQC LIMITED
STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
Share capital
Share premium account
Revaluation reserve
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
£
£
- 4 -
Year ended 30 September 2024:
Profit
-
-
-
-
125,208
125,208
Other comprehensive income:
Revaluation of tangible fixed assets
-
-
27,625
-
-
27,625
Tax relating to other comprehensive income
-
-
(6,250)
-
(6,250)
Total comprehensive income
-
-
21,375
-
125,208
146,583
Dividends
-
-
-
-
(34,768)
(34,768)
Transfers
-
-
(1,486)
-
1,486
-
Balance at 30 September 2024
27,814
18,676
266,205
52,411
765,157
1,130,263
TQC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
1
Accounting policies
Company information
TQC Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hooton Street, Carlton Road, Nottingham, NG3 2NJ.
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, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Revenue from contracts for project work is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.
1.3
Research and development expenditure
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.
1.4
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.
TQC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 6 -
1.5
Tangible fixed assets
Tangible fixed assets are 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:
Land and buildings Freehold
0.5% per annum, straight line basis
Improvements to property
10% per annum, straight line basis
Plant and machinery
10% - 25% per annum, straight line basis
Fixtures, fittings & equipment
10% - 25% per annum, straight line basis
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.
1.6
Impairment of fixed assets
The company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
1.7
Stocks
Stocks are valued at the lower of cost and net realisable value. The cost of finished goods and work in progress include directly attributable costs. Turnover and related costs on each long term contract are recorded in the profit and loss account as contract activity progresses. Turnover is calculated on the basis of the value of work done and when a profitable outcome to the contract can be assessed with reasonable certainty.
Attributable profit is calculated on a prudent basis for each contract by reference to the contract's cumulative turnover, total contract value and total profit estimated for the completed contract. Full provision is made for losses on a contract immediately as they can be foreseen.
Work in progress is stated, at direct cost, applicable overheads plus a relevant proportion of profits. Provision is made for any foreseeable losses on each contract and the net figure is reflected in other debtors.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
TQC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 7 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price.
1.9
Equity instruments
Share capital issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on share capital are recognised as liabilities once they are no longer at the discretion of the company.
1.10
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
TQC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 8 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.11
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.12
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.13
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.14
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
Government grants relating to turnover are recognised as income over the periods when the related costs are incurred.
1.15
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
TQC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 9 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
38
44
3
Intangible fixed assets
Other
£
Cost
At 1 October 2023 and 30 September 2024
16,387
Amortisation and impairment
At 1 October 2023 and 30 September 2024
16,387
Carrying amount
At 30 September 2024
At 30 September 2023
TQC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 10 -
4
Tangible fixed assets
Land and buildings Freehold
Improvements to property
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost or valuation
At 1 October 2023
350,000
20,713
85,861
435,649
892,223
Additions
25,217
25,217
Disposals
(1,825)
(249)
(2,074)
Revaluation
25,000
25,000
At 30 September 2024
375,000
20,713
84,036
460,617
940,366
Depreciation and impairment
At 1 October 2023
875
518
83,195
319,265
403,853
Depreciation charged in the year
1,750
2,071
855
36,879
41,555
Eliminated in respect of disposals
(494)
(27)
(521)
Revaluation
(2,625)
(2,625)
At 30 September 2024
2,589
83,556
356,117
442,262
Carrying amount
At 30 September 2024
375,000
18,124
480
104,500
498,104
At 30 September 2023
349,125
20,195
2,666
116,384
488,370
The freehold property was revalued in January 2025 by R L Watkinson FRICS, an external and independent valuer, on an open market basis to £375,000. The report was prepared having regard to the RICS Valuation - Global Standards 2020. At the year end the directors considered the valuation and deemed it to be appropriate.
If revalued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:
2024
2023
£
£
Cost
52,786
52,786
Accumulated depreciation
(22,987)
(22,723)
Carrying value
29,799
30,063
TQC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 11 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
616,324
336,938
Corporation tax recoverable
417
231,523
Other debtors
95,882
236,864
712,623
805,325
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
10,000
10,000
Trade creditors
183,879
134,617
Taxation and social security
145,321
81,108
Other creditors
745,494
374,292
1,084,694
600,017
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
8,333
18,333
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
199,278
194,596
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