Company registration number 02312635 (England and Wales)
Quickchange Products Limited
UNAUDITED FINANCIAL STATEMENTS
for the year ended 28 February 2025
PAGES FOR FILING WITH REGISTRAR
Quickchange Products Limited
Contents
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
Quickchange Products Limited
Statement of Financial Position
as at 28 February 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
3
26,301
34,682
Current assets
Stocks
74,711
80,411
Debtors
4
31,015
44,341
Cash at bank and in hand
48,913
80,860
154,639
205,612
Creditors: amounts falling due within one year
5
(37,571)
(33,749)
Net current assets
117,068
171,863
Total assets less current liabilities
143,369
206,545
Provisions for liabilities
(4,997)
(12,290)
Net assets
138,372
194,255
Capital and reserves
Called up share capital
1,200
1,200
Share premium account
56,461
56,461
Profit and loss reserves
80,711
136,594
Total equity
138,372
194,255
Quickchange Products Limited
Statement of Financial Position (continued)
as at 28 February 2025
- 2 -
The director of the company has elected not to include a copy of the income statement within the financial statements.true
For the financial year ended 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has 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 and signed by the director and authorised for issue on 7 April 2025
R J Barrington-Hirst
Director
Company Registration No. 02312635
Quickchange Products Limited
Notes to the financial statements
for the year ended 28 February 2025
- 3 -
1
Accounting policies
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.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Turnover
Turnover is recognised at the point of sale when the goods are supplied to the customer.
Turnover represents the amount derived from the provision of goods and services falling within the company's activities after deduction of trade discounts and value added tax.
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost less depreciation.
Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:
Computer equipment
25% straight line basis
Fixtures and fittings
15% on written down value
Tooling
25% straight line basis
Motor vehicles
25% on written down value
Stocks
Stock is valued at the lower cost and net book value.
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 income statement 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.
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.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Quickchange Products Limited
Notes to the financial statements (continued)
for the year ended 28 February 2025
- 4 -
2
Employees
2025
2024
Number
Number
Total
2
3
3
Tangible fixed assets
Computer equipment
Fixtures and fittings
Tooling
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 March 2024 and 28 February 2025
88,099
116,526
185,630
63,370
453,625
Depreciation and impairment
At 1 March 2024
87,480
111,675
185,630
34,158
418,943
Depreciation charged in the year
350
728
7,303
8,381
At 28 February 2025
87,830
112,403
185,630
41,461
427,324
Carrying amount
At 28 February 2025
269
4,123
21,909
26,301
At 29 February 2024
619
4,851
29,212
34,682
4
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
22,288
36,257
Prepayments and accrued income
8,727
8,084
31,015
44,341
5
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
16,595
15,977
Corporation tax
10,262
4,664
Other taxation and social security
8,014
10,408
Accruals and deferred income
2,700
2,700
37,571
33,749
6
Parent company
The ultimate parent company is Triplelook Limited, a company registered in England and Wales and whose registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.
Quickchange Products Limited
Notes to the financial statements (continued)
for the year ended 28 February 2025
- 5 -
7
Company information
Quickchange Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is West House, King Cross Road, Halifax, West Yorkshire, HX1 1EB.