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Registration number: SC177230

Quality Masonry Services Ltd.

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Quality Masonry Services Ltd.

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 8

Accountants' Report

9

 

Quality Masonry Services Ltd.

Company Information

Director

Mrs Katrena Hawkins

Company secretary

Mrs Katrena Hawkins

Registered office

4/5 Dalderse Avenue
Falkirk
FK2 7EF

Accountants

EQ Accountants Ltd Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

 

Quality Masonry Services Ltd.

(Registration number: SC177230)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

95,781

111,814

Current assets

 

Stocks

5

146,990

144,635

Debtors

6

29,101

19,842

Cash at bank and in hand

 

57,762

58,951

 

233,853

223,428

Creditors: Amounts falling due within one year

7

(162,213)

(159,585)

Net current assets

 

71,640

63,843

Total assets less current liabilities

 

167,421

175,657

Creditors: Amounts falling due after more than one year

7

(61,600)

(60,000)

Provisions for liabilities

(6,013)

(9,231)

Net assets

 

99,808

106,426

Capital and reserves

 

Called up share capital

4

6

Capital redemption reserve

2

-

Revaluation reserve

23,923

23,923

Retained earnings

75,879

82,497

Shareholders' funds

 

99,808

106,426

For the financial year ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 13 March 2025
 

.........................................
Mrs Katrena Hawkins
Company secretary and director

 

Quality Masonry Services Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

1

General information

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

2

Accounting policies

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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.

 

Quality Masonry Services Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

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

Freehold property

not provided

Improvements to property

10% on cost

Plant and machinery

20% on reducing balance

Fixtures and fittings

20% on reducing balance

Motor vehicles

25% on reducing balance

Computer equipment

33% on cost

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.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual
arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any
contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

 

 

Quality Masonry Services Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

3

Employees and Directors

The average number of persons employed by the company (including the director) during the year, was 11 (2023 - 8).

 

Quality Masonry Services Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

4

Tangible assets

Freehold property
£

Improvements to property
£

Fixtures and fittings
£

Plant and machinery
£

Cost or valuation

At 1 October 2023

85,000

13,912

4,792

62,712

Additions

-

-

-

349

Disposals

-

-

-

(14,450)

At 30 September 2024

85,000

13,912

4,792

48,611

Depreciation

At 1 October 2023

15,150

11,431

4,370

43,368

Charge for the year

1,400

413

85

2,559

Eliminated on disposal

-

-

-

(7,551)

At 30 September 2024

16,550

11,844

4,455

38,376

Carrying amount

At 30 September 2024

68,450

2,068

337

10,235

At 30 September 2023

69,850

2,481

422

19,344

Computer equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 October 2023

25,014

63,502

254,932

Additions

-

-

349

Disposals

-

-

(14,450)

At 30 September 2024

25,014

63,502

240,831

Depreciation

At 1 October 2023

24,885

43,914

143,118

Charge for the year

129

4,897

9,483

Eliminated on disposal

-

-

(7,551)

At 30 September 2024

25,014

48,811

145,050

Carrying amount

At 30 September 2024

-

14,691

95,781

At 30 September 2023

129

19,588

111,814

 

Quality Masonry Services Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

5

Stocks

2024
£

2023
£

Work in progress

28,792

28,237

Other inventories

118,198

116,398

146,990

144,635

6

Debtors

Current

2024
£

2023
£

Trade debtors

24,286

11,148

Prepayments

4,814

3,984

Other debtors

1

4,710

 

29,101

19,842

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

426

-

Trade creditors

 

35,895

35,830

Taxation and social security

 

36,701

24,032

Other creditors

 

89,191

99,723

 

162,213

159,585

 

Quality Masonry Services Ltd.

Notes to the Unaudited Financial Statements for the Year Ended 30 September 2024

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

8

40,000

60,000

Other non-current financial liabilities

 

21,600

-

 

61,600

60,000

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

40,000

60,000

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

426

-

9

Related party transactions

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

Creditors include the following amounts which are owed to individuals who were directors of the company during the year:

2024
 £

2023
 £

Mrs K Hawkins

43,724

65,079

Mrs H S Sniegon

-

7,236

 

43,724

72,315

The maximum balance outstanding during the year amounted to £72,315.

The directors current accounts are repayable on demand.

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Quality Masonry Services Ltd.
for the Year Ended 30 September 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Quality Masonry Services Ltd. for the year ended 30 September 2024 as set out on pages 2 to 8 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Quality Masonry Services Ltd., as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Quality Masonry Services Ltd. and state those matters that we have agreed to state to the Board of Directors of Quality Masonry Services Ltd., as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quality Masonry Services Ltd. and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Quality Masonry Services Ltd. has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Quality Masonry Services Ltd.. You consider that Quality Masonry Services Ltd. is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Quality Masonry Services Ltd.. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

EQ Accountants Ltd
Unit 4B
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

13 March 2025