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REGISTERED NUMBER: 04854362 (England and Wales)















FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2024

FOR

NQC LIMITED

NQC LIMITED (REGISTERED NUMBER: 04854362)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024










Page

Balance Sheet 1

Notes to the Financial Statements 2


NQC LIMITED (REGISTERED NUMBER: 04854362)

BALANCE SHEET
31 AUGUST 2024

2024 2023
(Unaudited)
Notes £    £   
FIXED ASSETS
Intangible assets 4 2,120,462 2,049,773
Tangible assets 5 701,274 749,740
2,821,736 2,799,513

CURRENT ASSETS
Debtors 6 1,318,329 766,220
Cash at bank 861,959 992,743
2,180,288 1,758,963
CREDITORS
Amounts falling due within one year 7 (1,356,890 ) (1,379,495 )
NET CURRENT ASSETS 823,398 379,468
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,645,134

3,178,981

CREDITORS
Amounts falling due after more than one
year

8

-

(53,460

)

PROVISIONS FOR LIABILITIES (502,348 ) (851,920 )
NET ASSETS 3,142,786 2,273,601

CAPITAL AND RESERVES
Called up share capital 90 90
Capital redemption reserve 10 10
Retained earnings 3,142,686 2,273,501
SHAREHOLDERS' FUNDS 3,142,786 2,273,601

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 8 May 2025 and were signed on its behalf by:





C H V Russell - Director


NQC LIMITED (REGISTERED NUMBER: 04854362)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


1. STATUTORY INFORMATION

NQC Limited is a private company limited by shares and registered in England and Wales. The company's registered number is 04854362 and registered office address is 5 Brooklands Place, Brooklands Road, Sale, Cheshire, M33 3SD.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The results are for the company as a single entity. The functional and presentation currency is £ sterling.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets
Development expenditure

Development of products is capitalised where there is expected to be a benefit to future periods and the following conditions are met:
(i) It is technically feasible to complete the research or development so that the product will be available for use or sale.
(ii) It is intended to use or sell the product being developed.
(iii) The Company is able to use or sell the product.
(iv) It can be demonstrated that the product will generate probable future economic benefits.
(v) Adequate technical, financial, and other resources exist so that product development can be completed and subsequently used or sold.
(vi) Expenditure attributable to the research and development work can be reliably measured.

Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses. Development costs are being amortised evenly over their estimated useful economic life of five years.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 25% on reducing balance

Improvements to property are depreciated when the asset is brought into use at 6.66% on a straight line basis.

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

NQC LIMITED (REGISTERED NUMBER: 04854362)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


2. ACCOUNTING POLICIES - continued

Financial instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised 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.

Basic financial assets, which include trade debtors, other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

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, including bank loans, trade creditors, directors current accounts and other creditors that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation
Taxation 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 in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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

Hire purchase and leasing commitments
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

NQC LIMITED (REGISTERED NUMBER: 04854362)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


2. ACCOUNTING POLICIES - continued

Going concern
The directors consider that the company has sufficient working capital to enable it to continue to trade and meet its liabilities as they fall due for at least the next twelve months from the date of approval of the financial statements. For this reason, they continue to adopt the going concern basis in preparing the financial statements for the period ended 31 December 2024.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 112 (2023 - 106 ) .

4. INTANGIBLE FIXED ASSETS
Other
intangible
assets
£   
COST
At 1 September 2023 7,639,594
Additions 1,022,437
Disposals (1,502,939 )
At 31 August 2024 7,159,092
AMORTISATION
At 1 September 2023 5,589,821
Charge for year 784,714
Eliminated on disposal (1,335,905 )
At 31 August 2024 5,038,630
NET BOOK VALUE
At 31 August 2024 2,120,462
At 31 August 2023 2,049,773

Disposals represent the net down of fully amortised costs in the period

NQC LIMITED (REGISTERED NUMBER: 04854362)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


5. TANGIBLE FIXED ASSETS
Improvements Fixtures
to and
property fittings Totals
£    £    £   
COST
At 1 September 2023 746,642 825,035 1,571,677
Additions - 29,926 29,926
At 31 August 2024 746,642 854,961 1,601,603
DEPRECIATION
At 1 September 2023 96,322 725,615 821,937
Charge for year 49,776 28,616 78,392
At 31 August 2024 146,098 754,231 900,329
NET BOOK VALUE
At 31 August 2024 600,544 100,730 701,274
At 31 August 2023 650,320 99,420 749,740

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Trade debtors 629,791 234,274
Other debtors 688,538 531,946
1,318,329 766,220

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
(Unaudited)
£    £   
Bank loans and overdrafts 53,068 121,262
Trade creditors 414,560 329,103
Taxation and social security 297,054 376,864
Other creditors 592,208 552,266
1,356,890 1,379,495

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
(Unaudited)
£    £   
Bank loans - 53,460

NQC LIMITED (REGISTERED NUMBER: 04854362)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


9. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
2024 2023
(Unaudited)
£    £   
Within one year 85,001 53,957
Between one and five years 721,551 1,252,275
In more than five years 76,119 504,348
882,671 1,810,580

10. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
(Unaudited)
£    £   
Bank loans 53,068 174,722

The bank loan is secured by a debenture dated 16 December 2019 over the company's assets, in favour of NPIF TVC Debt LP acting by TVC Loans NPIF GP Limited as the general partner of NPIF TVC Debt LP acting by F W Capital Limited.
The bank loan is also secured by guarantees from the directors and other related parties.

11. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Frederick Norman (Senior Statutory Auditor)
for and on behalf of Harold Sharp Limited

12. PENSION COMMITMENTS

The company operates a defined contribution scheme for the benefit of the employees. At 31 August 2024 contributions amounting to £18,102 (2023: £ 15,073.8) and are included in creditors.