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Registration number: 07078314

Quality Plated Products Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 September 2024

 

Quality Plated Products Ltd

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 13

 

Quality Plated Products Ltd

(Registration number: 07078314)
Balance Sheet as at 30 September 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

4,694,936

1,815,876

Current assets

 

Stocks

7

216,806

100,914

Debtors

8

3,986,871

4,417,627

Cash at bank and in hand

 

144,573

160,245

 

4,348,250

4,678,786

Creditors: Amounts falling due within one year

9

(7,414,171)

(4,101,503)

Net current (liabilities)/assets

 

(3,065,921)

577,283

Total assets less current liabilities

 

1,629,015

2,393,159

Creditors: Amounts falling due after more than one year

9

(87,804)

(1,778,904)

Provisions for liabilities

(340,350)

(172,820)

Net assets

 

1,200,861

441,435

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

1,200,761

441,335

Shareholders' funds

 

1,200,861

441,435

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.

Directors' 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 directors acknowledge their 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 Board on 13 June 2025 and signed on its behalf by:
 

.........................................
J W Timmins
Director

 

Quality Plated Products 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 England.

The address of its registered office is:
Shady Lane
Great Barr
Birmingham
B44 9ER

These financial statements were authorised for issue by the Board on 13 June 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

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.

Going concern

Having considered all available information about the future, which is at least, but is not limited to, 12 months from the date when these financial statements are authorised for issue, management have concluded that it is appropriate to prepare these financial statements on a going concern basis.

 

Quality Plated Products Ltd

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

Judgements

Preparation of the financial statements requires management to make significant judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the change takes place if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tax

The tax expense for the period comprises 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 Plated Products 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

Plant & machinery

10% reducing balance

Tooling

50% straight line

Fixtures & fittings

10% reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

 

Quality Plated Products Ltd

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

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

 

Quality Plated Products Ltd

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

3

Staff numbers

The average number of persons employed by the company under contracts of service (including directors) during the year, was 41 (2023: 47).

 

Quality Plated Products Ltd

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

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 October 2023

50,000

50,000

At 30 September 2024

50,000

50,000

Amortisation

At 1 October 2023

50,000

50,000

At 30 September 2024

50,000

50,000

Carrying amount

At 30 September 2024

-

-

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

4,034,395

4,034,395

Additions

4,608,453

4,608,453

Disposals

(3,832,549)

(3,832,549)

At 30 September 2024

4,810,299

4,810,299

Depreciation

At 1 October 2023

2,218,519

2,218,519

Charge for the year

15,426

15,426

Eliminated on disposal

(2,118,582)

(2,118,582)

At 30 September 2024

115,363

115,363

Carrying amount

At 30 September 2024

4,694,936

4,694,936

At 30 September 2023

1,815,876

1,815,876

 

Quality Plated Products Ltd

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

6

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 October 2023

391,400

391,400

At 30 September 2024

391,400

391,400

Impairment

At 1 October 2023

391,400

391,400

At 30 September 2024

391,400

391,400

Carrying amount

At 30 September 2024

-

-

7

Stocks

2024
£

2023
£

Raw materials and consumables

216,806

100,914

8

Debtors

Current

2024
£

2023
£

Trade debtors

1,610,320

3,617,105

Prepayments

140,923

224,420

Other debtors

2,235,628

576,102

 

3,986,871

4,417,627

9

Creditors

Creditors: amounts falling due within one year

 

Quality Plated Products Ltd

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

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

11

2,133,909

2,689,254

Trade creditors

 

2,431,781

707,652

Taxation and social security

 

147,096

343,227

Accruals and deferred income

 

45,626

49,594

Other creditors

 

2,655,759

311,776

 

7,414,171

4,101,503

 

Quality Plated Products 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

11

78,646

1,659,857

Other financial liabilities

 

9,158

119,047

 

87,804

1,778,904

10

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

11

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Other borrowings

78,646

1,659,857

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

451,229

1,749,522

Other borrowings

1,682,680

939,732

2,133,909

2,689,254

12

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2024
£

2023
£

Not later than one year

24,276

19,346

Later than one year and not later than five years

-

39,644

24,276

58,990

 

Quality Plated Products Ltd

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

The amount of non-cancellable operating lease payments recognised as an expense during the year was £24,276 (2023: £58,990).

13

Dividends

2024

2023

£

£

Interim dividend of £500.00 (2023 - £850.00) per ordinary share

50,000

85,000

 

 

14

Related party transactions

 

Quality Plated Products Ltd

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

Directors' remuneration

The directors' remuneration for the year was as follows:

2024
£

2023
£

Remuneration

190,200

208,300

During the year the number of directors who were receiving benefits and share incentives was as follows:

2024
No.

2023
No.

Accruing benefits under money purchase pension scheme

3

3

Summary of transactions with all entities with joint control or significant interest

Kandra Limited a company under common ownership

QPP Precision Tooling and Engineering Ltd a company under common ownership
Plant hire, labour services and property rental provided by Kandra Limitited

Labour services provided to QPP Precision Tooling and Engineering Limited

Tooling charges provided by QPP Precision Tooling and Engineering Limited.

Income and receivables from related parties

2024

Entities with joint control or significant influence
£

Receipt of services

26,400

2023

Expenditure with and payables to related parties

2024

Entities with joint control or significant influence
£

Rendering of services

2,893,086

Leases

74,400

2,967,486

 

Quality Plated Products Ltd

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

2023

Entities with joint control or significant influence
£

Rendering of services

2,414,309

Leases

74,400

2,488,709

Loans to related parties

2024

Key management
£

Total
£

At start of period

393,145

393,145

Advanced

9,856

9,856

At end of period

403,001

403,001

2023

Key management
£

Total
£

At start of period

481,455

481,455

Repaid

(88,310)

(88,310)

At end of period

393,145

393,145

Terms of loans to related parties

loans are repayable on demand