Company registration number 01157257 (England and Wales)
QUALITURN PRODUCTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
QUALITURN PRODUCTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 8
QUALITURN PRODUCTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
5,854,316
5,816,268
Current assets
Stocks
324,834
323,749
Debtors
5
967,952
1,268,696
Cash at bank and in hand
1,311,073
2,277,907
2,603,859
3,870,352
Creditors: amounts falling due within one year
6
(1,069,582)
(1,437,474)
Net current assets
1,534,277
2,432,878
Total assets less current liabilities
7,388,593
8,249,146
Creditors: amounts falling due after more than one year
8
(1,021,641)
(1,151,753)
Provisions for liabilities
(594,757)
(716,235)
Net assets
5,772,195
6,381,158
Capital and reserves
Called up share capital
570
600
Capital redemption reserve
430
400
Profit and loss reserves
5,771,195
6,380,158
Total equity
5,772,195
6,381,158

The notes on pages 3 to 8 form part of these financial statements.

QUALITURN PRODUCTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2024
31 December 2024
- 2 -

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

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.

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

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

The financial statements were approved by the board of directors and authorised for issue on 22 July 2025 and are signed on its behalf by:
Mr N W Groom
Director
Company registration number 01157257 (England and Wales)
QUALITURN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 3 -
1
Accounting policies
Company information

Qualiturn Products Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 7, Fountain Drive, Hertford, Hertfordshire, England, SG13 7UB.

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. The principal accounting policies adopted are set out below.

1.2
Going concern

The directors' have a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis for preparing its financial statements.

1.3
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. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Improvements to property
2% straight line
Plant and machinery
20% on reducing balance
Fixtures and fittings
25% on reducing balance and 15% on reducing balance
Motor vehicles
25% on reducing balance

No depreciation has been provided on the company's freehold property as, in the opinion of the directors, the market value of the property continues to be in excess of the book value. The company maintains and refurbishes the freehold property to a level which enables the directors to conclude that the expected residual value will be of a level that results in no depreciation being charged.

QUALITURN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. Work in progress and finished goods include labour and attributable overheads.

 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its estimated selling price less costs to complete and sell. The impairment loss is recognised immediately in the profit or loss.

1.6
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.7
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.

Basic financial assets

Basic financial assets, which include 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 unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. 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, bank loans, hire purchase liabilities and preference shares 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 classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

QUALITURN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 5 -
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.

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.

1.9
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.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.11
Hire purchase and leasing commitments

Assets obtained under hire purchase contracts are capitalised in the balance sheet and are depreciated over their estimated useful lives.

 

The interest element of these obligations is charged to profit and loss at a constant rate based on the outstanding capital sum. The capital element of the future payments are treated as a liability.

 

Leases that do not transfer all the risks and rewards of ownership are classified as operating leases. Payments under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

2
Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. The nature of estimation means that actual outcomes could differ from those estimates. The following judgements have had a significant effect on amounts recognised in the financial statements:

 

- The annual depreciation charge is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually.

 

- The company considers the recoverability of the cost of its stock holdings and work in progress and the associated provisioning required. When calculating the stock impairment provision management considers the nature and condition of the stock as well as applying assumptions around future saleability.

 

- The company makes estimates of the recoverable value of trade and other debtors. When assessing the impairment of trade and other debtors management considers factors including the current credit rating of the debtor, the ageing profile of debtors and historical experience.

QUALITURN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 6 -
3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
38
40
4
Tangible fixed assets
Freehold land and buildings
Improvements to property
Plant and machinery
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
£
£
Cost
At 1 January 2024
2,367,683
909,825
5,819,100
121,356
284,069
9,502,033
Additions
145,471
164,768
347,247
1,762
-
0
659,248
Disposals
-
0
-
0
(243,000)
-
0
(36,451)
(279,451)
At 31 December 2024
2,513,154
1,074,593
5,923,347
123,118
247,618
9,881,830
Depreciation and impairment
At 1 January 2024
-
0
86,368
3,386,140
77,087
136,170
3,685,765
Depreciation charged in the year
-
0
21,492
522,015
8,380
35,327
587,214
Eliminated in respect of disposals
-
0
-
0
(219,131)
-
0
(26,334)
(245,465)
At 31 December 2024
-
0
107,860
3,689,024
85,467
145,163
4,027,514
Carrying amount
At 31 December 2024
2,513,154
966,733
2,234,323
37,651
102,455
5,854,316
At 31 December 2023
2,367,683
823,457
2,432,960
44,269
147,899
5,816,268
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
909,821
1,083,180
Corporation tax recoverable
84
-
0
Other debtors
16,899
124,689
Prepayments and accrued income
41,148
60,827
967,952
1,268,696
QUALITURN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 7 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
7
39,883
34,378
Obligations under hire purchase contracts
9
320,055
344,013
Trade creditors
334,208
301,545
Corporation tax
-
0
197,609
Other taxation and social security
277,538
163,720
Other creditors
64,267
71,313
Accruals and deferred income
33,631
324,896
1,069,582
1,437,474
7
Loans and overdrafts
2024
2023
£
£
Bank loans
565,016
606,520
Payable within one year
39,883
34,378
Payable after one year
525,133
572,142

The company's banking facilities are secured by a debenture, dated 21st December 1984, over the assets of the company together with a legal mortgage over the company's freehold property.

8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
7
525,133
572,142
Obligations under hire purchase contracts
9
496,508
579,611
1,021,641
1,151,753
Amounts included above which fall due after five years are as follows:
Payable by instalments
314,293
381,021
QUALITURN PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 8 -
9
Lease obligations
2024
2023
Future minimum lease payments due under hire purchase agreements:
£
£
Within one year
320,055
344,013
In two to five years
496,508
579,611
816,563
923,624

Hire purchase payments represent instalments payable by the company for certain items of plant and machinery. The average lease term is 4 years. All hire purchase agreements are on a fixed repayment basis.

10
Capital commitments

Amounts contracted for but not provided in the financial statements:

2024
2023
£
£
Acquisition of tangible fixed assets
37,191
108,544
11
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Other interest received
2024
2023
£
£
Other related parties
-
352

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due from related parties
£
£
Other related parties
-
49,668
12
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Interest charged
Amounts repaid
Closing balance
£
£
£
£
£
Advances
2.25
75,023
636,939
14,843
(712,105)
14,700
75,023
636,939
14,843
(712,105)
14,700
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