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REGISTERED NUMBER: SC416328 (Scotland)















Strategic Report, Report of the Directors and

Audited Financial Statements for the Year Ended 31 December 2024

for

Quin Global (UK) Ltd.

Quin Global (UK) Ltd. (Registered number: SC416328)






Contents of the Financial Statements
for the Year Ended 31 December 2024




Page

Strategic Report 1

Report of the Directors 2

Report of the Independent Auditors 3

Statement of Comprehensive Income 6

Balance Sheet 7

Statement of Changes in Equity 8

Notes to the Financial Statements 9


Quin Global (UK) Ltd. (Registered number: SC416328)

Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report for the year ended 31 December 2024.

REVIEW OF BUSINESS
The directors are delighted to report a successful year for the company.

The company has generated £19,267,497 (2023: £19,949,670) of turnover generating a profit before tax of £2,290,527 (2023: £228,740). During the prior year there was a strategic shift to manufacturing our own product which resulted in staff restructuring costs of £228,093 and one-off maintenance costs as we adapted our factory. The impact of this is demonstrated in the strong current year results.

At the period end the company had shareholders funds of £2,010,007 (2023: £1,795,173) including distributable profits of £2,009,887 (2023: £1,795,053). The directors therefore believe the company's position to be satisfactory, especially as the company's current assets exceed its current liabilities by £1,225,362 (2023: £920,039).

The directors believe that there is a strong foundation to build the business further and improve on the current period's results.

PRINCIPAL RISKS AND UNCERTAINTIES
The directors have assessed the main risk facing the company as being material availability at reasonable costs along with logistic issues across Europe. These have been greatly affected by the war in Ukraine and it continues to be a challenge to the business.

There is a risk of exposure to foreign exchange movements which could impact on the profit margins achieved by the company. The directors have taken advice on potential hedging strategies to mitigate this risk.

There is a further risk with rising interest rates on borrowings that are linked to the Bank of England base rate. The business is constantly assessing these rates and the effect on profit.

The company has limited exposure to customer defaults in these tough times as it insures its debts.

The company maintains committed to Quality, Health & Safety and this is at the forefront of all department's mindsets. It continues to hold ISO 14001, ISO 9001 and ISO 45001 certifications as part of its quality and safety processes.

ON BEHALF OF THE BOARD:





Mr A C Fowler - Director


12 August 2025

Quin Global (UK) Ltd. (Registered number: SC416328)

Report of the Directors
for the Year Ended 31 December 2024

The directors present their report with the financial statements of the company for the year ended 31 December 2024.

PRINCIPAL ACTIVITY
The principal activity of the company in the year under review was that of the manufacture and sale of innovative bonding systems and specialised tools.

DIVIDENDS
The total distribution of dividends for the year ended 31 December 2024 will be £1,678,028.

DIRECTORS
The directors shown below have held office during the whole of the period from 1 January 2024 to the date of this report.

Mr A C Fowler
Mr L Fowler
Mr C Fowler

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and each director has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
Drummond Laurie CA are deemed to be reappointed under section 487(2) of the Companies Act 2006.

ON BEHALF OF THE BOARD:





Mr A C Fowler - Director


12 August 2025

Report of the Independent Auditors to the Members of
Quin Global (UK) Ltd.

Opinion
We have audited the financial statements of Quin Global (UK) Ltd. (the 'company') for the year ended 31 December 2024 which comprise the Statement of Comprehensive Income, Balance Sheet, Statement of Changes in Equity and Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 31 December 2024 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information
The directors are responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Quin Global (UK) Ltd.


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Directors.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of directors' remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of directors
As explained more fully in the Statement of Directors' Responsibilities set out on page two, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities outlined above to detect material misstatements in respect of irregularities, including fraud.

Based on our understanding of the company, we identified that the principal risks of non-compliance with laws and regulations related to fraudulent manipulation of the financial statements, including the risk of override of controls, to reduce profits and tax liabilities. We determined that the most likely method of manipulation would be the posting of inappropriate journal entries. Audit procedures performed by the audit engagement team consisted of a review of large and unusual journal entries, challenging assumptions and judgements made by management in significant accounting estimates, discussions with management related to known or suspected instances of non-compliance with laws and regulations, review of Board minutes where available, and an evaluation of management controls designed to prevent and detect irregularities.

There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations or through collusion.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Quin Global (UK) Ltd.


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Greig Brown (Senior Statutory Auditor)
for and on behalf of Drummond Laurie CA
Statutory Auditor
Unit 5
Gateway Business Park
Beancross Road
Grangemouth
FK3 8WX

13 August 2025

Quin Global (UK) Ltd. (Registered number: SC416328)

Statement of Comprehensive Income
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 3 19,267,497 19,949,670

Cost of sales (12,954,409 ) (13,691,831 )
GROSS PROFIT 6,313,088 6,257,839

Administrative expenses (4,488,262 ) (6,500,593 )
1,824,826 (242,754 )

Other operating income 392,658 490,012
OPERATING PROFIT 5 2,217,484 247,258

Income from shares in group undertakings 99,463 -
2,316,947 247,258

Interest payable and similar expenses 6 (26,420 ) (18,518 )
PROFIT BEFORE TAXATION 2,290,527 228,740

Tax on profit 7 (397,665 ) 35,188
PROFIT FOR THE FINANCIAL YEAR 1,892,862 263,928

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

1,892,862

263,928

Quin Global (UK) Ltd. (Registered number: SC416328)

Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £   
FIXED ASSETS
Intangible assets 9 157,800 194,400
Tangible assets 10 785,341 946,113
Investments 11 15,828 15,828
958,969 1,156,341

CURRENT ASSETS
Stocks 12 2,592,221 2,001,003
Debtors 13 2,533,411 2,455,074
Cash at bank 305,706 177,836
5,431,338 4,633,913
CREDITORS
Amounts falling due within one year 14 (4,205,976 ) (3,713,874 )
NET CURRENT ASSETS 1,225,362 920,039
TOTAL ASSETS LESS CURRENT
LIABILITIES

2,184,331

2,076,380

CREDITORS
Amounts falling due after more than one
year

15

(54,550

)

(132,241

)

PROVISIONS FOR LIABILITIES 19 (119,774 ) (148,966 )
NET ASSETS 2,010,007 1,795,173

CAPITAL AND RESERVES
Called up share capital 20 120 120
Retained earnings 21 2,009,887 1,795,053
SHAREHOLDERS' FUNDS 2,010,007 1,795,173

The financial statements were approved by the Board of Directors and authorised for issue on 12 August 2025 and were signed on its behalf by:





Mr A C Fowler - Director


Quin Global (UK) Ltd. (Registered number: SC416328)

Statement of Changes in Equity
for the Year Ended 31 December 2024

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 January 2023 120 1,883,296 1,883,416

Changes in equity
Dividends - (352,171 ) (352,171 )
Total comprehensive income - 263,928 263,928
Balance at 31 December 2023 120 1,795,053 1,795,173

Changes in equity
Dividends - (1,678,028 ) (1,678,028 )
Total comprehensive income - 1,892,862 1,892,862
Balance at 31 December 2024 120 2,009,887 2,010,007

Quin Global (UK) Ltd. (Registered number: SC416328)

Notes to the Financial Statements
for the Year Ended 31 December 2024

1. STATUTORY INFORMATION

Quin Global (UK) Ltd. is a private company, limited by shares, domiciled in Scotland, registration number SC416328. The registered office is Unit 1 Ruthvenfield Avenue, Inveralmond Industrial Estate, Perth PH1 3WB.

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" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

the requirements of Section 7 Statement of Cash Flows.

Preparation of consolidated financial statements
The financial statements contain information about Quin Global (UK) Ltd. as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 400 of the Companies Act 2006 from the requirements to prepare consolidated financial statements as it and its subsidiary undertaking are included by full consolidation in the consolidated financial statements of its parent, Quin Global Holdings Ltd, Unit 1 Ruthvenfield Avenue, Inveralmond Industrial Estate, Perth PH1 3WB.

Related party exemption
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with group entities.

Turnover
Turnover represents net invoiced sales of goods in respect of the provision of innovative bonding systems and specialised tools, excluding value added tax. Sales are recognised at the point at which the goods are delivered.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2020, is being amortised evenly over its estimated useful life of ten years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Brands & trademarks are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Long leasehold - 10% on cost
Plant and equipment - 33% on cost and 20% on cost
Fixtures and fittings - 33% on cost and 20% on cost
Motor vehicles - 25% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Quin Global (UK) Ltd. (Registered number: SC416328)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

2. ACCOUNTING POLICIES - continued

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

Cash and cash equivalents
Cash and cash equivalents include cash at bank and in hand and highly liquid interest-bearing securities with maturities of three months or less. In the cash-flow statement, cash and cash equivalents are shown net of bank overdrafts, which are included as current borrowings in liabilities on the balance sheet.

Quin Global (UK) Ltd. (Registered number: SC416328)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by geographical market is given below:

31.12.24 31.12.23
£    £   
United Kingdom 8,803,381 9,955,631
Europe 9,502,331 9,017,589
Rest of World 961,785 976,450
19,267,497 19,949,670

4. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 3,120,974 3,728,160
Social security costs 320,517 356,282
Other pension costs 54,696 64,545
3,496,187 4,148,987

The average number of employees during the year was as follows:
31.12.24 31.12.23

Employees 64 67

31.12.24 31.12.23
£    £   
Directors' remuneration 277,940 296,677

Information regarding the highest paid director is as follows:
31.12.24 31.12.23
£    £   
Emoluments etc 100,000 101,124

5. OPERATING PROFIT

The operating profit is stated after charging:

31.12.24 31.12.23
£    £   
Hire of plant and machinery 76,055 70,163
Other operating leases 34,969 223,304
Depreciation - owned assets 314,596 273,869
Depreciation - assets on hire purchase contracts 50,202 66,355
Loss on disposal of fixed assets 3,682 4,465
Goodwill amortisation 9,600 9,600
Brands & trademarks amortisation 27,000 27,000
Auditors' remuneration 12,480 12,000
Foreign exchange differences 43,440 6,907

Quin Global (UK) Ltd. (Registered number: SC416328)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Loan 19,259 9,847
Hire purchase 7,161 8,671
26,420 18,518

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
31.12.24 31.12.23
£    £   
Current tax:
UK corporation tax 426,857 -

Deferred tax (29,192 ) (35,188 )
Tax on profit 397,665 (35,188 )

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

31.12.24 31.12.23
£    £   
Profit before tax 2,290,527 228,740
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 23.521%)

572,632

53,802

Effects of:
Expenses not deductible for tax purposes 14,526 11,202
Income not taxable for tax purposes (24,866 ) -
Depreciation in excess of capital allowances 35,818 19,531
Utilisation of tax losses (57,674 ) (45,947 )
R&D enhanced deduction (113,579 ) (48,131 )
Deferred tax movement (29,192 ) (35,188 )
Group relief - 9,543

Total tax charge/(credit) 397,665 (35,188 )

8. DIVIDENDS
31.12.24 31.12.23
£    £   
Ordinary shares shares of £1 each
Final 1,678,028 352,171

Quin Global (UK) Ltd. (Registered number: SC416328)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

9. INTANGIBLE FIXED ASSETS
Brands &
Goodwill trademarks Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 75,100 270,000 345,100
AMORTISATION
At 1 January 2024 26,950 123,750 150,700
Amortisation for year 9,600 27,000 36,600
At 31 December 2024 36,550 150,750 187,300
NET BOOK VALUE
At 31 December 2024 38,550 119,250 157,800
At 31 December 2023 48,150 146,250 194,400

10. TANGIBLE FIXED ASSETS
Fixtures
Long Plant and and Motor
leasehold equipment fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 418,193 1,373,040 85,197 70,119 1,946,549
Additions - 194,762 34,181 - 228,943
Disposals - (24,450 ) - (21,965 ) (46,415 )
At 31 December 2024 418,193 1,543,352 119,378 48,154 2,129,077
DEPRECIATION
At 1 January 2024 104,342 812,772 54,261 29,061 1,000,436
Charge for year 41,772 291,600 23,062 8,364 364,798
Eliminated on disposal - (4,890 ) - (16,608 ) (21,498 )
At 31 December 2024 146,114 1,099,482 77,323 20,817 1,343,736
NET BOOK VALUE
At 31 December 2024 272,079 443,870 42,055 27,337 785,341
At 31 December 2023 313,851 560,268 30,936 41,058 946,113

Quin Global (UK) Ltd. (Registered number: SC416328)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

10. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Long Plant and and Motor
leasehold equipment fittings vehicles Totals
£    £    £    £    £   
COST
At 1 January 2024 21,275 293,609 22,651 48,154 385,689
Disposals - (24,450 ) - - (24,450 )
Transfer to ownership - - (22,651 ) - (22,651 )
At 31 December 2024 21,275 269,159 - 48,154 338,588
DEPRECIATION
At 1 January 2024 1,773 98,399 20,665 13,466 134,303
Charge for year 2,127 37,725 1,986 8,364 50,202
Eliminated on disposal - (4,890 ) - - (4,890 )
Transfer to ownership - - (22,651 ) - (22,651 )
At 31 December 2024 3,900 131,234 - 21,830 156,964
NET BOOK VALUE
At 31 December 2024 17,375 137,925 - 26,324 181,624
At 31 December 2023 19,502 195,210 1,986 34,688 251,386

11. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 15,828
NET BOOK VALUE
At 31 December 2024 15,828
At 31 December 2023 15,828

The company's investments at the Balance Sheet date in the share capital of companies include the following:

Quin Global Benelux B.V.
Registered office: Droogmakerij 39A, 1851 LX Heiloo, Netherlands
Nature of business: Provision of bonding systems and tools
%
Class of shares: holding
Ordinary 100.00

Quin Global (UK) Ltd. (Registered number: SC416328)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

12. STOCKS
31.12.24 31.12.23
£    £   
Raw materials 1,962,919 1,516,284
Finished goods 629,302 484,719
2,592,221 2,001,003

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Trade debtors 1,863,190 1,660,636
Amounts owed by group undertakings 128,898 500,224
Other debtors 21,358 2,500
VAT 88,033 -
Prepayments and accrued income 431,932 291,714
2,533,411 2,455,074

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.24 31.12.23
£    £   
Bank loans and overdrafts (see note 16) 1,614,626 1,000,719
Hire purchase contracts (see note 17) 34,680 55,756
Trade creditors 1,594,693 2,118,865
Amounts owed to group undertakings 167,188 -
Tax 426,857 -
Social security and other taxes 71,649 106,010
VAT - 85,185
Other creditors 12,513 3,583
Accruals and deferred income 283,770 343,756
4,205,976 3,713,874

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.24 31.12.23
£    £   
Bank loans (see note 16) 36,338 69,011
Hire purchase contracts (see note 17) 18,212 63,230
54,550 132,241

16. LOANS

An analysis of the maturity of loans is given below:

31.12.24 31.12.23
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 928,242
Bank loans 1,614,626 72,477
1,614,626 1,000,719

Quin Global (UK) Ltd. (Registered number: SC416328)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

16. LOANS - continued
31.12.24 31.12.23
£    £   
Amounts falling due between one and two years:
Bank loans - 1-2 years 12,299 42,790

Amounts falling due between two and five years:
Bank loans - 2-5 years 24,039 26,221

A CBILS loan of £250,000 was drawn down from Clydesdale Bank Plc in June 2020. The loan is repayable in 54 monthly installments of capital and interest after an initial 7 month period where no payments are required, expiring in June 2025. The interest rate is 3.25% over base.

A Global Export Facility was agreed with Virgin Money in 2024. The facility has a limit of £2,500,000 and interest is charged on balances drawn at 2.75% over base.

17. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

31.12.24 31.12.23
£    £   
Net obligations repayable:
Within one year 34,680 55,756
Between one and five years 18,212 63,230
52,892 118,986

18. SECURED DEBTS

The following secured debts are included within creditors:

31.12.24 31.12.23
£    £   
Hire purchase contracts 52,892 118,986
Invoice finance facility - 901,349
Global export facility 1,572,448 -
1,625,340 1,020,335

Hire purchase contracts are secured on the assets to which they relate.

Clydesdale Bank held a fixed charge on the book debts of the company in relation to the invoice finance facility.

The Global Export Facility is backed by a UK government initiative for up to £2m which is 80% of the available facility.

19. PROVISIONS FOR LIABILITIES
31.12.24 31.12.23
£    £   
Deferred tax 119,774 148,966

Quin Global (UK) Ltd. (Registered number: SC416328)

Notes to the Financial Statements - continued
for the Year Ended 31 December 2024

19. PROVISIONS FOR LIABILITIES - continued

Deferred
tax
£   
Balance at 1 January 2024 148,966
Provided during year (29,192 )
Balance at 31 December 2024 119,774

20. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
120 Ordinary shares £1 120 120

21. RESERVES
Retained
earnings
£   

At 1 January 2024 1,795,053
Profit for the year 1,892,862
Dividends (1,678,028 )
At 31 December 2024 2,009,887

22. ULTIMATE PARENT COMPANY

Quin Global Holdings Ltd is regarded by the directors as being the company's ultimate parent company.

Quin Global Holdings Ltd has a registered office of Unit 1 Ruthvenfield Avenue, Inveralmond Industrial Estate, Perth, PH1 3WB. Consolidated financial statements are available at Companies House.

23. ULTIMATE CONTROLLING PARTY

The company is under the control of the Board of Directors of its ultimate parent company Quin Global (Holdings) Limited.