IRIS Accounts Production v25.2.0.378 SC598159 Board of Directors 31.12.24 1.1.24 31.12.24 31.12.24 Medium entities These accounts have been prepared in accordance with the provisions applicable to companies subject to the medium-sized companies regime. true true true false true true false false false false false true false Fair value model Ordinary A-F 0 W & S Class 0 iso4217:GBPiso4217:USDiso4217:EURxbrli:sharesxbrli:pureutr:tonnesutr:kWhSC5981592023-12-31SC5981592024-12-31SC5981592024-01-012024-12-31SC5981592022-12-31SC5981592023-01-012023-12-31SC5981592023-12-31SC598159ns15:Scotland2024-01-012024-12-31SC598159ns14:PoundSterling2024-01-012024-12-31SC598159ns10:Director12024-01-012024-12-31SC598159ns10:Consolidated2024-12-31SC598159ns10:ConsolidatedGroupCompanyAccounts2024-01-012024-12-31SC598159ns10:PrivateLimitedCompanyLtd2024-01-012024-12-31SC598159ns10:Consolidatedns10:MediumEntities2024-01-012024-12-31SC598159ns10:Consolidatedns10:Audited2024-01-012024-12-31SC598159ns10:SmallCompaniesRegimeForDirectorsReport2024-01-012024-12-31SC598159ns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-31SC598159ns10:Consolidated2024-01-012024-12-31SC598159ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForDirectorsReport2024-01-012024-12-31SC598159ns10:Consolidatedns10:Medium-sizedCompaniesRegimeForAccounts2024-01-012024-12-31SC598159ns10:FullAccounts2024-01-012024-12-31SC598159ns5:Subsidiary12024-01-012024-12-31SC598159ns5:Subsidiary32024-01-012024-12-31SC59815912024-01-012024-12-31SC598159ns10:OrdinaryShareClass12024-01-012024-12-31SC598159ns10:OrdinaryShareClass22024-01-012024-12-31SC598159ns10:Director22024-01-012024-12-31SC598159ns10:Director32024-01-012024-12-31SC598159ns10:Director52024-01-012024-12-31SC598159ns10:Director62024-01-012024-12-31SC598159ns10:Director42024-01-012024-12-31SC598159ns10:Consolidated2023-01-012023-12-31SC598159ns5:CurrentFinancialInstruments2024-12-31SC598159ns5:CurrentFinancialInstruments2023-12-31SC598159ns5:Non-currentFinancialInstruments2024-12-31SC598159ns5:Non-currentFinancialInstruments2023-12-31SC598159ns5:ShareCapital2024-12-31SC598159ns5:ShareCapital2023-12-31SC598159ns5:RetainedEarningsAccumulatedLosses2024-12-31SC598159ns5:RetainedEarningsAccumulatedLosses2023-12-31SC598159ns5:ShareCapital2022-12-31SC598159ns5:RetainedEarningsAccumulatedLosses2022-12-31SC598159ns5:RetainedEarningsAccumulatedLosses2023-01-012023-12-31SC598159ns5:RetainedEarningsAccumulatedLosses2024-01-012024-12-31SC598159ns5:NetGoodwill2024-01-012024-12-31SC598159ns5:IntangibleAssetsOtherThanGoodwill2024-01-012024-12-31SC598159ns5:LandBuildingsns5:OwnedOrFreeholdAssets2024-01-012024-12-31SC598159ns5:LongLeaseholdAssetsns5:LandBuildings2024-01-012024-12-31SC598159ns5:PlantMachinery2024-01-012024-12-31SC598159ns5:FurnitureFittings2024-01-012024-12-31SC598159ns5:MotorVehicles2024-01-012024-12-31SC598159ns5:CostValuation2023-12-31SC5981591ns5:Subsidiary12024-01-012024-12-31SC5981595ns5:Subsidiary32024-01-012024-12-31SC598159ns5:WithinOneYearns5:CurrentFinancialInstruments2024-12-31SC598159ns5:WithinOneYearns5:CurrentFinancialInstruments2023-12-31SC598159ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2024-12-31SC598159ns5:BetweenOneTwoYearsns5:Non-currentFinancialInstruments2023-12-31SC598159ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2024-12-31SC598159ns5:Non-currentFinancialInstrumentsns5:BetweenTwoFiveYears2023-12-31SC598159ns5:Secured2024-12-31SC598159ns5:Secured2023-12-31SC598159ns10:OrdinaryShareClass12024-12-31SC598159ns10:OrdinaryShareClass22024-12-31SC598159ns5:RetainedEarningsAccumulatedLosses2023-12-31
REGISTERED NUMBER: SC598159 (Scotland)















Group Strategic Report, Report of the Directors and

Audited Consolidated Financial Statements for the Year Ended 31 December 2024

for

Quin Global Holdings Ltd

Quin Global Holdings Ltd (Registered number: SC598159)






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




Page

Group Strategic Report 1

Report of the Directors 2

Report of the Independent Auditors 4

Consolidated Statement of Comprehensive Income 7

Consolidated Balance Sheet 8

Company Balance Sheet 9

Consolidated Statement of Changes in Equity 10

Company Statement of Changes in Equity 11

Consolidated Cash Flow Statement 12

Notes to the Consolidated Cash Flow Statement 13

Notes to the Consolidated Financial Statements 15


Quin Global Holdings Ltd (Registered number: SC598159)

Group Strategic Report
for the Year Ended 31 December 2024

The directors present their strategic report of the company and the group for the year ended 31 December 2024.

REVIEW OF BUSINESS
The directors are pleased to report another profitable year.

The group has generated £20,210,154 (2023: £20,757,178) of turnover, generating profit before tax of £2,519,862 (2023: £380,982). 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. These changes have given strong positive post results in the current year.

At the period end the group had shareholders' funds of £3,180,093 (2023: £2,148,451) including distributable profits of £3,179,953 (2023: £2,148,311). The directors therefore believe the group's position to be satisfactory, especially as the company's current assets exceed its current liabilities by £1,278,198 (2023: £162,956).

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

The group 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 Holdings Ltd (Registered number: SC598159)

Report of the Directors
for the Year Ended 31 December 2024

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

PRINCIPAL ACTIVITY
The principal activity of the group 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 £1,014,660.

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
Mrs L Fowler
Mrs C Fowler

Other changes in directors holding office are as follows:

B Fowler - deceased 2 May 2024

STATEMENT OF DIRECTORS' RESPONSIBILITIES
The directors are responsible for preparing the Group 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). 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 the group and of the profit or loss of the group 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 and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group 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 the group 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 group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

Quin Global Holdings Ltd (Registered number: SC598159)

Report of the Directors
for the Year Ended 31 December 2024


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 Holdings Ltd

Opinion
We have audited the financial statements of Quin Global Holdings Ltd (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2024 which comprise the Consolidated Statement of Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, 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 group's and of the parent company affairs as at 31 December 2024 and of the group's 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 group 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 group's and the parent 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 Group 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 Group 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 Group 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 Holdings Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group 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 by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company 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 group's and the parent 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 group or the parent 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 group, 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 Holdings 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 Holdings Ltd (Registered number: SC598159)

Consolidated Statement of Comprehensive Income
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   

TURNOVER 3 20,210,154 20,757,178

Cost of sales (12,834,507 ) (13,612,057 )
GROSS PROFIT 7,375,647 7,145,121

Administrative expenses (4,787,628 ) (6,877,481 )
2,588,019 267,640

Other operating income - 176,537
OPERATING PROFIT 5 2,588,019 444,177


Interest payable and similar expenses 6 (68,157 ) (63,195 )
PROFIT BEFORE TAXATION 2,519,862 380,982

Tax on profit 7 (473,560 ) 17,476
PROFIT FOR THE FINANCIAL YEAR 2,046,302 398,458

OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

2,046,302

398,458

Profit attributable to:
Owners of the parent 2,046,302 398,458

Total comprehensive income attributable to:
Owners of the parent 2,046,302 398,458

Quin Global Holdings Ltd (Registered number: SC598159)

Consolidated Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £   
FIXED ASSETS
Intangible assets 10 157,800 194,400
Tangible assets 11 2,141,340 2,331,894
Investments 12 - -
Investment property 13 - -
2,299,140 2,526,294

CURRENT ASSETS
Stocks 14 2,593,888 2,005,180
Debtors 15 2,695,609 2,129,458
Cash at bank 449,942 248,952
5,739,439 4,383,590
CREDITORS
Amounts falling due within one year 16 (4,461,241 ) (4,220,634 )
NET CURRENT ASSETS 1,278,198 162,956
TOTAL ASSETS LESS CURRENT
LIABILITIES

3,577,338

2,689,250

CREDITORS
Amounts falling due after more than one
year

17

(277,471

)

(405,777

)

PROVISIONS FOR LIABILITIES 21 (119,774 ) (135,022 )
NET ASSETS 3,180,093 2,148,451

CAPITAL AND RESERVES
Called up share capital 22 140 140
Retained earnings 23 3,179,953 2,148,311
SHAREHOLDERS' FUNDS 3,180,093 2,148,451

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 Holdings Ltd (Registered number: SC598159)

Company Balance Sheet
31 December 2024

31.12.24 31.12.23
Notes £    £   
FIXED ASSETS
Intangible assets 10 - -
Tangible assets 11 - -
Investments 12 120 120
Investment property 13 1,230,000 1,230,000
1,230,120 1,230,120

CURRENT ASSETS
Debtors 15 172,218 4,678
Cash at bank 3 2,611
172,221 7,289
CREDITORS
Amounts falling due within one year 16 (357,619 ) (835,886 )
NET CURRENT LIABILITIES (185,398 ) (828,597 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,044,722

401,523

CREDITORS
Amounts falling due after more than one
year

17

(222,921

)

(273,536

)
NET ASSETS 821,801 127,987

CAPITAL AND RESERVES
Called up share capital 22 140 140
Retained earnings 23 821,661 127,847
SHAREHOLDERS' FUNDS 821,801 127,987

Company's profit for the financial year 1,708,474 392,742

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 Holdings Ltd (Registered number: SC598159)

Consolidated 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 140 2,261,266 2,261,406

Changes in equity
Dividends - (511,413 ) (511,413 )
Total comprehensive income - 398,458 398,458
Balance at 31 December 2023 140 2,148,311 2,148,451

Changes in equity
Dividends - (1,014,660 ) (1,014,660 )
Total comprehensive income - 2,046,302 2,046,302
Balance at 31 December 2024 140 3,179,953 3,180,093

Quin Global Holdings Ltd (Registered number: SC598159)

Company 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 140 246,518 246,658

Changes in equity
Dividends - (511,413 ) (511,413 )
Total comprehensive income - 392,742 392,742
Balance at 31 December 2023 140 127,847 127,987

Changes in equity
Dividends - (1,014,660 ) (1,014,660 )
Total comprehensive income - 1,708,474 1,708,474
Balance at 31 December 2024 140 821,661 821,801

Quin Global Holdings Ltd (Registered number: SC598159)

Consolidated Cash Flow Statement
for the Year Ended 31 December 2024

31.12.24 31.12.23
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 1,103,575 614,946
Interest paid (60,996 ) (54,524 )
Interest element of hire purchase payments
paid

(7,161

)

(8,671

)
Tax paid 200 -
Net cash from operating activities 1,035,618 551,751

Cash flows from investing activities
Purchase of tangible fixed assets (230,844 ) (288,203 )
Sale of tangible fixed assets 21,235 25,870
Net cash from investing activities (209,609 ) (262,333 )

Cash flows from financing activities
New loans in year 1,572,448 -
Loan repayments in year (435,866 ) (91,871 )
Capital repayments in year (66,094 ) (142,605 )
Amount introduced by directors 220,502 66,587
Equity dividends paid (1,014,660 ) (511,413 )
Net cash from financing activities 276,330 (679,302 )

Increase/(decrease) in cash and cash equivalents 1,102,339 (389,884 )
Cash and cash equivalents at beginning of
year

2

(652,397

)

(262,513

)

Cash and cash equivalents at end of year 2 449,942 (652,397 )

Quin Global Holdings Ltd (Registered number: SC598159)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2024

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM
OPERATIONS

31.12.24 31.12.23
£    £   
Profit before taxation 2,519,862 380,982
Depreciation charges 433,081 408,356
Loss on disposal of fixed assets 3,682 4,465
Finance costs 68,157 63,195
3,024,782 856,998
(Increase)/decrease in stocks (588,708 ) 146,674
(Increase)/decrease in trade and other debtors (566,151 ) 148,314
Decrease in trade and other creditors (766,348 ) (537,040 )
Cash generated from operations 1,103,575 614,946

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 December 2024
31.12.24 1.1.24
£    £   
Cash and cash equivalents 449,942 248,952
Bank overdrafts - (901,349 )
449,942 (652,397 )
Year ended 31 December 2023
31.12.23 1.1.23
£    £   
Cash and cash equivalents 248,952 453,363
Bank overdrafts (901,349 ) (715,876 )
(652,397 ) (262,513 )


Quin Global Holdings Ltd (Registered number: SC598159)

Notes to the Consolidated Cash Flow Statement
for the Year Ended 31 December 2024

3. ANALYSIS OF CHANGES IN NET DEBT

At 1.1.24 Cash flow At 31.12.24
£    £    £   
Net cash
Cash at bank 248,952 200,990 449,942
Bank overdrafts (901,349 ) 901,349 -
(652,397 ) 1,102,339 449,942
Debt
Finance leases (118,986 ) 66,094 (52,892 )
Debts falling due within 1 year (445,371 ) (1,219,870 ) (1,665,241 )
Debts falling due after 1 year (342,547 ) 83,288 (259,259 )
(906,904 ) (1,070,488 ) (1,977,392 )
Total (1,559,301 ) 31,851 (1,527,450 )

Quin Global Holdings Ltd (Registered number: SC598159)

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

1. STATUTORY INFORMATION

Quin Global Holdings Ltd is a private company, limited by shares, domiciled in Scotland, registration number SC598159. 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.

Basis of consolidation
The consolidated accounts are prepared in accordance with the group’s accounting principles and include the accounts of the parent company and all subsidiaries. Subsidiaries are consolidated from the date the group exercises control or influence over the company. Divested companies are included in the consolidated accounts until the date the group ceases to control or exercise influence over them. In preparing the consolidated financial statements any intra-group transactions have been eliminated. Foreign subsidiaries are translated using the current rate for the assets and liabilities and the average rate for turnover and expenses.

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 wholly owned subsidiaries within the group.

Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements.

Turnover
Turnover represents net invoiced sales of goods and services 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 or the service is complete.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of businesses in 2018 and 2019, is being amortised evenly over its useful estimated 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.

Patents and licences 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.
Freehold property - 2% on cost
Long leasehold - 20% on cost, 16.67% on cost and 10% on cost
Plant and machinery - 33% on cost, 25% on reducing balance 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 Holdings Ltd (Registered number: SC598159)

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

2. ACCOUNTING POLICIES - continued

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 Consolidated 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The group operates a defined contribution pension scheme. Contributions payable to the group'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.

Quin Global Holdings Ltd (Registered number: SC598159)

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

2. ACCOUNTING POLICIES - continued

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.

3. TURNOVER

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

An analysis of turnover by geographical market is given below:

31.12.24 31.12.23
£    £   
United Kingdom 8,789,078 9,955,631
Europe 10,444,988 9,825,097
Rest of world 976,088 976,450
20,210,154 20,757,178

4. EMPLOYEES AND DIRECTORS
31.12.24 31.12.23
£    £   
Wages and salaries 3,268,582 3,933,394
Social security costs 341,808 381,588
Other pension costs 59,161 69,927
3,669,551 4,384,909

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

Employees 69 74

The average number of employees by undertakings that were proportionately consolidated during the year was 64 (2023 - 68 ) .

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

Quin Global Holdings Ltd (Registered number: SC598159)

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

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 57,044 248,498
Depreciation - owned assets 346,279 305,401
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
Patents and licences amortisation 27,000 27,000
Auditors' remuneration 23,292 18,152
Foreign exchange differences 48,948 6,886

6. INTEREST PAYABLE AND SIMILAR EXPENSES
31.12.24 31.12.23
£    £   
Bank interest 4,416 3,540
Loan 56,580 50,984
Hire purchase 7,161 8,671
68,157 63,195

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 488,808 -

Deferred tax (15,248 ) (17,476 )
Tax on profit 473,560 (17,476 )

Quin Global Holdings Ltd (Registered number: SC598159)

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

7. TAXATION - continued

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 2,519,862 380,982
Profit multiplied by the standard rate of corporation tax in the UK of 25 %
(2023 - 23.521 %)

629,966

89,611

Effects of:
Expenses not deductible for tax purposes 13,871 11,201
Depreciation in excess of capital allowances 43,739 26,381
Utilisation of tax losses (57,674 ) (77,648 )
Deferred tax movement (15,248 ) (17,476 )
European taxes charged at (lower)/higher rate (27,515 ) (1,414 )
R&D deductions (113,579 ) (48,131 )
Total tax charge/(credit) 473,560 (17,476 )

8. INDIVIDUAL STATEMENT OF COMPREHENSIVE INCOME

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


9. DIVIDENDS
31.12.24 31.12.23
£    £   
Ordinary A-F shares of £1 each
Final 1,014,660 511,413

10. INTANGIBLE FIXED ASSETS

Group
Patents
and
Goodwill licences Totals
£    £    £   
COST
At 1 January 2024
and 31 December 2024 96,000 270,000 366,000
AMORTISATION
At 1 January 2024 47,850 123,750 171,600
Amortisation for year 9,600 27,000 36,600
At 31 December 2024 57,450 150,750 208,200
NET BOOK VALUE
At 31 December 2024 38,550 119,250 157,800
At 31 December 2023 48,150 146,250 194,400

Quin Global Holdings Ltd (Registered number: SC598159)

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

11. TANGIBLE FIXED ASSETS

Group
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST
At 1 January 2024 1,470,001 496,718 1,374,564
Additions - - 194,762
Disposals - - (24,450 )
At 31 December 2024 1,470,001 496,718 1,544,876
DEPRECIATION
At 1 January 2024 114,793 177,723 814,296
Charge for year 23,666 42,637 291,600
Eliminated on disposal - - (4,890 )
At 31 December 2024 138,459 220,360 1,101,006
NET BOOK VALUE
At 31 December 2024 1,331,542 276,358 443,870
At 31 December 2023 1,355,208 318,995 560,268

Fixtures
and Motor
fittings vehicles Totals
£    £    £   
COST
At 1 January 2024 110,138 74,847 3,526,268
Additions 36,082 - 230,844
Disposals - (21,965 ) (46,415 )
At 31 December 2024 146,220 52,882 3,710,697
DEPRECIATION
At 1 January 2024 53,773 33,789 1,194,374
Charge for year 30,214 8,364 396,481
Eliminated on disposal - (16,608 ) (21,498 )
At 31 December 2024 83,987 25,545 1,569,357
NET BOOK VALUE
At 31 December 2024 62,233 27,337 2,141,340
At 31 December 2023 56,365 41,058 2,331,894

Included in cost of land and buildings is freehold land of £286,698 (2023 - £286,698) which is not depreciated.

Quin Global Holdings Ltd (Registered number: SC598159)

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

11. TANGIBLE FIXED ASSETS - continued

Group

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Fixtures
Long Plant and and Motor
leasehold machinery 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

12. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 January 2024
and 31 December 2024 120
NET BOOK VALUE
At 31 December 2024 120
At 31 December 2023 120

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

Subsidiaries

Quin Global (UK) Ltd
Registered office: Unit 1 Ruthvenfield Avenue, Inveralmond Industrial Estate, Perth, PH1 3WB
Nature of business: Provision of bonding systems and tools
%
Class of shares: holding
Ordinary 100.00

Quin Global Holdings Ltd (Registered number: SC598159)

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

12. FIXED ASSET INVESTMENTS - continued

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


The share value of Glenseal Ltd has been written off as this dormant company is being liquidated post year-end.

13. INVESTMENT PROPERTY
Company
Total
£   
FAIR VALUE
At 1 January 2024
and 31 December 2024 1,230,000
NET BOOK VALUE
At 31 December 2024 1,230,000
At 31 December 2023 1,230,000

Included in fair value of investment property is freehold land of £ 225,000 (2023 - £ 225,000 ) which is not depreciated.

Fair value at 31 December 2024 is represented by:
£   
Valuation in 2022 1,230,000

If investment property had not been revalued it would have been included at the following historical cost:

31.12.24 31.12.23
£    £   
Cost 1,408,303 1,408,303

Investment property was valued on an open market value basis on 10 May 2023 by Graham + Sibbald .

14. STOCKS

Group
31.12.24 31.12.23
£    £   
Raw materials 1,962,919 1,516,284
Finished goods 630,969 488,896
2,593,888 2,005,180

Quin Global Holdings Ltd (Registered number: SC598159)

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

15. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Trade debtors 2,223,488 1,832,707 - -
Amounts owed by group undertakings - - 172,218 4,678
Other debtors 25,521 2,500 - -
VAT 11,945 - - -
Prepayments and accrued income 434,655 294,251 - -
2,695,609 2,129,458 172,218 4,678

16. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Bank loans and overdrafts (see note 18) 1,665,241 1,346,720 50,614 372,894
Hire purchase contracts (see note 19) 34,680 55,756 - -
Trade creditors 1,598,694 2,121,857 - -
Amounts owed to group undertakings - - - 386,604
Tax 489,008 - 9,277 -
Social security and other taxes 75,489 116,341 - -
VAT - 131,461 4,399 4,401
Other creditors 12,897 3,967 - -
Directors' current accounts 287,089 66,587 287,089 66,587
Accruals and deferred income 298,143 377,945 6,240 5,400
4,461,241 4,220,634 357,619 835,886

17. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Bank loans (see note 18) 259,259 342,547 222,921 273,536
Hire purchase contracts (see note 19) 18,212 63,230 - -
277,471 405,777 222,921 273,536

Quin Global Holdings Ltd (Registered number: SC598159)

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

18. LOANS

An analysis of the maturity of loans is given below:

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Amounts falling due within one year or on demand:
Bank overdrafts - 901,349 - -
Bank loans 1,665,241 445,371 50,614 372,894
1,665,241 1,346,720 50,614 372,894
Amounts falling due between one and two years:
Bank loans - 1-2 years 64,935 93,405 52,636 50,615
Amounts falling due between two and five years:
Bank loans - 2-5 years 194,324 190,227 170,285 164,006
Amounts falling due in more than five years:
Repayable by instalments
Bank loans more 5 yr by instal - 58,915 - 58,915

A term loan of £500,000 was drawn down from Clydesdale Bank Plc in December 2019. The loan is repayable in 20 quarterly installments of capital and interest, and expired in December 2024. The interest rate is 2.97% over base.

A term loan of £500,000 was drawn down from Clydesdale Bank Plc in December 2019. The loan is repayable in 40 quarterly installments of capital and interest, expiring in December 2029. The interest rate is 4.11%.

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.

19. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase
contracts
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

Quin Global Holdings Ltd (Registered number: SC598159)

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

20. SECURED DEBTS

The following secured debts are included within creditors:

Group Company
31.12.24 31.12.23 31.12.24 31.12.23
£    £    £    £   
Bank loans 1,924,500 787,918 273,535 646,430
Hire purchase contracts 52,892 118,986 - -
Invoice finance facility - 901,349 - -
1,977,392 1,808,253 273,535 646,430

Clydesdale Bank Plc holds a standard security over the property owned by the company.

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.

21. PROVISIONS FOR LIABILITIES

Group
31.12.24 31.12.23
£    £   
Deferred tax 119,774 135,022

Group
Deferred
tax
£   
Balance at 1 January 2024 135,022
Provided during year (15,248 )
Balance at 31 December 2024 119,774

22. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.12.24 31.12.23
value: £    £   
120 Ordinary A-F £1 120 120
20 W & S Class £1 20 20
140 140

Quin Global Holdings Ltd (Registered number: SC598159)

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

23. RESERVES

Group
Retained
earnings
£   

At 1 January 2024 2,148,311
Profit for the year 2,046,302
Dividends (1,014,660 )
At 31 December 2024 3,179,953

Company
Retained
earnings
£   

At 1 January 2024 127,847
Profit for the year 1,708,474
Dividends (1,014,660 )
At 31 December 2024 821,661


24. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the Board of Directors.