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Registration number: 04259874

QVS Limited

Unaudited Filleted Financial Statements

for the Period from 1 August 2023 to 31 August 2024

 

QVS Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

QVS Limited

Company Information

Directors

Mr Steven Taylor

Mr Lee Marson

Registered office

Unit 3 Davey Road
Fields End Business Park
Goldthorpe
Rotherham
South Yorkshire
S63 0JF

Accountants

Thorntons Accounting Limited
Chartered Certified Accountants
176-178 Pontefract Road
Cudworth
Barnsley
South Yorkshire
S72 8BE

 

QVS Limited

(Registration number: 04259874)
Balance Sheet as at 31 August 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

256,550

16,500

Current assets

 

Stocks

5

5,682

53,298

Debtors

6

82,614

137,187

Cash at bank and in hand

 

210,877

395,382

 

299,173

585,867

Creditors: Amounts falling due within one year

7

(118,010)

(130,048)

Net current assets

 

181,163

455,819

Total assets less current liabilities

 

437,713

472,319

Creditors: Amounts falling due after more than one year

7

(19,108)

-

Provisions for liabilities

(24,790)

(3,316)

Net assets

 

393,815

469,003

Capital and reserves

 

Called up share capital

8

50

50

Capital redemption reserve

50

50

Retained earnings

393,715

468,903

Shareholders' funds

 

393,815

469,003

For the financial period ending 31 August 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the period in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

QVS Limited

(Registration number: 04259874)
Balance Sheet as at 31 August 2024

Approved and authorised by the Board on 23 May 2025 and signed on its behalf by:
 

.........................................
Mr Steven Taylor
Director

 

QVS Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 31 August 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Unit 3 Davey Road
Fields End Business Park
Goldthorpe
Rotherham
South Yorkshire
S63 0JF

These financial statements were authorised for issue by the Board on 23 May 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

QVS Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 31 August 2024

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Motor Vehicles

25% Straight Line

Plant and Machinery

10% - 25% Straight Line

Office Equipment

20% Straight Line

Cash and cash equivalents

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

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

QVS Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 31 August 2024

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

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

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

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

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

 

QVS Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 31 August 2024

Share capital

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

Dividends

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

Defined contribution pension obligation

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

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 10 (2023 - 10).

 

QVS Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 31 August 2024

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 August 2023

2,136

105,811

39,862

147,809

Additions

-

192,104

57,560

249,664

Disposals

(803)

(53,632)

(39,862)

(94,297)

At 31 August 2024

1,333

244,283

57,560

303,176

Depreciation

At 1 August 2023

2,002

95,305

34,002

131,309

Charge for the period

54

273

-

327

Eliminated on disposal

(1,819)

(49,189)

(34,002)

(85,010)

At 31 August 2024

237

46,389

-

46,626

Carrying amount

At 31 August 2024

1,096

197,894

57,560

256,550

At 31 July 2023

134

10,506

5,860

16,500

5

Stocks

2024
£

2023
£

Work in progress

-

18,455

Finished goods and goods for resale

-

14,843

Other inventories

5,682

20,000

5,682

53,298

6

Debtors

2024
£

2023
£

Trade debtors

67,556

125,554

Other debtors

8,004

-

Prepayments

7,054

11,633

82,614

137,187

 

QVS Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 31 August 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

9,600

-

Trade creditors

 

103,710

60,971

Taxation and social security

 

1,251

44,941

Accruals and deferred income

 

2,329

7,431

Other creditors

 

1,120

16,705

 

118,010

130,048

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

19,108

-

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary of £1 each

50

50

50

50

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Hire purchase contracts

19,108

-

Current loans and borrowings

2024
£

2023
£

Hire purchase contracts

9,600

-

 

QVS Limited

Notes to the Unaudited Financial Statements for the Period from 1 August 2023 to 31 August 2024

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of £587.00 (2023 - £720.00) per each Ordinary

29,377

36,000

 

 

11

Related party transactions

Directors' remuneration

The directors' remuneration for the period was as follows:

2024
£

2023
£

Remuneration

6,864

7,488

12

Parent and ultimate parent undertaking

The company's immediate parent is Solarframe Holdings Limited, incorporated in England.

 

The parent of the largest group in which these financial statements are consolidated is Solarframe Holdings Limited, incorporated in England.

The address of Solarframe Holdings Limited is:
Unit 3 Davey Road
Fields End Business Park
Goldthorpe
Rotherham
South Yorkshire
S63 0JF