QB CONTRACTS LTD


Directors	QUINN, Kieran
	QUINN, Mary Louise
	QUINN, Peter John


Registered Address	1 Tandragee Road
	Pomeroy
	Dungannon
	BT70 3DS


Registered Number	NI605742 (Northern Ireland)

Balance Sheet as at
30 June 2024

	Notes	30 Jun 2024		28 Feb 2023
		£	£	£	£
Fixed assets
Tangible assets	3		1,061,299		883,238
			1,061,299		883,238
Current assets
Stocks	4	284,792		267,512
Debtors	5	473,671		1,065,786
Cash at bank and on hand		692,355		579,573
		1,450,818		1,912,871
Creditors amounts falling due within one year	6	(873,336)		(1,000,551)
Net current assets (liabilities)			577,482		912,320
Total assets less current liabilities			1,638,781		1,795,558
Creditors amounts falling due after one year	7		(156,438)		(112,648)
Provisions for liabilities	9		(67,662)		(67,662)
Net assets			1,414,681		1,615,248
Capital and reserves
Called up share capital			2		2
Profit and loss account			1,414,679		1,615,246
Shareholders' funds			1,414,681		1,615,248

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.

The financial statements were approved and authorised for issue by the Board of Directors on 10 September 2025, and are signed on its behalf by:

QUINN, Kieran
Director

QUINN, Mary Louise
Director

QUINN, Peter John
Director

Registered Company No. NI605742

QB CONTRACTS LTD

Notes to the Financial Statements
for the period ended 30 June 2024

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, the financial reporting standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	Going concern
	After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis of accounting in preparing its financial statements.

	Revenue from sale of goods
	Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

Revenue from sale of goods

Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.

	Employee benefits
	Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

Employee benefits

Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.

	Tangible fixed assets and depreciation
	All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Tangible fixed assets and depreciation

All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:


	Reducing balance (%)	Straight line (years)
Plant and machinery	20	-
Vehicles	-	20

	Finance leases and hire purchase contracts
	Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.

	Stocks and work in progress
	Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

Stocks and work in progress

Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss.

Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

2.	Average number of employees


		2024		2023
	Average number of employees during the year	27		28

3.	Tangible fixed assets

	Plant & machinery	Vehicles	Total
	£	£	£
Cost or valuation
At 01 March 23	2,382,355	151,500	2,533,855
Additions	683,152	-	683,152
Disposals	(518,630)	(64,500)	(583,130)
At 30 June 24	2,546,877	87,000	2,633,877
Depreciation and impairment
At 01 March 23	1,636,630	13,987	1,650,617
Charge for year	257,879	23,200	281,079
On disposals	(351,864)	(7,254)	(359,118)
At 30 June 24	1,542,645	29,933	1,572,578
Net book value
At 30 June 24	1,004,232	57,067	1,061,299
At 28 February 23	745,725	137,513	883,238

4.	Stocks

	2024	2023
	£	£
Work in progress	284,792	267,512
Total	284,792	267,512

5.	Debtors: amounts due within one year

	2024	2023
	£	£
Trade debtors / trade receivables	158,222	639,850
Other debtors	315,449	425,936
Total	473,671	1,065,786

6.	Creditors: amounts due within one year

	2024	2023
	£	£
Trade creditors / trade payables	345,243	398,047
Finance lease and HP contracts	78,432	78,432
Other creditors	436,644	517,647
Accrued liabilities and deferred income	13,017	6,425
Total	873,336	1,000,551

7.	Creditors: amounts due after one year

	2024	2023
	£	£
Other creditors	156,438	112,648
Total	156,438	112,648

8.	Obligations under finance leases

		2024		2023
		£		£
	Finance lease and HP contracts	234,870		191,080

9.	Provisions for liabilities

	2024	2023
	£	£
Other provisions	67,662	67,662
Total	67,662	67,662

10.	Directors advances, credits and guarantees

	Brought forward	Amount advanced	Amount repaid	Carried forward
	£	£	£	£
QUINN, Kieran	0	420,144	0	420,144
	0	420,144	0	420,144