REGISTERED NUMBER: 05260560 (England and Wales)

Unaudited Financial Statements

for the Year Ended 31 December 2024

for

Quickits Limited

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTORS:

R Smith

C E Smith

SECRETARY:

R Smith

REGISTERED OFFICE:

Alexandra House

43 Alexandra Street

Nottingham

Nottinghamshire

NG5 1AY

REGISTERED NUMBER:

05260560 (England and Wales)

ACCOUNTANTS:

Wright Vigar Limited

Chartered Accountants & Business Advisers

Alexandra House

43 Alexandra St

Nottingham

Nottinghamshire

NG5 1AY

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Quickits Limited for the year ended 31 December 2024 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Quickits Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Quickits Limited and state those matters that we have agreed to state to the Board of Directors of Quickits Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quickits Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Quickits Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Quickits Limited. You consider that Quickits Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Quickits Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Wright Vigar Limited

Chartered Accountants & Business Advisers

Alexandra House

43 Alexandra St

Nottingham

Nottinghamshire

NG5 1AY

17 September 2025

FIXED ASSETS

Intangible assets

4

24,472

27,496

Tangible assets

5

907,321

655,789

931,793

683,285

CURRENT ASSETS

Stocks

309,286

251,519

Debtors

6

4,386,329

3,779,208

Cash at bank and in hand

328,906

136,501

5,024,521

4,167,228

CREDITORS

Amounts falling due within one year

7

4,376,729

3,810,700

NET CURRENT ASSETS

647,792

356,528

TOTAL ASSETS LESS CURRENT LIABILITIES

1,579,585

1,039,813

CREDITORS

Amounts falling due after more than one year

8

(464,765

)

(188,599

)

PROVISIONS FOR LIABILITIES

(197,749

)

(126,921

)

NET ASSETS

917,071

724,293

CAPITAL AND RESERVES

Called up share capital

200

200

Retained earnings

916,871

724,093

917,071

724,293

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2025 and were signed on its behalf by:

R Smith - Director

1.	STATUTORY INFORMATION

Quickits Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Revenue from sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods.

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.

Other intangible asset are being amortised evenly over their estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on reducing balance

Fixtures and fittings

-

33% on cost and 20% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

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

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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 35 (2023 - 31 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

and 31 December 2024

30,240

AMORTISATION

At 1 January 2024

2,744

Charge for year

3,024

At 31 December 2024

5,768

NET BOOK VALUE

At 31 December 2024

24,472

At 31 December 2023

27,496

5.	TANGIBLE FIXED ASSETS

Fixtures

Land and

Plant and

and

Motor

Buildings

machinery

fittings

vehicles

Totals

£

£

£

£

£

COST

At 1 January 2024

54,985

2,100,115

466,580

137,373

2,759,053

Additions

-

355,762

4,205

72,402

432,369

Disposals

-

(86,516

)

-

-

(86,516

)

At 31 December 2024

54,985

2,369,361

470,785

209,775

3,104,906

DEPRECIATION

At 1 January 2024

-

1,674,335

359,392

69,537

2,103,264

Charge for year

-

132,742

23,273

21,100

177,115

Eliminated on disposal

-

(82,794

)

-

-

(82,794

)

At 31 December 2024

-

1,724,283

382,665

90,637

2,197,585

NET BOOK VALUE

At 31 December 2024

54,985

645,078

88,120

119,138

907,321

At 31 December 2023

54,985

425,780

107,188

67,836

655,789

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

1,715,612

1,105,207

Amounts owed by group undertakings

2,626,361

2,626,361

Other debtors

44,356

47,640

4,386,329

3,779,208

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts

447,045

411,798

Hire purchase contracts (see note 9)

128,869

92,909

Trade creditors

3,187,562

2,707,443

Taxation and social security

369,088

384,236

Other creditors

244,165

214,314

4,376,729

3,810,700

The bank overdraft and loans are secured by a fixed and floating charge over the assets of the company.

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

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans

4,485

14,402

Hire purchase contracts (see note 9)

460,280

174,197

464,765

188,599

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

£

Net obligations repayable:

Within one year

128,869

92,909

Between one and five years

460,280

174,197

589,149

267,106

Non-cancellable

operating leases

2024

2023

£

£

Within one year

70,711

102,924

Between one and five years

37,389

103,528

108,100

206,452

There are no formal lease agreements in place in respect of the rental of the business unit 1, 2, 3 and 8 at 31 December 2024. The leasing commitment for these units has, therefore, been restricted to one month.

10.	RELATED PARTY DISCLOSURES

Laser Ltd

Laser Ltd is a fellow subsidiary of Quickits Holdings Ltd, which is the parent company. R Smith and C Smith are directors of each company.

The following related party transactions occurred during the year:

Sales to Laser of £521,256 (2023 - £12,893)

Purchases from Laser of £447,916 (2023 - £413,922)

Debtors due from Laser at the year end of £874,127 (2023 - £358,481)

Creditors payable to Laser at the year end of £2,892,821 (2023 - £2,359,264)

Premier Powder Coating Ltd

Premier Powder Coating Ltd is a company in which R Smith is also a director.

The following related party transactions occurred during the year:

Sales to Premier Powder Coating of £53,108 (2023 - £187)

Purchases from Premier Powder Coating of £26,094 (2023 - £21,403)

Debtors due from Premier Powder Coating at the year end of £224,106 (2023 - £165,405)

Creditors payable to Premier Powder Coating at the year end of £89,597 (2023 - £58,285)

11.	ULTIMATE CONTROLLING PARTY

The company is a 100% subsidiary of Quickits Holdings Limited, a company registered in England and Wales, whose Registered Office address is 43 Alexandra Street, Nottingham, NG5 1AY.