REGISTERED NUMBER: 02172353 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2024

for

Quelfire Limited

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

415,092

401,453

Tangible assets

5

565,215

85,888

980,307

487,341

CURRENT ASSETS

Stocks

1,775,952

1,339,713

Debtors

6

2,890,696

1,667,004

Cash at bank

1,132,002

1,092,065

5,798,650

4,098,782

CREDITORS

Amounts falling due within one year

7

(5,403,035

)

(2,281,593

)

NET CURRENT ASSETS

395,615

1,817,189

TOTAL ASSETS LESS CURRENT LIABILITIES

1,375,922

2,304,530

PROVISIONS FOR LIABILITIES

(61,318

)

(10,380

)

NET ASSETS

1,314,604

2,294,150

CAPITAL AND RESERVES

Called up share capital

102

102

Retained earnings

1,314,502

2,294,048

1,314,604

2,294,150

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 18 June 2025 and were signed on its behalf by:

Mr K R Wells - Director

1.	STATUTORY INFORMATION

Quelfire Limited is a private company, limited by shares, domiciled in England, registration number 02172353. The registered office is Unit 4 Spitfire Road, Cheshire Green Industrial Estate, Nantwich, England, CW5 6HT.

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.

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 companies.

Turnover

Turnover represents net invoiced sales of goods and services in respect of the manufacture and supply of firestopping products, excluding value added tax. Sales are recognised at the point at which the goods are delivered or the service is complete.

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.

Know how costs are being amortised evenly over their estimated useful life of five years.

Website is being amortised evenly over its 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.

Land and buildings

-

10% on cost

Plant and machinery etc

-

33% on cost, 15% on cost and 10% on cost

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.

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 Income Statement, 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.

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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 25 (2023 - 27 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 January 2024

786,567

Additions

163,027

At 31 December 2024

949,594

AMORTISATION

At 1 January 2024

385,114

Charge for year

149,388

At 31 December 2024

534,502

NET BOOK VALUE

At 31 December 2024

415,092

At 31 December 2023

401,453

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2024

-

259,805

259,805

Additions

311,525

226,066

537,591

Disposals

-

(34,949

)

(34,949

)

At 31 December 2024

311,525

450,922

762,447

DEPRECIATION

At 1 January 2024

-

173,917

173,917

Charge for year

2,596

53,572

56,168

Eliminated on disposal

-

(32,853

)

(32,853

)

At 31 December 2024

2,596

194,636

197,232

NET BOOK VALUE

At 31 December 2024

308,929

256,286

565,215

At 31 December 2023

-

85,888

85,888

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

2,754,185

1,529,558

Other debtors

136,511

137,446

2,890,696

1,667,004

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

548,366

272,309

Amounts owed to group undertakings

3,090,803

787,991

Amounts owed to related parties

260,445

391,539

Taxation and social security

495,785

405,999

Other creditors

1,007,636

423,755

5,403,035

2,281,593

8.	RELATED PARTY DISCLOSURES

At the year end, the company owed £260,445 (2023 - £391,539) to a shareholder.

Other loans

At the year end, the company owed £0 (2023 - £397,064) to family members.

9.	ULTIMATE PARENT ENTITY

The ultimate controlling party is KW & Others Holdings Ltd.