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Registered number:
For the Year Ended
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Qualtex UK Limited
Company Information
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Qualtex UK Limited
Contents
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Qualtex UK Limited
Strategic Report
For the Year Ended 31 December 2024
The directors present their Strategic Report and financial statements for the 12 months ended 31 December 2024. The principal activity of the Company is the provision of home appliance spare parts which are available for distribution worldwide.
Sales were down in the year to £24.3m (2023: £26m) due to difficult market conditions specifically within the ecommerce sector. Trade sales however remained strong, resulting in improved overall GP margin increasing to 20.9% (2023: 19.9%).
Whilst underlying administration expenses remain consistent, there were bad debt and FX costs in 2024 of £101k (2023: income of £244k), which were not seen last year. Impairment of the JEGS Electrical Limited investment also began in 2024 of £102k (2023: £0). Both factors impacted operating profit margin in the year, which fell to 5.7% (2023: 7.3%). The Company has a robust balance sheet and has strong backing from our lender, HSBC. Notably, a revolving credit facility of £3 million which was renewed in 2025 and is now in place until June 2028.
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Qualtex UK Limited
Strategic Report (continued)
For the Year Ended 31 December 2024
The Company operates in a competitive marketplace, and maintains advantage through stock availability, customer service and product quality. Customer demands are typically met through next-day delivery. The Company has a broad range of customers with whom it maintains strong relationships.
The Company purchases significant amounts of stock, in line with customer demand. Stock is acquired usually with bank loan facilities and often in foreign currencies to alleviate currency movement on transactions with foreign suppliers. The Company uses various financial instruments. These include loans, cash and various items, such as trade debtors and trade creditors that arise directly from its operations. The main purpose of these financial instruments is to raise finance for the Company's operations. The existence of these financial instruments exposes the Company to a number of financial risks, which are described in more detail below. The main risks arising from the Company's financial instruments are market risk, currency risk, cash flow interest rate risk, credit risk and liquidity risk. The directors review and agree policies for managing each of these risks and they are summarised below. Market risk Market risk encompasses three types of risk, being currency risk, fair value interest rate risk and price risk. In this instance price risk has been ignored as it is not considered a material risk to the business. The Company's policies for managing fair value interest rate risk are considered along with those for managing cash flow interest rate risk and are set out in the subsection entitled "interest rate risk" below. Currency risk The Company is exposed to translation and transaction foreign exchange risk. In relation to translation risk, this is not considered material to the business. Transaction risk arises on the Company's sales and purchases. The Company operates a policy of "self hedging" as it holds US$'s and €'s in separate bank accounts and pays suppliers from funds within these bank accounts to minimise the impact of exchange gains and losses arising on individual transactions. Interest rate risk The Company finances its operations through a mixture of retained profits, cash and external loans. The Company's exposure to interest rate fluctuations on its borrowings is not considered material. Liquidity risk The Company seeks to manage financial risk by ensuring sufficient liquidity is available to meet foreseeable needs. Credit risk The Company's principal financial assets are cash and trade debtors. The credit risk associated with cash is limited as the counterparty is a UK clearing bank with a high credit rating. Credit risk associated with the Company's trade debtors is not considered material.
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Qualtex UK Limited
Strategic Report (continued)
For the Year Ended 31 December 2024
The directors consider the following KPIs to be the main focus for the Company: sales, gross profit margin and profit before tax.
Sales: 2024: £24,256,508 2023: £25,963,143 Gross profit margin: 2024: 20.9% 2023: 19.9% Profit before tax: 2024: £1,205,018 2023: £1,676,790 Future developments The Business will continue to develop new, high quality pattern parts, whilst continuing to supply a wide range of OEM parts, to offer our customers the best products at competitive prices.
This report was approved by the board and signed on its behalf.
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Qualtex UK Limited
Directors' Report
For the Year Ended 31 December 2024
The directors present their report and the financial statements for the year ended 31 December 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments 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 transactions and disclose with reasonable accuracy at any time the financial position of the Company and to 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 hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £878,722 (2023 - £1,570,415).
The dividend for the year is £1,828,008 (2023: £1,084,551). The directors do not recommend the payment of a final dividend.
The directors who served during the year were:
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Qualtex UK Limited
Directors' Report (continued)
For the Year Ended 31 December 2024
There have been no significant events affecting the Company since the year end.
The auditors, Hurst Accountants Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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Qualtex UK Limited
Independent Auditors' Report to the Members of Qualtex UK Limited
We have audited the financial statements of Qualtex UK Limited (the 'Company') for the year ended 31 December 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Equity and the related notes, 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).
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 Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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.
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 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.
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of 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.
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Qualtex UK Limited
Independent Auditors' Report to the Members of Qualtex UK Limited (continued)
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors' Report.
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Qualtex UK Limited
Independent Auditors' Report to the Members of Qualtex UK Limited (continued)
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 an Auditors' Report 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. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Identifying and assessing potential risks related to irregularities In identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and noncompliance with laws and regulations, we considered the following: • The nature of the industry and sector in which the company operates; the control environment and business performance including key drivers for directors' remuneration, bonus levels and performance targets. • The outcome of enquiries of local management and parent company management, including whether management was aware of any instances of non-compliance with laws and regulations, and whether management had knowledge of any actual, suspected, or alleged fraud. • Supporting documentation relating to the Company's policies and procedures for: - Identifying, evaluating, and complying with laws and regulations. - Detecting and responding to the risks of fraud. • The internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations. • The outcome of discussions amongst the engagement team regarding how and where fraud might occur in the financial statements and any potential indicators of fraud. • The legal and regulatory framework in which the Company operates, particularly those laws and regulations which have a direct effect on the financial statements, such as the Companies Act 2006, pensions and tax legislation, or which had a fundamental effect on the operations of the Company, including General Data Protection requirements, and Antibribery and Corruption. Audit response to risks identified Our procedures to respond to the risks identified included the following: • Reviewing the financial statements disclosures and testing to supporting documentation to assess compliance with the provisions of those relevant laws and regulations which have a direct effect on the financial statements. • Discussions with management, including consideration of known or suspected instances of non-compliance with laws and regulations and fraud. • Evaluation of management’s controls designed to prevent and detect irregularities. • Enquiring of management about any actual and potential litigation and claims. • Performing analytical procedures to identify any unusual or unexpected relationships which may indicate risks of material misstatement due to fraud.
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Qualtex UK Limited
Independent Auditors' Report to the Members of Qualtex UK Limited (continued)
We have also considered the risk of fraud through management override of controls by:
• Testing the appropriateness of journal entries and other adjustments. We have used data analytics software to identify accounting transactions which may pose a heightened risk of material misstatement, whether due to fraud or error. • Challenging assumptions made by management in their significant accounting estimates, and assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and: • Evaluating the business rationale of any significant transactions that are unusual or outside the normal course of business. We also communicated relevant identified laws and regulations and potential fraud risks to all engagement team members and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. There are inherent limitations in the audit procedures described above, and the further removed non-compliance with laws and regulations are from the events and transactions reflected in the financial statements, the less likely we would become aware of them. 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 Auditors' 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 an Auditors' Report 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.
for and on behalf of
Chartered Accountants & Statutory Auditors
3 Stockport Exchange
Cheshire
SK1 3GG
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Qualtex UK Limited
Statement of Comprehensive Income
For the Year Ended 31 December 2024
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Qualtex UK Limited
Registered number: 00708974
Balance Sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 13 to 30 form part of these financial statements.
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Qualtex UK Limited
Statement of Changes in Equity
For the Year Ended 31 December 2024
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Qualtex UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Qualtex UK Limited is a private company limited by shares, incorporated in England and Wales and its registered office is Unit 1, Denton Hall Farm Road, Denton, Manchester M34 2SX. The company's registered number is 00708974. The principal activity of the Company is the provision of home appliance spare parts which are distributed worldwide.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Qualtex Global Limited as at 31 December 2024 and these financial statements may be obtained from Companies House.
The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.
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Qualtex UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Functional and presentation currency
Transactions and balances
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Qualtex UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
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Qualtex UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.
The estimated useful lives range as follows:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Assets under construction are only subject to depreciation at the point that they are brought into use. The carrying value is reviewed periodically and if any assets are unlikely to generate future economic benefit they are subject to impairment accordingly.
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Qualtex UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Basic financial assets
Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
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Qualtex UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
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Qualtex UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
2.Accounting policies (continued)
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled. Measurement of provision for obsolete stock The stock provision is determined by ageing the stock in conjunction with management's knowledge and experience of stock movements. The provision applied reduces the carrying value to its selling price less costs to sell. Accordingly, provision for impairment is made where the net realisable value is less than the cost based on best estimates by management. The value of stock held at the year end totalled £7,168,609 (2023: £7,765,451), which included impairments of £574,210 (2023: £663,150).
The whole of the turnover is attributable to the distribution of home appliance spare parts.
Analysis of turnover by country of destination:
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Qualtex UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Qualtex UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Qualtex UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
There were no factors that may affect future tax charges.
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Qualtex UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Qualtex UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 24
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Qualtex UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 25
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Qualtex UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Qualtex UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Page 27
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Qualtex UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
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Qualtex UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
Revaluation reserve
The revaluation reserve represents the surplus created on the revaluation of certain categories of fixed assets. Other reserves The other reserves represent the reserve created on fair valuing the intra-group loan payable to Qualtex Global Limited on transition to FRS 102. This comprises the difference between the amount payable and the fair value of the loan. Profit and loss account The profit and loss account includes all current and prior period retained profits and losses, net of dividends paid.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £30,039 (2023: £26,843). Contributions totaling £11,043 (2023: £6,697) were payable to the fund at the balance sheet date and are included in creditors.
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Qualtex UK Limited
Notes to the Financial Statements
For the Year Ended 31 December 2024
The immediate and ultimate parent Company is Qualtex Global Limited (registered number: 08812633), a company registered in the United Kingdom, in which P Hulme is the controlling shareholder.
The largest and smallest group within which the results of the company are consolidated is headed by Qualtex Global Limited. The address of Qualtex Global Limited is Unit 1, Denton Hall Farm Road, Denton, Manchester M34 2SX.
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