Company No: SC368992 (Scotland)

Contents

• Balance Sheet
• Notes to the Financial Statements

	Note	2024		2023
		£		£
Fixed assets
Tangible assets	3	37,454		48,656
Investment property	4	355,461		19,735
		392,915		68,391
Current assets
Debtors	5	452,814		467,712
Cash at bank and in hand	6	597,410		944,083
		1,050,224		1,411,795
Creditors: amounts falling due within one year	7	( 375,582)		( 406,310)
Net current assets		674,642		1,005,485
Total assets less current liabilities		1,067,557		1,073,876
Provision for liabilities	8	( 5,837)		( 5,130)
Net assets		1,061,720		1,068,746
Capital and reserves
Called-up share capital	9	47		50
Share premium account		80,272		80,272
Capital redemption reserve		57		55
Profit and loss account		981,344		988,369
Total shareholders' funds		1,061,720		1,068,746

For the financial year ending 31 December 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 financial statements for the financial year in accordance with section 476;
• The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements; and
• These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of Quensh Specialists Limited (registered number: SC368992) were approved and authorised for issue by the Board of Directors on 26 September 2025. They were signed on its behalf by:

I Bruce Director

1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Quensh Specialists Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Blackwood House,Union Grove Lane, ABERDEEN,AB10 6XU, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include investment properties and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Profit and Loss Account in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Amounts receivable for rental income is net of VAT, trade discounts and recognised on an accruals basis.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery	4 years straight line
Office equipment	4 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Government grants

Government grants are recognised based on the performance model and are measured at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received.

A grant that specifies performance conditions is recognised in income only when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the grant proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

	2024		2023
	Number		Number
Monthly average number of persons employed by the Company during the year, including directors	41		37

3. Tangible assets

	Plant and machinery		Office equipment		Total
	£		£		£
Cost
At 01 January 2024	133,308		34,440		167,748
Additions	9,695		495		10,190
At 31 December 2024	143,003		34,935		177,938
Accumulated depreciation
At 01 January 2024	90,191		28,901		119,092
Charge for the financial year	19,085		2,307		21,392
At 31 December 2024	109,276		31,208		140,484
Net book value
At 31 December 2024	33,727		3,727		37,454
At 31 December 2023	43,117		5,539		48,656

4. Investment property

	Investment property
	£
Valuation
As at 01 January 2024	19,735
Additions	335,726
As at 31 December 2024	355,461

In the opinion of the directors, £355,461 reflects the fair value of the investment property at the year end.

5. Debtors

	2024		2023
	£		£
Trade debtors	387,636		416,154
Other debtors	65,178		51,558
	452,814		467,712

6. Cash and cash equivalents

	2024		2023
	£		£
Cash at bank and in hand	597,410		944,083

7. Creditors: amounts falling due within one year

	2024		2023
	£		£
Trade creditors	15,127		13,917
Taxation and social security	228,590		243,216
Other creditors	131,865		149,177
	375,582		406,310

8. Deferred tax

	2024		2023
	£		£
At the beginning of financial year	( 5,130)		( 7,208)
(Charged)/credited to the Profit and Loss Account	( 707)		2,078
At the end of financial year	( 5,837)		( 5,130)

9. Called-up share capital

	2024		2023
	£		£
Allotted, called-up and fully-paid
4,000 Ordinary A shares of £ 0.01 each	40.00		40.00
464 Ordinary B shares of £ 0.01 each	4.64		4.64
235 Ordinary C shares of £ 0.01 each (2023: 465 shares of £ 0.01 each)	2.35		4.65
	46.99		49.29

230 Ordinary C shares (nominal value of £2.30) were repurchased by the company for consideration of £72,157.

10. Financial commitments

Commitments

	2024		2023
	£		£
Total future minimum lease payments under non-cancellable operating lease	51,666		121,033