REGISTERED NUMBER: 02176381 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

QUALPLAS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

T Owen

A D McMahon

M Parkes

R Sherwood

SECRETARY:

A Wagstaff

REGISTERED OFFICE:

Huws Gray Limited Head Office

Llangefni Industrial Estate

Llangefni

Gwynedd

LL77 7HL

REGISTERED NUMBER:

02176381 (England and Wales)

AUDITORS:

C A Hunter Limited

Statutory Auditors

Britannia Chambers

26 George Street

St Helens

Merseyside

WA10 1BZ

FIXED ASSETS

Tangible assets

4

229,279

217,301

CURRENT ASSETS

Stocks

236,186

225,007

Debtors

5

216,710

302,071

Cash at bank and in hand

81,004

50,337

533,900

577,415

CREDITORS

Amounts falling due within one year

6

262,356

227,226

NET CURRENT ASSETS

271,544

350,189

TOTAL ASSETS LESS CURRENT LIABILITIES

500,823

567,490

PROVISIONS FOR LIABILITIES

4,194

19,755

NET ASSETS

496,629

547,735

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

496,529

547,635

SHAREHOLDERS' FUNDS

496,629

547,735

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 29 September 2025 and were signed on its behalf by:

A D McMahon - Director

1.	STATUTORY INFORMATION

Qualplas 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.

In the preparation of the financial statements the directors have considered going concern. The directors consider that the company has adequate resources to enable it to continue trading for the foreseeable future, and consider that the going concern basis continues to be appropriate for the preparation of the financial statements.

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 wholly owned subsidiaries within the group.

Turnover

Turnover represents net invoiced sales of goods and installations, excluding value added tax. Revenue is recognised when goods have been despatched or collected and when installations have been completed.

Tangible fixed assets

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

Improvements to property

-

in accordance with the property

Plant and machinery

-

15% on reducing balance

Fixtures and fittings

-

15% 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 allowances for obsolete and slow moving items. Cost includes all direct costs and an appropriate proportion of variable overheads.

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.

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.

Government grants

Grants received are accounted for using the accrual model.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 14 (2023 - 16 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 January 2024

87,017

235,336

149,109

Additions

-

-

42,808

At 31 December 2024

87,017

235,336

191,917

DEPRECIATION

At 1 January 2024

27,693

161,743

99,484

Charge for year

3,481

11,039

7,666

At 31 December 2024

31,174

172,782

107,150

NET BOOK VALUE

At 31 December 2024

55,843

62,554

84,767

At 31 December 2023

59,324

73,593

49,625

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 January 2024

81,468

38,094

591,024

Additions

-

995

43,803

At 31 December 2024

81,468

39,089

634,827

DEPRECIATION

At 1 January 2024

50,512

34,291

373,723

Charge for year

7,739

1,900

31,825

At 31 December 2024

58,251

36,191

405,548

NET BOOK VALUE

At 31 December 2024

23,217

2,898

229,279

At 31 December 2023

30,956

3,803

217,301

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade debtors

197,622

260,623

Other debtors

19,088

41,448

216,710

302,071

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.24

31.12.23

£

£

Trade creditors

103,021

68,610

Taxation and social security

30,803

32,382

Other creditors

128,532

126,234

262,356

227,226

7.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Keith Rotheram (Senior Statutory Auditor)

for and on behalf of C A Hunter Limited

8.	RELATED PARTY DISCLOSURES

The ultimate parent company is Huws Gray Limited by virtue of its ownership of 80% of the company's share capital.

The registered office of Huws Gray Limited can be found on the Company Information page.

At the balance sheet date there was a balance within other creditors owing to Huws Gray Limited of £114,236 ( 2023 £114,236).