Quill International Group Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 01280199 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD

31 DECEMBER 2023 TO 29 DECEMBER 2024

FOR

QUILL INTERNATIONAL GROUP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Directors:

Mrs S Y Dore

Mr D J Dore

Mr S Green

Miss S Dore

Secretary:

Mrs S Y Dore

Registered office:

Castle Lane

Melbourne

Derby

Derbyshire

DE73 8JB

Registered number:

01280199 (England and Wales)

Accountants:

TC Group

10 Stadium Business Court

Millennium Way

Pride Park

Derby

DE24 8HP

Fixed assets

Tangible assets

4

530,703

533,726

Current assets

Stocks

5

434,065

385,411

Debtors

6

1,621,804

1,876,806

Cash at bank and in hand

232,746

198,296

2,288,615

2,460,513

Creditors

Amounts falling due within one year

7

(1,031,957

)

(1,141,276

)

Net current assets

1,256,658

1,319,237

Total assets less current liabilities

1,787,361

1,852,963

Creditors

Amounts falling due after more than one
year

8

(148,272

)

(114,053

)

Provisions for liabilities

(96,354

)

(96,354

)

Net assets

1,542,735

1,642,556

Capital and reserves

Called up share capital

11

50,760

Retained earnings

1,491,975

1,591,796

Shareholders' funds

1,542,735

1,642,556

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 29 December 2024.

The members have not required the company to obtain an audit of its financial statements for the period ended 29 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 22 December 2025 and were signed on its behalf by:

Mr D J Dore - Director

1.	STATUTORY INFORMATION

Quill International Group 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.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Tangible fixed assets are depreciated over their useful economic lives. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values.

Turnover

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

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery

-

20% on cost

Fixtures and fittings

-

2% on cost

Motor vehicles

-

25% on cost

Equipment

-

33% on reducing balance

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost, less provision for any impairment.

Stocks

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

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation

Taxation for the period 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 period 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

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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 period was 28 (2023 - 31 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

machinery

fittings

vehicles

Equipment

Totals

£

Cost

At 31 December 2023

534,593

106,775

347,914

199,337

1,188,619

Additions

135,485

11,000

30,968

4,276

181,729

Disposals

-

(19,610

)

(32,970

)

-

(52,580

)

At 29 December 2024

670,078

98,165

345,912

203,613

1,317,768

Depreciation

At 31 December 2023

319,728

6,200

138,871

190,094

654,893

Charge for period

96,921

1,955

59,830

5,614

164,320

Eliminated on disposal

-

(1,239

)

(30,909

)

-

(32,148

)

At 29 December 2024

416,649

6,916

167,792

195,708

787,065

Net book value

At 29 December 2024

253,429

91,249

178,120

7,905

530,703

At 30 December 2023

214,865

100,575

209,043

9,243

533,726

Included within the net book value of £530,703 is £180,901 (2023 - £63,435) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £31,052 (2023 - £23,610).

5.

STOCKS

2024

2023

£

Finished goods

434,065

385,411

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Trade debtors

722,998

1,045,476

Other debtors

5,199

9,425

Intercompany account

504,561

416,035

Directors' loan accounts

73,576

75,027

Tax

-

54,328

Prepayments and accrued income

315,470

276,515

1,621,804

1,876,806

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Bank loans and overdrafts

73,601

155,554

Hire purchase contracts (see note 9)

46,702

18,441

Trade creditors

325,701

434,483

Invoice discounting

347,215

309,835

Tax

25,510

-

Social security and other taxes

26,357

31,579

VAT

145,540

141,393

Other creditors

7,719

12,105

Inter-company balances

29,256

-

Directors' loan accounts

-

13,117

Accruals and deferred income

4,356

24,769

1,031,957

1,141,276

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR

2024

2023

£

Bank loans

-

73,601

Hire purchase contracts (see note 9)

148,272

40,452

148,272

114,053

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase

contracts

2024

2023

£

Net obligations repayable:

Within one year

46,702

18,441

Between one and five years

148,272

40,452

194,974

58,893

Non-cancellable

operating leases

2024

2023

£

Within one year

63,420

39,600

Between one and five years

253,680

118,800

In more than five years

63,420

79,200

380,520

237,600

10.	SECURED DEBTS

The following secured debts are included within creditors:

2024

2023

£

Bank loans

73,601

229,155

Bank loans are secured by a mortgage debenture and a first legal charge over the company's freehold property.

The hire purchase agreements are secured against the assets to which they relate.

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

50,760

Ordinary

£1

50,760

12.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the periods ended 29 December 2024 and 30 December 2023:

2024

2023

£

Mr D J Dore

Balance outstanding at start of period

75,027

66,761

Amounts advanced

139,465

84,180

Amounts repaid

(142,788

)

(75,914

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

71,704

75,027

Mrs S Y Dore

Balance outstanding at start of period

(13,117

)

(15,611

)

Amounts advanced

15,000

2,500

Amounts repaid

(12

)

(6

)

Amounts written off

-

Amounts waived

-

Balance outstanding at end of period

1,871

(13,117

)

It is company policy to charge interest on all overdrawn loan accounts at HMRC official rate of interest. The amount owed at the year-end in respect of the above loans was £2,452 (2023: £1,906) and is included in other debtors.

13.	RELATED PARTY DISCLOSURES

The company was under the control of Mr D Dore throughout the current and previous year.

Mr D Dore is a director and majority shareholder in Quill Falcon Limited t/a Ironforge Pressings. During the year the company entered into the following transactions with the related party:

2024

2023

£

Debtor balance

21,473

31,613

Creditor balance

-

Amount owed to/(from) Quill Falcon Limited t/a Ironforge Pressings

(158,689

)

(70,859

)

The Company owns 100% of the Share Capital of The Collated Nail Company Limited. During the year the company entered into the following transactions with the Subsidiary Company:

2024

2023

£

Debtor balance

-

Creditor balance

-

Sales to Collated Nail Company Limited

17,483

39,178

Purchases from Collated Nail Company Limited

11,581

23,977

Amounts written off during the year

120,943

107,275

Amount owed from Collated Nail Company Limited

-

75,000

The following transactions took place with Quill International Chemicals Limited, a related party by virtue of the managing director and majority shareholder being a close family member of Mr D Dore.

2024

2023

£

Sales to and management charges received from

Quill International Chemicals Ltd

341,837

29,392

Purchases from Quill International Chemicals Ltd

2,782

7,564

Debtor balance

6,987

29,392

Creditor balance

251

666

Amount owed to Quill International Chemical

(81,012

)

(38,002

)

This includes management charges of £66,000 that were accrued at the year end.

The following transactions took place with Quill International Lifting & Certification Limited, a related party by virtue of the managing director and majority shareholder being a close family member of M D Dore.

2024

2023

£

Debtor balance

216,400

Creditor balance

141,648

115,409

Amount owed from Quill International Lifting & Certification Limited

264,860

232,173

The following transactions took place with AG Precision Limited, a related party by virtue of the managing director and majority shareholder being a close family member of M D Dore.

2024

2023

£

Amount owed from AG Precision Limited

-

Amounts written off during the year

967

187,460

Debtor balance

-

Creditor balance

-

The following transactions took place with Margret Chemicals, a related party by virtue of the managing director and majority shareholder being a close family member of M D Dore.

2024

2023

£

Amount owed from AG Precision Limited

(29,226

)

-

Amounts written off during the year

-

Debtor balance

744

-

Creditor balance

-