Company registration number 01959944 (England and Wales)
TQC LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
PAGES FOR FILING WITH REGISTRAR
TQC LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 10
TQC LIMITED
BALANCE SHEET
AS AT 30 SEPTEMBER 2025
30 September 2025
- 1 -
2025
2024
Notes
£
£
£
£
Fixed assets
Tangible assets
5
431,100
498,104
Current assets
Stocks
92,552
103,462
Debtors
6
666,399
712,623
Cash at bank and in hand
331,437
938,169
1,090,388
1,754,254
Creditors: amounts falling due within one year
7
(678,380)
(1,084,694)
Net current assets
412,008
669,560
Total assets less current liabilities
843,108
1,167,664
Creditors: amounts falling due after more than one year
8
-
0
(8,333)
Provisions for liabilities
(53,297)
(29,068)
Net assets
789,811
1,130,263
Capital and reserves
Called up share capital
27,814
27,814
Share premium account
18,676
18,676
Revaluation reserve
264,594
266,205
Capital redemption reserve
52,411
52,411
Profit and loss reserves
426,316
765,157
Total equity
789,811
1,130,263
TQC LIMITED
BALANCE SHEET (CONTINUED)
AS AT 30 SEPTEMBER 2025
30 September 2025
- 2 -

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 September 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

T he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 29 April 2026 and are signed on its behalf by:
M C Jones CEng Bsc (Hons) MPhil FIMechE
Director
Company registration number 01959944 (England and Wales)
TQC LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 3 -
1
Accounting policies
Company information

TQC Limited is a private company limited by shares incorporated in England and Wales. The registered office is Hooton Street, Carlton Road, Nottingham, NG3 2NJ.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties. The principal accounting policies adopted are set out below.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the subsidiary qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
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.

Revenue from contracts for project work is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that are recoverable.

1.3
Research and development expenditure

Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

TQC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 4 -
1.5
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings Freehold
0.5% per annum, straight line basis
Improvements to property
10% per annum, straight line basis
Plant and machinery
10% - 25% per annum, straight line basis
Fixtures, fittings & equipment
10% - 25% per annum, straight line basis

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.

1.6
Impairment of fixed assets

The company reviews the carrying amounts of 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).

1.7
Stocks

Stocks are valued at the lower of cost and net realisable value. The cost of finished goods and work in progress include directly attributable costs. Turnover and related costs on each long term contract are recorded in the profit and loss account as contract activity progresses. Turnover is calculated on the basis of the value of work done and when a profitable outcome to the contract can be assessed with reasonable certainty.

Attributable profit is calculated on a prudent basis for each contract by reference to the contract's cumulative turnover, total contract value and total profit estimated for the completed contract. Full provision is made for losses on a contract immediately as they can be foreseen.

Work in progress is stated, at direct cost, applicable overheads plus a relevant proportion of profits. Provision is made for any foreseeable losses on each contract and the net figure is reflected in other debtors.

1.8
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

TQC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 5 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.

Classification of 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 deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. A m ounts payable are classified as current liabilities if payment is due within one year or less. Trade creditors are recognised initially at transaction price.

1.9
Equity instruments

Share capital issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on share capital are recognised as liabilities once they are no longer at the discretion of the company.

1.10
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

TQC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
1
Accounting policies
(Continued)
- 6 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.11
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

1.12
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease s asset are consumed.

1.14
Government grants

Government grants are recognised at the fair value of the asset receive d or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred.

1.15
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

TQC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 7 -
2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Long term contracts

Use of the percentage-of-completion method for the company's engineering contracts requires the directors to estimate the costs incurred to date as a proportion of the total costs on the contracts. The estimation of the costs to complete on projects can involve considerable judgement, especially in the early stages of the contract.

The company reviews these estimates and assumptions monthly. To the extent that the costs to complete and therefore the percentage completion on the contracts are different to the amounts recorded will impact revenue and cost of sales in the period in which such determination is made. Where it is probable that total contract costs will exceed total contract revenue, the expected loss shall be recognised as an expense immediately in accordance with FRS 102 paragraph 23.26.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
39
38
TQC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 8 -
4
Intangible fixed assets
Other
£
Cost
At 1 October 2024
16,387
Disposals
(16,387)
At 30 September 2025
-
0
Amortisation and impairment
At 1 October 2024
16,387
Disposals
(16,387)
At 30 September 2025
-
0
Carrying amount
At 30 September 2025
-
0
At 30 September 2024
-
0
TQC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 9 -
5
Tangible fixed assets
Land and buildings Freehold
Improvements to property
Plant and machinery
Fixtures, fittings & equipment
Total
£
£
£
£
£
Cost or valuation
At 1 October 2024
375,000
20,713
84,036
460,617
940,366
Additions
-
0
-
0
-
0
2,771
2,771
Transfer to parent company
-
0
-
0
(84,036)
(330,450)
(414,486)
At 30 September 2025
375,000
20,713
-
0
132,938
528,651
Depreciation and impairment
At 1 October 2024
-
0
2,589
83,556
356,117
442,262
Depreciation charged in the year
1,875
2,071
277
19,172
23,395
Transfer to parent company
-
0
-
0
(83,833)
(284,273)
(368,106)
At 30 September 2025
1,875
4,660
-
0
91,016
97,551
Carrying amount
At 30 September 2025
373,125
16,053
-
0
41,922
431,100
At 30 September 2024
375,000
18,124
480
104,500
498,104

The freehold property was revalued in January 2025 by R L Watkinson FRICS, an external and independent valuer, on an open market basis to £375,000. The report was prepared having regard to the RICS Valuation - Global Standards 2020. At the year end the directors considered the valuation and deemed it to be app ropriate.

If revalued assets were stated on a historical cost basis rather than a fair value basis, the total amounts included would have been as follows:

2025
2024
£
£
Cost
52,786
52,786
Accumulated depreciation
(23,251)
(22,987)
Carrying value
29,535
29,799
TQC LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2025
- 10 -
6
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
345,195
616,324
Corporation tax recoverable
61,433
417
Other debtors
259,771
95,882
666,399
712,623
7
Creditors: amounts falling due within one year
2025
2024
£
£
Bank loans
8,333
10,000
Trade creditors
188,766
183,879
Amounts owed to group undertakings
7,700
-
0
Taxation and social security
70,220
145,321
Other creditors
403,361
745,494
678,380
1,084,694
8
Creditors: amounts falling due after more than one year
2025
2024
£
£
Bank loans and overdrafts
-
0
8,333
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2025
2024
£
£
Total commitments
191,036
199,278
10
Parent company

The company’s ultimate parent undertaking is TQC Group Limited, a company incorporated in England and Wales.

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