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Company Registration No. 09483769 (England and Wales)
Great Quality Limited Unaudited accounts for the year ended 31 March 2026
Great Quality Limited Unaudited accounts Contents
Page
Company information
3
Statement of financial position
4
Notes to the accounts
5
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Great Quality Limited Company Information for the year ended 31 March 2026
Director
Petru Covtun
Company Number
09483769 (England and Wales)
Registered Office
200 Hook Road Epsom Surrey KT19 8UB England
Accountants
Irina Palii 12 Collingwood Close Braintree Essex CM7 9UG
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Great Quality Limited Statement of financial position as at 31 March 2026
2026
2025
Notes
£
£
Fixed assets
Tangible assets
4
7,126
11,433
Current assets
Inventories
-
950
Debtors
5
3,247
4,939
Cash at bank and in hand
13,694
3,082
16,941
8,971
Creditors: amounts falling due within one year
6
(10,139)
(6,104)
Net current assets
6,802
2,867
Net assets
13,928
14,300
Capital and reserves
Called up share capital
100
100
Profit and loss account
13,828
14,200
Shareholders' funds
13,928
14,300
For the year ending 31 March 2026 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 7 May 2026 and were signed on its behalf by
Petru Covtun Director Company Registration No. 09483769
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Great Quality Limited Notes to the Accounts for the year ended 31 March 2026
1
Statutory information
Great Quality Limited is a private company, limited by shares, registered in England and Wales, registration number 09483769. The registered office is 200 Hook Road, Epsom, Surrey, KT19 8UB, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Going concern
Financial statements are prepared on the assumption that the entity is a going concern and will continue in operation for the foreseeable future.
3.1 Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
3.2 Presentation currency
The accounts are presented in £ sterling.
3.3 Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied, net of discounts and Value Added Tax. Sale of goods Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably. Rendering of services Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of costs incurred, mainly in relation to contractual hourly staff rates and materials, as proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
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Great Quality Limited Notes to the Accounts for the year ended 31 March 2026
3.4 Tangible fixet assets and depreciation
Tangible fixed assets are initially measured at cost and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount. Any tangible assets carried at revalued amount are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation is recognised in other comprehensive income and accumulated in capital and reserves. However, the increase is recognised in profit or loss to the extent that it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss. Depreciation is calculated so as to write off the cost of the assets, less its estimated residual value over the useful economic life of that assets as follows: Office equipment 33% on cost Plant & Machinery 25% on cost Motor vehicles 25% on reducing balance
3.5 Cash at bank and hands
Cash at bank and in hands are basis financial assets and include cash in hand and deposits held with financial institutions repayable without penalty on notice of non-more than 24 hours.
3.6 Financial Instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit and loss immediately. All equity instruments regardless of significance and other financial assets that are individually significant are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
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Great Quality Limited Notes to the Accounts for the year ended 31 March 2026
3.7 Equity Instruments
Equity instruments issued by the company are recognised at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
3.8 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 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 substantively enacted by the reporting end date. Deferred Tax Deferred tax liabilities are generally recognised for all timing differences and differed tax assets that are recognised to 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.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
4
Tangible fixed assets
Motor vehicles
Computer equipment
Total
£
£
£
Cost or valuation
At cost
At cost
At 1 April 2025
13,190
2,454
15,644
Additions
-
1,498
1,498
Disposals
(3,000)
-
(3,000)
At 31 March 2026
10,190
3,952
14,142
Depreciation
At 1 April 2025
3,262
949
4,211
Charge for the year
1,995
810
2,805
At 31 March 2026
5,257
1,759
7,016
Net book value
At 31 March 2026
4,933
2,193
7,126
At 31 March 2025
9,928
1,505
11,433
5
Debtors
2026
2025
£
£
Amounts falling due within one year
VAT
556
832
Trade debtors
2,152
2,568
Accrued income and prepayments
539
1,539
3,247
4,939
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Great Quality Limited Notes to the Accounts for the year ended 31 March 2026
6
Creditors: amounts falling due within one year
2026
2025
£
£
Bank loans and overdrafts
108
793
Trade creditors
6,807
1,445
Taxes and social security
1,544
1,318
Loans from directors
1,680
2,548
10,139
6,104
7
Average number of employees
During the year the average number of employees was 2 (2025: 2).
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