Q-Mass Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: SC277991 (Scotland)

Unaudited Financial Statements

For The Period 1 November 2020 to 31 January 2021

for

Q-Mass Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

R Robertson

J Harvey

SECRETARY:

R Robertson

REGISTERED OFFICE:

1a Langlands Drive

East Kilbride

G75 0YH

REGISTERED NUMBER:

SC277991 (Scotland)

ACCOUNTANTS:

Atkinson Donnelly LLP

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

FIXED ASSETS

Tangible assets

4

4,924,103

4,679,470

CURRENT ASSETS

Stocks

450,000

50,000

Debtors

5

1,039,951

2,009,941

Cash at bank

1,181,486

872,108

2,671,437

2,932,049

CREDITORS

Amounts falling due within one year

6

980,128

1,085,178

NET CURRENT ASSETS

1,691,309

1,846,871

TOTAL ASSETS LESS CURRENT LIABILITIES

6,615,412

6,526,341

CREDITORS

Amounts falling due after more than one year

7

(1,824,868

)

(1,673,247

)

PROVISIONS FOR LIABILITIES

9

(203,204

)

(115,096

)

NET ASSETS

4,587,340

4,737,998

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

4,537,340

4,687,998

4,587,340

4,737,998

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 31 January 2021.

The members have not required the company to obtain an audit of its financial statements for the period ended 31 January 2021 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 May 2021 and were signed on its behalf by:

R Robertson - Director

J Harvey - Director

1.	STATUTORY INFORMATION

Q-Mass Limited is a private company, limited by shares , registered in Scotland. 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.

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 the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

15% on cost

Plant and machinery - straight line over 15 years

Stocks

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

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances

Cash and bank balances are measured at the transaction price.

Taxation

Taxation for the period 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 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on an effective rate of interest method 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 43 (2020 - 44 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 November 2020

3,784,352

6,739,826

84,517

Additions

4,025

349,156

-

At 31 January 2021

3,788,377

7,088,982

84,517

DEPRECIATION

At 1 November 2020

272,335

5,360,253

71,967

Charge for period

65,025

273,485

5,203

At 31 January 2021

337,360

5,633,738

77,170

NET BOOK VALUE

At 31 January 2021

3,451,017

1,455,244

7,347

At 31 October 2020

3,512,017

1,379,573

12,550

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 November 2020

8,250

38,272

10,655,217

Additions

-

995

354,176

At 31 January 2021

8,250

39,267

11,009,393

DEPRECIATION

At 1 November 2020

1,650

32,372

5,738,577

Charge for period

1,650

1,350

346,713

At 31 January 2021

3,300

33,722

6,085,290

NET BOOK VALUE

At 31 January 2021

4,950

5,545

4,924,103

At 31 October 2020

6,600

5,900

4,916,640

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.10.20

£

£

Trade debtors

957,415

1,173,840

Other debtors

11,190

41,101

Directors' current accounts

288

-

VAT

67,646

-

Accrued income

-

795,000

Prepayments

3,412

-

1,039,951

2,009,941

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.21

31.10.20

£

£

Bank loans and overdrafts

40,191

78,125

Hire purchase contracts

159,420

138,667

Trade creditors

529,060

327,970

Tax

168,966

184,801

Tax provision

-

142,143

Social security and other taxes

45,221

61,943

VAT

-

48,797

Other creditors

10,017

63,153

Directors' current accounts

6,321

-

Accrued expenses

20,932

39,579

980,128

1,085,178

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.21

31.10.20

£

£

Bank loans - 1-2 years

41,966

1,514,886

Bank loans - 2-5 years

137,352

-

Bank loans more 5 yrs non-inst

1,329,528

-

Hire purchase contracts

297,213

158,361

Other creditors

18,809

-

1,824,868

1,673,247

Amounts falling due in more than five years:

Repayable otherwise than by instalments

Bank loans more 5 yrs non-inst

1,329,528

-

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.21

31.10.20

£

£

Bank loans

1,549,037

1,557,278

The bank hold the following securities:

1. The property known as and forming units 1A Langlands Drive, Kelvin South Business Park, G75 0YH.

2. Bond and floating charge covers the whole assets of the company.

9.	PROVISIONS FOR LIABILITIES

31.1.21

31.10.20

£

£

Deferred tax

203,204

115,096

Deferred

tax

£

Balance at 1 November 2020

115,096

Provided during period

88,108

Balance at 31 January 2021

203,204