Queensbury Products Limited - Accounts to registrar (filleted) - small 18.2

Queensbury Products Limited - Accounts to registrar (filleted) - small 18.2

QUEENSBURY PRODUCTS LIMITED - Company Information

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REGISTERED NUMBER: 04364769 (England and Wales)















Queensbury Products Limited

Unaudited Financial Statements

for the Year Ended 28 February 2021





Maxwells
Chartered Accountants
4 King Square
Bridgwater
Somerset
TA6 3YF








Queensbury Products Limited (Registered number: 04364769)






Contents of the Financial Statements
for the Year Ended 28 February 2021




Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


Queensbury Products Limited

Company Information
for the Year Ended 28 February 2021







DIRECTORS: J D Knight
M J Hodge



REGISTERED OFFICE: 4 King Square
Bridgwater
Somerset
TA6 3YF



REGISTERED NUMBER: 04364769 (England and Wales)



ACCOUNTANTS: Maxwells
Chartered Accountants
4 King Square
Bridgwater
Somerset
TA6 3YF



BANKERS: National Westminster Bank plc
49 North Street
Taunton
Somerset
TA4 2JY
Page 1
Queensbury Products Limited (Registered number: 04364769)

Abridged Statement of Financial Position
28 February 2021

28.2.21 29.2.20
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 5 1,312 2,062
Tangible assets 6 303,011 271,534
304,323 273,596

CURRENT ASSETS
Stocks 112,573 83,992
Debtors 202,432 197,178
Cash at bank and in hand 388,041 145,464
703,046 426,634
CREDITORS
Amounts falling due within one year 325,466 353,492
NET CURRENT ASSETS 377,580 73,142
TOTAL ASSETS LESS CURRENT
LIABILITIES
681,903
346,738

CREDITORS
Amounts falling due after more than one
year
(330,317
)
(73,557
)

PROVISIONS FOR LIABILITIES (57,572 ) (51,591 )
NET ASSETS 294,014 221,590

CAPITAL AND RESERVES
Called up share capital 10,000 10,000
Share premium 10,000 10,000
Capital redemption reserve 2,500 2,500
Retained earnings 271,514 199,090
SHAREHOLDERS' FUNDS 294,014 221,590

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 notes on pages 4 to 7 form part of these financial statements

Page 2 continued...
Queensbury Products Limited (Registered number: 04364769)

Abridged Statement of Financial Position - continued
28 February 2021


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

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 28 February 2021 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 May 2021 and were signed on its behalf by:





M J Hodge - Director


The notes on pages 4 to 7 form part of these financial statements

Page 3
Queensbury Products Limited (Registered number: 04364769)

Notes to the Financial Statements
for the Year Ended 28 February 2021

1. STATUTORY INFORMATION

Queensbury Products 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. STATEMENT OF COMPLIANCE

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.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
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.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2002, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

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 etc - 33% on cost and 15% on reducing balance

Government grants
Government grants have been accounted for under the accrual mode. Government grants are revenue-based and relate to the JRS grant, local government grant and interest coverage on the Coronavirus business interruption loan.

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

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 statement of financial position date.


Page 4 continued...
Queensbury Products Limited (Registered number: 04364769)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2021

3. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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
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.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 15 (2020 - 14 ) .

5. INTANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2020
and 28 February 2021 15,000
AMORTISATION
At 1 March 2020 12,938
Amortisation for year 750
At 28 February 2021 13,688
NET BOOK VALUE

At 28 February 2021 1,312
At 29 February 2020 2,062

Page 5 continued...
Queensbury Products Limited (Registered number: 04364769)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2021

6. TANGIBLE FIXED ASSETS
Totals
£   
COST
At 1 March 2020 534,727
Additions 90,066
Disposals (23,109 )
At 28 February 2021 601,684
DEPRECIATION
At 1 March 2020 263,193
Charge for year 55,243
Eliminated on disposal (19,763 )
At 28 February 2021 298,673
NET BOOK VALUE
At 28 February 2021 303,011
At 29 February 2020 271,534

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Totals
£   
COST
At 1 March 2020
and 28 February 2021 85,000
DEPRECIATION
At 1 March 2020 23,588
Charge for year 9,212
At 28 February 2021 32,800
NET BOOK VALUE
At 28 February 2021 52,200
At 29 February 2020 61,412

Page 6 continued...
Queensbury Products Limited (Registered number: 04364769)

Notes to the Financial Statements - continued
for the Year Ended 28 February 2021

7. SECURED DEBTS

The following secured debts are included within creditors:

28.2.21 29.2.20
£    £   
Other loans 344,870 62,268
Hire purchase contracts 28,688 47,813
373,558 110,081

The hire purchase agreement is secured on the asset to which it relates.

The other loans are secured in part by a personal guarantee provided by the company's directors and the balance is a government secured CBILS loan.

Page 7