AQC Limited - Period Ending 2022-03-31

AQC Limited

Contents

Statement of Financial Position	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

AQC Limited

(Registration number: 03028728)
Statement of Financial Position as at 31 March 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	3	60,145	86,610
Current assets
Debtors	4	1,259,685	1,092,792
Cash at bank and in hand		322,436	485,310
		1,582,121	1,578,102
Creditors: Amounts falling due within one year	5	(715,281)	(824,061)
Net current assets		866,840	754,041
Total assets less current liabilities		926,985	840,651
Creditors: Amounts falling due after more than one year	5	(7,170)	(9,725)
Provisions for liabilities		(15,036)	(16,456)
Net assets		904,779	814,470
Capital and reserves
Called up share capital		90	90
Capital redemption reserve		10	10
Profit and loss account		904,679	814,370
Shareholders' funds		904,779	814,470

AQC Limited

(Registration number: 03028728)
Statement of Financial Position as at 31 March 2022

For the financial year ending 31 March 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Income Statement has been taken.

Approved and authorised by the director on 30 June 2022
 

......................................... Mr P F Butterworth Director

AQC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

1	General information

The company is a private company limited by share capital, incorporated in England.

The address of its registered office is:
585 Oldham Road
Rochdale
Lancashire
OL16 4SU
United Kingdom

These financial statements were authorised for issue by the director on 30 June 2022.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared in accordance with the provisions of FRS 102 section 1A for small entities. There were no material departures.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Due to the current unprecedented market and economic conditions in the U.K. and internationally, the expected impact of the COVID-19 pandemic on the Company’s operations cannot be reasonably estimated. Revenue may fall as customers are hit by the pandemic, but expenses will, likely, decrease as a result which will help to mitigate the impact on profits and the company has support from the group in place to cover any deficit for at least 12 months from the date of approval of these financial statements.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services.

Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.

Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

AQC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

Government grants

Government grants are included in the Profit and Loss on the accruals basis.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, as follows:

Asset class	Depreciation method and rate
Freehold property	2% on cost
Motor vehicles	33.33% on cost
Computer equipment	20% on cost
Fixtures and fittings	15% on cost

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the Statement of Financial Position as a finance lease obligation.

Lease payments are apportioned between finance costs in the Income Statement and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

Financial instruments

Classification
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as 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. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the income statement.
 
 

AQC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

3	Tangible assets

	Furniture, fittings and equipment  £	Motor vehicles  £	Total £
Cost or valuation
At 1 April 2021	82,796	174,282	257,078
Additions	1,306	17,995	19,301
Disposals	(49,763)	(39,887)	(89,650)
At 31 March 2022	34,339	152,390	186,729
Depreciation
At 1 April 2021	71,199	99,269	170,468
Charge for the year	4,826	40,940	45,766
Eliminated on disposal	(49,763)	(39,887)	(89,650)
At 31 March 2022	26,262	100,322	126,584
Carrying amount
At 31 March 2022	8,077	52,068	60,145
At 31 March 2021	11,597	75,013	86,610

4

Debtors

	2022 £	2021 £
Trade debtors	1,137,762	1,070,871
Other debtors	121,923	21,921
	1,259,685	1,092,792

AQC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

5

Creditors

Creditors: amounts falling due within one year

	Note	2022 £	2021 £
Due within one year
Loans and overdrafts	6	15,209	21,627
Trade creditors		614,580	531,241
Taxation and social security		22,091	52,496
Other creditors		63,401	218,697
		715,281	824,061
Due after one year
Loans and borrowings	6	7,170	9,725

Creditors: amounts falling due after more than one year

	Note	2022 £	2021 £
Due after one year
Loans and borrowings	6	7,170	9,725

6	Loans and borrowings

	2022 £	2021 £
Non-current loans and borrowings
Finance lease liabilities	7,170	9,725

	2022 £	2021 £
Current loans and borrowings
Finance lease liabilities	15,209	21,627

Secured creditors:
Finance lease liabilities of £22,379 (2021: £31,352) are secured on the assets to which they relate.

7	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 16 (2021 - 20).

AQC Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2022

8	Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £20,000 (2021 - £40,000).

9	Parent and ultimate parent undertaking

The company is a wholly owned subsidiary of AQC Holdings Limited. AQC Holdings Limited is a company incorporated in England and Wales with its registered office at St. Georges House, 215-219 Chester Road, Manchester, Lancashire, M15 4JE