QLF Production Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09764655 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30TH SEPTEMBER 2021

FOR

QLF PRODUCTION LIMITED

Page

Company Information

1

Abridged Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

W D J Boon

D P Maxwell

SECRETARY:

REGISTERED OFFICE:

Farley

Much Wenlock

Telford

Shropshire

TF13 6NX

REGISTERED NUMBER:

09764655 (England and Wales)

ACCOUNTANTS:

Stanton Ralph & Co Limited

Chartered Accountants

The Old Police Station

Whitburn Street

Bridgnorth

Shropshire

WV16 4QP

FIXED ASSETS

130,578

Tangible assets

4

103,891

CURRENT ASSETS

212,056

Stocks

162,073

1,801,024

Debtors

776,443

72,618

Cash at bank

3,337

2,085,698

941,853

CREDITORS

1,844,863

Amounts falling due within one year

653,786

240,835

NET CURRENT ASSETS

288,067

371,413

TOTAL ASSETS LESS CURRENT LIABILITIES

391,958

CREDITORS

(15,267

)

Amounts falling due after more than one year

(1,667

)

(19,549

)

PROVISIONS FOR LIABILITIES

(15,426

)

336,597

NET ASSETS

374,865

CAPITAL AND RESERVES

100

Called up share capital

100

336,497

Retained earnings

374,765

336,597

374,865

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 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.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 30th September 2021 in accordance with Section 444(2A) of the Companies Act 2006.

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 30th September 2022 and were signed on its behalf by:

W D J Boon - Director

1.	STATUTORY INFORMATION

QLF Production 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

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 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, 25% on reducing balance and 20% on reducing balance

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 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 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st October 2020

618,739

Additions

15,555

Disposals

(29,918

)

At 30th September 2021

604,376

DEPRECIATION

At 1st October 2020

488,161

Charge for year

33,630

Eliminated on disposal

(21,306

)

At 30th September 2021

500,485

NET BOOK VALUE

At 30th September 2021

103,891

At 30th September 2020

130,578

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

Totals

£

COST

At 1st October 2020

62,023

Disposals

(1,952

)

At 30th September 2021

60,071

DEPRECIATION

At 1st October 2020

23,746

Charge for year

9,081

At 30th September 2021

32,827

NET BOOK VALUE

At 30th September 2021

27,244

At 30th September 2020

38,277

5.	ULTIMATE CONTROLLING PARTY

The controlling party is Landowner Limited.