Qualmark Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 3017605

QUALMARK LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

28 February 2022

QUALMARK LIMITED

STATEMENT OF FINANCIAL POSITION

28 February 2022

	2022		2021
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5		1,415		1,902

CURRENT ASSETS

Stocks		337,181	374,107
Debtors	6	1,301	34
Cash at bank and in hand		22,357	28,768
		----------	----------
		360,839	402,909

CREDITORS: amounts falling due within one year	7	23,968		57,819
		----------		----------
NET CURRENT ASSETS			336,871		345,090
			----------		----------
TOTAL ASSETS LESS CURRENT LIABILITIES			338,286		346,992

PROVISIONS

Taxation including deferred tax	174	242
	----------	----------
NET ASSETS	338,112	346,750
	----------	----------

QUALMARK LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

28 February 2022

	2022		2021
Note	£	£	£	£

CAPITAL AND RESERVES

Called up share capital	4	4
Profit and loss account	338,108	346,746
	----------	----------
SHAREHOLDERS FUNDS	338,112	346,750
	----------	----------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 28 February 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

These financial statements were approved by the board of directors and authorised for issue on 28 October 2022 , and are signed on behalf of the board by:

Miss J M Hough
Director

Company registration number: 3017605

QUALMARK LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 28 FEBRUARY 2022

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England. The address of the registered office is Nyhavn Farm, Darrington Road, Carlton, Pontefract, WF8 3RY.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

(a) Basis of preparation

The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.

(b) Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for sale of land and property, stated net of discounts and of Value Added Tax. Revenue from the sale of land and property is recognised when the significant risks and rewards of ownership of the land and property have transferred to the buyer, (usually on completion), 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.

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

(d) Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.

(e) Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & Machinery	-	25% reducing balance
Computer Equipment	-	33% reducing balance

(f) Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

(g) Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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 .

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 2 (2021: 2 ).

5. TANGIBLE ASSETS

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 March 2021 and 28 February 2022	17,864	1,411	19,275
	--------	-------	--------
Depreciation
At 1 March 2021	16,061	1,312	17,373
Charge for the year	453	34	487
	--------	-------	--------
At 28 February 2022	16,514	1,346	17,860
	--------	-------	--------
Carrying amount
At 28 February 2022	1,350	65	1,415
	--------	-------	--------
At 28 February 2021	1,803	99	1,902
	--------	-------	--------

6. DEBTORS

	2022	2021
	£	£
Other debtors	1,301	34
	-------	----

7. CREDITORS: amounts falling due within one year

	2022	2021
	£	£
Accruals and deferred income	1,025	1,000
Corporation tax	–	9
Directors current accounts	22,943	56,810
	--------	--------
	23,968	57,819
	--------	--------

8. EVENTS AFTER THE END OF THE REPORTING PERIOD

In March 2020 the UK was impacted by the outbreak of Covid-19. The Government imposed significant restrictions at that time in an effort to manage the spread of the virus which resulted in the company having to review and change its working practices to ensure compliance with these restrictions. Despite all of this, the company has traded as normal in the period to date .

9. RELATED PARTY TRANSACTIONS

During the period the company made available loans to the directors . These loans were interest free and repayable on demand. The balance owed to the directors at the year end was £ 22,941 (2021: £ 56,811 ).