NQC Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 04854362 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 AUGUST 2022

FOR

NQC LIMITED

Page

Balance Sheet

1

Notes to the Financial Statements

3

FIXED ASSETS

Intangible assets

4

1,370,724

2,087,450

Tangible assets

5

753,782

84,111

2,124,506

2,171,561

CURRENT ASSETS

Debtors

6

1,071,371

813,829

Cash at bank

233,983

1,178,951

1,305,354

1,992,780

CREDITORS

Amounts falling due within one year

7

1,463,949

768,503

NET CURRENT (LIABILITIES)/ASSETS

(158,595

)

1,224,277

TOTAL ASSETS LESS CURRENT LIABILITIES

1,965,911

3,395,838

CREDITORS

Amounts falling due after more than one year

8

(174,827

)

(288,092

)

PROVISIONS FOR LIABILITIES

(500,460

)

(892,153

)

NET ASSETS

1,290,624

2,215,593

CAPITAL AND RESERVES

Called up share capital

90

90

Capital redemption reserve

10

10

Retained earnings

1,290,524

2,215,493

SHAREHOLDERS' FUNDS

1,290,624

2,215,593

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 August 2022 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 Profit and Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2023 and were signed on its behalf by:

C H V Russell - Director

1.	STATUTORY INFORMATION

NQC Limited is a private company limited by shares and registered in England and Wales. The company's registered number is 04854362 and registered office address is 5 Brooklands Place, Brooklands Road, Sale, Cheshire, M33 3SD.

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.

The results are for the company as a single entity. The functional and presentation currency is £ sterling.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Development expenditure

Development of products is capitalised where there is expected to be a benefit to future periods and the following conditions are met:

(i) It is technically feasible to complete the research or development so that the product will be available for use or sale.

(ii) It is intended to use or sell the product being developed.

(iii) The Company is able to use or sell the product.

(iv) It can be demonstrated that the product will generate probable future economic benefits.

(v) Adequate technical, financial, and other resources exist so that product development can be completed and subsequently used or sold.

(vi) Expenditure attributable to the research and development work can be reliably measured.

Capitalised development expenditure is stated at cost less accumulated amortisation and impairment losses. Development costs are being amortised evenly over their estimated useful economic life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Fixtures and fittings

-

25% on reducing balance

Improvements to property are depreciated when the asset is brought into use.

Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses.

At each balance sheet date the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. Impairment loss is recognised as an expense immediately.

Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, to the extent that the increased carrying amount does not exceed the carrying amount that would have been determined (net of depreciation) had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised as income immediately.

Financial instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include trade debtors, other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method. Financial assets classified as receivable within one year are not amortised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including bank loans, trade creditors, directors current accounts and other creditors that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest.

Financial liabilities are derecognised when, and only when, the company's contractual obligations are discharged, cancelled, or they expire.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, 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

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to the profit and loss account on a straight line basis.

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 96 (2021 - 82 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 September 2021

6,429,346

Additions

585,793

At 31 August 2022

7,015,139

AMORTISATION

At 1 September 2021

4,341,896

Charge for year

1,302,519

At 31 August 2022

5,644,415

NET BOOK VALUE

At 31 August 2022

1,370,724

At 31 August 2021

2,087,450

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

property

fittings

Totals

£

£

£

COST

At 1 September 2021

5,126

752,874

758,000

Additions

713,129

31,462

744,591

At 31 August 2022

718,255

784,336

1,502,591

DEPRECIATION

At 1 September 2021

-

673,889

673,889

Charge for year

47,884

27,036

74,920

At 31 August 2022

47,884

700,925

748,809

NET BOOK VALUE

At 31 August 2022

670,371

83,411

753,782

At 31 August 2021

5,126

78,985

84,111

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

350,129

136,148

Other debtors

721,242

677,681

1,071,371

813,829

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

113,933

107,093

Trade creditors

211,346

76,043

Taxation and social security

489,249

109,325

Other creditors

649,421

476,042

1,463,949

768,503

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

174,827

288,092

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2022

2021

£

£

Within one year

155,258

92,159

Between one and five years

704,070

308,121

In more than five years

423,308

-

1,282,636

400,280

10.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Bank loans

288,760

395,185

The bank loan is secured by a debenture dated 16 December 2019 over the company's assets, in favour of NPIF TVC Debt LP acting by TVC Loans NPIF GP Limited as the general partner of NPIF TVC Debt LP acting by F W Capital Limited.

The bank loan is also secured by guarantees from the directors and other related parties.