Q-Mass Limited - Accounts to registrar (filleted) - small 23.1.5

REGISTERED NUMBER: SC277991 (Scotland)

Unaudited Financial Statements

For The Year Ended 31 January 2023

for

Q-Mass Limited

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

R Robertson

J Harvey

SECRETARY:

R Robertson

REGISTERED OFFICE:

1a Langlands Drive

East Kilbride

G75 0YH

REGISTERED NUMBER:

SC277991 (Scotland)

ACCOUNTANTS:

Atkinson Donnelly LLP

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

FIXED ASSETS

Tangible assets

4

4,369,818

4,597,786

CURRENT ASSETS

Stocks

1,050,000

380,000

Debtors

5

1,598,075

690,515

Cash at bank

963,529

1,003,835

3,611,604

2,074,350

CREDITORS

Amounts falling due within one year

6

1,457,508

674,697

NET CURRENT ASSETS

2,154,096

1,399,653

TOTAL ASSETS LESS CURRENT LIABILITIES

6,523,914

5,997,439

CREDITORS

Amounts falling due after more than one year

7

(1,405,300

)

(1,581,432

)

PROVISIONS FOR LIABILITIES

9

(160,877

)

(174,672

)

NET ASSETS

4,957,737

4,241,335

CAPITAL AND RESERVES

Called up share capital

50,000

50,000

Retained earnings

4,907,737

4,191,335

4,957,737

4,241,335

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2023 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 September 2023 and were signed on its behalf by:

R Robertson - Director

J Harvey - Director

1.	STATUTORY INFORMATION

Q-Mass Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

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.

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 the cost less estimated residual value of each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures and fittings

-

15% on cost

Motor vehicles

-

20% on cost

Computer equipment

-

15% on cost

Plant and machinery - straight line over 15 years

Stocks

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

Financial instruments

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

Creditors

Short term trade creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Cash and Bank Balances

Cash and bank balances are measured at the transaction price.

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

Rentals paid under operating leases are charged to profit or loss on an effective rate of interest method 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 42 (2022 - 33 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Freehold

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 February 2022

3,788,377

7,089,432

84,517

Additions

-

55,362

-

At 31 January 2023

3,788,377

7,144,794

84,517

DEPRECIATION

At 1 February 2022

402,387

5,887,384

82,356

Charge for year

65,029

215,255

268

At 31 January 2023

467,416

6,102,639

82,624

NET BOOK VALUE

At 31 January 2023

3,320,961

1,042,155

1,893

At 31 January 2022

3,385,990

1,202,048

2,161

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 February 2022

8,250

39,267

11,009,843

Additions

-

-

55,362

At 31 January 2023

8,250

39,267

11,065,205

DEPRECIATION

At 1 February 2022

4,950

34,980

6,412,057

Charge for year

1,650

1,128

283,330

At 31 January 2023

6,600

36,108

6,695,387

NET BOOK VALUE

At 31 January 2023

1,650

3,159

4,369,818

At 31 January 2022

3,300

4,287

4,597,786

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Trade debtors

1,594,735

660,437

Other debtors

3,340

30,078

1,598,075

690,515

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.1.23

31.1.22

£

£

Bank loans and overdrafts

54,000

41,966

Hire purchase contracts

116,851

180,363

Trade creditors

779,157

353,829

Taxation and social security

356,471

54,678

Other creditors

151,029

43,861

1,457,508

674,697

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

31.1.23

31.1.22

£

£

Bank loans

1,390,254

1,447,653

Hire purchase contracts

-

116,851

Other creditors

15,046

16,928

1,405,300

1,581,432

31.1.23

31.1.22

£

£

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,174,254

1,260,414

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.1.23

31.1.22

£

£

Bank loans

1,444,254

1,489,619

The bank hold the following securities:

1. The property known as and forming units 1A Langlands Drive, Kelvin South Business Park, G75 0YH.

2. Bond and floating charge covers the whole assets of the company.

9.	PROVISIONS FOR LIABILITIES

31.1.23

31.1.22

£

£

Deferred tax

160,877

174,672

Deferred

tax

£

Balance at 1 February 2022

174,672

Provided during year

(13,795

)

Balance at 31 January 2023

160,877

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Q-Mass Limited for the year ended 31 January 2023 which comprise the Income Statement, Balance Sheet, Statement of Changes in Equity and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of ICAS, we are subject to its ethical and other professional requirements which are detailed at http://www.icas.com/accountspreparationguidance.

This report is made solely to the Board of Directors of Q-Mass Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Q-Mass Limited and state those matters that we have agreed to state to the Board of Directors of Q-Mass Limited, as a body, in this report in accordance with the requirements of ICAS as detailed at http://www.icas.com/accountspreparationguidance. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Q-Mass Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Q-Mass Limited. You consider that Q-Mass Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Q-Mass Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Atkinson Donnelly LLP

1 Cambuslang Court

Cambuslang

Glasgow

Strathclyde

G32 8FH

30 September 2023