Quality Ceramics Limited 31/03/2023 iXBRL

Quality Ceramics Limited 31/03/2023 iXBRL

QUALITY CERAMICS LIMITED - Company Information

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4 31/03/2023 2023-03-31 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-04-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 08454661 2022-04-01 2023-03-31 08454661 2023-03-31 08454661 2022-03-31 08454661 2021-04-01 2022-03-31 08454661 2022-03-31 08454661 2021-03-31 08454661 core:LandBuildings core:OwnedOrFreeholdAssets 2022-04-01 2023-03-31 08454661 core:PlantMachinery 2022-04-01 2023-03-31 08454661 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 08454661 core:MotorVehicles 2022-04-01 2023-03-31 08454661 core:OnerousContractsExcludingVacantProperties 2022-04-01 2023-03-31 08454661 bus:Director1 2022-04-01 2023-03-31 08454661 bus:Director2 2022-04-01 2023-03-31 08454661 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 08454661 core:PlantMachinery 2022-03-31 08454661 core:FurnitureFittingsToolsEquipment 2022-03-31 08454661 core:MotorVehicles 2022-03-31 08454661 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 08454661 core:PlantMachinery 2023-03-31 08454661 core:FurnitureFittingsToolsEquipment 2023-03-31 08454661 core:MotorVehicles 2023-03-31 08454661 core:WithinOneYear 2023-03-31 08454661 core:WithinOneYear 2022-03-31 08454661 core:AfterOneYear 2023-03-31 08454661 core:AfterOneYear 2022-03-31 08454661 core:ShareCapital 2023-03-31 08454661 core:ShareCapital 2022-03-31 08454661 core:RetainedEarningsAccumulatedLosses 2023-03-31 08454661 core:RetainedEarningsAccumulatedLosses 2022-03-31 08454661 core:LandBuildings core:OwnedOrFreeholdAssets 2022-03-31 08454661 core:PlantMachinery 2022-03-31 08454661 core:FurnitureFittingsToolsEquipment 2022-03-31 08454661 core:MotorVehicles 2022-03-31 08454661 bus:Director1 2022-03-31 08454661 bus:Director1 2023-03-31 08454661 bus:Director2 2022-03-31 08454661 bus:Director2 2023-03-31 08454661 bus:Director1 2021-03-31 08454661 bus:Director1 2022-03-31 08454661 bus:Director2 2021-03-31 08454661 bus:Director2 2022-03-31 08454661 bus:Director1 2021-04-01 2022-03-31 08454661 bus:Director2 2021-04-01 2022-03-31 08454661 bus:SmallEntities 2022-04-01 2023-03-31 08454661 bus:AuditExempt-NoAccountantsReport 2022-04-01 2023-03-31 08454661 bus:FullAccounts 2022-04-01 2023-03-31 08454661 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 08454661 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 08454661 core:ComputerEquipment 2022-04-01 2023-03-31 08454661 core:OtherPropertyPlantEquipment 2023-03-31 08454661 core:OtherPropertyPlantEquipment 2022-03-31 08454661 core:OtherPropertyPlantEquipment 2022-04-01 2023-03-31
Company registration number: 08454661
Quality Ceramics Limited
Unaudited filleted financial statements
31 March 2023
Quality Ceramics Limited
Contents
Statement of financial position
Notes to the financial statements
Quality Ceramics Limited
Statement of financial position
31 March 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 29,539 36,906
_______ _______
29,539 36,906
Current assets
Stocks 3,765 3,875
Debtors 6 89,860 73,978
Cash at bank and in hand 8,235 4,044
_______ _______
101,860 81,897
Creditors: amounts falling due
within one year 7 ( 93,928) ( 80,390)
_______ _______
Net current assets 7,932 1,507
_______ _______
Total assets less current liabilities 37,471 38,413
Creditors: amounts falling due
after more than one year 8 ( 21,667) ( 31,667)
Provisions for liabilities ( 5,606) ( 6,330)
_______ _______
Net assets 10,198 416
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 10,098 316
_______ _______
Shareholders funds 10,198 416
_______ _______
For the year ending 31 March 2023 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 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.
These financial statements were approved by the board of directors and authorised for issue on 18 December 2023 , and are signed on behalf of the board by:
Mr R A Hinkins
Director
Company registration number: 08454661
Quality Ceramics Limited
Notes to the financial statements
Year ended 31 March 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Quality Ceramics Limited, Brooklands House, 58 Marlborough Road, Lancing, West Sussex, BN15 8AF.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
Freehold property - 20 % reducing balance
Plant and machinery - 20 % reducing balance
Fittings fixtures and equipment - 15 % reducing balance
Motor vehicles - 20 % reducing balance
Computer Equipment - 20 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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 stocks to their present location and condition.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 3 ).
5. Tangible assets
Freehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Tangible assets - user defined Total
£ £ £ £ £ £
Cost
At 1 April 2022 and 31 March 2023 334 148,224 10,274 8,940 4,800 172,572
_______ _______ _______ _______ _______ _______
Depreciation
At 1 April 2022 288 116,580 7,859 6,818 4,121 135,666
Charge for the year 9 6,330 362 530 136 7,367
_______ _______ _______ _______ _______ _______
At 31 March 2023 297 122,910 8,221 7,348 4,257 143,033
_______ _______ _______ _______ _______ _______
Carrying amount
At 31 March 2023 37 25,314 2,053 1,592 543 29,539
_______ _______ _______ _______ _______ _______
At 31 March 2022 46 31,644 2,415 2,122 679 36,906
_______ _______ _______ _______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 78,587 47,552
Other debtors 11,273 26,426
_______ _______
89,860 73,978
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts 16,941 32,650
Trade creditors 20,832 22,727
Corporation tax 31,152 20,720
Social security and other taxes 865 902
Other creditors 24,138 3,391
_______ _______
93,928 80,390
_______ _______
8. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loans and overdrafts 21,667 31,667
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr R A Hinkins 7,263 ( 27,450) - ( 20,187)
Mr S J Bertolini 6,964 ( 7,450) - ( 486)
_______ _______ _______ _______
14,227 ( 34,900) - ( 20,673)
_______ _______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr R A Hinkins 12,540 36,723 ( 42,000) 7,263
Mr S J Bertolini 12,240 36,724 ( 42,000) 6,964
_______ _______ _______ _______
24,780 73,447 ( 84,000) 14,227
_______ _______ _______ _______