Company Registration No. 10097826 (England and Wales)
QUALITY WAY LTD
Unaudited accounts
for the year ended 31 August 2023
QUALITY WAY LTD
Unaudited accounts
Contents
QUALITY WAY LTD
Company Information
for the year ended 31 August 2023
Directors
Abdul Azim Masjidi
Jaspreet Singh Dhillon
Company Number
10097826 (England and Wales)
Registered Office
142 JOHNSON STREET
UNIT 7
SOUTHALL
UB2 5FD
ENGLAND
Accountants
SAMI & CO ACCOUNTANTS
48 BILTON ROAD
PERIVALE
MIDDLESEX
UB6 7DH
QUALITY WAY LTD
Statement of financial position
as at 31 August 2023
Tangible assets
8,821
11,026
Inventories
469,500
367,640
Cash at bank and in hand
90,167
73,137
Creditors: amounts falling due within one year
(155,674)
(116,046)
Net current assets
526,421
469,477
Total assets less current liabilities
535,242
480,503
Creditors: amounts falling due after more than one year
(109,486)
(119,231)
Net assets
425,756
361,272
Called up share capital
1,000
1,000
Profit and loss account
424,756
360,272
Shareholders' funds
425,756
361,272
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 8 February 2024 and were signed on its behalf by
Abdul Azim Masjidi
Director
Company Registration No. 10097826
QUALITY WAY LTD
Notes to the Accounts
for the year ended 31 August 2023
QUALITY WAY LTD is a private company, limited by shares, registered in England and Wales, registration number 10097826. The registered office is 142 JOHNSON STREET, UNIT 7, SOUTHALL, UB2 5FD, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Motor vehicles
20% Reducing balance
Computer equipment
20% Reducing balance
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
QUALITY WAY LTD
Notes to the Accounts
for the year ended 31 August 2023
4
Tangible fixed assets
Motor vehicles
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 September 2022
23,232
650
23,882
At 31 August 2023
23,232
650
23,882
At 1 September 2022
12,419
437
12,856
Charge for the year
2,162
43
2,205
At 31 August 2023
14,581
480
15,061
At 31 August 2023
8,651
170
8,821
At 31 August 2022
10,813
213
11,026
Amounts falling due within one year
Trade debtors
122,428
144,746
6
Creditors: amounts falling due within one year
2023
2022
Trade creditors
130,534
79,685
Taxes and social security
22,079
19,831
7
Creditors: amounts falling due after more than one year
2023
2022
Loans from directors
79,988
79,988
8
Average number of employees
During the year the average number of employees was 4 (2022: 4).
