Quest Personal Care Global Ltd Filleted accounts for Companies House (small and micro)

QUEST PERSONAL CARE GLOBAL LTD - Company Information

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COMPANY REGISTRATION NUMBER: 2767391

Quest Personal Care Global Ltd

Filleted Unaudited Financial Statements

31 December 2018

Quest Personal Care Global Ltd

Financial Statements

Year ended 31 December 2018

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Quest Personal Care Global Ltd

Statement of Financial Position

31 December 2018

	2018		2017
Note	£	£	£	£

Fixed assets

Intangible assets	5	42,207	64,139
Tangible assets	6	155,841	136,271
Investments	7	63,520	63,520
		---------	---------
		261,568	263,930

Current assets

Stocks		1,470,780	1,271,282
Debtors	8	1,472,573	1,549,468
Cash at bank and in hand		200,310	142,363
		------------	------------
		3,143,663	2,963,113

Creditors: amounts falling due within one year	9	2,521,929		2,582,082
		------------		------------
Net current assets			621,734		381,031
			---------		---------
Total assets less current liabilities			883,302		644,961

Creditors: amounts falling due after more than one year	10		41,650		28,919

Provisions

Taxation including deferred tax	21,711	20,155
	---------	---------
Net assets	819,941	595,887
	---------	---------

Capital and reserves

Called up share capital	50,062	50,062
Profit and loss account	769,879	545,825
	---------	---------
Shareholders funds	819,941	595,887
	---------	---------

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 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.

Quest Personal Care Global Ltd

Statement of Financial Position (continued)

31 December 2018

For the year ending 31 December 2018 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 5 August 2019 , and are signed on behalf of the board by:

Mr A.L. Wagman	Mrs N.A. Wagman
Director	Director

Company registration number: 2767391

Quest Personal Care Global Ltd

Notes to the Financial Statements

Year ended 31 December 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Alex House, 260-268 Chapel Street, Salford, Manchester, Lancashire, M3 5JZ.

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

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.

Revenue recognition

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 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.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill - Amortisation	-	5% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated 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:

Leasehold Property	-	10% reducing balance
Fixtures & Fittings	-	10% reducing balance
Motor Vehicles	-	10% reducing balance
Equipment	-	20% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

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.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the 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 as a finance cost in profit or loss in the period it arises.

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. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 27 (2017: 24 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 January 2018	123,143
Additions	–
Disposals of previously acquired businesses	( 17,768)
	---------
At 31 December 2018	105,375
	---------
Amortisation
At 1 January 2018	59,004
Charge for the year	6,157
Disposals of previously acquired businesses	( 1,993)
	---------
At 31 December 2018	63,168
	---------
Carrying amount
At 31 December 2018	42,207
	---------
At 31 December 2017	64,139
	---------

6. Tangible assets

	Leasehold property	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£
Cost
At 1 January 2018	4,303	8,198	45,097	122,517	180,115
Additions	–	1,877	67,596	18,360	87,833
Disposals	–	–	( 42,197)	( 21,223)	( 63,420)
	-------	--------	--------	---------	---------
At 31 December 2018	4,303	10,075	70,496	119,654	204,528
	-------	--------	--------	---------	---------
Depreciation
At 1 January 2018	483	959	13,963	28,439	43,844
Charge for the year	382	793	5,163	21,159	27,497
Disposals	–	–	( 13,914)	( 8,740)	( 22,654)
	-------	--------	--------	---------	---------
At 31 December 2018	865	1,752	5,212	40,858	48,687
	-------	--------	--------	---------	---------
Carrying amount
At 31 December 2018	3,438	8,323	65,284	78,796	155,841
	-------	--------	--------	---------	---------
At 31 December 2017	3,820	7,239	31,134	94,078	136,271
	-------	--------	--------	---------	---------

7. Investments

	Other investments other than loans
	£
Cost
At 1 January 2018 and 31 December 2018	84,694
	--------
Impairment
At 1 January 2018 and 31 December 2018	21,174
	--------

Carrying amount
At 31 December 2018	63,520
	--------
At 31 December 2017	63,520
	--------

8. Debtors

	2018	2017
	£	£
Trade debtors	1,035,184	1,175,360
Other debtors	437,389	374,108
	------------	------------
	1,472,573	1,549,468
	------------	------------

9. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	575,245	553,142
Trade creditors	732,652	660,062
Social security and other taxes	92,211	124,225
Factoring loan	622,627	689,379
Other creditors	499,194	555,274
	------------	------------
	2,521,929	2,582,082
	------------	------------

10. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Other creditors	41,650	28,919
	--------	--------

The bank has a fixed and floating charge over the undertaking and all property and assets present and future including uncalled capital, goodwill, bookdebts and patents dated 29 November 1995.

The bank has a debenture over all money and liabilities, whatever, whenever and however incurred by the company whether now or in the future dated 4 December 2000.

The bank has a legal assignment over all money and liabilities whatever, whenever and however incurred by the company whether now or in the future due or becoming due from the company to HSBC Bank dated 7 October 2009.

The bank has a fixed charge on purchased debts which fail to vest dated 5 March 2014.

11. Operating leases

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Not later than 1 year	40,000	–
Later than 1 year and not later than 5 years	160,000	–
Later than 5 years	160,000	–
	---------	----
	360,000	–
	---------	----

12. Directors' advances, credits and guarantees

	2018	2017
	£	£
Director loan accounts	4,270	28,794

No interest has been charged to the company in respect of this loan which is repayable on demand and classified in creditors due within 1 year.

13. Related party transactions

The company was under the control of Mr A.L. Wagman throughout the current and previous year. Mr A.L. Wagman is the managing director and majority shareholder. At 31 December 2018 the company was due £521,702 (2017: due £594,836) from companies related by common ownership and control.