Quinton Holdings Limited Filleted accounts for Companies House (small and micro)

QUINTON HOLDINGS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 04778513

Quinton Holdings Limited

Filleted Unaudited Financial Statements

31 March 2020

Quinton Holdings Limited

Financial Statements

Year ended 31 March 2020

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Quinton Holdings Limited

Statement of Financial Position

31 March 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		1,585,554	1,828,876

Current assets

Stocks		–	21,608
Debtors	6	478,524	141,563
Cash at bank and in hand		169,804	62,705
		---------	---------
		648,328	225,876

Creditors: amounts falling due within one year	7	472,316		209,512
		---------		---------
Net current assets			176,012	16,364
			------------	------------
Total assets less current liabilities			1,761,566	1,845,240

Creditors: amounts falling due after more than one year	8		–	217,948

Provisions

Taxation including deferred tax	2,501	2,110
	------------	------------
Net assets	1,759,065	1,625,182
	------------	------------

Capital and reserves

Called up share capital	175,000	175,000
Profit and loss account	1,584,065	1,450,182
	------------	------------
Shareholders funds	1,759,065	1,625,182
	------------	------------

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.

For the year ending 31 March 2020 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 .

Quinton Holdings Limited

Statement of Financial Position (continued)

31 March 2020

These financial statements were approved by the board of directors and authorised for issue on 25 August 2020 , and are signed on behalf of the board by:

Mr G H Q Burns	Mr T M R Scholfield
Director	Director

Company registration number: 04778513

Quinton Holdings Limited

Notes to the Financial Statements

Year ended 31 March 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

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.

Income tax

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.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

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:

Land & Buildings	-	50 years straight line
Plant & Machinery	-	6 years straight line
Fixtures & Fittings	-	5 years straight line
Motor Vehicles	-	20% reducing balance
Equipment	-	6 years straight line

Any land element within Land & Buildings is considered to have an indefinite life and is not depreciated.

Impairment of fixed assets

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.

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.

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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

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 5 (2019: 6 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2019	1,950,963	3,186	6,583	24,969	42,729	2,028,430
Additions	–	102	79	–	6,098	6,279
Disposals	( 244,118)	–	–	–	–	( 244,118)
	------------	-------	-------	--------	--------	------------
At 31 Mar 2020	1,706,845	3,288	6,662	24,969	48,827	1,790,591
	------------	-------	-------	--------	--------	------------
Depreciation
At 1 Apr 2019	134,253	1,034	3,024	21,659	39,584	199,554
Charge for the year	14,495	856	1,014	662	1,882	18,909
Disposals	( 13,426)	–	–	–	–	( 13,426)
	------------	-------	-------	--------	--------	------------
At 31 Mar 2020	135,322	1,890	4,038	22,321	41,466	205,037
	------------	-------	-------	--------	--------	------------
Carrying amount
At 31 Mar 2020	1,571,523	1,398	2,624	2,648	7,361	1,585,554
	------------	-------	-------	--------	--------	------------
At 31 Mar 2019	1,816,710	2,152	3,559	3,310	3,145	1,828,876
	------------	-------	-------	--------	--------	------------

Included in freehold property is land with a cost of £1,148,934 (2019: £1,148,934) that is not being depreciated.

6. Debtors

	2020	2019
	£	£
Trade debtors	23,350	47,968
Other debtors	455,174	93,595
	---------	---------
	478,524	141,563
	---------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Trade creditors	–	5,360
Corporation tax	54,466	33,689
Social security and other taxes	16,688	20,298
Other creditors	401,162	150,165
	---------	---------
	472,316	209,512
	---------	---------

Within other creditors is £nil (2019: £11,175) secured by way of a fixed charge over freehold property within the company.

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

	2020	2019
	£	£
Other creditors	–	217,948
	----	---------

Within other creditors is £nil (2019: £217,948) secured by way of a fixed charge over freehold property within the company.

9. Directors' advances, credits and guarantees

During the year the directors were advanced £413,165 (2019: £130,672) and made repayments of £135,330 (2019: £129,338).

10. Related party transactions

At the year end the company owed £339,221 (2019: £124,061) to companies associated through common control and directorship. At the year end the company had a trade debtor of £nil (2019: £500) due from a director's immediate family. At the year end the company was owed £318,069 (2019: £40,517) by directors. No interest is charged on these loans .