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 2022

Quinton Holdings Limited

Financial Statements

Year ended 31 March 2022

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Quinton Holdings Limited

Statement of Financial Position

31 March 2022

	2022		2021
Note	£	£	£

Fixed assets

Tangible assets	5		1,713,228	1,613,844

Current assets

Debtors	6	829,368	619,614
Cash at bank and in hand		117,782	110,789
		---------	---------
		947,150	730,403

Creditors: amounts falling due within one year	7	406,206		442,288
		---------		---------
Net current assets			540,944	288,115
			------------	------------
Total assets less current liabilities			2,254,172	1,901,959

Provisions

Taxation including deferred tax	40,758	9,731
	------------	------------
Net assets	2,213,414	1,892,228
	------------	------------

Capital and reserves

Called up share capital	175,000	175,000
Profit and loss account	2,038,414	1,717,228
	------------	------------
Shareholders funds	2,213,414	1,892,228
	------------	------------

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 2022 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 2022

These financial statements were approved by the board of directors and authorised for issue on 5 August 2022 , 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 2022

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.

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.

Government grants

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.

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 liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

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 (2021: 5 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2021	1,706,845	5,441	12,254	60,969	49,556	1,835,065
Additions	–	203	76,257	32,950	16,481	125,891
	------------	-------	--------	--------	--------	------------
At 31 Mar 2022	1,706,845	5,644	88,511	93,919	66,037	1,960,956
	------------	-------	--------	--------	--------	------------
Depreciation
At 1 Apr 2021	146,156	3,027	5,180	23,481	43,377	221,221
Charge for the year	10,492	884	10,597	1,333	3,201	26,507
	------------	-------	--------	--------	--------	------------
At 31 Mar 2022	156,648	3,911	15,777	24,814	46,578	247,728
	------------	-------	--------	--------	--------	------------
Carrying amount
At 31 Mar 2022	1,550,197	1,733	72,734	69,105	19,459	1,713,228
	------------	-------	--------	--------	--------	------------
At 31 Mar 2021	1,560,689	2,414	7,074	37,488	6,179	1,613,844
	------------	-------	--------	--------	--------	------------

Included in freehold property is land with a cost of £1,148,934 (2021: £1,148,934) that is not being depreciated.

6. Debtors

	2022	2021
	£	£
Trade debtors	185,262	4,875
Other debtors	644,106	614,739
	---------	---------
	829,368	619,614
	---------	---------

7. Creditors: amounts falling due within one year

	2022	2021
	£	£
Trade creditors	10,854	1,407
Corporation tax	117,009	58,335
Social security and other taxes	50,977	12,085
Other creditors	227,366	370,461
	---------	---------
	406,206	442,288
	---------	---------

8. Directors' advances, credits and guarantees

At the year end the company owed the directors £26,311 (2021: £348,507 owed by the directors). No interest is charged on these loans. During the year the directors were advanced £130,942 (2021: £531,024) and made repayments of £479,451 (2021: £494,354).

9. Related party transactions

At the year end the company had trade debtors of £176,270 (2021: £nil) with companies associated through common control. At the year end the company had trade creditors of £nil (2021: £265) with companies associated through common control. At the year end the company had informal loan balances payable of £74,438 (2021: £303,445) with companies associated through common control and directorship. At the year end the company had informal loan balances receivable of £nil (2021: £8,983) with companies associated through common control and directorship.