Bernard Quaritch Limited - Accounts to registrar (filleted) - small 18.2
Bernard Quaritch Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| BERNARD QUARITCH LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2021 |
| BERNARD QUARITCH LIMITED (REGISTERED NUMBER: 05192459) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2021 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| BERNARD QUARITCH LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 30 NOVEMBER 2021 |
| DIRECTOR: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 69-71 East Street |
| Epsom |
| Surrey |
| KT17 1BP |
| BERNARD QUARITCH LIMITED (REGISTERED NUMBER: 05192459) |
| BALANCE SHEET |
| 30 NOVEMBER 2021 |
| 30.11.21 | 30.11.20 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 5 |
| Investments | 6 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 7 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 8 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
9 |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings | ( |
) | ( |
) |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| BERNARD QUARITCH LIMITED (REGISTERED NUMBER: 05192459) |
| BALANCE SHEET - continued |
| 30 NOVEMBER 2021 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director and authorised for issue on |
| BERNARD QUARITCH LIMITED (REGISTERED NUMBER: 05192459) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 30 NOVEMBER 2021 |
| 1. | STATUTORY INFORMATION |
| Bernard Quaritch Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | STATEMENT OF COMPLIANCE |
| 3. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| The director considers that the company remains a going concern by virtue of ongoing financial support provided by related parties. |
| Revenue recognition |
| Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered, net of returns, discounts and rebates allowed by the company and value added taxes. |
| The company recognises revenue when (a) the significant risks and rewards of ownership have been transferred to the buyer; (b) the company retains no continuing involvement or control over the goods; (c) the amount of revenue can be measured reliably; (d) it is probable that future economic benefits will flow to the entity and (e) when the specific criteria relating to each of the company's sales channels have been met, as described below. |
| a) Sale of goods. |
| Sales of goods are recognised on sale to the customer, which is considered the point of despatch from the office or collected. Sales can be either on cash or credit terms. |
| b) Sale of service |
| The company provides sales and purchase in auctions for customers. Revenue is recognised in the accounting period in which the services are rendered when the outcome of the contract have been fulfilled. Sales are usually on credit terms. |
| Tangible fixed assets |
| Fixtures and fittings | - |
| Computer equipment | - |
| Government grants |
| With regard to the Covid-19 Government assistance provided in the period under review any " ("furlough") payments have been presented as income and matched to the same period to which the underlying salary costs were expensed. Any unconditional Covid-19 grants received or to which there was absolute entitlement have been recorded as income in the period. With regard to the Bounce Back Loan Scheme (BBLS) advanced to the company in the year ended 30 November 2020, the interest paid directly by the Government in the first 12 month of the loan has been treated as a grant under other income with a corresponding interest charge reflected. The Government's underlying Guarantee is not reflected as the company continues to comply with the repayment conditions of the loan. |
| Grants of a revenue nature are recognised in the profit and loss account in the same period as the related expenditure. |
| BERNARD QUARITCH LIMITED (REGISTERED NUMBER: 05192459) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2021 |
| 3. | ACCOUNTING POLICIES - continued |
| Stocks |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
| Taxation |
| Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Foreign currencies |
| Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
| Pension costs and other post-retirement benefits |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
| Financial instruments |
| Financial assets such as cash and debtors are measured at the present value of the amounts receivable, less an allowance for the expected level of doubtful receivables. Financial liabilities such as trade creditors, loans and finance leases are measured at the present value of the obligation. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
| 4. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| BERNARD QUARITCH LIMITED (REGISTERED NUMBER: 05192459) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2021 |
| 5. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and | Computer |
| fittings | equipment | Totals |
| £ | £ | £ |
| COST |
| At 1 December 2020 |
| and 30 November 2021 |
| DEPRECIATION |
| At 1 December 2020 |
| and 30 November 2021 |
| NET BOOK VALUE |
| At 30 November 2021 |
| At 30 November 2020 |
| 6. | FIXED ASSET INVESTMENTS |
| Interest |
| in other |
| participating |
| interests |
| £ |
| COST |
| At 1 December 2020 | 260,000 |
| Impairments | (260,000 | ) |
| At 30 November 2021 | - |
| NET BOOK VALUE |
| At 30 November 2021 | - |
| At 30 November 2020 | 260,000 |
| 7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.11.21 | 30.11.20 |
| £ | £ |
| Trade debtors |
| Amounts owed by group undertakings |
| Other debtors |
| 8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.11.21 | 30.11.20 |
| £ | £ |
| Bank loans and overdrafts |
| Trade creditors |
| Social security and other taxes |
| Other creditors |
| Directors' current accounts | 132,600 | 132,600 |
| BERNARD QUARITCH LIMITED (REGISTERED NUMBER: 05192459) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 30 NOVEMBER 2021 |
| 9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.11.21 | 30.11.20 |
| £ | £ |
| Bank loans - 2-5 years |
| Bank loans more 5 yr by instal |
| Directors' loan accounts | 319,269 | 299,182 |
| Amounts falling due in more than five years: |
| Repayable by instalments |
| Bank loans more 5 yr by instal | 15,896 | 21,503 |
| 10. | RELATED PARTY DISCLOSURES |
| At the year end the amount of £20,789 ( 2020: £20,638) owed to) was owed by Qforum Limited. Mr J T L Koh is a director of Qforum Limited. |
| The director's loans are secured by way of first legal charge on the parent company's property. |
| 11. | CONTROLLING PARTY |
| The company's immediate parent undertaking is Brandmine Properties Limited, a company registered in England and Wales. |
| The ultimate controlling party is the director J T L Koh. |