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 2023

Quinton Holdings Limited

Financial Statements

Year ended 31 March 2023

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Quinton Holdings Limited

Statement of Financial Position

31 March 2023

	2023		2022
Note	£	£	£

Fixed assets

Tangible assets	5		1,719,964	1,713,228

Current assets

Stocks		6,000	–
Debtors	6	1,527,124	829,368
Cash at bank and in hand		10,718	117,782
		------------	---------
		1,543,842	947,150

Creditors: amounts falling due within one year	7	903,716		406,206
		------------		---------
Net current assets			640,126	540,944
			------------	------------
Total assets less current liabilities			2,360,090	2,254,172

Provisions

Taxation including deferred tax	44,948	40,758
	------------	------------
Net assets	2,315,142	2,213,414
	------------	------------

Capital and reserves

Called up share capital	175,000	175,000
Profit and loss account	2,140,142	2,038,414
	------------	------------
Shareholders funds	2,315,142	2,213,414
	------------	------------

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 2023 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 2023

These financial statements were approved by the board of directors and authorised for issue on 13 October 2023 , 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 2023

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.

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.

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 7 (2022: 5 ).

5. Tangible assets

	Land and buildings	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 1 Apr 2022	1,706,845	5,644	88,511	93,919	66,037	1,960,956
Additions	–	947	36,159	15,917	16,334	69,357
Disposals	–	–	–	( 15,917)	–	( 15,917)
	------------	-------	---------	--------	--------	------------
At 31 Mar 2023	1,706,845	6,591	124,670	93,919	82,371	2,014,396
	------------	-------	---------	--------	--------	------------
Depreciation
At 1 Apr 2022	156,648	3,911	15,777	24,814	46,578	247,728
Charge for the year	10,034	390	15,150	7,068	3,647	36,289
Disposals	–	–	–	( 1,592)	–	( 1,592)
Impairment losses	–	–	–	12,007	–	12,007
	------------	-------	---------	--------	--------	------------
At 31 Mar 2023	166,682	4,301	30,927	42,297	50,225	294,432
	------------	-------	---------	--------	--------	------------
Carrying amount
At 31 Mar 2023	1,540,163	2,290	93,743	51,622	32,146	1,719,964
	------------	-------	---------	--------	--------	------------
At 31 Mar 2022	1,550,197	1,733	72,734	69,105	19,459	1,713,228
	------------	-------	---------	--------	--------	------------

Included in freehold property is land with a cost of £1,148,934 (2022: £1,148,934) that is not being depreciated.

6. Debtors

	2023	2022
	£	£
Trade debtors	984,286	185,262
Other debtors	542,838	644,106
	------------	---------
	1,527,124	829,368
	------------	---------

7. Creditors: amounts falling due within one year

	2023	2022
	£	£
Trade creditors	9,867	10,854
Corporation tax	120,231	117,009
Social security and other taxes	147,178	50,977
Other creditors	626,440	227,366
	---------	---------
	903,716	406,206
	---------	---------

8. Directors' advances, credits and guarantees

At the year end the company owed the directors £220,002 (2022: £26,311 owed by the directors). During the year the directors were advanced £nil (2022: £130,942) and made repayments of £nil (2022: £479,451).

9. Related party transactions

At the year end the company had trade debtors and accrued income of £1,474,125 (2022: £776,926) with companies associated through common control. At the year end the company had informal loan balances payable of £329,227 (2022: £74,438) with companies associated through common control and directorship.