Quest Haven Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03384873 (England and Wales)

QUEST HAVEN LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2022

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

T.N. Tagoe

Mrs R. Tagoe

REGISTERED OFFICE:

21 Lodge Lane

Grays

Essex

RM17 5RY

REGISTERED NUMBER:

03384873 (England and Wales)

ACCOUNTANTS:

CR Bland Baker Limited

Chartered Accountants

21 Lodge Lane

Grays

Essex

RM17 5RY

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

10,400

14,706

10,400

14,706

CURRENT ASSETS

Debtors

6

568,495

561,302

Cash at bank and in hand

2,583

1,686

571,078

562,988

CREDITORS

Amounts falling due within one year

7

126,680

112,562

NET CURRENT ASSETS

444,398

450,426

TOTAL ASSETS LESS CURRENT LIABILITIES

454,798

465,132

CREDITORS

Amounts falling due after more than one year

8

30,836

40,833

NET ASSETS

423,962

424,299

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

423,862

424,199

SHAREHOLDERS' FUNDS

423,962

424,299

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2022 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 November 2023 and were signed on its behalf by:

T.N. Tagoe - Director

1.	STATUTORY INFORMATION

Quest Haven Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The company's financial statements have been prepared on a going concern basis which assumes the continued support of the company's directors and also the support of Harley Reed International Limited and Harley Reed (UK) Limited. Additionally it also assumes the recoverability of the loans to Harley Reed International Limited and Harley Reed (UK) Limited.

Turnover

Turnover represents net invoiced sales of services.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2011, is being amortised evenly over its estimated useful life of ten years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property

-

2% on cost

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

25% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 7 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 January 2022

and 31 December 2022

1,500

AMORTISATION

At 1 January 2022

and 31 December 2022

1,500

NET BOOK VALUE

At 31 December 2022

-

At 31 December 2021

-

5.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST

At 1 January 2022

21,097

21,002

42,099

Disposals

(3,792

)

(12,681

)

(16,473

)

At 31 December 2022

17,305

8,321

25,626

DEPRECIATION

At 1 January 2022

8,244

19,149

27,393

Charge for year

944

346

1,290

Eliminated on disposal

(1,289

)

(12,168

)

(13,457

)

At 31 December 2022

7,899

7,327

15,226

NET BOOK VALUE

At 31 December 2022

9,406

994

10,400

At 31 December 2021

12,853

1,853

14,706

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Trade debtors

1,881

1,881

Other debtors

566,614

559,421

568,495

561,302

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

10,000

9,167

Trade creditors

4,277

3,692

Taxation and social security

98,739

81,215

Other creditors

13,664

18,488

126,680

112,562

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

30,836

40,833

9.	SECURED DEBTS

The bounceback loan is secured by way of a government scheme.

10.	RELATED PARTY DISCLOSURES

Balances with related parties:

At the balance sheet date the following loans subsisted with related parties:

2022

2021

£

£

Other creditors:

Directors loan - T.N. Tagoe and Mrs R. Tagoe

9,170

12,990

Other debtors:

Harley Reed International Limited (controlled by T.N. Tagoe and Mrs R. Tagoe)

158,680

158,680

Harley Reed (UK) Limited

404,187

397,387

562,867

556,067

Harley Reed International Limited and Harley Reed (UK) Limited are insolvent companies.

The balances above represent unsecured, interest free loans, repayable on demand.