Quest Joinery Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 07588822 (England and Wales)

Unaudited Financial Statements for the Year Ended 30 April 2023

for

Quest Joinery Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J Theakston

A Jackson

B Algate

REGISTERED OFFICE:

4-8 Maxted Park

Maxted Road

Hemel Hempstead

Hertfordshire

HP2 7EP

REGISTERED NUMBER:

07588822 (England and Wales)

ACCOUNTANTS:

Pace Accountants

Noble House

Eaton Road

Hemel Hempstead

Hertfordshire

HP2 7UB

FIXED ASSETS

Tangible assets

4

787,690

925,837

CURRENT ASSETS

Stocks

848,561

375,888

Debtors

5

1,161,588

850,200

Cash in hand

201,272

781,044

2,211,421

2,007,132

CREDITORS

Amounts falling due within one year

6

1,576,209

613,687

NET CURRENT ASSETS

635,212

1,393,445

TOTAL ASSETS LESS CURRENT LIABILITIES

1,422,902

2,319,282

CREDITORS

Amounts falling due after more than one year

7

(342,456

)

(464,502

)

PROVISIONS FOR LIABILITIES

(60,612

)

(63,166

)

NET ASSETS

1,019,834

1,791,614

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

1,019,734

1,791,514

1,019,834

1,791,614

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2023 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27 November 2023 and were signed on its behalf by:

J Theakston - Director

1.	STATUTORY INFORMATION

Quest Joinery Ltd 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.

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.

Preparation of consolidated financial statements

The financial statements contain information about Quest Joinery Ltd as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.

Plant and machinery etc

-

33% on cost, 10% on cost and 10% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 42 (2022 - 30 ) .

4.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

Plant and

and

property

machinery

fittings

£

£

£

COST

At 1 May 2022

93,572

968,360

147,096

Additions

-

4,200

2,424

Disposals

-

(188,944

)

-

At 30 April 2023

93,572

783,616

149,520

DEPRECIATION

At 1 May 2022

18,714

243,604

26,093

Charge for year

9,358

62,757

12,343

Eliminated on disposal

-

(87,557

)

-

At 30 April 2023

28,072

218,804

38,436

NET BOOK VALUE

At 30 April 2023

65,500

564,812

111,084

At 30 April 2022

74,858

724,756

121,003

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 May 2022

-

96,287

1,305,315

Additions

35,641

17,570

59,835

Disposals

-

-

(188,944

)

At 30 April 2023

35,641

113,857

1,176,206

DEPRECIATION

At 1 May 2022

-

91,067

379,478

Charge for year

3,564

8,573

96,595

Eliminated on disposal

-

-

(87,557

)

At 30 April 2023

3,564

99,640

388,516

NET BOOK VALUE

At 30 April 2023

32,077

14,217

787,690

At 30 April 2022

-

5,220

925,837

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:

Plant and

Motor

machinery

vehicles

Totals

£

£

£

COST

At 1 May 2022

571,300

-

571,300

Additions

-

35,641

35,641

At 30 April 2023

571,300

35,641

606,941

DEPRECIATION

At 1 May 2022

92,617

-

92,617

Charge for year

47,868

3,564

51,432

At 30 April 2023

140,485

3,564

144,049

NET BOOK VALUE

At 30 April 2023

430,815

32,077

462,892

At 30 April 2022

478,683

-

478,683

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.23

30.4.22

£

£

Trade debtors

867,920

595,511

Amounts owed by group undertakings

11

-

Other debtors

293,657

254,689

1,161,588

850,200

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.4.23

30.4.22

£

£

Bank loans and overdrafts

43,636

43,636

Hire purchase contracts (see note 8)

112,049

125,717

Trade creditors

705,931

177,944

Taxation and social security

231,110

45,795

Other creditors

483,483

220,595

1,576,209

613,687

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.4.23

30.4.22

£

£

Bank loans

130,909

174,546

Hire purchase contracts (see note 8)

211,547

289,956

342,456

464,502

8.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

30.4.23

30.4.22

£

£

Net obligations repayable:

Within one year

112,049

125,717

Between one and five years

211,547

289,956

323,596

415,673

Non-cancellable

operating leases

30.4.23

30.4.22

£

£

Within one year

348,728

351,757

Between one and five years

600,859

933,095

949,587

1,284,852

9.	SECURED DEBTS

The following secured debts are included within creditors:

30.4.23

30.4.22

£

£

Hire purchase contracts

323,596

415,673

10.	RELATED PARTY DISCLOSURES

During the year, total dividends of £349,600 were paid to the directors .

Loans from Directors outstanding at the year end amounted to £303 [2022 £303].

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Quest Group Companies Ltd.