ACCOUNTS - Final Accounts

Share capital

Shares classified as equity

QUINTESSENTIALLY ESTATES LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2017-04-302017-04-30false2016-05-01The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.falsefalseThe principal activity of the company is that of property consultancy. 06046261 2016-05-01 2017-04-30 06046261 2015-05-01 2016-04-30 06046261 2017-04-30 06046261 2016-04-30 06046261 c:Director1 2016-05-01 2017-04-30 06046261 d:OfficeEquipment 2016-05-01 2017-04-30 06046261 d:ComputerEquipment 2016-05-01 2017-04-30 06046261 d:OtherPropertyPlantEquipment 2016-05-01 2017-04-30 06046261 d:OtherPropertyPlantEquipment 2017-04-30 06046261 d:OtherPropertyPlantEquipment 2016-04-30 06046261 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2016-05-01 2017-04-30 06046261 d:CurrentFinancialInstruments 2017-04-30 06046261 d:CurrentFinancialInstruments 2016-04-30 06046261 d:Non-currentFinancialInstruments 2017-04-30 06046261 d:Non-currentFinancialInstruments 2016-04-30 06046261 d:CurrentFinancialInstruments d:WithinOneYear 2017-04-30 06046261 d:CurrentFinancialInstruments d:WithinOneYear 2016-04-30 06046261 d:ShareCapital 2017-04-30 06046261 d:ShareCapital 2016-04-30 06046261 d:SharePremium 2017-04-30 06046261 d:SharePremium 2016-04-30 06046261 d:CapitalRedemptionReserve 2017-04-30 06046261 d:CapitalRedemptionReserve 2016-04-30 06046261 d:RetainedEarningsAccumulatedLosses 2017-04-30 06046261 d:RetainedEarningsAccumulatedLosses 2016-04-30 06046261 d:AcceleratedTaxDepreciationDeferredTax 2017-04-30 06046261 d:TaxLossesCarry-forwardsDeferredTax 2017-04-30 06046261 c:OrdinaryShareClass1 2016-05-01 2017-04-30 06046261 c:OrdinaryShareClass1 2017-04-30 06046261 c:OrdinaryShareClass1 2016-04-30 06046261 c:FRS102 2016-05-01 2017-04-30 06046261 c:AuditExempt-NoAccountantsReport 2016-05-01 2017-04-30 06046261 c:FullAccounts 2016-05-01 2017-04-30 06046261 c:PrivateLimitedCompanyLtd 2016-05-01 2017-04-30 06046261 d:Subsidiary1 2016-05-01 2017-04-30 06046261 d:Subsidiary1 1 2016-05-01 2017-04-30 06046261 d:Subsidiary2 2016-05-01 2017-04-30 06046261 d:Subsidiary2 1 2016-05-01 2017-04-30 06046261 d:Subsidiary3 2016-05-01 2017-04-30 06046261 d:Subsidiary3 1 2016-05-01 2017-04-30 06046261 d:Subsidiary4 2016-05-01 2017-04-30 06046261 d:Subsidiary4 1 2016-05-01 2017-04-30 06046261 d:WithinOneYear 2017-04-30 06046261 d:WithinOneYear 2016-04-30 xbrli:shares iso4217:GBP xbrli:pure

Registered number: 06046261

QUINTESSENTIALLY ESTATES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017


QUINTESSENTIALLY ESTATES LIMITED

CONTENTS

	Page
Statement of Financial Position	1
Notes to the Financial Statements	2 - 9


QUINTESSENTIALLY ESTATES LIMITED REGISTERED NUMBER:06046261

STATEMENT OF FINANCIAL POSITION

AS AT 30 APRIL 2017

		2017		2016
Note		£		£

Fixed assets
Tangible assets	4		1,021		-
Investments	5		182		182
			1,203		182
Current assets
Debtors	6	370,852		175,659
Cash at bank and in hand		31,923		136,036
		402,775		311,695
Creditors: amounts falling due within one year	7	(675,007)		(599,314)
Net current liabilities			(272,232)		(287,619)

Net liabilities			(271,029)		(287,437)

Capital and reserves
Called up share capital	9	119	106
Share premium account		14,926	7,463
Capital redemption reserve		5	5
Profit and loss account		(286,079)	(295,011)
		(271,029)	(287,437)

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 31 January 2018.

A T Simpson

Director

The notes on pages 2 to 9 form part of these financial statements.

Page 1


QUINTESSENTIALLY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

1.	General information

Quintessentially Estates Limited is a limited liability company incorporated in England and Wales with its registered office at 29 Portland Place, London, W1B 1QB..

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The policies applied under the entity's previous accounting framework are not materially different to FRS 102 and have not impacted on equity or profit or loss.

The following principal accounting policies have been applied:

2.2

Going concern

The financial statements have been prepared on a going concern basis which assumes the continued financial support of its shareholders and connected companies under common control. In the absence of this continued financial support the going concern basis may be invalid and adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for further liabilities that may arise and to reclassify fixed assets as current assets.

2.3

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

2.4

Turnover

Turnover comprises revenue recognised by the company in respect of property consultancy fees, commissions and recharged expenses, exclusive of Value Added Tax.

Revenue is recognised on delivery of services.

2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 2


QUINTESSENTIALLY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

2.Accounting policies (continued)

2.5

Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Office equipment	-	33%	straight line
				Computer equipment	-	25%	straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Statement of Comprehensive Income.

2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.7

Debtors

Short term debtors are measured at transaction price.

2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty.

2.9

Financial instruments

The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans to and from related parties and investments in non-puttable ordinary shares.

2.10

Creditors

Short term creditors are measured at the transaction price.

Page 3


QUINTESSENTIALLY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

2.Accounting policies (continued)

2.11

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income except when deferred in other comprehensive income as qualifying cash flow hedges.

2.12

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to the Statement of Comprehensive Income on a straight line basis over the lease term.

2.13

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4


QUINTESSENTIALLY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

2.Accounting policies (continued)

2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Employees

The average monthly number of employees, including directors, during the year was 8 (2016 - 8).

Page 5


QUINTESSENTIALLY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

4.	Tangible fixed assets

		Other fixed assets
		£
	Cost or valuation
	At 1 May 2016	25,697
	Additions	1,339
	At 30 April 2017	27,036
	Depreciation
	At 1 May 2016	25,697
	Charge for the year on owned assets	318
	At 30 April 2017	26,015
	Net book value
	At 30 April 2017	1,021
	At 30 April 2016	-

5.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 May 2016	182
	At 30 April 2017	182

	Net book value
	At 30 April 2017	182
	At 30 April 2016	182

Page 6


QUINTESSENTIALLY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

5.Fixed asset investments (continued)

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding	Principal activity

Quintessentially Estates (HK) Limited	Ordinary	100%	Property consultancy
Quinessentially Estates (USA) Inc	Ordinary	100%	Property consultancy
Quintessentially Estates (SA) Limited	Ordinary	100%	Property consultancy
Quintessentially Development Limited	Ordinary	100%	Property consultancy

The registered office of Quintessentially Development Limited is the same as that of Quintessentially Estates Limited, Quintessentially Estates (HK) Limited is registered in Hong Kong, Quintessentially Estates (USA) Inc is registered in USA, and Quintessentially Estates (SA) Limited is registered in South Africa.

Debtors

					2017	2016
					£	£

Due after more than one year
Other debtors	13,641	7,000
Due within one year
Trade debtors	262,103	118,018
Other debtors	53,715	4,956
Called up share capital not paid	106	7,569
Prepayments and accrued income	9,195	1,967
Deferred taxation	32,092	36,149
	370,852	175,659

Debtors due after more than one year includes a rent deposit of £7,000 (2016- £7,000) which is secured by a charge over the rent deposit deed.

Page 7


QUINTESSENTIALLY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

7.	Creditors: Amounts falling due within one year
		2017	2016
		£	£

Trade creditors	291,946	184,004
Other taxation and social security	11,969	39,112
Other creditors	22,502	90,543
Accruals and deferred income	348,590	285,655
	675,007	599,314

8.	Deferred taxation

		2017
		£

	At beginning of year	36,149
	Charged to profit or loss	(4,057)
	At end of year	32,092

	The deferred tax asset is made up as follows:
					2017
					£

	Decelerated capital allowances	315
	Tax losses carried forward	31,777
		32,092

Authorised, allotted, called up and fully paid

11,875 (2016 - 10,625) Ordinary shares of £0.01 each	119	106

A further 1,250 Ordinary shares of £0.01 each were allotted and fully at a premium of £11.94 per share during the period.

Page 8


QUINTESSENTIALLY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2017

Within 1 year

16,000

14,000

11.	Related party transactions
	The company has taken advantage of the exemption under FRS102 33.1A Related Party Disclosures not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.

12.	Controlling party

The directors regard Quintessentially Partners LLP, a limited liability partnership registered in England and Wales, as the ultimate parent undertaking.

Page 9