Quinn Construction Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 02080936 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2018

FOR

QUINN CONSTRUCTION LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

Chartered Accountants' Report

7

DIRECTOR:

K J Quinn

SECRETARY:

Mrs M J T Quinn

REGISTERED OFFICE:

Harben House

Harben Parade

Finchley Road

LONDON

NW3 6LH

REGISTERED NUMBER:

02080936 (England and Wales)

ACCOUNTANTS:

KBSP Partners LLP

Chartered Accountants

Harben House

Harben Parade

Finchley Road

LONDON

NW3 6LH

FIXED ASSETS

Tangible assets

4

414,760

416,095

CURRENT ASSETS

Debtors

5

2,295,435

2,083,532

Cash at bank

5,403,063

5,976,848

7,698,498

8,060,380

CREDITORS

Amounts falling due within one year

6

1,397,217

2,397,630

NET CURRENT ASSETS

6,301,281

5,662,750

TOTAL ASSETS LESS CURRENT LIABILITIES

6,716,041

6,078,845

CREDITORS

Amounts falling due after more than one year

7

(72,980

)

(104,167

)

PROVISIONS FOR LIABILITIES

9

(80,000

)

-

NET ASSETS

6,563,061

5,974,678

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

6,562,961

5,974,578

SHAREHOLDERS' FUNDS

6,563,061

5,974,678

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Profit and Loss has not been delivered.

The financial statements were approved by the director on 10 January 2019 and were signed by:

K J Quinn - Director

1.	STATUTORY INFORMATION

Quinn Construction 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in

accordance with the stage of completion of the contract when all of the following conditions are satisfied:

* the amount of revenue can be measured reliably;

* it is probable that the Company will receive the consideration due under the contract;

* the stage of completion of the contract at the end of the reporting period can be measured reliably; and

* the costs incurred and the costs to complete the contract can be measured reliably.

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

-

25% on reducing balance

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Profit and Loss,

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.

Financial instruments

The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets

Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at

transaction price, unless the arrangement constitutes a financing transaction, where a transaction is measured at

the present vale of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective

evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying

amount and the present value of the estimated cash flows discounted at the asset's original effective interest

rate. The impairment loss is recognised in profit and loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are

settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another

party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally

sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities

Basic financial liabilities, including trade and other payable, are initially recognised at transaction price, unless the

arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the

future receipts discounted a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of

business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or

less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction

price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is

discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is

a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or

to realise the asset and settle the liability simultaneously.

Cash and cash equivalents

Cash includes cash in hand and deposits held with banks. Bank overdrafts, when applicable, are shown within

borrowings in current liabilities. Cash equivalents are highly liquid investments that are readily convertible to

known amounts of cash with insignificant risk of change in value.

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.

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 15 (2017 - 14 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Motor

Computer

machinery

fittings

vehicles

equipment

Totals

£

£

£

£

£

COST

At 1 June 2017

1,193,644

25,807

249,760

1,840

1,471,051

Additions

29,800

-

89,245

-

119,045

Disposals

-

-

(37,496

)

-

(37,496

)

At 31 May 2018

1,223,444

25,807

301,509

1,840

1,552,600

DEPRECIATION

At 1 June 2017

943,617

22,655

88,536

148

1,054,956

Charge for year

64,370

788

40,434

423

106,015

Eliminated on disposal

-

-

(23,131

)

-

(23,131

)

At 31 May 2018

1,007,987

23,443

105,839

571

1,137,840

NET BOOK VALUE

At 31 May 2018

215,457

2,364

195,670

1,269

414,760

At 31 May 2017

250,027

3,152

161,224

1,692

416,095

The net book value of tangible fixed assets includes £ 290,778 (2017 - £ 291,896 ) in respect of assets held under

hire purchase contracts.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

663,079

328,376

Other debtors

1,632,356

1,755,156

2,295,435

2,083,532

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Hire purchase contracts

97,514

77,000

Trade creditors

1,067,402

539,913

Taxation and social security

179,139

466,283

Other creditors

53,162

1,314,434

1,397,217

2,397,630

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts

72,980

104,167

8.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase contracts

170,494

181,167

9.	PROVISIONS FOR LIABILITIES

2018

2017

£

£

Other provisions

Provision for Remedial Works

80,000

-

10.	RELATED PARTY DISCLOSURES

The following reproduces the text of the report prepared for the director in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Director are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Quinn Construction Limited for the year ended 31 May 2018 which comprise the Statement of

Profit and Loss, Balance Sheet and the related notes from the company's accounting records and from information and

explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Quinn Construction Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Quinn Construction Limited and state those matters that we have agreed to state to the director of Quinn Construction Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quinn Construction Limited and its director for our work or for this report.

It is your duty to ensure that Quinn Construction Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Quinn Construction Limited. You consider that Quinn Construction Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Quinn Construction Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

KBSP Partners LLP

Chartered Accountants

Harben House

Harben Parade

Finchley Road

LONDON

NW3 6LH

11 January 2019