ACCOUNTS - Final Accounts

Commitments under operating leases

At 30 April 2018 the Company had future minimum lease payments under non-cancellable operating leases as follows:

QUINTESSENTIALLY ESTATES LIMITED - Company Information

Caseware UK (AP4) 2016.0.181 2016.0.181 2018-04-302018-04-30The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.truetrueEstatesfalse2017-05-01 06046261 2017-05-01 2018-04-30 06046261 2016-05-01 2017-04-30 06046261 2018-04-30 06046261 2017-04-30 06046261 c:Director1 2017-05-01 2018-04-30 06046261 d:OfficeEquipment 2017-05-01 2018-04-30 06046261 d:ComputerEquipment 2017-05-01 2018-04-30 06046261 d:OtherPropertyPlantEquipment 2017-05-01 2018-04-30 06046261 d:OtherPropertyPlantEquipment 2018-04-30 06046261 d:OtherPropertyPlantEquipment 2017-04-30 06046261 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2017-05-01 2018-04-30 06046261 d:CurrentFinancialInstruments 2018-04-30 06046261 d:CurrentFinancialInstruments 2017-04-30 06046261 d:Non-currentFinancialInstruments 2018-04-30 06046261 d:Non-currentFinancialInstruments 2017-04-30 06046261 d:CurrentFinancialInstruments d:WithinOneYear 2018-04-30 06046261 d:CurrentFinancialInstruments d:WithinOneYear 2017-04-30 06046261 d:ShareCapital 2018-04-30 06046261 d:ShareCapital 2017-04-30 06046261 d:SharePremium 2018-04-30 06046261 d:SharePremium 2017-04-30 06046261 d:CapitalRedemptionReserve 2018-04-30 06046261 d:CapitalRedemptionReserve 2017-04-30 06046261 d:RetainedEarningsAccumulatedLosses 2018-04-30 06046261 d:RetainedEarningsAccumulatedLosses 2017-04-30 06046261 d:AcceleratedTaxDepreciationDeferredTax 2018-04-30 06046261 d:AcceleratedTaxDepreciationDeferredTax 2017-04-30 06046261 d:TaxLossesCarry-forwardsDeferredTax 2018-04-30 06046261 d:TaxLossesCarry-forwardsDeferredTax 2017-04-30 06046261 c:FRS102 2017-05-01 2018-04-30 06046261 c:AuditExempt-NoAccountantsReport 2017-05-01 2018-04-30 06046261 c:FullAccounts 2017-05-01 2018-04-30 06046261 c:PrivateLimitedCompanyLtd 2017-05-01 2018-04-30 06046261 d:Subsidiary1 2017-05-01 2018-04-30 06046261 d:Subsidiary1 1 2017-05-01 2018-04-30 06046261 d:Subsidiary2 2017-05-01 2018-04-30 06046261 d:Subsidiary2 1 2017-05-01 2018-04-30 06046261 d:Subsidiary3 2017-05-01 2018-04-30 06046261 d:Subsidiary3 1 2017-05-01 2018-04-30 06046261 d:Subsidiary4 2017-05-01 2018-04-30 06046261 d:Subsidiary4 1 2017-05-01 2018-04-30 06046261 d:WithinOneYear 2018-04-30 06046261 d:WithinOneYear 2017-04-30 iso4217:GBP xbrli:pure

Registered number: 06046261

QUINTESSENTIALLY ESTATES LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2018


QUINTESSENTIALLY ESTATES LIMITED

CONTENTS

	Page
Statement of Financial Position	1 - 2
Notes to the Financial Statements	3 - 10


QUINTESSENTIALLY ESTATES LIMITED REGISTERED NUMBER:06046261

STATEMENT OF FINANCIAL POSITION

AS AT 30 APRIL 2018

		2018		2017
Note		£		£

Fixed assets
Tangible assets	4		59,692		1,021
Investments	5		182		182
			59,874		1,203
Current assets
Debtors	6	383,503		370,852
Cash at bank and in hand		51,242		31,923
		434,745		402,775
Current liabilities
Creditors: amounts falling due within one year	7	(729,468)		(675,007)
Net current liabilities			(294,723)		(272,232)

Net liabilities			(234,849)		(271,029)

Capital and reserves
Called up share capital	9	119	119
Share premium account		14,926	14,926
Capital redemption reserve		5	5
Profit and loss account		(249,899)	(286,079)
		(234,849)	(271,029)

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.

Page 1


QUINTESSENTIALLY ESTATES LIMITED REGISTERED NUMBER:06046261

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 30 APRIL 2018

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 1 February 2019.

A T Simpson

Director

The notes on pages 3 to 10 form part of these financial statements.

Page 2


QUINTESSENTIALLY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2018

1.	General information

Quintessentially Estates Limited is a limited liability company incorporated in England and Wales with its trading and registered office at 29 Portland Place, London, W1B 1QB.
The principal activity of the company is that of property consultancy.

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 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 3


QUINTESSENTIALLY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2018

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 4


QUINTESSENTIALLY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2018

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 5


QUINTESSENTIALLY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2018

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 (2017 - 8).

Page 6


QUINTESSENTIALLY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2018

4.	Tangible fixed assets

		Other fixed assets
		£
	Cost
	At 1 May 2017	27,036
	Additions	59,850
	At 30 April 2018	86,886
	Depreciation
	At 1 May 2017	26,015
	Charge for the year on owned assets	1,179
	At 30 April 2018	27,194
	Net book value
	At 30 April 2018	59,692
	At 30 April 2017	1,021

5.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 1 May 2017	182
	At 30 April 2018	182

	Net book value
	At 30 April 2018	182
	At 30 April 2017	182

Page 7


QUINTESSENTIALLY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2018

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
Quintessentially 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

					2018	2017
					£	£

Due after more than one year
Other debtors	13,638	13,641
Due within one year
Trade debtors	235,192	262,103
Other debtors	94,418	53,715
Called up share capital not paid	106	106
Prepayments and accrued income	20,213	9,195
Deferred taxation	19,936	32,092
	383,503	370,852

Debtors due after more than one year includes a rent deposit of £7,000 (2017- £7,000) which is secured by a charge over the rent deposit deed.

Page 8


QUINTESSENTIALLY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2018

7.	Creditors: Amounts falling due within one year
		2018	2017
		£	£

Trade creditors	512,713	291,946
Other taxation and social security	-	11,969
Other creditors	180,395	123,257
Accruals and deferred income	36,360	247,835
	729,468	675,007

8.	Deferred taxation

		2018
		£

	At beginning of year	32,092
	Charged to profit or loss	(12,156)
	At end of year	19,936

The deferred tax asset is made up as follows:
	2018	2017
	£	£

(Accelerated)/decelerated capital allowances	(1,599)	315
Tax losses carried forward	21,535	31,777
	19,936	32,092

9.	Share capital
		2018	2017
		£	£

Authorised, allotted, called up and fully paid

11,875 Ordinary shares of £0.01 each	119	119

Page 9


QUINTESSENTIALLY ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 APRIL 2018

Within 1 year

8,750

16,000

11.	Controlling party

With effect from 31 October 2018, the company became a subsidiary of Quintessentially (UK) Limited, a company registered in England and Wales, which the directors now regard as the ultimate parent undertaking.

Page 10