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Registration number: 04258895

Quinn Transport (Bristol) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2023

 

Quinn Transport (Bristol) Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 7

 

Quinn Transport (Bristol) Ltd

Company Information

Directors

Mr M Quinn

Mrs S Quinn

Company secretary

Mr M Quinn

Registered office

Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

Accountants

Newsham Hanson Accountants Limited
Accountants and Business Advisors
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

 

Quinn Transport (Bristol) Ltd

(Registration number: 04258895)
Balance Sheet as at 31 July 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

2,387

1,520

Current assets

 

Debtors

5

30,743

48,255

Cash at bank and in hand

 

209,776

252,049

 

240,519

300,304

Creditors: Amounts falling due within one year

6

(63,275)

(66,513)

Net current assets

 

177,244

233,791

Total assets less current liabilities

 

179,631

235,311

Creditors: Amounts falling due after more than one year

6

(14,926)

(19,802)

Net assets

 

164,705

215,509

Capital and reserves

 

Called up share capital

7

75

75

Capital redemption reserve

25

25

Retained earnings

164,605

215,409

Shareholders' funds

 

164,705

215,509

For the financial year ending 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 6 October 2023 and signed on its behalf by:
 

.........................................
Mr M Quinn
Company secretary and director

 

Quinn Transport (Bristol) Ltd

Notes to the Financial Statements for the Year Ended 31 July 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Edinburgh House
1-5 Bellevue Road
Clevedon
North Somerset
BS21 7NP

These financial statements were authorised for issue by the Board on 6 October 2023.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Quinn Transport (Bristol) Ltd

Notes to the Financial Statements for the Year Ended 31 July 2023

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures & Fittings

15% straight line basis

Office Equipment

33.3% straight line basis

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors 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 the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Quinn Transport (Bristol) Ltd

Notes to the Financial Statements for the Year Ended 31 July 2023

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2022

13,172

13,172

Additions

1,770

1,770

At 31 July 2023

14,942

14,942

Depreciation

At 1 August 2022

11,652

11,652

Charge for the year

903

903

At 31 July 2023

12,555

12,555

Carrying amount

At 31 July 2023

2,387

2,387

At 31 July 2022

1,520

1,520

 

Quinn Transport (Bristol) Ltd

Notes to the Financial Statements for the Year Ended 31 July 2023

5

Debtors

2023
£

2022
£

Trade debtors

30,029

47,535

Other debtors

714

720

30,743

48,255

Current

2023
£

2022
£

Trade debtors

30,029

47,535

Other debtors

714

720

 

30,743

48,255

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Amounts owed to related parties

179

78

Taxation and social security

 

28,882

25,305

Other creditors

 

34,214

41,130

 

63,275

66,513

Due after one year

 

Loans and borrowings

8

14,926

19,802

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

14,926

19,802

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

75

75

75

75

         
 

Quinn Transport (Bristol) Ltd

Notes to the Financial Statements for the Year Ended 31 July 2023

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

14,926

19,802

9

Control

The company is controlled by the directors, who own 100% of the called up share capital.