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REGISTERED NUMBER: 03195218 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2023

FOR

QUEST FINANCIAL ASSOCIATES LTD

QUEST FINANCIAL ASSOCIATES LTD (REGISTERED NUMBER: 03195218)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 May 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


QUEST FINANCIAL ASSOCIATES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 May 2023







DIRECTORS: H S Mighell
Mrs A E Mighell





SECRETARY: Mrs A E Mighell





REGISTERED OFFICE: Pelham Farm Office
Newton Valence
Alton
Hampshire
GU34 3NQ





REGISTERED NUMBER: 03195218 (England and Wales)





ACCOUNTANTS: Traviss & Co Ltd
Chartered Certified Accountants
Newtown House
38 Newtown Road
Liphook
Hampshire
GU30 7DX

QUEST FINANCIAL ASSOCIATES LTD (REGISTERED NUMBER: 03195218)

BALANCE SHEET
31 May 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 816 960
Investments 5 7,900 7,900
8,716 8,860

CURRENT ASSETS
Debtors 6 216,799 107,815
Cash at bank 552,741 478,622
769,540 586,437
CREDITORS
Amounts falling due within one year 7 52,620 52,431
NET CURRENT ASSETS 716,920 534,006
TOTAL ASSETS LESS CURRENT
LIABILITIES

725,636

542,866

PROVISIONS FOR LIABILITIES 161 182
NET ASSETS 725,475 542,684

CAPITAL AND RESERVES
Called up share capital 148 148
Retained earnings 725,327 542,536
SHAREHOLDERS' FUNDS 725,475 542,684

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 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.

QUEST FINANCIAL ASSOCIATES LTD (REGISTERED NUMBER: 03195218)

BALANCE SHEET - continued
31 May 2023


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 18 October 2023 and were signed on its behalf by:





H S Mighell - Director


QUEST FINANCIAL ASSOCIATES LTD (REGISTERED NUMBER: 03195218)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 May 2023


1. STATUTORY INFORMATION

Quest Financial Associates 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.

Turnover
Turnover represents net commissions receivable and services provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 15% on reducing balance

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

QUEST FINANCIAL ASSOCIATES LTD (REGISTERED NUMBER: 03195218)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 May 2023


4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2022
and 31 May 2023 1,210 1,437 2,647
DEPRECIATION
At 1 June 2022 1,190 497 1,687
Charge for year 3 141 144
At 31 May 2023 1,193 638 1,831
NET BOOK VALUE
At 31 May 2023 17 799 816
At 31 May 2022 20 940 960

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 June 2022
and 31 May 2023 7,900
NET BOOK VALUE
At 31 May 2023 7,900
At 31 May 2022 7,900

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Amounts owed by group undertakings 214,094 94,094
Other debtors 2,705 13,721
216,799 107,815

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Taxation and social security 46,625 43,028
Other creditors 5,995 9,403
52,620 52,431