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REGISTERED NUMBER: 13084805 (England and Wales)















GROUP STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 JANUARY 2023

FOR

QUEST HOLDINGS NORTHERN LIMITED

QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023










Page

Company Information 1

Group Strategic Report 2

Report of the Director 4

Statement of Director's Responsibilities 5

Report of the Independent Auditors 6

Consolidated Income Statement 9

Consolidated Other Comprehensive Income 10

Consolidated Statement of Financial Position 11

Company Statement of Financial Position 12

Consolidated Statement of Changes in Equity 13

Company Statement of Changes in Equity 14

Consolidated Statement of Cash Flows 15

Notes to the Consolidated Statement of Cash Flows 16

Notes to the Consolidated Financial Statements 17


QUEST HOLDINGS NORTHERN LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 JANUARY 2023







DIRECTOR: S R Henry





REGISTERED OFFICE: Unit 1, Euroway Trading Estate
Wharfedale Road
Bradford
West Yorkshire
BD4 6QB





REGISTERED NUMBER: 13084805 (England and Wales)





AUDITORS: Shenward LLP
Chartered Accountants & Business Advisors
Summit House
Woodland Park
Bradford Road
Cleckheaton
West Yorkshire
BD19 6BW

QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023


The director presents his strategic report of the company and the group for the year ended 31 January 2023.

REVIEW OF BUSINESS
The directors are pleased with the results for the financial year ending 31 January 2023. Despite the ongoing challenges facing the construction and facade industry , the company has worked hard to improve turnover to £12.5m (2022: £11.7m) with a stronger overall gross profit position of £2.7m against the previous year (2022: £2.4m).

Staff levels have remained consistent with some retirements in the year being replaced post year end by new hires who have supported and strengthened other areas. Our continued flexibility and diligence along with careful overhead management has allowed us to both keep and improve our gross profit position whilst managing in -year fluctuations in material and energy cost.

We also diligently followed inflation rate movement throughout the year, and managed to implement two pay rises to staff, to help them through the cost of living challenges.

This year figures have also been significantly impacted by bad debt, with two main contractors going into administration on live projects. We were able to navigate through these challenges times with no loss of service to other customers, but it resulted in a significant hit of over a quarter of a million pounds coming off the bottom line.

PRINCIPAL RISKS AND UNCERTAINTIES
Financial:
Our continued principle financial risk is cash realization from our customers, We have implemented several improved strategies to manage the situation and have good working relationships with our key customers who make significant contributions to our turnover. This allows us to accurately forecast our financial position and the development and maintenance of these close working relationships also allows us to negotiate effectively for future work.

Supply chain:
Continuing global economic uncertainty, forthcoming price rises, the crisis in Ukraine, and the ongoing impact of Brexit mean that close relationships with our supply chain are crucial to our success over the coming months and years ahead. We have been collaborating with our key suppliers to improve forward planning and maximize our strategic buying capabilities and are confident that through careful planning, we will manage these risks effectively.

Sectors:
We have benefitted this year through working in some strong growth areas in the facade industry, with increasing activity in the BTR (Build to Rent) & PRS (Private Rental Sector) which Quest have targeted for the last 2 years and have enjoyed continued growth. We are proud to have gained a good reputation in this sector, demonstrating a high level of expertise in terms of technical and commercial solutions.

Retail distribution centres and student accommodation sectors still remain strong sectors for Quest. We have also been successful in targeting and securing work in the education & health sectors (Government Funded Projects) office space sectors, which are again buoyant economic development areas.

These sectors dominate our forward order load figures and will generate sales well into the next financial year and beyond.

KEY PERFORMANCE INDICATORS
The group's key financial and other performance indicators during the period were as follows:

Unit 2023 2022

Turnover

£
12,475,695
11,736,658

Gross profit

£
2,707,673
2,376,794
Gross profit % % 21.70 20.25


QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 JANUARY 2023

OTHER PERFORMANCE INDICATORS
In addition to the commercial KPI's detailed above the group carefully monitors its SHEQ (Safety, Health, Environment & Quality) performance and sets realistic targets for continued improvements. A number of strategies, including internal focus groups, fleet improvements and additional training are now contributing to making the working environment at Quest more progressive and sustainable.

Quest's reputation for a high-quality product delivered on time and to budget has allowed us to continue to be in high demand with our existing customer base whilst being approached by new customers inviting us to join their supply chain. This has allowed us to move into 2023 with a strong forward order book secured currently (£12 million) which sees our forecasted turnover to increase at a similar rate to the previous year.

Whilst there are signs that the recent hikes in aluminium and energy prices are showing signs of plateauing, Quest have worked hard to secure schemes at current material rates. This has allowed us to protect both our business and our customers from market uncertainty. Our book for 2024 is already looking strong with projected pipeline orders of £14 million which we hope to secure in the coming months which will give us a full 12 months order book.

In conclusion, the global economic landscape, as well as domestic factors will continue to challenge during the next financial year, leading us to further innovate, plan and adapt to an ever-changing environment. We are confident however, that we have the capacity and determination to meet these challenges head on which will make Quest all the stronger as we go into our 21st year of trading.

ON BEHALF OF THE BOARD:





S R Henry - Director


19 October 2023

QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 JANUARY 2023


The director presents his report with the financial statements of the company and the group for the year ended 31 January 2023.

PRINCIPAL ACTIVITY
The principal activity of the group in the year under review was that of design, supply, manufacture and installation of aluminium and glass systems. The group undertakes its role as a sub-contractor and works exclusively in the commercial building facade sector.

DIVIDENDS
No dividends will be distributed for the year ended 31 January 2023.

DIRECTOR
S R Henry held office during the whole of the period from 1 February 2022 to the date of this report.

FINANCIAL INSTRUMENTS
Price risk, credit risk, liquidity risk and cash flow risk
The business principal financial instruments comprise bank balances, bank overdrafts, trade debtors, trade creditors and loans to the business. The main purpose of these instruments is to finance the business operations.

In respect of bank balances, the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts at floating rates of interest. All of the business cash balances are held in such a way that achieves a competitive rates of interest. The business makes use of money market facilities where funds are available.

Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits. The amounts presented in the balance sheet are net of allowances for doubtful debtors.

Trade creditors liquidity risk is managed by ensuring sufficient funds are available to meet amounts due.

Loans comprise loans from financial institutions. The interest rate and monthly repayments on the loans from financial institutions are fixed. The business manages the liquidity risk by ensuring that there are sufficient funds to meet the payments.

POLITICAL DONATIONS AND EXPENDITURE
Donations totalling £5,114 were made to support less privileged people.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the group's auditors are aware of that information.

AUDITORS
The auditors, Shenward LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





S R Henry - Director


19 October 2023

QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
FOR THE YEAR ENDED 31 JANUARY 2023


The director is responsible for preparing the Group Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the director is required to:

- select suitable accounting policies and then apply them consistently;
- make judgements and accounting estimates that are reasonable and prudent;
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
QUEST HOLDINGS NORTHERN LIMITED


Opinion
We have audited the financial statements of Quest Holdings Northern Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 January 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Statement of Financial Position, Company Statement of Financial Position, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Statement of Cash Flows and Notes to the Consolidated Statement of Cash Flows, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the group's and of the parent company affairs as at 31 January 2023 and of the group's profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Group Strategic Report, the Report of the Director and the Statement of Director's Responsibilities, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Group Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Group Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
QUEST HOLDINGS NORTHERN LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
- the parent company financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page five, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the group or the parent company or to cease operations, or has no realistic alternative but to do so.

Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the Company and management.

Based on our understanding of the company and industry, we identified that the principal risks of non-compliance with laws and regulations related to UK tax legislation and regulations which governs the preparation of the financial statements, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls), and determined that the principal risks were related to posting inappropriate journal entries to increase profit, through management bias in manipulation of accounting estimates or accounting for significant transactions outside the normal course of business.

Audit procedures performed included, but not limited to:
- Enquiry of management around actual and potential litigation claims and instances of non-compliance with laws and regulations;
- Auditing the risk of management override of controls, through testing journal entries and other adjustments for appropriateness, testing accounting estimates (because of the risk of management bias), and evaluating the business rationale of significant transactions outside the normal course of business;
- Reviewing financial statements disclosures and agreeing to supporting documentation to assess compliance with applicable laws and regulations; and
- Review of board meeting minutes (where held).

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
QUEST HOLDINGS NORTHERN LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Sherad Dewedi (Senior Statutory Auditor)
for and on behalf of Shenward LLP
Chartered Accountants & Business Advisors
Summit House
Woodland Park
Bradford Road
Cleckheaton
West Yorkshire
BD19 6BW

19 October 2023

QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

CONSOLIDATED
INCOME STATEMENT
FOR THE YEAR ENDED 31 JANUARY 2023

2023 2022
Notes £    £   

TURNOVER 12,476,695 11,736,243

Cost of sales 9,769,022 9,359,864
GROSS PROFIT 2,707,673 2,376,379

Administrative expenses 1,765,426 2,010,830
942,247 365,549

Other operating income - 415
OPERATING PROFIT 5 942,247 365,964

Interest receivable and similar income 94 -
942,341 365,964

Interest payable and similar expenses 6 123,095 98,343
PROFIT BEFORE TAXATION 819,246 267,621

Tax on profit 7 (159,108 ) 37,855
PROFIT FOR THE FINANCIAL YEAR 978,354 229,766
Profit attributable to:
Owners of the parent 978,354 229,766

QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

CONSOLIDATED
OTHER COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 JANUARY 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 978,354 229,766


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME FOR
THE YEAR

978,354

229,766

Total comprehensive income attributable to:
Owners of the parent 978,354 229,766

QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

CONSOLIDATED STATEMENT OF FINANCIAL POSITION
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - (868,464 )
Tangible assets 10 151,070 182,853
Investments 11 - -
151,070 (685,611 )

CURRENT ASSETS
Stocks 12 425,912 392,000
Debtors 13 4,780,503 4,363,878
Cash in hand 3 18
5,206,418 4,755,896
CREDITORS
Amounts falling due within one year 14 3,598,039 2,998,452
NET CURRENT ASSETS 1,608,379 1,757,444
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,759,449

1,071,833

CREDITORS
Amounts falling due after more than one
year

15

(531,467

)

(816,467

)

PROVISIONS FOR LIABILITIES 18 (19,762 ) (25,500 )
NET ASSETS 1,208,220 229,866

CAPITAL AND RESERVES
Called up share capital 19 100 100
Retained earnings 20 1,208,120 229,766
SHAREHOLDERS' FUNDS 1,208,220 229,866

The financial statements were approved by the director and authorised for issue on 19 October 2023 and were signed by:





S R Henry - Director


QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

COMPANY STATEMENT OF FINANCIAL POSITION
31 JANUARY 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 9 - -
Tangible assets 10 - -
Investments 11 454,600 454,600
454,600 454,600

CREDITORS
Amounts falling due within one year 14 454,500 454,500
NET CURRENT LIABILITIES (454,500 ) (454,500 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

100

100

CAPITAL AND RESERVES
Called up share capital 19 100 100
SHAREHOLDERS' FUNDS 100 100

Company's profit for the financial year - -

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

The financial statements were approved by the director and authorised for issue on 19 October 2023 and were signed by:





S R Henry - Director


QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 100 - 100
Total comprehensive income - 229,766 229,766
Balance at 31 January 2022 100 229,766 229,866

Changes in equity
Total comprehensive income - 978,354 978,354
Balance at 31 January 2023 100 1,208,120 1,208,220

QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 JANUARY 2023

Called up
share Retained Total
capital earnings equity
£    £    £   

Changes in equity
Issue of share capital 100 - 100
Balance at 31 January 2022 100 - 100

Changes in equity
Balance at 31 January 2023 100 - 100

QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (99,000 ) (2,844,041 )
Interest paid (121,366 ) (87,385 )
Interest element of hire purchase payments
paid

(1,729

)

(10,958

)
Taxation refund 116,323 -
- 1,841
Net cash from operating activities (105,772 ) (2,940,543 )

Cash flows from investing activities
Purchase of tangible fixed assets (17,093 ) (25,811 )
Sale of tangible fixed assets 16,548 -
Intangible assets acquired - (561,379 )
Tangible assets acquired - (761,575 )
Proceeds of disposal fixed assets - 91,000
Interest received 94 -
Net cash from investing activities (451 ) (1,257,765 )

Cash flows from financing activities
Loan repayments in year (200,000 ) -
Capital repayments in year - (196,842 )
Amount introduced by directors 182,000 (2,791 )
Amount withdrawn by directors (84,430 ) -
Share issue - 100
Borrowing acquired on acquisition - 145,846
Overdraft acquired on acquisition - 1,856,088
Bank loans acquired on acquisition - 1,080,176
Payment of finance lease - (130,503 )
Net cash from financing activities (102,430 ) 2,752,074

Decrease in cash and cash equivalents (208,653 ) (1,446,234 )
Cash and cash equivalents at beginning
of year

2

(1,446,234

)

-

Cash and cash equivalents at end of year 2 (1,654,887 ) (1,446,234 )

QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

NOTES TO THE CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 JANUARY 2023


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 819,246 267,621
Depreciation charges (829,710 ) (45,832 )
Profit on disposal of fixed assets (6,426 ) (10,563 )
Finance costs 123,095 98,343
Finance income (94 ) -
106,111 309,569
Increase in stocks (33,912 ) (412,000 )
Increase in trade and other debtors (498,005 ) (4,231,600 )
Increase in trade and other creditors 326,806 1,489,990
Cash generated from operations (99,000 ) (2,844,041 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Statement of Cash Flows in respect of cash and cash equivalents are in respect of these Statement of Financial Position amounts:

Year ended 31 January 2023
31.1.23 1.2.22
£    £   
Cash and cash equivalents 3 18
Bank overdrafts (1,654,890 ) (1,446,252 )
(1,654,887 ) (1,446,234 )
Year ended 31 January 2022
31.1.22 1.2.21
£    £   
Cash and cash equivalents 18 -
Bank overdrafts (1,446,252 ) -
(1,446,234 ) -


3. ANALYSIS OF CHANGES IN NET DEBT

At 1.2.22 Cash flow At 31.1.23
£    £    £   
Net cash
Cash at bank and in hand 18 (15 ) 3
Bank overdrafts (1,446,252 ) (208,638 ) (1,654,890 )
(1,446,234 ) (208,653 ) (1,654,887 )
Debt
Finance leases (15,344 ) 15,344 -
Debts falling due within 1 year (200,000 ) - (200,000 )
Debts falling due after 1 year (683,333 ) 200,000 (483,333 )
(898,677 ) 215,344 (683,333 )
Total (2,344,911 ) 6,691 (2,338,220 )

QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2023


1. STATUTORY INFORMATION

Quest Holdings Northern 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 General Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. STATEMENT OF COMPLIANCE

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" and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. Details of these judgements can be found in the accounting policies.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Negative goodwill, being the amount paid in connection with the acquisition of Quest Solutions Holdings Limited in 2020, has been credited to the income statement.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the income statement.

Impairment of fixed assets
At each reporting end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply.

QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

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


3. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

At each reporting end date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its cost and net realisable value is recognised as an impairment loss in the income statement. Reversals of impairment losses are also recognised in the income statement.

Financial instruments
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially recorded at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party,

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recorded at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities in payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities
Financial liabilities are derecognised when the company's contractual obligations expire or are discharged or cancelled.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

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


3. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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

Provisions for liabilities
Provisions are made when an event has taken place that gives the company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit and a reliable estimate can be made of the amount of the obligation.

Provisions are charged as an expense to the Income Statement in the year that the company becomes aware of the obligation, and are measured at the best estimate at the Statement of Financial Position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.

When payments are eventually made, they are charged to the provision carried in the Statement of Financial Position.

Going concern
After reviewing the company's forecasts and projections, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The company therefore continues to adopt the going concern basis in preparing its financial statements.

4. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,911,668 1,816,386
Social security costs 221,220 199,837
Other pension costs 38,335 36,909
2,171,223 2,053,132

The average number of employees during the year was as follows:
2023 2022

Employees 50 51

The average number of employees by undertakings that were proportionately consolidated during the year was 50 (2022 - 51 ) .

2023 2022
£    £   
Director's remuneration 325,075 318,000

Information regarding the highest paid director is as follows:
2023 2022
£    £   
Emoluments etc 120,000 120,000

QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

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


5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2023 2022
£    £   
Other operating leases 126,832 120,497
Depreciation - owned assets 38,754 50,664
Profit on disposal of fixed assets (6,426 ) (10,563 )
Goodwill amortisation (868,464 ) 96,496
Auditors' remuneration 8,250 7,875
Auditors' remuneration for non audit work - 3,465

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Bank interest 121,366 87,385
Hire purchase 1,729 10,958
123,095 98,343

7. TAXATION

Analysis of the tax (credit)/charge
The tax (credit)/charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax (153,370 ) 35,455

Deferred tax (5,738 ) 2,400
Tax on profit (159,108 ) 37,855

Reconciliation of total tax (credit)/charge included in profit and loss
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 819,246 267,621
Profit multiplied by the standard rate of corporation tax in the UK of 19 %
(2022 - 19 %)

155,657

50,848

Effects of:
Expenses not deductible for tax purposes 952 2,741
Capital allowances in excess of depreciation (163,646 ) (18,334 )
Utilisation of tax losses (18 ) -
Adjustments to tax charge in respect of previous periods - (269 )
Deferred Tax (5,738 ) 2,869
R&D enhanced expenditure (146,315 ) -
Total tax (credit)/charge (159,108 ) 37,855

8. INDIVIDUAL INCOME STATEMENT

As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements.


QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

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


9. INTANGIBLE FIXED ASSETS

Group
Goodwill
£   
COST
At 1 February 2022
and 31 January 2023 (964,960 )
AMORTISATION
At 1 February 2022 (96,496 )
Amortisation for year (868,464 )
At 31 January 2023 (964,960 )
NET BOOK VALUE
At 31 January 2023 -
At 31 January 2022 (868,464 )

10. TANGIBLE FIXED ASSETS

Group
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£    £    £    £    £   
COST
At 1 February 2022 88,725 463,975 118,580 154,702 825,982
Additions 771 6,254 10,068 - 17,093
Disposals (89,496 ) - - (98,102 ) (187,598 )
At 31 January 2023 - 470,229 128,648 56,600 655,477
DEPRECIATION
At 1 February 2022 88,725 354,451 72,141 127,812 643,129
Charge for year 771 23,156 10,633 4,194 38,754
Eliminated on disposal (89,496 ) - - (87,980 ) (177,476 )
At 31 January 2023 - 377,607 82,774 44,026 504,407
NET BOOK VALUE
At 31 January 2023 - 92,622 45,874 12,574 151,070
At 31 January 2022 - 109,524 46,439 26,890 182,853

11. FIXED ASSET INVESTMENTS

Company
Shares in
group
undertakings
£   
COST
At 1 February 2022
and 31 January 2023 454,600
NET BOOK VALUE
At 31 January 2023 454,600
At 31 January 2022 454,600


QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

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


12. STOCKS

Group
2023 2022
£    £   
Stocks 425,912 392,000

13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group
2023 2022
£    £   
Trade debtors 1,848,473 1,713,762
Amounts recoverable on contract 1,693,167 1,498,440
Other debtors 855,437 883,908
Directors' current accounts 2,898 2,791
Tax 131,017 142,401
VAT 89,836 80,032
Prepayments 159,675 42,544
4,780,503 4,363,878

14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Group Company
2023 2022 2023 2022
£    £    £    £   
Bank loans and overdrafts (see note 16) 1,854,890 1,646,252 - -
Hire purchase contracts (see note 17) - 15,344 - -
Trade creditors 1,289,186 1,123,695 - -
Amounts owed to group undertakings - - 454,500 454,500
Social security and other taxes 53,924 52,443 - -
Other creditors 251,667 108,269 - -
Directors' current accounts 97,677 - - -
Accrued expenses 50,695 52,449 - -
3,598,039 2,998,452 454,500 454,500

15. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Group
2023 2022
£    £   
Bank loans (see note 16) 483,333 683,333
Other creditors 48,134 133,134
531,467 816,467

QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

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


16. LOANS

An analysis of the maturity of loans is given below:

Group
2023 2022
£    £   
Amounts falling due within one year or on demand:
Bank overdrafts 1,654,890 1,446,252
Bank loans 200,000 200,000
1,854,890 1,646,252
Amounts falling due between one and two years:
Bank loans - 1-2 years 483,333 683,333

17. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Group
Hire purchase contracts
2023 2022
£    £   
Net obligations repayable:
Within one year - 15,344

18. PROVISIONS FOR LIABILITIES

Group
2023 2022
£    £   
Deferred tax 19,762 25,500

Group
Deferred
tax
£   
Balance at 1 February 2022 25,500
Provided during year (5,738 )
Balance at 31 January 2023 19,762

19. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

QUEST HOLDINGS NORTHERN LIMITED (REGISTERED NUMBER: 13084805)

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


20. RESERVES

Group
Retained
earnings
£   

At 1 February 2022 229,766
Profit for the year 978,354
At 31 January 2023 1,208,120


21. RELATED PARTY DISCLOSURES

Global Facade Solutions Limited
2023 2022
£    £   
Sales 15,000 550
Trade debtors 3,600 -

The group and related party have a common director, S R Henry.

22. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is S R Henry, by virtue of his directorship and shareholding.