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Registration number: 06194292

Quest Training South East Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2023

 

Quest Training South East Ltd

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Quest Training South East Ltd

Company Information

Directors

Mrs Elaine Wain

Registered office

8 Ormonde Court
Ormonde Road
Hythe
Kent
CT21 6DP

Accountants

Elements Financial Solutions Limited
AIMS - Accountants for Business
2 Chalk Close
Dartford
Kent
DA1 1AN

 

Quest Training South East Ltd

(Registration number: 06194292)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

6,869

9,159

Current assets

 

Debtors

5

26,014

106,478

Cash at bank and in hand

 

8,724

36,972

 

34,738

143,450

Creditors: Amounts falling due within one year

6

43,877

(56,438)

Net current assets

 

78,615

87,012

Total assets less current liabilities

 

85,484

96,171

Creditors: Amounts falling due after more than one year

6

(28,836)

-

Provisions for liabilities

(1,305)

(2,037)

Net assets

 

55,343

94,134

Capital and reserves

 

Called up share capital

7

100

100

Retained earnings

55,243

94,034

Shareholders' funds

 

55,343

94,134

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

Director's 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 director acknowledges her 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 24 April 2023
 

.........................................
Mrs Elaine Wain
Director

 

Quest Training South East Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

1

General information

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

The address of its registered office is:
8 Ormonde Court
Ormonde Road
Hythe
Kent
CT21 6DP
England

The principal place of business is:
Studio 1, Rabbits Farm,
Rabbits Road,
South Darenth,
Dartford
Kent
DA4 9JZ
England

These financial statements were authorised for issue by the director on 24 April 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.

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 deferred 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.

 

Quest Training South East Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Office equipment

25% reducing balance method and 25% straight line

Furniture fixtures and fittings

25% reducing balance method

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

 

Quest Training South East Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

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.

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.

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.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 23 (2022 - 28).

 

Quest Training South East Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 April 2022

28,756

58,295

87,051

At 31 March 2023

28,756

58,295

87,051

Depreciation

At 1 April 2022

26,882

51,010

77,892

Charge for the year

469

1,821

2,290

At 31 March 2023

27,351

52,831

80,182

Carrying amount

At 31 March 2023

1,405

5,464

6,869

At 31 March 2022

1,874

7,285

9,159

5

Debtors

Current

2023
£

2022
£

Trade debtors

2,956

73,209

Prepayments

20,000

26,825

Other debtors

3,058

6,444

 

26,014

106,478

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

-

48,807

Taxation and social security

 

-

1,516

Accruals and deferred income

 

(51,150)

-

Other creditors

 

7,273

6,115

 

(43,877)

56,438

Creditors: amounts falling due after more than one year

 

Quest Training South East Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2023

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

28,836

-

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

100

100

100

100

         

8

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Other borrowings

28,836

-

2023
£

2022
£

Current loans and borrowings

Other borrowings

-

48,807

Other borrowings

The carrying amount of Coronavirus Business Interruption Loan at year end is £Nil (2022 - £Nil).