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Registration number: 05540185

BEST QUOTES LIMITED

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2023

 

BEST QUOTES LIMITED

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

BEST QUOTES LIMITED

Company Information

Director

V S Hunjan

Registered office

147 Overdown Road
Tilehurst
Reading
RG31 6NN

Accountants

K&S Professionals Limited
Chartered Certified Accountants
41 Rivington Crescent
Mill Hill
London
NW7 2LF

 

BEST QUOTES LIMITED

(Registration number: 05540185)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,937

5,645

Current assets

 

Stocks

5

6,000

-

Debtors

6

121,272

134,285

Cash at bank and in hand

 

2,674

3,362

 

129,946

137,647

Creditors: Amounts falling due within one year

7

(143,492)

(134,098)

Net current (liabilities)/assets

 

(13,546)

3,549

Net (liabilities)/assets

 

(9,609)

9,194

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

(10,609)

8,194

Shareholders' (deficit)/funds

 

(9,609)

9,194

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 his 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 17 November 2023
 

 

BEST QUOTES LIMITED

(Registration number: 05540185)
Balance Sheet as at 31 March 2023

.........................................
V S Hunjan
Director

 

BEST QUOTES LIMITED

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 and Wales.

The address of its registered office is:
147 Overdown Road
Tilehurst
Reading
RG31 6NN

These financial statements were authorised for issue by the director on 17 November 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.

 

BEST QUOTES LIMITED

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

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.

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:

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

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.

 

BEST QUOTES LIMITED

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

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2022 - 1).

 

BEST QUOTES LIMITED

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

4

Tangible assets

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

636

217

7,000

7,853

At 31 March 2023

636

217

7,000

7,853

Depreciation

At 1 April 2022

331

127

1,750

2,208

Charge for the year

305

90

1,313

1,708

At 31 March 2023

636

217

3,063

3,916

Carrying amount

At 31 March 2023

-

-

3,937

3,937

At 31 March 2022

305

90

5,250

5,645

5

Stocks

2023
£

2022
£

Other inventories

6,000

-

6

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

112,272

119,448

Amounts owed by related parties

9,000

-

Other debtors

 

-

14,837

   

121,272

134,285

7

Creditors

Creditors: amounts falling due within one year

 

BEST QUOTES LIMITED

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

2023
£

2022
£

Due within one year

Trade creditors

190

489

Taxation and social security

3,784

7,666

Accruals and deferred income

850

1,275

Other creditors

138,668

124,668

143,492

134,098

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £1 each

1,000

1,000

1,000

1,000