Company registration number 03444352 (England and Wales)
QUOIN CONSTRUCTION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
QUOIN CONSTRUCTION LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
QUOIN CONSTRUCTION LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF QUOIN CONSTRUCTION LIMITED FOR THE YEAR ENDED 31 MARCH 2023
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Quoin Construction Limited for the year ended 31 March 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
This report is made solely to the Board of Directors of Quoin Construction Limited, as a body. Our work has been undertaken solely to prepare for your approval the financial statements of Quoin Construction Limited and state those matters that we have agreed to state to the Board of Directors of Quoin Construction Limited, as a body. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quoin Construction Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Quoin Construction Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Quoin Construction Limited. You consider that Quoin Construction Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Quoin Construction Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Kirk Rice LLP
28 November 2023
The Courtyard
High Street
Ascot
Berkshire
SL5 7HP
QUOIN CONSTRUCTION LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
8,631
3,936
Current assets
Debtors
4
32,384
57,913
Cash at bank and in hand
8,215
9,863
40,599
67,776
Creditors: amounts falling due within one year
5
(33,876)
(45,470)
Net current assets
6,723
22,306
Total assets less current liabilities
15,354
26,242
Creditors: amounts falling due after more than one year
6
(15,265)
(26,182)
Net assets
89
60
Capital and reserves
Called up share capital
22
22
Profit and loss reserves
67
38
Total equity
89
60
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 28 November 2023 and are signed on its behalf by:
P R Preston
Director
Company registration number 03444352 (England and Wales)
QUOIN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Quoin Construction Limited is a private company limited by shares incorporated in England and Wales. The registered office is 12 Lowther Close, Wokingham, Berkshire, RG41 1JE.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover relates to construction services provided and is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is recognised in line with the performance of these services.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% on reducing balance
Fixtures and fittings
10% 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 profit or loss.
1.4
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Taxation
The tax expense represents the tax currently payable.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
QUOIN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
4
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Motor vehicles
Total
£
£
£
£
Cost
At 1 April 2022
5,295
13,987
19,282
Additions
6,000
6,000
Disposals
(1,157)
(1,157)
At 31 March 2023
4,138
6,000
13,987
24,125
Depreciation and impairment
At 1 April 2022
4,004
11,342
15,346
Depreciation charged in the year
217
661
878
Eliminated in respect of disposals
(730)
(730)
At 31 March 2023
3,491
12,003
15,494
Carrying amount
At 31 March 2023
647
6,000
1,984
8,631
At 31 March 2022
1,291
2,645
3,936
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
32,384
57,913
QUOIN CONSTRUCTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
8,263
9,548
Trade creditors
8,585
10,672
Taxation and social security
11,742
15,809
Other creditors
5,286
9,441
33,876
45,470
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
15,265
26,182