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Registration number: SC713987

Quoin Systems Limited

Unaudited Financial Statements

for the Year Ended 30 November 2023

 

Quoin Systems Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 5

 

Quoin Systems Limited

(Registration number: SC713987)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Current assets

 

Debtors

4

392

76

Cash at bank and in hand

 

4,106

165

 

4,498

241

Creditors: Amounts falling due within one year

5

(48,025)

(14,455)

Total assets less current liabilities

 

(43,527)

(14,214)

Provisions for liabilities

8,266

2,720

Net liabilities

 

(35,261)

(11,494)

Capital and reserves

 

Called up share capital

100

100

Retained earnings

(35,361)

(11,594)

Shareholders' deficit

 

(35,261)

(11,494)

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' 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 directors acknowledge their 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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 24 January 2024 and signed on its behalf by:
 


Alexander Koveleski
Director

 

Quoin Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

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

The address of its registered office is:
5 South Charlotte Street
Edinburgh
EH2 4AN

These financial statements were authorised for issue by the Board on 24 January 2024.

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.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

At the balance sheet date, the company had net current liabiities of £43,527 (2022: £14,214) and retained losses of £35,361 (2022: £11,594). The directors have pledged to financially support the company for a period of at least 12 months from the signing of these financial statements and on this basis, feel they are correctly prepared on the going concern basis

Judgements

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.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

 

Quoin Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Grants

Grants relating to revenue are recognised in income on a systematic basis over the periods in which the business recognises related costs which the grant is intended to compensate.

A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs shall be recognised in income in the period in which it becomes receivable.

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.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised at the transaction price.

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 at the transaction price.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

 

Quoin Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 3).

4

Debtors

2023
£

2022
£

Prepayments

387

47

Other debtors

5

29

392

76

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Accruals and deferred income

1,500

1,500

Other creditors

46,525

12,955

48,025

14,455

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £1 each

100

100

100

100

         
 

Quoin Systems Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

7

Related party transactions

Transactions with directors

At the balance sheet date, the company owed £30,054 (2022: £9,978) to Mr Alex Koveleski and £5,964 (2022: £2,977) to Ms Supraja Balasundaram, directors and shareholders of the company. These loans have no fixed repayment terms and interest is not being charged.

8

Ultimate controlling party

The ultimate controlling party is Mr A Koveleski, by virtue of his shareholding.