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COMPANY REGISTRATION NUMBER: 12023099
Quattro Lounge Ltd
Filleted Unaudited Financial Statements
31 May 2023
Quattro Lounge Ltd
Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
Current assets
Cash at bank and in hand
11
462
Creditors: amounts falling due within one year
5
38,346
30,069
--------
--------
Net current liabilities
38,335
29,607
--------
--------
Total assets less current liabilities
( 38,335)
( 29,607)
--------
--------
Net liabilities
( 38,335)
( 29,607)
--------
--------
Capital and reserves
Called up share capital
1
1
Profit and loss account
( 38,336)
( 29,608)
--------
--------
Shareholder deficit
( 38,335)
( 29,607)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 May 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 member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 21 March 2024 , and are signed on behalf of the board by:
Ms L Smikle
Director
Company registration number: 12023099
Quattro Lounge Ltd
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Dickins Memorial Hall, 178 Finedon Road, Wellingborough, NN 4AH.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The accounts have been prepared on the going concern basis subject to the continued support of the director's loans, which are not expected to be repaid until the company is back to a profitable position.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans to related parties.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 4 ).
5. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
2,379
Social security and other taxes
3,899
2,922
Other creditors
32,068
27,147
--------
--------
38,346
30,069
--------
--------
6. Related party transactions
No transactions were underaken with related parties such as are required to be disclosed under FRS 102.