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Registration number: 12852084

Kesra Accounting Limited

trading as Quay Accountants

Annual Report and Unaudited Financial Statements

for the Period from 1 October 2023 to 31 March 2024

 

Kesra Accounting Limited

trading as Quay Accountants

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Kesra Accounting Limited

trading as Quay Accountants

(Registration number: 12852084)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

6,067

4,234

Tangible assets

5

4,762

5,149

 

10,829

9,383

Current assets

 

Debtors

6

83,763

75,821

Cash at bank and in hand

 

31,178

27,903

 

114,941

103,724

Creditors: Amounts falling due within one year

7

(91,866)

(90,557)

Net current assets

 

23,075

13,167

Total assets less current liabilities

 

33,904

22,550

Creditors: Amounts falling due after more than one year

7

(11,200)

(12,250)

Net assets

 

22,704

10,300

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

22,604

10,200

Shareholders' funds

 

22,704

10,300

For the financial period ending 31 March 2024 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 period 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 and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 4 April 2024
 

 

Kesra Accounting Limited

trading as Quay Accountants

(Registration number: 12852084)
Balance Sheet as at 31 March 2024

Miss Elizabeth Ridley FMAAT, FCCA
Director

 

Kesra Accounting Limited

trading as Quay Accountants

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 March 2024

1

General information

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

The address of its registered office is:
Fao Quay Accountants
Station House
Stamford New Road
Altrincham
Cheshire
WA14 1EP
England

These financial statements were authorised for issue by the director on 4 April 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.

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.

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.

 

Kesra Accounting Limited

trading as Quay Accountants

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 March 2024

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

15% reducing balance

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Amortisation of website development

5 years reducing balance

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

 

Kesra Accounting Limited

trading as Quay Accountants

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 March 2024

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 period, was 4 (2023 - 3).

 

Kesra Accounting Limited

trading as Quay Accountants

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 March 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 October 2023

4,361

4,361

Additions acquired separately

2,431

2,431

At 31 March 2024

6,792

6,792

Amortisation

At 1 October 2023

127

127

Amortisation charge

598

598

At 31 March 2024

725

725

Carrying amount

At 31 March 2024

6,067

6,067

At 30 September 2023

4,234

4,234

5

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 October 2023

8,076

8,076

At 31 March 2024

8,076

8,076

Depreciation

At 1 October 2023

2,927

2,927

Charge for the period

387

387

At 31 March 2024

3,314

3,314

Carrying amount

At 31 March 2024

4,762

4,762

At 30 September 2023

5,149

5,149

 

Kesra Accounting Limited

trading as Quay Accountants

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 March 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

9,718

4,708

Prepayments

1,135

1,339

Other debtors

72,910

69,774

 

83,763

75,821

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

2,100

2,100

Trade creditors

 

1,228

869

Taxation and social security

 

18,048

4,445

Accruals and deferred income

 

3,000

-

Other creditors

 

67,490

83,143

 

91,866

90,557

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

11,200

12,250

The company took out a Bounce Back Loan during the year. As per the loan terms, The Government will make a Business Interruption Payment (BIP) to cover the first 12 months of interest payments. The company did not
have to make any repayments for the first 12 months, the first repayment was made in August 2021. This year the company has taken advantage of extending the loan term to repay over 10 years instead of 5.

8

Share capital

Allotted, called up and fully paid shares

 

Kesra Accounting Limited

trading as Quay Accountants

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 March 2024

 

2024

2023

 

No.

£

No.

£

Ordinary A Share of £1 each

100

100

100

100

Ordinary B Share of £1 (2023 - £0) each

34

34

-

-

 

134

134

100

100

9

Loans and borrowings

2024
£

2023
£

Non-current loans and borrowings

Bank borrowings

11,200

12,250

2024
£

2023
£

Current loans and borrowings

Bank borrowings

2,100

2,100

10

Related party transactions

 

Kesra Accounting Limited

trading as Quay Accountants

Notes to the Unaudited Financial Statements for the Period from 1 October 2023 to 31 March 2024

Summary of transactions with other related parties

At the balance sheet date, the amount due to the director was £68,790 (2023: £83,143). This amount is on an interest free basis and repayable upon demand.
 

11

Parent and ultimate parent undertaking

The ultimate controlling party is the director by virtue of her shareholding.