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Company No: 08619852 (England and Wales)

QUICKFIX RETOUCH LIMITED

Unaudited Financial Statements
For the financial year ended 31 July 2023
Pages for filing with the registrar

QUICKFIX RETOUCH LIMITED

Unaudited Financial Statements

For the financial year ended 31 July 2023

Contents

QUICKFIX RETOUCH LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 July 2023
QUICKFIX RETOUCH LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 July 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 4 4,798 6,573
4,798 6,573
Current assets
Debtors 5 56,857 190,718
Cash at bank and in hand 6 3,048,426 2,616,961
3,105,283 2,807,679
Creditors: amounts falling due within one year 7 ( 105,709) ( 149,507)
Net current assets 2,999,574 2,658,172
Total assets less current liabilities 3,004,372 2,664,745
Net assets 3,004,372 2,664,745
Capital and reserves
Called-up share capital 8 1 1
Profit and loss account 3,004,371 2,664,744
Total shareholder's funds 3,004,372 2,664,745

For the financial year ending 31 July 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 financial statements of Quickfix Retouch Limited (registered number: 08619852) were approved and authorised for issue by the Director. They were signed on its behalf by:

J D Teller
Director

09 April 2024

QUICKFIX RETOUCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
QUICKFIX RETOUCH LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Quickfix Retouch Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 35 Ballards Lane, London, N3 1XW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The director has assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The director has a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 4 years straight line
Fixtures and fittings 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible 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). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

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. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

2. Critical accounting judgements and key sources of estimation uncertainty

In the application of the Company’s accounting policies, the director is required to make judgements that have a significant impact on the amounts recognised. The following are the critical judgements that the director has made in the process of applying the Company’s accounting policies and that have the most significant effect on the amounts recognised in the financial statements.

3. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including the director 2 2

4. Tangible assets

Plant and machinery Fixtures and fittings Total
£ £ £
Cost
At 01 August 2022 72,916 4,466 77,382
At 31 July 2023 72,916 4,466 77,382
Accumulated depreciation
At 01 August 2022 67,093 3,716 70,809
Charge for the financial year 1,625 150 1,775
At 31 July 2023 68,718 3,866 72,584
Net book value
At 31 July 2023 4,198 600 4,798
At 31 July 2022 5,823 750 6,573

5. Debtors

2023 2022
£ £
Amounts owed by connected companies 53,442 190,385
Other debtors 3,415 333
56,857 190,718

6. Cash and cash equivalents

2023 2022
£ £
Cash at bank and in hand 3,048,426 2,616,961

7. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 0 481
Taxation and social security 100,361 143,392
Other creditors 5,348 5,634
105,709 149,507

8. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1

9. Related party transactions

Other related party transactions

Included within debtors was £53,442, (2022: £190,385) owed by a company under common control.

Included within sales were £540,352 (2022: £740,323) of sales to a company under common control.

Included within direct costs were £27,093 (2022: £12,728) of expenses recharged by a company under common control.

Included within admin expenses were £18,000 (2022: £15,300) of rent recharged by a company under common control.

10. Ultimate controlling party

The company is controlled by the director by virtue of his ownership of 100% of the issued share capital.