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REGISTERED NUMBER: 13615527 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2023

FOR

QUAY FINANCIAL LTD

QUAY FINANCIAL LTD (REGISTERED NUMBER: 13615527)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023










Page

Statement of Financial Position 1

Notes to the Financial Statements 2 to 5


QUAY FINANCIAL LTD (REGISTERED NUMBER: 13615527)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2023

31.8.23 31.8.22
Notes £    £   
CURRENT ASSETS
Debtors 4 250,386 88,203
Cash at bank 569 1,943
250,955 90,146
CREDITORS
Amounts falling due within one year 5 (11,389 ) (3,922 )
NET CURRENT ASSETS 239,566 86,224
TOTAL ASSETS LESS CURRENT
LIABILITIES

239,566

86,224

CREDITORS
Amounts falling due after more than one
year

6

(210,105

)

(84,432

)
NET ASSETS 29,461 1,792

CAPITAL AND RESERVES
Called up share capital 103,000 71,000
Retained earnings (73,539 ) (69,208 )
SHAREHOLDERS' FUNDS 29,461 1,792

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 11 April 2024 and were signed by:





A Atherden-Zuk - Director


QUAY FINANCIAL LTD (REGISTERED NUMBER: 13615527)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023


1. STATUTORY INFORMATION

Quay Financial Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 13615527

Registered office: Blue Tower
Mediacityuk
Salford Quays
Greater Manchester
M50 2ST

The principal activity of the company is that of financial intermediation.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£) which is also the functional currency.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reports. 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.

Judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are set out in the policies below:

There are no judgements included within the financial statements.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are set out below:

There are no key sources of estimation uncertainty.

GOING CONCERN
Quay Financial Ltd continues to attract strong new streams of inbound investment, particularly from Japan and interest in Malaysia.

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

QUAY FINANCIAL LTD (REGISTERED NUMBER: 13615527)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


2. ACCOUNTING POLICIES - continued

REVENUE RECOGNITION
Revenue is recognised at the point the right to consideration accrues through the performance of each distinct company service. The services provided are contractual and the costs of the service are incurred as the service is rendered.

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.

Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.

Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability.

Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.


QUAY FINANCIAL LTD (REGISTERED NUMBER: 13615527)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


2. ACCOUNTING POLICIES - continued
DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

EMPLOYEE BENEFITS
The company provides a range of benefits to employees.

Short term benefits, including holiday pay, are recognised as an expenses in the profit and loss account in the period in which they are incurred.

INTEREST RECEIVABLE AND INTEREST PAYABLE
Interest receivable on financial instrument obligations and interest payable on unlisted bonds issued by the Company are recognised on an accruals basis at the effective interest rate.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. DEBTORS
31.8.23 31.8.22
£    £   
Amounts falling due within one year:
Amounts owed by group undertakings 177,737 58,722
Deferred tax asset
Tax losses carried forward 24,479 -
Prepayments and accrued income 23,551 3,333
225,767 62,055

Amounts falling due after more than one year:
Prepayments and accrued income 24,619 26,148

Aggregate amounts 250,386 88,203

Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.

QUAY FINANCIAL LTD (REGISTERED NUMBER: 13615527)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2023


5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.23 31.8.22
£    £   
Trade creditors 9,890 881
Other creditors 1,499 3,041
11,389 3,922

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.23 31.8.22
£    £   
Other creditors 210,105 84,432

7. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:
31.8.23 31.8.22
£    £   
Within one year - 600

8. SECURED DEBTS

There is a fixed and floating charge dated 28 October 2021 over the property or undertaking of the company in favour of Legaleze Limited.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Helen Tidyman (Senior Statutory Auditor)
for and on behalf of DPC Accountants Ltd

10. POST BALANCE SHEET EVENTS

There were no material events up to the date of approval of the financial statement by the board.

11. ULTIMATE CONTROLLING PARTY

The company is a 100% owned subsidiary of Choices CPO 1 Limited. The ultimate controlling party is Alexander Atherden-Zuk.

12. GOING CONCERN

Quay Financial Ltd continues to attract strong new streams of inbound investment, particularly from Japan and interest in Malaysia.

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.