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Company No: SC275265 (Scotland)

ALEX QUINN & PARTNERS LTD.

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH THE REGISTRAR

ALEX QUINN & PARTNERS LTD.

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023

Contents

ALEX QUINN & PARTNERS LTD.

BALANCE SHEET

AS AT 31 DECEMBER 2023
ALEX QUINN & PARTNERS LTD.

BALANCE SHEET (continued)

AS AT 31 DECEMBER 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 41,509 43,282
41,509 43,282
Current assets
Stocks 156,074 142,326
Debtors 4 1,116,613 890,548
Cash at bank and in hand 438,030 296,319
1,710,717 1,329,193
Creditors: amounts falling due within one year 5 ( 472,296) ( 354,210)
Net current assets 1,238,421 974,983
Total assets less current liabilities 1,279,930 1,018,265
Provision for liabilities ( 7,806) ( 8,287)
Net assets 1,272,124 1,009,978
Capital and reserves
Called-up share capital 6 6,000 6,000
Profit and loss account 1,266,124 1,003,978
Total shareholders' funds 1,272,124 1,009,978

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Alex Quinn & Partners Ltd. (registered number: SC275265) were approved and authorised for issue by the Board of Directors on 11 April 2024. They were signed on its behalf by:

J S Flett
Director
M S Traynor
Director
ALEX QUINN & PARTNERS LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 2023
ALEX QUINN & PARTNERS LTD.

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 DECEMBER 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

Alex Quinn & Partners Ltd. (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in Scotland. The address of the Company's registered office is Suite 1a 86 Commercial Quay, Edinburgh, EH6 6LX, United Kingdom.

The financial statements have been prepared under the historical cost convention 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 £.

Turnover

Turnover is recognised when the company is entitled to receive consideration for law accounting services provided. Turnover is stated net of value added tax.

Revenue from contracts for the provision of law accounting services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
Termination benefits are recognised as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
The Company operates a defined contribution scheme. The amount charged to the Statement of Income and Retained Earnings in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

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 Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.

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 at rates calculated to write off the cost or valuation, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 3 years straight line
Vehicles 25 % reducing balance
Fixtures and fittings 15 % reducing balance
Computer equipment 3 years straight line

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.

Leases

The Company as lessee
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet 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 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).

Stocks

Work in progress comprise of work carried out prior to the company's year end but unbilled. The work in progress is stated at cost plus attributable profit as valued by the directors.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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 Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs.

Basic financial liabilities
Basic financial liabilities, including creditors, are initially recognised at transaction price.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 17 17

3. Tangible assets

Plant and machinery Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £ £
Cost
At 01 January 2023 160,633 12,967 97,250 28,199 299,049
Additions 0 0 4,205 3,510 7,715
Disposals 0 ( 12,967) ( 949) ( 7,510) ( 21,426)
At 31 December 2023 160,633 0 100,506 24,199 285,338
Accumulated depreciation
At 01 January 2023 160,633 12,625 58,817 23,692 255,767
Charge for the financial year 0 86 5,975 2,937 8,998
Disposals 0 ( 12,711) ( 716) ( 7,509) ( 20,936)
At 31 December 2023 160,633 0 64,076 19,120 243,829
Net book value
At 31 December 2023 0 0 36,430 5,079 41,509
At 31 December 2022 0 342 38,433 4,507 43,282

4. Debtors

2023 2022
£ £
Trade debtors 288,069 308,577
Other debtors 828,544 581,971
1,116,613 890,548

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 4,794 2,185
Corporation tax 305,659 217,983
Other taxation and social security 127,629 114,449
Other creditors 34,214 19,593
472,296 354,210

There is a floating charge in favour of Clydesdale Bank Plc over the property and assets of the company.

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
6,000 Ordinary shares of £ 1.00 each 6,000 6,000

7. Financial commitments

Other financial commitments

2023 2022
£ £
Total commitments under non-cancellable operating leases not provided for in the accounts 273,931 34,074

8. Related party transactions

Transactions with the entity's directors

2023 2022
£ £
Key management personnel 207,220 150,855
Key management personnel 204,460 149,504
Key management personnel 213,960 162,304
Key management personnel 115,200 61,221
Key management personnel 80,326 31,745

The opening balance on directors loans at 01 January 2022 was £555,629. Total advances were made during the year of £1,017,035 and a total £751,500 was repaid leaving a closing balance of £821,164 at 31 December 2023. The loans to directors are interest free and repayable on demand.

Guarantees

J S Flett, L G Millson and M S Traynor, directors, have personal guarantees in place totalling £200,000.