REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 June 2023 |
for |
Quest Cleaning Services Ltd |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 29 June 2023 |
for |
Quest Cleaning Services Ltd |
Quest Cleaning Services Ltd (Registered number: 04468597) |
Contents of the Financial Statements |
for the Year Ended 29 June 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
Quest Cleaning Services Ltd |
Company Information |
for the Year Ended 29 June 2023 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Quest Cleaning Services Ltd (Registered number: 04468597) |
Balance Sheet |
29 June 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
CURRENT ASSETS |
Stocks |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
7 |
( |
) |
( |
) |
PROVISIONS FOR LIABILITIES | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges her responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Statement of Comprehensive Income has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
Quest Cleaning Services Ltd (Registered number: 04468597) |
Notes to the Financial Statements |
for the Year Ended 29 June 2023 |
1. | STATUTORY INFORMATION |
Quest Cleaning Services Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Revenue is measured at the fair value of the consideration received and represents the amount receivable for the services rendered, net of returns, discounts and rebates allowed by the company and value added taxes. |
Turnover from the supply of services represents the value of the consideration received or receivable. Where a contract has only been partially completed at the balance sheet date, turnover represents the fair value of the service provided to date, based on the stage of completion of the contract activity at the balance sheet date. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Computer equipment | - |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
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 balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
Quest Cleaning Services Ltd (Registered number: 04468597) |
Notes to the Financial Statements - continued |
for the Year Ended 29 June 2023 |
2. | ACCOUNTING POLICIES - continued |
Factored debts |
The company factors all of its trade debtors. The company adopts a "Separate Presentation" of this financing under the provisions of Financial Reporting Standard No. 5 "Reporting the Substance of Transactions". The administration and interest costs arising from factoring are charged to expenditure in the year in which they are incurred. |
Hire purchase and leasing commitments |
At inception the company assesses agreements that transfer the right to use assets. The assessment considers whether the arrangement is, or contains, a lease based on the substances of the arrangement. |
Finance leased assets |
Leases of assets that transfer substantially all the risks and rewards incidental to ownership are classified as finance leases. |
Finance leases are capitalised at commencement of the lease as assets at their value of the lease asset or, if lower, the present value of the minimum lease payments calculated using the interest rate implicit in the lease. Where the implicit rate cannot be determined the company's incremental borrowing rate is used. Incremental direct costs, incurred in negotiating and arranging the lease, are included in the cost of the asset. |
Assets are depreciated over the shorter of the lease term and the estimated useful life of the asset. Assets are assessed for impairment at each reporting date. |
The capital element of lease obligations is recorded as a liability on inception of the arrangement. Lease payments are apportioned between capital repayment and finance charge, using the effective interest rate method, to produce a constant rate of charge on the balance of the capital repayments outstanding. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor | Computer |
machinery | fittings | vehicles | equipment | Totals |
£ | £ | £ | £ | £ |
COST |
At 30 June 2022 |
Disposals | ( |
) | ( |
) |
At 29 June 2023 |
DEPRECIATION |
At 30 June 2022 |
Charge for year |
Eliminated on disposal | ( |
) | ( |
) |
At 29 June 2023 |
NET BOOK VALUE |
At 29 June 2023 |
At 29 June 2022 |
The net book value of assets held under hire purchase agreement is £30,773 (2022- £41,031). |
Quest Cleaning Services Ltd (Registered number: 04468597) |
Notes to the Financial Statements - continued |
for the Year Ended 29 June 2023 |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Directors' current accounts | 37,119 | - |
Tax |
Included in debtors is £31,623 (2022: £64,512) held under a factoring arrangement. |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
Trade creditors |
Tax |
VAT | 19,481 | 57,691 |
Other creditors |
Directors' current accounts | - | 158 |
Accruals and deferred income |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Hire purchase contracts |
8. | SECURED DEBTS |
Obligations under hire purchase contracts are secured upon the assets to which they relate. |
Lloyds TSB Commercial Finance Limited holds a fixed and floating charge over debts as disclosed in note 6. |
9. | RELATED PARTY DISCLOSURES |
At the year end, balances were owed from the director to the company of £37,119 (2022: £nil). These balances are interest free and repayable on demand |
At the year end, balances were owed by close relatives of the director to the company of £15,000 (2022:£nil). These balances are interest free and repayable on demand |