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Registration number: 14677306

Q-Suito Limited

Annual Report and Unaudited Financial Statements

for the Period from 20 February 2023 to 31 December 2023

 

Q-Suito Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Q-Suito Limited

Company Information

Directors

Mr CM Paton

Mrs AJ Paton

Company secretary

Mrs AJ Paton

Registered office

Hillside Farm
Tutwell
Callington
Cornwall
PL17 8LU

Bankers

Barclays
Liskeard
The Parade
Liskeard
Cornwall
PL14 6AR

Accountants

Houndiscombe Consultants Limited
T/A Condy Mathias Chartered Accountants
3 Atlas House
West Devon Business Park
Tavistock
Devon
PL19 9DP

 

Q-Suito Limited

(Registration number: 14677306)
Balance Sheet as at 31 December 2023

Note

2023
£

Fixed assets

 

Investments

4

75,695

Current assets

 

Debtors

5

17,465

Cash at bank and in hand

 

5,623

 

23,088

Creditors: Amounts falling due within one year

6

(6,855)

Net current assets

 

16,233

Net assets

 

91,928

Capital and reserves

 

Called up share capital

7

322

Retained earnings

91,606

Shareholders' funds

 

91,928

 

Q-Suito Limited

(Registration number: 14677306)
Balance Sheet as at 31 December 2023

For the financial period 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 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 directors acknowledge their 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 Board on 24 April 2024 and signed on its behalf by:
 

.........................................

Mr CM Paton

Director

.........................................

Mrs AJ Paton

Company secretary and director

 

Q-Suito Limited

Notes to the Unaudited Financial Statements for the Period from 20 February 2023 to 31 December 2023

1

General information

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

The address of its registered office is:
Hillside Farm
Tutwell
Callington
Cornwall
PL17 8LU

These financial statements were authorised for issue by the Board on 24 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.

Summary of disclosure exemptions

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard appliable in the UK and Republic of Ireland', not to dislcose related party transactions with companies within the group..

Group accounts not prepared

The financial statements contain information about Q-SuitoLimited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated accounts..

Disclosure of long or short period

The company is preparing these accounts for the period 20 February 2023 to 31 December 2023. This is a period of under 12 months to bring the reporting date in line with the trading subsidairy company.

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.

 

Q-Suito Limited

Notes to the Unaudited Financial Statements for the Period from 20 February 2023 to 31 December 2023

Tax

The tax expense for the period comprises current and deferred 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 corporation 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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the
reporting date and that are expected to apply to the reversal of the timing difference.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.

Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Creditors

Creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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 distributions to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared and are held as a liability until settled by way of cash or netting off arrangement.

 

Q-Suito Limited

Notes to the Unaudited Financial Statements for the Period from 20 February 2023 to 31 December 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the period, was 2.

4

Investments

2023
£

Investments in subsidiaries

75,695

Subsidiaries

£

Cost or valuation

Additions

75,695

Provision

Carrying amount

At 31 December 2023

75,695

5

Debtors

Note

2023
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

17,465

 

17,465

 

Q-Suito Limited

Notes to the Unaudited Financial Statements for the Period from 20 February 2023 to 31 December 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

Due within one year

Taxation and social security

3,945

Accruals and deferred income

1,200

Other creditors

1,710

6,855

7

Share capital

Allotted, called up and fully paid shares

 

2023

 

No.

£

Ordinay A shares of £1 each

161

161

Ordinay B shares of £1 each

161

161

 

322

322

8

Non adjusting events after the financial period

On 30th January 2024 both £1 share classes of the company were subdivided into 1p shares with each shareholder receving 100 1p shares per 1 £1 share held. The aggregate nominal value of both share classses alloted remained the same.