Quail Designs Limited 07588252 false 2022-05-01 2023-04-30 2023-04-30 The principal activity of the company is Wholesale of china and glassware and cleaning materials Digita Accounts Production Advanced 6.30.9574.0 07588252 2022-05-01 2023-04-30 07588252 2023-04-30 07588252 bus:OrdinaryShareClass1 2023-04-30 07588252 core:CurrentFinancialInstruments 2023-04-30 07588252 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 07588252 core:Goodwill 2023-04-30 07588252 core:OtherResidualIntangibleAssets 2023-04-30 07588252 core:FurnitureFittingsToolsEquipment 2023-04-30 07588252 core:LandBuildings 2023-04-30 07588252 core:MotorVehicles 2023-04-30 07588252 bus:SmallEntities 2022-05-01 2023-04-30 07588252 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 07588252 bus:FullAccounts 2022-05-01 2023-04-30 07588252 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 07588252 bus:RegisteredOffice 2022-05-01 2023-04-30 07588252 bus:Director1 2022-05-01 2023-04-30 07588252 bus:OrdinaryShareClass1 2022-05-01 2023-04-30 07588252 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30 07588252 core:ComputerSoftware 2022-05-01 2023-04-30 07588252 core:Goodwill 2022-05-01 2023-04-30 07588252 core:OtherResidualIntangibleAssets 2022-05-01 2023-04-30 07588252 core:Buildings 2022-05-01 2023-04-30 07588252 core:FurnitureFittings 2022-05-01 2023-04-30 07588252 core:FurnitureFittingsToolsEquipment 2022-05-01 2023-04-30 07588252 core:LandBuildings 2022-05-01 2023-04-30 07588252 core:MotorVehicles 2022-05-01 2023-04-30 07588252 core:OfficeEquipment 2022-05-01 2023-04-30 07588252 core:PlantMachinery 2022-05-01 2023-04-30 07588252 core:AllSubsidiaries 2022-05-01 2023-04-30 07588252 countries:England 2022-05-01 2023-04-30 07588252 2022-04-30 07588252 core:Goodwill 2022-04-30 07588252 core:OtherResidualIntangibleAssets 2022-04-30 07588252 core:FurnitureFittingsToolsEquipment 2022-04-30 07588252 core:LandBuildings 2022-04-30 07588252 core:MotorVehicles 2022-04-30 07588252 2021-05-01 2022-04-30 07588252 2022-04-30 07588252 bus:OrdinaryShareClass1 2022-04-30 07588252 core:CurrentFinancialInstruments 2022-04-30 07588252 core:CurrentFinancialInstruments core:WithinOneYear 2022-04-30 07588252 core:FurnitureFittingsToolsEquipment 2022-04-30 07588252 core:LandBuildings 2022-04-30 07588252 core:MotorVehicles 2022-04-30 07588252 bus:OrdinaryShareClass1 2021-05-01 2022-04-30 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 07588252

Quail Designs Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

(filleted for filing purposes)

 

Quail Designs Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Quail Designs Limited

Company Information

Director

Ms R Scantlebury

Registered office

Walmer Court Farm
466 Dover Road
Upper Walmer
Deal
Kent
CT14 7NA

 

Quail Designs Limited

(Registration number: 07588252)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

5,200

-

Tangible assets

5

22,747

13,818

 

27,947

13,818

Current assets

 

Stocks

6

348,719

151,074

Debtors

7

541,254

712,329

Cash at bank and in hand

 

92,938

89,662

 

982,911

953,065

Creditors: Amounts falling due within one year

8

(159,773)

(201,626)

Net current assets

 

823,138

751,439

Total assets less current liabilities

 

851,085

765,257

Provisions for liabilities

(4,484)

(2,625)

Net assets

 

846,601

762,632

Capital and reserves

 

Called up share capital

9

1

1

Retained earnings

846,600

762,631

Shareholders' funds

 

846,601

762,632

For the financial year ending 30 April 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her 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.

 

Quail Designs Limited

(Registration number: 07588252)
Balance Sheet as at 30 April 2023

Approved and authorised by the director on 31 January 2024
 

.........................................
Ms R Scantlebury
Director

 

Quail Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

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

The address of its registered office is:
Walmer Court Farm
466 Dover Road
Upper Walmer
Deal
Kent
CT14 7NA
England

These financial statements were authorised for issue by the director on 31 January 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.

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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Quail Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 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 income 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

20% on reducing balance

Furniture and fittings

20% on reducing balance

Motor vehicles

20% on reducing balance

Office Equipment

20% on reducing balance

Property Improvements

20% on reducing balance

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over 5 years

Other Intangible Asset

Straight line over 5 years

 

Quail Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 12 (2022 - 9).

 

Quail Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Goodwill
 £

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2022

50,000

-

50,000

Additions acquired separately

-

6,500

6,500

At 30 April 2023

50,000

6,500

56,500

Amortisation

At 1 May 2022

50,000

-

50,000

Amortisation charge

-

1,300

1,300

At 30 April 2023

50,000

1,300

51,300

Carrying amount

At 30 April 2023

-

5,200

5,200

5

Tangible assets

Property Improvements
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 May 2022

-

11,309

24,130

35,439

Additions

12,259

3,408

10,110

25,777

Disposals

-

-

(19,611)

(19,611)

At 30 April 2023

12,259

14,717

14,629

41,605

Depreciation

At 1 May 2022

-

8,769

12,852

21,621

Charge for the year

2,247

980

2,590

5,817

Eliminated on disposal

-

-

(8,580)

(8,580)

At 30 April 2023

2,247

9,749

6,862

18,858

Carrying amount

At 30 April 2023

10,012

4,968

7,767

22,747

At 30 April 2022

-

2,540

11,278

13,818

Included within the net book value of land and buildings above is £10,012 (2022 - £Nil) in respect of freehold land and buildings.
 

 

Quail Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

6

Stocks

2023
£

2022
£

Other inventories

348,719

151,074

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

246,044

214,479

Owed by/(from) group undertakings

12

191,091

285,033

Other debtors

 

104,119

212,817

Total current trade and other debtors

 

541,254

712,329

8

Creditors

Note

2023
£

2022
£

Due within one year

 

Trade creditors

 

51,451

59,340

Other related parties

12

48

48

Taxation and social security

 

47,235

63,152

Other creditors

 

61,039

79,086

 

159,773

201,626

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary share of £1 each

1

1

1

1

         
 

Quail Designs Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

Interim dividend of £132,922.00 (2022 - £111,650.00) per each Ordinary share

 

132,922

 

111,650

         

11

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £4,200 (2022 - £21,000).

12

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2023
£

2022
£

Remuneration

45,000

45,000

Contributions paid to money purchase schemes

1,350

1,350

46,350

46,350

Summary of transactions with all subsidiaries


Quail Designs Europe BV
(a company under common control)

During the year the following transactions were made:
- The company met expenses totalling £1,514 (2022 - £43,627) on behalf of Quail Designs Europe BV
- Quail Designs Europe BV met expenses on behalf of the company totalling £nil (2022 - 15,006)
- The company made sales of £607,832 (2022 - 256,412) to Quail Designs Europe BV

At the balance sheet date the amount owed to the company by Quail Designs Europe BV was £194,119 (2022 - £285,034)