Caseware UK (AP4) 2023.0.135 2023.0.135 true2022-08-01falsedesign manufacture and installation of exhibition stands22trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 07447877 2022-08-01 2023-07-31 07447877 2021-08-01 2022-07-31 07447877 2023-07-31 07447877 2022-07-31 07447877 c:Director1 2022-08-01 2023-07-31 07447877 d:PlantMachinery 2022-08-01 2023-07-31 07447877 d:PlantMachinery 2023-07-31 07447877 d:PlantMachinery 2022-07-31 07447877 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 07447877 d:MotorVehicles 2022-08-01 2023-07-31 07447877 d:MotorVehicles 2023-07-31 07447877 d:MotorVehicles 2022-07-31 07447877 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 07447877 d:OwnedOrFreeholdAssets 2022-08-01 2023-07-31 07447877 d:CurrentFinancialInstruments 2023-07-31 07447877 d:CurrentFinancialInstruments 2022-07-31 07447877 d:Non-currentFinancialInstruments 2023-07-31 07447877 d:Non-currentFinancialInstruments 2022-07-31 07447877 d:CurrentFinancialInstruments d:WithinOneYear 2023-07-31 07447877 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-31 07447877 d:Non-currentFinancialInstruments d:AfterOneYear 2023-07-31 07447877 d:Non-currentFinancialInstruments d:AfterOneYear 2022-07-31 07447877 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-07-31 07447877 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-07-31 07447877 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-07-31 07447877 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-07-31 07447877 d:ShareCapital 2023-07-31 07447877 d:ShareCapital 2022-07-31 07447877 d:RetainedEarningsAccumulatedLosses 2023-07-31 07447877 d:RetainedEarningsAccumulatedLosses 2022-07-31 07447877 c:FRS102 2022-08-01 2023-07-31 07447877 c:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 07447877 c:FullAccounts 2022-08-01 2023-07-31 07447877 c:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 07447877 d:AcceleratedTaxDepreciationDeferredTax 2023-07-31 07447877 d:AcceleratedTaxDepreciationDeferredTax 2022-07-31 07447877 d:TaxLossesCarry-forwardsDeferredTax 2023-07-31 07447877 d:TaxLossesCarry-forwardsDeferredTax 2022-07-31 07447877 2 2022-08-01 2023-07-31 07447877 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2023-07-31 07447877 d:MotorVehicles d:LeasedAssetsHeldAsLessee 2022-07-31 07447877 d:LeasedAssetsHeldAsLessee 2023-07-31 07447877 d:LeasedAssetsHeldAsLessee 2022-07-31 07447877 e:PoundSterling 2022-08-01 2023-07-31 iso4217:GBP xbrli:pure

Registered number: 07447877










Quest Exhibits Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 31 July 2023

 
Quest Exhibits Ltd
 
  
Chartered accountants' report to the board of directors on the preparation of the unaudited statutory financial statements of Quest Exhibits Ltd for the year ended 31 July 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Quest Exhibits Ltd for the year ended 31 July 2023which comprise  the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW)we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Quest Exhibits Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Quest Exhibits Ltd  and state those matters that we have agreed to state to the Board of directors of Quest Exhibits Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quest Exhibits Ltd and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Quest Exhibits Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Quest Exhibits Ltd. You consider that Quest Exhibits Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Quest Exhibits Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

  



Kreston Reeves LLP
Chartered Accountants
9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
6 February 2024
Page 1

 
Quest Exhibits Ltd
Registered number: 07447877

Balance sheet
As at 31 July 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
42,082
51,698

  
42,082
51,698

Current assets
  

Debtors
 5 
241,716
123,664

Cash at bank and in hand
  
94,998
213,011

  
336,714
336,675

Creditors: amounts falling due within one year
 6 
(244,751)
(297,179)

Net current assets
  
 
 
91,963
 
 
39,496

Total assets less current liabilities
  
134,045
91,194

Creditors: amounts falling due after more than one year
 7 
(38,614)
(49,196)

Provisions for liabilities
  

Deferred tax
 9 
(10,521)
(4,990)

  
 
 
(10,521)
 
 
(4,990)

Net assets
  
84,910
37,008


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
84,810
36,908

  
84,910
37,008


Page 2

 
Quest Exhibits Ltd
Registered number: 07447877

Balance sheet (continued)
As at 31 July 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
R Grossman
Director
Date: 6 February 2024

The notes on pages 4 to 10 form part of these financial statements.

Page 3

 
Quest Exhibits Ltd
 

 
Notes to the financial statements
For the year ended 31 July 2023

1.


General information

The Company is a private company limited by share capital incorporated in England and Wales, with the registered number 07447877.
The address of the registered office is 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex PO20 7AJ.
The principal place of business is Kestrels, Rectory Lane, Ashington, West Sussex RH20 3AS.  

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 4

 
Quest Exhibits Ltd
 

 
Notes to the financial statements
For the year ended 31 July 2023

2.Accounting policies (continued)

 
2.3

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.4

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery and computer equipment
-
3-5 Years
Motor vehicles
-
5 Years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. 

 
2.6

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 
2.7

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 5

 
Quest Exhibits Ltd
 

 
Notes to the financial statements
For the year ended 31 July 2023

2.Accounting policies (continued)

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.9

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.10

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.11

Leased assets: the Company as lessee

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.12

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 6

 
Quest Exhibits Ltd
 

 
Notes to the financial statements
For the year ended 31 July 2023

2.Accounting policies (continued)

 
2.13

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.14

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.15

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 7

 
Quest Exhibits Ltd
 

 
Notes to the financial statements
For the year ended 31 July 2023

4.


Tangible fixed assets





Plant and machinery and computer equipment
Motor vehicles
Total

£
£
£



Cost


At 1 August 2022
12,646
54,167
66,813


Additions
1,326
1,600
2,926



At 31 July 2023

13,972
55,767
69,739



Depreciation


At 1 August 2022
9,698
5,417
15,115


Charge for the year on owned assets
1,629
10,913
12,542



At 31 July 2023

11,327
16,330
27,657



Net book value



At 31 July 2023
2,645
39,437
42,082



At 31 July 2022
2,948
48,750
51,698

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£


Motor vehicles
37,917
48,750

37,917
48,750


5.


Debtors

2023
2022
£
£



Trade debtors
211,698
111,919

Other debtors
1,555
11,557

Prepayments and accrued income
28,463
188

241,716
123,664


Page 8

 
Quest Exhibits Ltd
 

 
Notes to the financial statements
For the year ended 31 July 2023

6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank loan
6,536
6,536

Trade creditors
41,741
-

Corporation tax
23,495
-

Obligations under finance lease and hire purchase contracts
5,168
4,746

Other creditors
5,724
5,621

Accruals and deferred income
162,087
280,276

244,751
297,179



7.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
38,614
49,196

38,614
49,196


The following liabilities were secured:



Details of security provided:

The Bounce Back loan is secured by the Government guarantee.


8.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
6,536
6,536

Amounts falling due 1-2 years

Bank loans
9,761
18,393

Amounts falling due 2-5 years

Bank loans
28,853
30,803


45,150
55,732


Page 9

 
Quest Exhibits Ltd
 

 
Notes to the financial statements
For the year ended 31 July 2023

9.


Deferred taxation




2023


£






At beginning of year
(4,990)


Charged to profit or loss
(5,531)



At end of year
(10,521)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(10,521)
(12,925)

Tax losses carried forward
-
7,935

(10,521)
(4,990)


10.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £22,000 (2022 - £16,500).


11.Finance lease commitments

At the year end the company had committed to future lease payments totalling £9,004 (2022 - £14,691).

Page 10