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Registered Number: 10938941
England and Wales

 

 

 

THOMAS & GUAYRA QUINN LTD


Unaudited Financial Statements
 


Period of accounts

Start date: 01 September 2022

End date: 31 August 2023
Director Thomas Quinn
Registered Number 10938941
Registered Office 124 REDRIFF ROAD
LONDON
SE16 6QD
Accountants Cocke Vellacott & Hill
Chartered Accountants
Unit 28 City Business Centre
Lower Road
London
SE16 2XB
Bankers National Westminster Bank Plc
TOWER BRIDGE, Chatham Customer Service Centre,
Waterside Court, Chatham Maritime,
Kent
ME4 4RT

1
Director's report and financial statements
The director presents report and unaudited accounts for the year ended 31 August 2023.
Principal activities
The principal activity of the company during the financial year was that of buying and selling and management of property. 
Director
The director who served the company throughout the year was as follows:
Thomas Quinn
Statement of director's responsibilities
The directors are responsible for preparing the directors' report and the financial statements in accordance with applicable law and regulations and in accordance with United Kingdom Generally Accepted Accounting Practice.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (Financial Reporting Standard 102). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the profit or loss of the company for that period.
In preparing these financial statements, the directors are required to :
  • select suitable accounting policies and then apply them consistently
  • make judgements and accounting estimates that are reasonable and prudent
  • state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and
  • prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The directors are responsible for the maintenance and integrity of the corporate and financial information included on the company's website. Legislation in the United Kingdom, governing the preparation and dissemination of financial statements, may differ from legislation in other jurisdictions
Audit exemption
THOMAS & GUAYRA QUINN LTD has taken advantage of the exemption under Section 477 of the Companies Act 2006 and these financial statements are therefore unaudited.
Small company regime
This report has been prepared in accordance with the special provisions relating to companies subject to the small companies regime with Part 15 of the Companies Act 2006.

On behalf of the board.


----------------------------------
Thomas Quinn
Director

Date approved: 14 February 2024
2
 
 
Notes
 
2023
£
  2022
£
Fixed assets      
Tangible fixed assets 3 16,183    20,399 
16,183    20,399 
Current assets      
Debtors: amounts falling due within one year 4 588    490 
Cash at bank and in hand 79,621    75,898 
80,209    76,388 
Creditors: amount falling due within one year 5 (59,189)   (81,053)
Net current assets 21,020    (4,665)
 
Total assets less current liabilities 37,203    15,734 
Provisions for liabilities 6 2,365    3,986 
Net assets 39,568    19,720 
 

Capital and reserves
     
Called up share capital 7 2    2 
Profit and loss account 39,566    19,718 
Shareholder's funds 39,568    19,720 
 


For the year ended 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The director acknowledges their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of Part 15 of the Companies Act 2006. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the director on 14 February 2024 and were signed by:


-------------------------------
Thomas Quinn
Director
3
General Information
THOMAS & GUAYRA QUINN LTD is a private company, limited by shares, registered in England and Wales, registration number 10938941. The address of its registered office is 124 REDRIFF ROAD, LONDON , SE16 6QD.
The financial statements are for the year ended 31 August 2023. The comparative figures relate to the year ended 31 August 2022. 
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 102 Section A - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

Basis of preparation
The financial statements have been prepared on the going concern basis and under the historical cost convention as modified by the revaluation of certain assets and financial instruments measured at fair value in accordance with the accounting policies.

The financial statements are prepared in sterling which is the functional currency of the company.
Going concern basis
The financial statements have been prepared on a going concern basis. The company's ongoing activities are dependent upon the continued support of the director who has undertaken to provide such support for the foreseeable future.

If the going concern basis were not appropriate, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that may arise and to reclassify fixed assets as current assets and long term liabilities as current liabilities.
Revenue recognition
Revenue is measured at the fair value of the consideration received or receivable and represents the amount receivable for goods supplied or services rendered by the company.
Operating lease rentals
Rentals payable under operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against income on a straight line basis over the lease term.
Taxation
Taxation represents the sum of tax currently payable and deferred tax.

Current tax is recognised for the amount of income tax payable in respect of the taxable profit for the current or past years and it is calculated using tax rates that have been enacted or substantially enacted by the end of the reporting period.


Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profits. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period.
Current and deferred tax assets and liabilities are not discounted. 
Deferred taxation
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the reporting date.
Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the reporting date 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.
Current and deferred tax assets and liabilities are not discounted.
Dividends
Proposed dividends are only included as liabilities in the statement of financial position when their payment has been approved by the shareholders prior to the statement of financial position date.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Motor Vehicles 20% Reducing Balance
Computer Equipment 33.33% Reducing Balance
Pensions
The company contributes to pension arrangements on behalf of its employees. Contributions payable for the year are charged in the income statement.
Provisions
Provisions are recognised when the company has a present obligation as a result of a past event which it is more probable than not will result in an outflow of economic benefits that can be reasonably estimated.
2.

Average number of employees


Average number of employees during the year was 1 (2022 : 1).
3.

Tangible fixed assets

Cost or valuation Motor Vehicles   Computer Equipment   Total
  £   £   £
At 01 September 2022 39,500    1,464    40,964 
Additions    
Disposals    
At 31 August 2023 39,500    1,464    40,964 
Depreciation
At 01 September 2022 20,118    447    20,565 
Charge for year 3,877    339    4,216 
On disposals    
At 31 August 2023 23,995    786    24,781 
Net book values
Closing balance as at 31 August 2023 15,505    678    16,183 
Opening balance as at 01 September 2022 19,382    1,017    20,399 


4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Prepayments & Accrued Income 588    490 
588    490 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Corporation Tax 3,035   
PAYE & Social Security 433    2,250 
Accrued Expenses 1,537    1,541 
Advance Paid 3,288    9,876 
Deposits held 9,075    7,975 
Wages & Salaries Control Account 800    30 
Pension control account 76    76 
Directors' Current Accounts 40,945    59,305 
59,189    81,053 

6.

Provisions for liabilities

2023
£
  2022
£
Deferred Tax (3,986)   (1,977)
Charged to Profit & Loss 1,621    (2,009)
(2,365)   (3,986)

7.

Share Capital

Authorised
2 Class A shares of £1.00 each
Allotted, called up and fully paid
2023
£
  2022
£
2 Class A shares of £1.00 each  
 
Dividends
The company did not pay any dividends during the period and no dividends were payable at the year end (2022 - £nil). 

8.

Financial commitments

At 31 August 2021 the company had total commitments under non-cancellable operating leases on property  over the remaining life of those leases of £215,500 (2022 - £23,500).
9.

Pension commitments

The company contributes to pension arrangements on behalf of its employees. At the balance sheet date, unpaid contributions of £76 (2022 - £76) were due. They are shown under the creditors note above. 
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