REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 15 FEBRUARY 2023 TO 31 AUGUST 2023 |
FOR |
QUAY FINANCIAL COMMERCIAL LTD |
REGISTERED NUMBER: |
AUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD 15 FEBRUARY 2023 TO 31 AUGUST 2023 |
FOR |
QUAY FINANCIAL COMMERCIAL LTD |
QUAY FINANCIAL COMMERCIAL LTD (REGISTERED NUMBER: 14665859) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 15 FEBRUARY 2023 TO 31 AUGUST 2023 |
Page |
Statement of Financial Position | 1 |
Notes to the Financial Statements | 2 | to | 5 |
QUAY FINANCIAL COMMERCIAL LTD (REGISTERED NUMBER: 14665859) |
STATEMENT OF FINANCIAL POSITION |
31 AUGUST 2023 |
Notes | £ |
CURRENT ASSETS |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 4 | ( |
) |
NET CURRENT LIABILITIES | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) |
( |
) |
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
The financial statements were approved by the director and authorised for issue on |
QUAY FINANCIAL COMMERCIAL LTD (REGISTERED NUMBER: 14665859) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 15 FEBRUARY 2023 TO 31 AUGUST 2023 |
1. | STATUTORY INFORMATION |
Quay Financial Commercial Ltd is a |
Registered number: |
Registered office: |
The principal activity of the company is that of other credit granting. |
2. | ACCOUNTING POLICIES |
BASIS OF PREPARING THE FINANCIAL STATEMENTS |
The presentation currency of the financial statements is the Pound Sterling (£) which is also the |
functional currency. |
SIGNIFICANT JUDGEMENTS AND ESTIMATES |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reports. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Judgements |
The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are set out in the policies below: |
There are no judgements included within the financial statements. |
Key sources of estimation uncertainty |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are set out below: |
There are no key sources of estimation uncertainty. |
GOING CONCERN |
Quay Financial Commercial Ltd is to be repurposed as a lead generation company for the rest of the group as opposed to another inbound investment company. |
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going |
concern basis of accounting in preparing the financial statements. |
QUAY FINANCIAL COMMERCIAL LTD (REGISTERED NUMBER: 14665859) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 15 FEBRUARY 2023 TO 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
FINANCIAL INSTRUMENTS |
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. |
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. |
Debt instruments are subsequently measured at amortised cost. |
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. |
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. |
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. |
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. |
Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. |
Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity. |
TAXATION |
Taxation for the period 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 statement of financial position date. |
QUAY FINANCIAL COMMERCIAL LTD (REGISTERED NUMBER: 14665859) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 15 FEBRUARY 2023 TO 31 AUGUST 2023 |
2. | ACCOUNTING POLICIES - continued |
DEFERRED TAX |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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. |
HIRE PURCHASE AND LEASING COMMITMENTS |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was NIL. |
4. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
£ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
Accruals and deferred income |
Amounts owed to group undertakings are unsecured, interest free and are repayable on demand. |
5. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
6. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits from a director subsisted during the period ended 31 August 2023: |
£ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid |
Amounts written off | - |
Amounts waived | - |
Balance outstanding at end of period |
7. | POST BALANCE SHEET EVENTS |
There were no material events up to the date of approval of the financial statement by the board. |
QUAY FINANCIAL COMMERCIAL LTD (REGISTERED NUMBER: 14665859) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 15 FEBRUARY 2023 TO 31 AUGUST 2023 |
8. | ULTIMATE CONTROLLING PARTY |
The company is a 100% owned subsidiary of Choices CPO 1 Limited. The ultimate controlling party is Alexander Atherden-Zuk. |
9. | GOING CONCERN |
Quay Financial Commercial Ltd is to be repurposed as a lead generation company for the rest of the group as opposed to another inbound investment company. |
The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going |
concern basis of accounting in preparing the financial statements. |