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Registration number: 07878046

Quirk Solutions Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Quirk Solutions Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Quirk Solutions Limited

Company Information

Directors

Mr Christopher Mark Paton

Mrs A Paton

Company secretary

Mrs A Paton

Registered office

Hillside Farm
Tutwell
Callington
Cornwall
PL17 8LU

Accountants

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

 

Quirk Solutions Limited

(Registration number: 07878046)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

62,786

24,249

Tangible assets

5

9,112

11,146

 

71,898

35,395

Current assets

 

Debtors

6

265,601

169,090

Cash at bank and in hand

 

103,947

139,246

 

369,548

308,336

Creditors: Amounts falling due within one year

10

(158,431)

(44,142)

Net current assets

 

211,117

264,194

Total assets less current liabilities

 

283,015

299,589

Creditors: Amounts falling due after more than one year

10

(20,000)

(30,000)

Provisions for liabilities

(2,278)

-

Net assets

 

260,737

269,589

Capital and reserves

 

Called up share capital

7

400

400

Retained earnings

260,337

269,189

Shareholders' funds

 

260,737

269,589

 

Quirk Solutions Limited

(Registration number: 07878046)
Balance Sheet as at 31 December 2023

For the financial year 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 year 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 Christopher Mark Paton

Director

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

Mrs A Paton

Company secretary and director

 

Quirk Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 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

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..

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 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.

 

Quirk Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 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.

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

Office equipment

25% reducing balance

Computer software

20% straight line

Intangible assets

Separately acquired trademarks and licences are shown at historical cost.

Trademarks, licences (including software) and customer-related intangible assets acquired in a business combination are recognised at fair value at the acquisition date.

Trademarks, licences and customer-related intangible assets have a finite useful life and are carried at cost less accumulated amortisation and any accumulated impairment losses.

Development costs

Research and development expenditure on clearly defined projects whose outcome can be assessed with reasonable certainty is capitalised. Amortisation begins once the initial development phase is complete and sales of the related products commence. Amortisation is charged at 10% straight line, with the expectation that all costs are amortised over the lesser of the life of the project or 10 years.

 

Quirk Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Trademarks

10% straight line

Development costs

10% straight line

Debtors

Trade debtors are amounts due from customers for services performed in the oridnary course of business.

Debtors are recognisied intially at the transaction price. They are subsequently remeasured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of debtors is established when there is objective evidence that the company wil not be able to collect all amount due.

Creditors

Trade creditors are obiligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting date, to defer settlement of the creditor for at least twelve months after the reporting date. If the company does have an unconditional right, at the end of the reporting date, to defer settlement of the creditor for at least twelve months after the reporting date, they are presented as non-current liabilties.

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

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 directors) during the year, was 8 (2022 - 5).

 

Quirk Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Trademarks, patents and licenses
 £

Development costs
£

Total
£

Cost or valuation

At 1 January 2023

1,800

40,689

42,489

Additions acquired separately

-

47,540

47,540

At 31 December 2023

1,800

88,229

90,029

Amortisation

At 1 January 2023

1,080

17,160

18,240

Amortisation charge

180

8,823

9,003

At 31 December 2023

1,260

25,983

27,243

Carrying amount

At 31 December 2023

540

62,246

62,786

At 31 December 2022

720

23,529

24,249

5

Tangible assets

Office equipment
 £

Computer software
£

Total
£

Cost or valuation

At 1 January 2023

879

13,500

14,379

Additions

1,003

-

1,003

At 31 December 2023

1,882

13,500

15,382

Depreciation

At 1 January 2023

533

2,700

3,233

Charge for the year

337

2,700

3,037

At 31 December 2023

870

5,400

6,270

Carrying amount

At 31 December 2023

1,012

8,100

9,112

At 31 December 2022

346

10,800

11,146

 

Quirk Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

2023
£

2022
£

Trade debtors

255,559

167,768

Prepayments

777

479

Other debtors

9,265

843

265,601

169,090

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A shares of £1 each

85

85

85

85

Ordinary B shares of £1 each

85

85

85

85

Ordinary C shares of £1 each

30

30

30

30

 

200

200

200

200

8

Related party transactions

At the start of the year, the company was owed £843 (2022: £3,531) from directors, this was fully repaid in the year and no further advances made. Interest is charged at 2.25% per annum and is calculated on a monthly basis. No interest was charged in the year (2022: £Nil) on the outstanding balance during the year.

9

Loans and borrowings

2023
£

2022
£

Non-current loans and borrowings

Loans

20,000

30,000

 

Quirk Solutions Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

10,000

10,000

Trade creditors

 

74,062

6,106

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

8

17,465

-

Taxation and social security

 

7,553

10,636

Accruals and deferred income

 

5,203

5,610

Other creditors

 

44,148

11,790

 

158,431

44,142

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans

9

20,000

30,000