Registered number
03088424
QUEST SEARCH & SELECTION LIMITED
Filleted Accounts
31 October 2023
QUEST SEARCH & SELECTION LIMITED
Registered number: 03088424
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 11,847 14,748
Current assets
Debtors 4 416,496 694,090
Cash at bank and in hand 19,367 29,384
435,863 723,474
Creditors: amounts falling due within one year 5 (640,518) (828,863)
Net current liabilities (204,655) (105,389)
Total assets less current liabilities (192,808) (90,641)
Creditors: amounts falling due after more than one year 6 (23,226) (30,833)
Provisions for liabilities (1,697) (1,697)
Net liabilities (217,731) (123,171)
Capital and reserves
Called up share capital 11,923 11,923
Share premium 149,459 149,459
Capital redemption reserve 7 230 230
Profit and loss account (379,343) (284,783)
Shareholders' funds (217,731) (123,171)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Whittington
Director
Approved by the board on 29 July 2024
QUEST SEARCH & SELECTION LIMITED
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery between 15% and 25% reducing balance
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price).
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 956,669
At 31 October 2023 956,669
Depreciation
At 1 November 2022 941,921
Charge for the year 2,901
At 31 October 2023 944,822
Net book value
At 31 October 2023 11,847
At 31 October 2022 14,748
4 Debtors 2023 2022
£ £
Trade debtors 17,521 97,720
Other debtors 398,975 596,370
416,496 694,090
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 14,833 17,285
Taxation and social security costs 2,318 38,849
Other creditors 613,367 762,729
640,518 828,863
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 23,226 30,833
7 Capital redemption reserve 2023 2022
£ £
At 1 November 2022 230 230
At 31 October 2023 230 230
8 Related party transactions
Included in other debtors is the sum of £58,208 (2022 - £57,332) due from Actium Properties Limited, a company in which E Whittington has a material interest. Also included in other debtors is the sum of £334,662 (2022: £518,690) due from Quest Search and Selection FZE, a company registered in the United Arab Emirates, related by virtue of having a common director. Included in other creditors is the sum of £52,332 (2022: £244,392) due to Retail Gazette Limited, a company in which S Whittington has a material interest. There are no terms as to interest or repayment in respect of the above balances.
9 Controlling party
The ultimate controlling party is S Whittington who has a majority interest in the company.
10 Other information
QUEST SEARCH & SELECTION LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
40 The Glades
Walsall
West Midlands
WS9 8RN
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