2022-11-012023-10-312023-10-31false05252367Quinquari Marine 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Quinquari Marine Limited

Registered Number
05252367
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2023

Quinquari Marine Limited
Company Information
for the year from 1 November 2022 to 31 October 2023

Directors

R Price
B T Price

Registered Address

1 High Street, St. Davids
Haverfordwest
Pembrokeshire
SA62 6SA

Registered Number

05252367 (England and Wales)
Quinquari Marine Limited
Balance Sheet as at
31 October 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets650,22163,648
50,22163,648
Current assets
Stocks9193,000200,000
Debtors1030,42682,186
Cash at bank and on hand105,609111,128
329,035393,314
Creditors amounts falling due within one year11(101,090)(205,570)
Net current assets (liabilities)227,945187,744
Total assets less current liabilities278,166251,392
Creditors amounts falling due after one year12(80,081)(64,853)
Provisions for liabilities14(9,542)(12,093)
Net assets188,543174,446
Capital and reserves
Called up share capital1010
Profit and loss account188,533174,436
Shareholders' funds188,543174,446
The financial statements were approved and authorised for issue by the Board of Directors on 28 May 2024, and are signed on its behalf by:
B T Price
Director
Registered Company No. 05252367
Quinquari Marine Limited
Notes to the Financial Statements
for the year ended 31 October 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The principal activities of the company are the building and maintenance of boats and the operation of sightseeing trips in Cardigan Bay.
4.Accounting policies
Turnover policy
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.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery15
Vehicles25
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
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.
Taxation policy
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax policy
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.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leases policy
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Employee benefits policy
Contributions to defined contribution plans are expensed in the period to which they relate.
5.Employee information

20232022
Average number of employees during the year810
6.Property, plant and equipment

Total

£
Cost or valuation
At 01 November 22140,879
Additions460
Disposals(5,437)
At 31 October 23135,903
Depreciation and impairment
At 01 November 2277,232
Charge for year13,281
On disposals(4,832)
At 31 October 2385,682
Net book value
At 31 October 2350,221
At 31 October 2263,648
7.Description of nature of transactions and balances with related parties
The directors have advance funds to the company, at 31 October 2023 Mrs B T Price and Mr R Price were owed £34,471 (2022 - £113,528).
8.Dividends proposed and payable

2023

2022

££
Dividends Paid10,0004,000
Total10,0004,000
9.Stocks

2023

2022

££
Raw materials and consumables193,000200,000
Total193,000200,000
10.Debtors

2023

2022

££
Trade debtors / trade receivables2,47547,431
Other debtors16,73123,870
Prepayments and accrued income11,22010,885
Total30,42682,186
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
11.Creditors within one year

2023

2022

££
Trade creditors / trade payables7,02735,630
Bank borrowings and overdrafts23,39314,685
Taxation and social security12,68117,994
Finance lease and HP contracts5,3994,989
Other creditors50,440129,497
Accrued liabilities and deferred income2,1502,775
Total101,090205,570
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
12.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts61,42640,798
Other creditors18,65524,055
Total80,08164,853
13.Finance lease and HP contracts after one year

2023

2022

££
Finance lease and HP contracts18,65624,055
14.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)9,54212,093
Total9,54212,093