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REGISTERED NUMBER: 07568114 (England and Wales)















Unaudited Financial Statements For The Year Ended 31 March 2024

for

EM Quest Limited

EM Quest Limited (Registered number: 07568114)






Contents of the Financial Statements
For The Year Ended 31 March 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


EM Quest Limited

Company Information
For The Year Ended 31 March 2024







DIRECTOR: P R Blackwood





REGISTERED OFFICE: 86-90 Paul Street
London
EC2A 4NE





REGISTERED NUMBER: 07568114 (England and Wales)





ACCOUNTANTS: Fuller Spurling
Mill House
58 Guildford Street
Chertsey
Surrey
KT16 9BE

EM Quest Limited (Registered number: 07568114)

Balance Sheet
31 March 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 5 6,125 5,815

CURRENT ASSETS
Debtors 6 706,628 1,493,108
Cash at bank 1,065,924 396,135
1,772,552 1,889,243
CREDITORS
Amounts falling due within one year 7 68,518 102,263
NET CURRENT ASSETS 1,704,034 1,786,980
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,710,159

1,792,795

CAPITAL AND RESERVES
Called up share capital 60,001 60,001
Retained earnings 1,650,158 1,732,794
SHAREHOLDERS' FUNDS 1,710,159 1,792,795

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2024 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 22 July 2024 and were signed by:





P R Blackwood - Director


EM Quest Limited (Registered number: 07568114)

Notes to the Financial Statements
For The Year Ended 31 March 2024

1. STATUTORY INFORMATION

EM Quest Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. These financial statements have been prepared in compliance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

3. ACCOUNTING POLICIES

Basis of preparing the financial statements
The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable and is recognised when the services are provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office equipment - 33% on cost

Taxation
Taxation for the year 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 year 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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

EM Quest Limited (Registered number: 07568114)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

3. ACCOUNTING POLICIES - continued

Trade and other debtors
Trade and other debtors are initially recognised at the transaction price and thereafter they are recognised at the settlement amount due. Loans to directors have no fixed repayment date and have interest applied to them and therefore are not discounted in arriving at the carrying amount at the balance sheet date.

Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand including short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Creditors
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the company to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably. They are recognised at cost.

4. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - NIL ) .

5. TANGIBLE FIXED ASSETS
Office
equipment
£   
COST
At 1 April 2023 18,813
Additions 4,679
At 31 March 2024 23,492
DEPRECIATION
At 1 April 2023 12,998
Charge for year 4,369
At 31 March 2024 17,367
NET BOOK VALUE
At 31 March 2024 6,125
At 31 March 2023 5,815

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors - 14,858
Other debtors 325,499 326,373
Directors' current accounts 375,328 1,096,816
VAT 1,837 2,220
Prepayments and accrued income 3,964 52,841
706,628 1,493,108

EM Quest Limited (Registered number: 07568114)

Notes to the Financial Statements - continued
For The Year Ended 31 March 2024

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors 251 1,657
Amounts owed to group undertakings 13,878 16,323
Corporation tax 49,975 65,205
Other creditors 14 -
Accruals and deferred income 4,400 19,078
68,518 102,263

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 March 2024 and 31 March 2023:

31.3.24 31.3.23
£    £   
P R Blackwood
Balance outstanding at start of year 1,096,685 1,060,093
Amounts advanced - 36,592
Amounts repaid (721,488 ) -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 375,197 1,096,685

D Moreno
Balance outstanding at start of year 131 131
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 131 131

Interest was payable on advances at 3% per annum up to 24th July 2023 and then 5.5% thereafter. The loans have no fixed repayment date and are repayable on demand.

9. RELATED PARTY DISCLOSURES

BFM Partners is the parent undertaking of the company. At 31st March 2024 the company owed BFM Partners £13,878 (2023 £16,323). There were no amounts of income or expenditure arising between the two entities during the year.

10. ULTIMATE CONTROLLING PARTY

The controlling party and ultimate controlling party is BFM Partners, a company incorporated in the Cayman Islands.