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Registration number: 03627021

QuinnRoss Consultants Ltd

Report of the Directors and Unaudited Financial Statements

for the Year Ended 30 November 2023

 

QuinnRoss Consultants Ltd

Contents of The Financial Statements
for the Year Ended 30 November 2023

 

Company Information

1

Accountants' Report

2

Profit and Loss Account

3

Statement of Comprehensive Income

4

Balance Sheet

5 to 6

Notes to the Unaudited Financial Statements

7 to 14

 

QuinnRoss Consultants Ltd

Company Information
for the Year Ended 30 November 2023

Director

S J Quinlan

Company secretary

T B Quinlan

Registered office

10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

Accountants

Insight Strategic Associates
Chartered Certified Accountants
10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

 

Chartered Certified Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
QuinnRoss Consultants Ltd
for the Year Ended 30 November 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of QuinnRoss Consultants Ltd for the year ended 30 November 2023 as set out on pages 3 to 14 from the company's accounting records and from information and explanations you have given us.
 

As a practising member firm of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://www.accaglobal.com/gb/en/discover/public-value/rulebook.html.
 

This report is made solely to the Board of Directors of QuinnRoss Consultants Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of QuinnRoss Consultants Ltd and state those matters that we have agreed to state to the Board of Directors of QuinnRoss Consultants Ltd, as a body, in this report in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/gb/en/technical-activities/technical-resources-search/2009/
october/factsheet-163-audit-exempt-companies.html. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than QuinnRoss Consultants Ltd and its Board of Directors as a body for our work or for this report.
 

It is your duty to ensure that QuinnRoss Consultants Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of QuinnRoss Consultants Ltd. You consider that QuinnRoss Consultants Ltd is exempt from the statutory audit requirement for the year.
 

We have not been instructed to carry out an audit or a review of the accounts of QuinnRoss Consultants Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

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

Insight Strategic Associates
Chartered Certified Accountants

10 Towerfield Road
Shoeburyness
Essex
SS3 9QE

14 August 2024

 

QuinnRoss Consultants Ltd

Profit and Loss Account for the Year Ended 30 November 2023

Note

2023
£

2022
£

Turnover

 

3,760,152

2,731,424

Cost of sales

 

(2,161,449)

(1,988,328)

Gross profit

 

1,598,703

743,096

Administrative expenses

 

(332,947)

(266,645)

Operating profit

 

1,265,756

476,451

Other interest receivable and similar income

 

-

152

Interest payable and similar expenses

 

(6,011)

(7,702)

   

(6,011)

(7,550)

Profit before tax

1,259,745

468,901

Tax on profit

 

(187,727)

4,957

Profit for the financial year

 

1,072,018

473,858

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

QuinnRoss Consultants Ltd

Statement of Comprehensive Income for the Year Ended 30 November 2023

2023
£

2022
£

Profit for the year

1,072,018

473,858

Total comprehensive income for the year

1,072,018

473,858

 

QuinnRoss Consultants Ltd

(Registration number: 03627021 )
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

30,125

28,709

Current assets

 

Debtors

5

854,117

898,908

Cash at bank and in hand

 

198,262

210,405

 

1,052,379

1,109,313

Creditors: Amounts falling due within one year

6

(836,254)

(603,886)

Net current assets

 

216,125

505,427

Total assets less current liabilities

 

246,250

534,136

Creditors: Amounts falling due after more than one year

6

(100,000)

(150,000)

Net assets

 

146,250

384,136

Capital and reserves

 

Called up share capital

7

150

150

Capital redemption reserve

450

450

Retained earnings

145,650

383,536

Shareholders' funds

 

146,250

384,136

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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.

 

QuinnRoss Consultants Ltd

(Registration number: 03627021 )
Balance Sheet as at 30 November 2023

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 14 August 2024
 

.........................................
S J Quinlan
Director

 

QuinnRoss Consultants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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:
10 Towerfield Road
Shoeburyness
Essex
SS3 9QE
England

The principal place of business is:
Unit 3 Grove Dairy Farm Business Centre
Bobbing Hill
Bobbing
Sittingbourne, Kent
Kent
ME9 8NY
England

These financial statements were authorised for issue by the director on 14 August 2024.

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.

Going concern

The financial statements have been prepared on a going concern basis.

 

QuinnRoss Consultants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2

Accounting policies (continued)

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 sales/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.

Government grants

Government grants are recognised when there is reasonable assurance that the grant will be received and all attaching conditions will be complied with. If conditions are attached to the grant that must be satisfied before the company is elligible to receive the contribution, the recognition of the grant as revenue will be deferred until those conditions are satisfied.

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 income 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.

 

QuinnRoss Consultants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2

Accounting policies (continued)

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

Plant & Machinery

25% on reducing balance

Office Equipment

33% on cost

Fixtures and Fittings

25% on cost

Freehold Property

Not provided

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations 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 period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

QuinnRoss Consultants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

QuinnRoss Consultants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

2

Accounting policies (continued)

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

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 the director) during the year, was 36 (2022 - 25).

 

QuinnRoss Consultants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 December 2022

25,110

158,413

183,523

Additions

-

4,268

4,268

At 30 November 2023

25,110

162,681

187,791

Depreciation

At 1 December 2022

-

154,814

154,814

Charge for the year

-

2,852

2,852

At 30 November 2023

-

157,666

157,666

Carrying amount

At 30 November 2023

25,110

5,015

30,125

At 30 November 2022

25,110

3,599

28,709

Included within the net book value of land and buildings above is £25,110 (2022 - £25,110) in respect of freehold land and buildings.
 

5

Debtors

Current

Note

2023
£

2022
£

Trade debtors

 

756,995

828,588

Amounts owed by related parties

1,592

-

Prepayments

 

43,072

40,351

Other debtors

 

52,458

29,969

   

854,117

898,908

 

QuinnRoss Consultants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

50,000

50,000

Trade creditors

 

71,923

30,834

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

136,953

137,622

Taxation and social security

 

433,976

238,193

Accruals and deferred income

 

3,132

2,707

Other creditors

 

140,270

144,530

 

836,254

603,886

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

100,000

150,000

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary A Shares of £0.01 each

10,000

100

10,000

100

Ordinary B Shares of £1 each

50

50

50

50

10,050

150

10,050

150

 

QuinnRoss Consultants Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

100,000

150,000

Current loans and borrowings

2023
£

2022
£

Bank borrowings

50,000

50,000