Silverfin false 09 August 2024 08 August 2024 Timothy Lannin BSc FCA PKF Francis Clark 36,936 28,151 false true 31/12/2023 01/01/2023 31/12/2023 Adrianus Richard Henricus Brans 03/12/2020 William Everett Low 27/11/2020 Adrianus Hubertus Maria Meesters 08 August 2024 The principal activity of the company is wholesale of electrical household appliances. 13047829 2023-12-31 13047829 bus:Director1 2023-12-31 13047829 bus:Director2 2023-12-31 13047829 2022-12-31 13047829 core:CurrentFinancialInstruments 2023-12-31 13047829 core:CurrentFinancialInstruments 2022-12-31 13047829 core:ShareCapital 2023-12-31 13047829 core:ShareCapital 2022-12-31 13047829 core:RetainedEarningsAccumulatedLosses 2023-12-31 13047829 core:RetainedEarningsAccumulatedLosses 2022-12-31 13047829 core:OfficeEquipment 2022-12-31 13047829 core:OfficeEquipment 2023-12-31 13047829 bus:OrdinaryShareClass1 2023-12-31 13047829 core:WithinOneYear 2023-12-31 13047829 core:WithinOneYear 2022-12-31 13047829 core:BetweenOneFiveYears 2023-12-31 13047829 core:BetweenOneFiveYears 2022-12-31 13047829 2023-01-01 2023-12-31 13047829 bus:FilletedAccounts 2023-01-01 2023-12-31 13047829 bus:SmallEntities 2023-01-01 2023-12-31 13047829 bus:Audited 2023-01-01 2023-12-31 13047829 2022-01-01 2022-12-31 13047829 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 13047829 bus:Director1 2023-01-01 2023-12-31 13047829 bus:Director2 2023-01-01 2023-12-31 13047829 bus:CompanySecretary1 2023-01-01 2023-12-31 13047829 core:OfficeEquipment 2023-01-01 2023-12-31 13047829 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 13047829 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 13047829 (England and Wales)

THE QUEST GROUP AV LIMITED

Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

THE QUEST GROUP AV LIMITED

Financial Statements

For the financial year ended 31 December 2023

Contents

THE QUEST GROUP AV LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2023
THE QUEST GROUP AV LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2023
DIRECTORS Adrianus Richard Henricus Brans
William Everett Low
SECRETARY Adrianus Hubertus Maria Meesters
REGISTERED OFFICE Sigma House Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
COMPANY NUMBER 13047829 (England and Wales)
AUDITOR PKF Francis Clark
Sigma House
Oak View Close
Edginswell Park
Torquay
TQ2 7FF
United Kingdom
THE QUEST GROUP AV LIMITED

BALANCE SHEET

As at 31 December 2023
THE QUEST GROUP AV LIMITED

BALANCE SHEET (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Tangible assets 3 3,756 3,213
3,756 3,213
Current assets
Debtors 4 132,085 150,814
Cash at bank and in hand 84,940 59,355
217,025 210,169
Creditors: amounts falling due within one year 5 ( 119,018) ( 148,555)
Net current assets 98,007 61,614
Total assets less current liabilities 101,763 64,827
Net assets 101,763 64,827
Capital and reserves
Called-up share capital 6 100 100
Profit and loss account 101,663 64,727
Total shareholder's funds 101,763 64,827

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

The financial statements of The Quest Group AV Limited (registered number: 13047829) were approved and authorised for issue by the Board of Directors on 08 August 2024. They were signed on its behalf by:

Adrianus Richard Henricus Brans
Director
THE QUEST GROUP AV LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
THE QUEST GROUP AV LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

The Quest Group AV Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Sigma House, Oak View Close, Edginswell Park, Torquay, TQ2 7FF, United Kingdom.

The financial statements have been prepared under the historical cost convention, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Turnover

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Revenue from services is recognised as they are delivered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation of each asset on a reducing balance basis over its expected useful life, as follows:

Office equipment 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

Leases

The Company as lessee
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets receivable within one year, such as trade debtors and bank balances, are measured at transaction price less any impairment.

Basic financial assets receivable within more than one year are measured at amortised cost less any impairment.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities that have no stated interest rate and are payable within one year, such as trade creditors, are measured at transaction price.

Other basic financial liabilities are measured at amortised cost.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 1 1

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 January 2023 3,969 3,969
Additions 1,308 1,308
At 31 December 2023 5,277 5,277
Accumulated depreciation
At 01 January 2023 756 756
Charge for the financial year 765 765
At 31 December 2023 1,521 1,521
Net book value
At 31 December 2023 3,756 3,756
At 31 December 2022 3,213 3,213

4. Debtors

2023 2022
£ £
Trade debtors 113,729 148,547
Amounts owed by Group undertakings 15,106 0
Other debtors 3,250 2,267
132,085 150,814

Included within trade debtors is an amount of £5,000 paid on account as a refundable deposit for services provided by UPS.

5. Creditors: amounts falling due within one year

2023 2022
£ £
Trade creditors 9,040 14,851
Amounts owed to Group undertakings 0 34,257
Corporation tax 11,643 6,825
Other taxation and social security 50,557 65,552
Other creditors 47,778 27,070
119,018 148,555

6. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
100 Ordinary shares of £ 1.00 each 100 100

7. Financial commitments

Commitments

Total future minimum lease payments under non-cancellable operating leases are as follows:

2023 2022
£ £
within one year 9,600 9,925
between one and five years 15,200 25,640
24,800 35,565

8. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 December 2023 was unqualified.

The audit report was signed by Timothy Lannin BSc FCA on behalf of PKF Francis Clark on 9 August 2024.

9. Ultimate controlling party

Parent Company:

The Quest Group
2621 White Road
Irvine
California
92614
United States