Company registration number 07072151 (England and Wales)
MQI LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
PAGES FOR FILING WITH REGISTRAR
MQI LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
MQI LIMITED
BALANCE SHEET
AS AT
30 NOVEMBER 2023
30 November 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
777
1,476
Investments
4
70,856
70,856
71,633
72,332
Current assets
Debtors
5
2,645,932
2,020,363
Cash at bank and in hand
194,104
388,834
2,840,036
2,409,197
Creditors: amounts falling due within one year
6
(256,180)
(171,729)
Net current assets
2,583,856
2,237,468
Net assets
2,655,489
2,309,800
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,655,389
2,309,700
Total equity
2,655,489
2,309,800

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

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

The financial statements were approved by the board of directors and authorised for issue on 19 August 2024 and are signed on its behalf by:
Mr N L Williams
Director
Company registration number 07072151 (England and Wales)
MQI LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 2 -
1
Accounting policies
Company information

MQi Limited is a private company limited by shares incorporated in England and Wales. The registered office is 22 Proffits Lane, Helsby, Frodsham, Cheshire, WA6 9JX.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures, fittings & equipment
10% straight line
Computer equipment
33.33% straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

MQI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
1
Accounting policies
(Continued)
- 3 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

1.6
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

1.8

Operating leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Fixtures, fittings & equipment
Computer equipment
Total
£
£
£
Cost
At 1 December 2022 and 30 November 2023
1,089
5,661
6,750
Depreciation and impairment
At 1 December 2022
252
5,022
5,274
Depreciation charged in the year
109
590
699
At 30 November 2023
361
5,612
5,973
Carrying amount
At 30 November 2023
728
49
777
At 30 November 2022
837
639
1,476
MQI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 4 -
4
Fixed asset investments
2023
2022
£
£
Investments
70,856
70,856
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
90,309
75,478
Amounts owed by related companies
2,553,490
1,944,885
Other debtors
2,133
-
0
2,645,932
2,020,363
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
130,932
63,714
Taxation and social security
98,631
64,614
Other creditors
26,617
43,401
256,180
171,729
7
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2023
2022
£
£
3,320
9,962
8
Related party transactions

Due to common directorships and shareholdings, LNCD (Holdings) Limited, LNCD Properties Limited and LNCD PTY Ltd are all related parties.

 

During the year the company was released from a loan of £85,071 due to LNCD Properties Limited. The loan had been interest free with no fixed terms of repayment.

 

At the balance sheet date the company is owed £2,553,490 (2022: £1,944,885) from related parties.

MQI LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2023
- 5 -
9
Directors' transactions

Dividends totalling £70,000 (2022 - £80,000) were paid in the year in respect of shares held by the company's directors.

At the year end date, the company owed the directors £25,217 (2022: £39,500). This is an interest free loan with no fixed date for repayment.

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