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COMPANY REGISTRATION NUMBER: 4355356
Quay Motors Limited
Filleted Unaudited Financial Statements
30 November 2023
Quay Motors Limited
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
6
11,983
12,745
Current assets
Stocks
2,000
3,500
Debtors
7
16,332
9,000
Cash at bank and in hand
82,327
72,190
---------
--------
100,659
84,690
Creditors: amounts falling due within one year
8
78,652
58,827
---------
--------
Net current assets
22,007
25,863
--------
--------
Total assets less current liabilities
33,990
38,608
Creditors: amounts falling due after more than one year
9
30,325
35,837
Provisions
Taxation including deferred tax
2,277
2,422
--------
--------
Net assets
1,388
349
--------
--------
Capital and reserves
Called up share capital
110
110
Profit and loss account
1,278
239
-------
----
Shareholders funds
1,388
349
-------
----
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the 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.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Quay Motors Limited
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 5 August 2024 , and are signed on behalf of the board by:
A Childs Esq
Mrs A T Childs
Director
Director
Company registration number: 4355356
Quay Motors Limited
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is TML House, 1a The Anchorage, Gosport, Hampshire, PO12 1LY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
No significant judgements have been made by the director in preparing these financial statements.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
15% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 6 ).
5. Tax on profit
Major components of tax expense
2023
2022
£
£
Current tax:
UK current tax expense
17,730
11,505
Adjustments in respect of prior periods
1,125
--------
--------
Total current tax
18,855
11,505
--------
--------
Deferred tax:
Origination and reversal of timing differences
( 145)
( 563)
--------
--------
Tax on profit
18,710
10,942
--------
--------
6. Tangible assets
Plant and machinery
Equipment
Total
£
£
£
Cost
At 1 December 2022
22,173
33,818
55,991
Additions
1,152
2,080
3,232
--------
--------
--------
At 30 November 2023
23,325
35,898
59,223
--------
--------
--------
Depreciation
At 1 December 2022
12,429
30,817
43,246
Charge for the year
2,866
1,128
3,994
--------
--------
--------
At 30 November 2023
15,295
31,945
47,240
--------
--------
--------
Carrying amount
At 30 November 2023
8,030
3,953
11,983
--------
--------
--------
At 30 November 2022
9,744
3,001
12,745
--------
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
16,332
9,000
--------
-------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,514
5,514
Trade creditors
12,436
9,365
Corporation tax
17,730
11,505
Social security and other taxes
20,156
19,758
Other creditors
22,816
12,685
--------
--------
78,652
58,827
--------
--------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
30,325
35,837
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
A Childs Esq
( 4,185)
( 501)
( 4,686)
Mrs A T Childs
( 4,186)
( 500)
( 4,686)
D Tyler Esq
-------
-------
-------
( 8,371)
( 1,001)
( 9,372)
-------
-------
-------
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
A Childs Esq
( 4,185)
( 4,185)
Mrs A T Childs
( 4,186)
( 4,186)
D Tyler Esq
( 5,166)
5,166
-------
-------
-------
( 5,166)
( 3,205)
( 8,371)
-------
-------
-------