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Registered number: 02853719









SUBMITQUEST LIMITED









FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
SUBMITQUEST LIMITED
REGISTERED NUMBER: 02853719

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Investment property
 4 
1,175,000
1,175,000

  
1,175,000
1,175,000

Current assets
  

Debtors: amounts falling due within one year
 5 
548,937
556,261

Cash at bank and in hand
 6 
8,280
4,746

  
557,217
561,007

Creditors: amounts falling due within one year
 7 
(2,212,592)
(2,203,132)

Net current liabilities
  
 
 
(1,655,375)
 
 
(1,642,125)

Total assets less current liabilities
  
(480,375)
(467,125)

Creditors: amounts falling due after more than one year
 8 
(898,238)
(898,238)

  

Net liabilities
  
(1,378,613)
(1,365,363)


Capital and reserves
  

Called up share capital 
 10 
5
5

Revaluation reserve
  
(1,853,627)
(1,853,627)

Profit and loss account
  
475,009
488,259

  
(1,378,613)
(1,365,363)

Page 1

 
SUBMITQUEST LIMITED
REGISTERED NUMBER: 02853719
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




L Cunningham
Director

Date: 1 August 2024

The notes on pages 3 to 10 form part of these financial statements.
Page 2

 
SUBMITQUEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Submitquest Limited is a private company limited by shares and incorporated in England and Wales. The address of its registered office is 4th Floor Khiara House, 25/26 Poland Street, London, W1F 8QN. 
The financial statements are presented in Sterling, which is the functional currency of the Company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on the going concern basis. The company is dependent on the group companies and shareholder for financial support, which the directors are confident will continue for a period of at least another 12 months following the approval of these financial statements.
As at 31 December 2023, the Company had net liabilities of £1,378,613 (2022: £1,365,363). The group companies and shareholder have indicated their present intention to provide adequate finance to enable the company to continue in operational existence.
The financial statements do not reflect any adjustments that would result from a withdrawal of financial support by the directors and shareholder, and accordingly the directors have continued to prepare the financial statements on the going concern basis.

Page 3

 
SUBMITQUEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 4

 
SUBMITQUEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Revaluation of tangible fixed assets

Individual freehold and leasehold properties are carried at current year value at fair value at the date of the revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. Revaluations are undertaken with sufficient regularity to ensure the carrying amount does not differ materially from that which would be determined using fair value at the reporting date.
Fair values are determined from market based evidence normally undertaken by professionally qualified valuers.

Revaluation gains and losses are recognised in other comprehensive income unless losses exceed the previously recognised gains or reflect a clear consumption of economic benefits, in which case the excess losses are recognised in profit or loss.

Page 5

 
SUBMITQUEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.10

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.11

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.12

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.13

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.14

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 6

 
SUBMITQUEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Investment property


Freehold investment property

£



Valuation


At 1 January 2023
1,175,000



At 31 December 2023
1,175,000

The 2023 valuations were made by the Directors, on an open market value for existing use basis.



At 31 December 2023



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2023
2022
£
£


Historic cost
3,028,627
3,028,627

Accumulated depreciation and impairments
(1,853,627)
(1,853,627)

1,175,000
1,175,000


5.


Debtors

2023
2022
£
£


Trade debtors
30,000
5,000

Amounts owed by group undertakings
488,372
523,665

Other debtors
5,000
1

Prepayments and accrued income
384
12,980

Deferred taxation
25,181
14,615

548,937
556,261


Page 7

 
SUBMITQUEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
8,280
4,746

8,280
4,746



7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
2,532
18,205

Amounts owed to group undertakings
1,931,990
1,925,639

Other taxation and social security
3,856
1,757

Other creditors
240,195
240,195

Accruals and deferred income
34,019
17,336

2,212,592
2,203,132



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
898,238
898,238

898,238
898,238


The loan is cross secured by May Property Holdings Limited, the Company's immediate parent company and its fellow subsidiaries, Directdivide Trading Limited and Metrospa Limited.

Page 8

 
SUBMITQUEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£



Amounts falling due 2-5 years

Bank loans
898,238
898,238


898,238
898,238


898,238
898,238



10.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



5 (2022 - 5) Ordinary shares of £1.00 each
5
5



11.


Related party transactions

The company has taken advantage of the exemption available in FRS 102 Section 33: Related Party Transactions, whereby it is not require to disclosure transactions entered into with any wholly owned group undertakings.
At the year end, the following balances were due from/(due to) the following related companies which are not wholly owned group undertakings:


Amount due from       2023
Amount due to            2023
Amount due from       2022
Amount due to            2022
£
£
£
£

Canton Caseys Limited
91,080
-
92,954
-
April Property Holdings Limited
21,836
-
22,286
-
December Property Holdings Limited
-
(636,825)
-
(649,927)
Trans-line Limited
-
(109,406)
-
(111,657)
November Property Holdings Limited
-
(9,509)
-
(9,705)
112,916
(755,740)
115,240
(771,289)

Page 9

 
SUBMITQUEST LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Controlling party

At 31 December 2023, the ultimate parent company was Belleville Limited, a company registered in The Isle of Man. The immediate parent company is May Property Holdings Limited, a company registered in Ireland.

13.


Auditors' information

The auditors' report on the financial statements for the year ended 31 December 2023 was unqualified.

The audit report was signed on 1 August 2024 by Leigh Genis (Senior Statutory Auditor) on behalf of Harris & Trotter LLP.

 
Page 10