Company Registration No. 07155673 (England and Wales)
QUEST GLOBAL LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
QUEST GLOBAL LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
QUEST GLOBAL LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
2,371
3,275
Tangible assets
5
22,183
43,062
24,554
46,337
Current assets
Debtors
6
427,705
482,916
Cash at bank and in hand
1,305,064
1,045,160
1,732,769
1,528,076
Creditors: amounts falling due within one year
7
(524,188)
(404,853)
Net current assets
1,208,581
1,123,223
Total assets less current liabilities
1,233,135
1,169,560
Capital and reserves
Called up share capital
8
1
1
Profit and loss reserves
1,233,134
1,169,559
Total equity
1,233,135
1,169,560

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

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 5 September 2024 and are signed on its behalf by:
2024-09-05
Colin Fox
Director
Company Registration No. 07155673
QUEST GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information

Quest Global Limited is a private company limited by shares incorporated in England and Wales. The registered office is 118 Pall Mall, London, United Kingdom, SW1Y 5EA.

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
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Consequently, they continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover
Turnover represents amounts receivable for the provision of professional services and ancillary supplies, net of recharged expenses and excluding VAT. Turnover is recognised as-and-when the services are performed or straight-line over the life of the contract. Amounts invoiced in advance of performance are deferred and recognised in future periods.
1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

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

Software
33% Straight line
Patents and trademarks
10% Straight line
1.5
Tangible fixed assets

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

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

Plant and machinery
20% Straight line
Fixtures, fittings and equipment
20%-33% Straight line
Motor vehicles
25% 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.

QUEST GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.9
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.

QUEST GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to the profit and loss account in the period to which they relate.
1.12
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.

1.13
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 are included in the profit and loss account for the period.

2
Employees

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

2023
2022
Number
Number
Total
8
9
3
Client funds

At the year end, the company held client funds of £131,553 (2022: £131,553) in their bank account. This amount is shown within other creditors.

QUEST GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Intangible fixed assets
Software
Patents and trademarks
Total
£
£
£
Cost
At 1 January 2023 and 31 December 2023
8,006
3,842
11,848
Amortisation and impairment
At 1 January 2023
7,485
1,088
8,573
Amortisation charged for the year
520
384
904
At 31 December 2023
8,005
1,472
9,477
Carrying amount
At 31 December 2023
1
2,370
2,371
At 31 December 2022
521
2,754
3,275
5
Tangible fixed assets
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
Cost
At 1 January 2023
14,175
49,758
109,500
173,433
Additions
-
0
2,588
-
0
2,588
At 31 December 2023
14,175
52,346
109,500
176,021
Depreciation and impairment
At 1 January 2023
10,730
43,682
75,959
130,371
Depreciation charged in the year
1,747
4,220
17,500
23,467
At 31 December 2023
12,477
47,902
93,459
153,838
Carrying amount
At 31 December 2023
1,698
4,444
16,041
22,183
At 31 December 2022
3,445
6,076
33,541
43,062
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
352,350
436,114
Other debtors
787
209
Prepayments and accrued income
74,568
46,593
427,705
482,916
QUEST GLOBAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
61,902
60,553
Amounts owed to group undertakings
2,474
2,474
Corporation tax
98,583
2,593
Other taxation and social security
134,978
118,035
Other creditors
144,456
145,057
Accruals and deferred income
81,795
76,141
524,188
404,853
8
Called up share capital
2023
2022
£
£
Ordinary share capital
Issued and fully paid
1 Ordinary share of £1
1
1
1
1
9
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The senior statutory auditor was Mandy Janes.
The auditor was HW Fisher LLP.
10
Related party transactions

No guarantees have been given or received.

At the year, included within the other debtors, is an amount due from the directors totalling £nil (2022: £123).

11
Controlling party

The immediate and ultimate parent company of Quest Global Limited is Quest Global Holdings Limited, whose registered office is 118 Pall Mall, London, SW1W 5EA.

 

2023-12-312023-01-01false05 September 2024CCH SoftwareCCH Accounts Production 2024.200No description of principal activityThis audit opinion is unqualifiedMartin SmithLord Stevens of KirkwhelpingtonColin FoxEdward MarshbaumRoss  SmithMr Martin SmithMr Colin FoxMr Edward MarshbaumMr Ross SmithMr Colin Foxfalsefalse071556732023-01-012023-12-31071556732023-12-31071556732022-12-3107155673core:ComputerSoftware2023-12-3107155673core:PatentsTrademarksLicencesConcessionsSimilar2023-12-3107155673core:ComputerSoftware2022-12-3107155673core:PatentsTrademarksLicencesConcessionsSimilar2022-12-3107155673core:PlantMachinery2023-12-3107155673core:FurnitureFittings2023-12-3107155673core:MotorVehicles2023-12-3107155673core:PlantMachinery2022-12-3107155673core:FurnitureFittings2022-12-3107155673core:MotorVehicles2022-12-3107155673core:CurrentFinancialInstruments2023-12-3107155673core:CurrentFinancialInstruments2022-12-3107155673core:ShareCapital2023-12-3107155673core:ShareCapital2022-12-3107155673core:RetainedEarningsAccumulatedLosses2023-12-3107155673core:RetainedEarningsAccumulatedLosses2022-12-3107155673core:ShareCapitalOrdinaryShares2023-12-3107155673core:ShareCapitalOrdinaryShares2022-12-3107155673bus:Director32023-01-012023-12-3107155673core:IntangibleAssetsOtherThanGoodwill2023-01-012023-12-3107155673core:ComputerSoftware2023-01-012023-12-3107155673core:PatentsTrademarksLicencesConcessionsSimilar2023-01-012023-12-3107155673core:PlantMachinery2023-01-012023-12-3107155673core:FurnitureFittings2023-01-012023-12-3107155673core:MotorVehicles2023-01-012023-12-31071556732022-01-012022-12-3107155673core:ComputerSoftware2022-12-3107155673core:PatentsTrademarksLicencesConcessionsSimilar2022-12-31071556732022-12-3107155673core:PlantMachinery2022-12-3107155673core:FurnitureFittings2022-12-3107155673core:MotorVehicles2022-12-3107155673bus:PrivateLimitedCompanyLtd2023-01-012023-12-3107155673bus:SmallCompaniesRegimeForAccounts2023-01-012023-12-3107155673bus:FRS1022023-01-012023-12-3107155673bus:Audited2023-01-012023-12-3107155673bus:Director12023-01-012023-12-3107155673bus:Director22023-01-012023-12-3107155673bus:Director42023-01-012023-12-3107155673bus:Director52023-01-012023-12-3107155673bus:Director62023-01-012023-12-3107155673bus:Director72023-01-012023-12-3107155673bus:Director82023-01-012023-12-3107155673bus:Director92023-01-012023-12-3107155673bus:CompanySecretary12023-01-012023-12-3107155673bus:FullAccounts2023-01-012023-12-31xbrli:purexbrli:sharesiso4217:GBP