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No description of principal activities is disclosed
2023-01-01
Sage Accounts Production 21.0 - FRS102_2021
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NI029681
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Company registration number:
NI029681
Quay Cargo Services Limited
Unaudited filleted financial statements
31 December 2023
Quay Cargo Services Limited
Contents
Directors and other information
Accountants report
Balance sheet
Notes to the financial statements
Quay Cargo Services Limited
Directors and other information
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Directors |
Gary Stewart |
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Tracey Stewart |
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Secretary |
Lynsey McCauley |
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Company number |
NI029681 |
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Registered office |
Victoria Business Park |
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9 West Bank Road |
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Belfast |
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BT3 9JL |
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Accountants |
Jones Peters |
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Hughes House |
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6/7 Church Street |
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Banbridge |
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Co.Down |
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BT32 4AA |
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Bankers |
Danske Bank |
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Donegall Square West |
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Belfast |
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BT1 6JS |
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Quay Cargo Services Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Quay Cargo Services Limited
Year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Quay Cargo Services Limited for the year ended 31 December 2023 which comprise the Balance sheet and related notes from the company's accounting records and from information and explanations you have given us.
As a practising member firm of Chartered Accountants Ireland , we are subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Quay Cargo Services Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Quay Cargo Services Limited and state those matters that we have agreed to state to the board of directors of Quay Cargo Services Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quay Cargo Services Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Quay Cargo Services Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Quay Cargo Services Limited. You consider that Quay Cargo Services Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Quay Cargo Services Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Jones Peters
Chartered Accountants
Hughes House
6/7 Church Street
Banbridge
Co.Down
BT32 4AA
13 June 2024
Quay Cargo Services Limited
Balance sheet
31 December 2023
|
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2023 |
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2022 |
|
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|
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Note |
£ |
|
£ |
|
£ |
|
£ |
|
|
|
|
|
|
|
|
|
|
Fixed assets |
|
|
|
|
|
|
|
|
|
Tangible assets |
|
5 |
5,382 |
|
|
|
13,881 |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
|
|
|
|
|
5,382 |
|
|
|
13,881 |
|
|
|
|
|
|
|
|
|
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Current assets |
|
|
|
|
|
|
|
|
|
Debtors |
|
6 |
1,416,807 |
|
|
|
1,630,602 |
|
|
Cash at bank and in hand |
|
|
3,999,611 |
|
|
|
3,478,391 |
|
|
|
|
|
_______ |
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|
_______ |
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|
5,416,418 |
|
|
|
5,108,993 |
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|
Creditors: amounts falling due |
|
|
|
|
|
|
|
|
|
within one year |
|
7 |
(
994,463) |
|
|
|
(
1,366,261) |
|
|
|
|
|
_______ |
|
|
|
_______ |
|
|
Net current assets |
|
|
|
|
4,421,955 |
|
|
|
3,742,732 |
|
|
|
|
|
_______ |
|
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|
_______ |
Total assets less current liabilities |
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|
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4,427,337 |
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|
|
3,756,613 |
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Provisions for liabilities |
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|
(
2,485) |
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|
(
2,485) |
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|
|
|
|
|
|
|
|
|
|
|
|
|
_______ |
|
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|
_______ |
Net assets |
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4,424,852 |
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3,754,128 |
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|
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_______ |
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_______ |
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Capital and reserves |
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Called up share capital |
|
|
|
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30,000 |
|
|
|
30,000 |
Profit and loss account |
|
|
|
|
4,394,852 |
|
|
|
3,724,128 |
|
|
|
|
|
_______ |
|
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|
_______ |
Shareholders funds |
|
|
|
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4,424,852 |
|
|
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3,754,128 |
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|
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_______ |
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_______ |
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For the year ending 31 December 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.
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 Profit and loss account and retained earnings has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
13 June 2024
, and are signed on behalf of the board by:
Gary Stewart
Director
Company registration number:
NI029681
Quay Cargo Services Limited
Notes to the financial statements
Year ended 31 December 2023
1.
General information
The company is a private company limited by shares, registered in Northern Ireland. The address of the registered office is Victoria Business Park, 9 West Bank Road, Belfast, BT3 9JL.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 had to be made by management in
preparing these financial statements.
Turnover
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating as intended.
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:
|
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Leasehold improvements |
- |
20 % |
straight line |
|
Fittings fixtures and equipment |
- |
20 % |
straight line |
|
Computer Equipment |
- |
20 % |
straight line |
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|
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|
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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.
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
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.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
19
(2022:
19
).
5.
Tangible assets
|
|
Leasehold improvements |
Fixtures, fittings and equipment |
Computer Equipment |
Total |
|
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
|
Cost |
|
|
|
|
|
|
|
|
At 1 January 2023 |
99,671 |
57,321 |
51,611 |
208,603 |
|
|
|
|
Additions |
- |
1,404 |
- |
1,404 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
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|
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|
At 31 December 2023 |
99,671 |
58,725 |
51,611 |
210,007 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
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Depreciation |
|
|
|
|
|
|
|
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At 1 January 2023 |
95,160 |
55,104 |
44,458 |
194,722 |
|
|
|
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Charge for the year |
4,511 |
1,896 |
3,496 |
9,903 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
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At 31 December 2023 |
99,671 |
57,000 |
47,954 |
204,625 |
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|
|
|
|
_______ |
_______ |
_______ |
_______ |
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Carrying amount |
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|
|
|
|
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|
At 31 December 2023 |
- |
1,725 |
3,657 |
5,382 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
At 31 December 2022 |
4,511 |
2,217 |
7,153 |
13,881 |
|
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
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6.
Debtors
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade debtors |
|
1,114,447 |
1,335,265 |
|
Amounts owed by a group undertaking |
|
279,476 |
279,476 |
|
VAT |
|
5,199 |
5,000 |
|
Other debtors & prepayments |
|
17,685 |
10,861 |
|
|
|
_______ |
_______ |
|
|
|
1,416,807 |
1,630,602 |
|
|
|
_______ |
_______ |
|
|
|
|
|
7.
Creditors: amounts falling due within one year
|
|
|
2023 |
2022 |
|
|
|
£ |
£ |
|
Trade creditors |
|
703,581 |
1,047,195 |
|
Corporation tax |
|
235,771 |
248,480 |
|
Director's loan account |
|
4,047 |
6,730 |
|
Other creditors & accruals |
|
51,064 |
63,856 |
|
|
|
_______ |
_______ |
|
|
|
994,463 |
1,366,261 |
|
|
|
_______ |
_______ |
|
|
|
|
|
8.
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 |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Gary &
Tracey Stewart |
(
6,730) |
80,683 |
(
78,000) |
(
4,047) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
2022 |
|
|
|
|
|
|
|
|
|
Balance brought forward |
Advances /(credits) to the directors |
Amounts repaid |
Balance o/standing |
|
|
|
|
£ |
£ |
£ |
£ |
|
|
|
Gary &
Tracey Stewart |
(
2,692) |
73,962 |
(
78,000) |
(
6,730) |
|
|
|
|
_______ |
_______ |
_______ |
_______ |
|
|
|
|
|
|
|
|
|
|
9.
Controlling party
Quay Cargo Services Limited
is a 100% subsidiary of Quay Holdings Limited, a holding company incorporated in Northern Ireland. Quay Holdings Limited is controlled by the directors.