REGISTERED NUMBER: 01566906 (England and Wales) |
Quinta Raddison Limited |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the year ended |
31 December 2023 |
REGISTERED NUMBER: 01566906 (England and Wales) |
Quinta Raddison Limited |
Group Strategic Report, |
Report of the Directors and |
Consolidated Financial Statements |
for the year ended |
31 December 2023 |
Quinta Raddison Limited (Registered number: 01566906) |
Contents of the Consolidated Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Group Strategic Report | 2 | to | 3 |
Report of the Directors | 4 | to | 5 |
Report of the Independent Auditors | 6 | to | 8 |
Consolidated Income Statement | 9 |
Consolidated Other Comprehensive Income | 10 |
Consolidated Balance Sheet | 11 |
Company Balance Sheet | 12 |
Consolidated Statement of Changes in Equity | 13 |
Company Statement of Changes in Equity | 14 |
Consolidated Cash Flow Statement | 15 |
Notes to the Consolidated Cash Flow Statement | 16 |
Notes to the Consolidated Financial Statements | 17 | to | 28 |
Quinta Raddison Limited |
Company Information |
for the year ended 31 December 2023 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
Statutory Auditor |
8 Hopper Way |
Diss |
Norfolk |
IP22 4GT |
Quinta Raddison Limited (Registered number: 01566906) |
Group Strategic Report |
for the year ended 31 December 2023 |
The directors present their strategic report of the company and the group for the year ended 31 December 2023. |
REVIEW OF BUSINESS |
2023 was an extremely successful year for the business building on the return to growth in 2022. The year continued to have its challenges with the impacts of the war in Ukraine and the Israel-Gaza War. Material costs continued to increase but at a slower pace than 2022. |
Delivery times normalised in 2023 enabling us to reduce our work in progress and boosting turnover by 18% to £54m. Gross Margin reduced slightly to 21.74% mainly due to the strengthening of GBP against the USD and Euro. Net assets increased by 14%. The increase in turnover was seen across most markets and sectors, but particularly the Middle East and Asia. |
Much of the increase in administration costs was due to inflation and a significant increase in director's remuneration. The business recorded a pre-tax profit of £4.35m. Our key performance indicators are turnover, gross profit and net assets, which all increased again in 2023. The value of outstanding orders is a key indicator to assess the progress of the business. The group ended the year with outstanding orders of £17m, a small reduction from £18m in 2022, due to a reduction in delivery times. |
On 2 February 2023 Quinta Raddison Ltd were awarded their certificate of registration, ISO 9001:2015-certified quality management system. An internationally recognised standard that ensures we meet the needs of our clients through an effective quality management system. |
On 10 February 2023 the group rented a separate warehouse in Severalls Industrial Park, Colchester and employed 2 new warehouse staff. The new facility allows material to be inspected by Quinta Raddison personnel improving quality control. It also reduces delays in delivery, which is reflected in the increased turnover and reduction in WIP. |
PRINCIPAL RISKS AND UNCERTAINTIES |
The directors are responsible for managing significant financial risks to which the group may be exposed. The group has a level of exposure to foreign exchange fluctuations and also some exposure to credit risk. The directors review all large foreign currency transactions and take out forward currency contracts when they consider it is appropriate to do so. In order to mitigate exposure to credit risk, the group continues to only trade directly with end users and does not use intermediaries. |
Another risk associated with being a global business is that of a political nature. The group takes every precaution to ensure that we only operate in appropriate jurisdictions, but it is always possible that instability, particularly in parts of the Middle East, could have an impact on the business. The company's success depends upon its personnel. There is a risk that the company will not be able to retain and attract the services of qualified personnel. |
The group regularly engages with their staff and believes that as a profitable growing group it can provide the opportunities that will enable retention and recruitment of suitable personnel. |
SECTION 172(1) STATEMENT |
Quinta Raddison is a procurement specialist for a wide range of sectors and trades globally. Quinta Raddison depends on the trust and confidence of its stakeholders to operate sustainably in the long terms. It seeks to put its customers best interest first, invest in its employees, support the communities in which it operates and strives to generate sustainable profits for its shareholders. |
The directors of the group have acted in accordance with their duties codified in law, having regard to the stakeholders and matters set out in section 172 of the Companies Act 2006. |
The directors consider the likely consequences of any decision in the long-term. |
The directors and management operate the business in a responsible manner with the aim of ensuring that the group maintains a reputation of high standards business conduct and good governance. |
FINANCIAL INSTRUMENTS |
The group has a level of exposure to foreign exchange rate fluctuations and therefore from time to time takes out forward currency contracts. |
POST BALANCE SHEET EVENTS |
In June 2024 solar panels were installed at our offices in Langham, which are expected to generate 31506 kWh over a typical year. 32% (9937 kWh) of the electricity generated is expected to be used directly in the property. The remaining generation (21570 kWh) is exported to the grid. Over the course of the year a total of 20163 kWh is expected to be imported to the offices. |
FUTURE DEVELOPMENTS |
The group currently has no immediate plans, although the purchase of a warehouse and investing in an automation company are under consideration. |
BRANCHES |
The group has operating branches in Australia, Germany and South Africa. |
Quinta Raddison Limited (Registered number: 01566906) |
Group Strategic Report |
for the year ended 31 December 2023 |
NON FINANCIAL KEY PERFORMANCE INDICATORS |
Non-Financial KPI's were in-line with expectations. Customer feedback during visits remained positive and on time delivery improved by 2.5%. New clients increased by 64 (76 in 2022) and we had 68 (46 in 2022) lapsed clients. The vast majority of lapsed clients had only placed smaller one-off orders. Our order to enquiry ratio deteriorated by 7% after an improvement of 5% in 2022. |
ON BEHALF OF THE BOARD: |
9 September 2024 |
Quinta Raddison Limited (Registered number: 01566906) |
Report of the Directors |
for the year ended 31 December 2023 |
The directors present their report with the financial statements of the company and the group for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of exporting engineering equipment and associated products. |
DIVIDENDS |
Interim dividends per share were paid as follows: |
£100 | - 20 January 2023 |
£100 | - 24 February 2023 |
£100 | - 24 March 2023 |
£100 | - 25 April 2023 |
£3,289.50 | - 27 April 2023 |
£3,289.50 | - 2 May 2023 |
£6,979 |
The directors recommend that no final dividend be paid. |
The total distribution of dividends for the year ended 31 December 2023 will be £ 530,404 . |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Other changes in directors holding office are as follows: |
FINANCIAL INSTRUMENTS |
Exposure to foreign currency and credit risks arises in the normal course of the group's business. These risks are limited by the group's financial management policies and practices as described below. |
Foreign currency risk |
The company is exposed to foreign currency risk due to its overseas customer base. The group limits the exposure by maintaining bank accounts and funds in frequently used currencies and with the occasional use of forward contracts. |
Credit risk |
The group is at risk from its customers defaulting in making payments for goods that have been supplied to them. To minimise this risk, the group has a policy of only trading with customers who are end users and do not sell through intermediaries. In addition, the majority of customers are large and well established multinational companies, or are government-owned. The group's exposure and its customers' creditworthiness are continually monitored so that any potential problems are detected at an early stage. At the end of the reporting date, the directors did not consider that the group was exposed to any significant credit risk in respect of trade receivables. |
Price risk |
The group is at risk from fluctuations in commodity prices and the impact these have on its customers' income stream and hence buying power. This risk is minimised by dealing with well established plants which have an ongoing requirement for equipment and spares despite such fluctuations. |
Liquidity and cash flow risk |
The directors have ultimate responsibility for liquidity risk management in maintaining adequate reserves, banking facilities and reserve borrowing facilities. They do this by continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. |
Interest rate risk |
The group has no significant exposure to interest rate risk through the impact of rate changes on interest-bearing borrowings as it has no significant interest bearing liabilities.In the opinion of the directors, it has no significant exposure to interest rate risk on its interest bearing assets as the majority of these are with reliable banks. |
Quinta Raddison Limited (Registered number: 01566906) |
Report of the Directors |
for the year ended 31 December 2023 |
STATEMENT OF DIRECTORS' RESPONSIBILITIES |
The directors are responsible for preparing the Group Strategic Report, the Report of the Directors and the financial statements in accordance with applicable law and regulations. |
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the group and of the profit or loss of the group for that period. In preparing these financial statements, the directors are required to: |
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- | state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business. |
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's and the group's transactions and disclose with reasonable accuracy at any time the financial position of the company and the group and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the directors are aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the group's auditors are unaware, and each director has taken all the steps that he or she ought to have taken as a director in order to make himself or herself aware of any relevant audit information and to establish that the group's auditors are aware of that information. |
AUDITORS |
The auditors, Haines Watts, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
ON BEHALF OF THE BOARD: |
Report of the Independent Auditors to the Members of |
Quinta Raddison Limited |
Opinion |
We have audited the financial statements of Quinta Raddison Limited (the 'parent company') and its subsidiaries (the 'group') for the year ended 31 December 2023 which comprise the Consolidated Income Statement, Consolidated Other Comprehensive Income, Consolidated Balance Sheet, Company Balance Sheet, Consolidated Statement of Changes in Equity, Company Statement of Changes in Equity, Consolidated Cash Flow Statement and Notes to the Consolidated Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice). |
In our opinion the financial statements: |
- | give a true and fair view of the state of the group's and of the parent company affairs as at 31 December 2023 and of the group's profit for the year then ended; |
- | have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
Basis for opinion |
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. |
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group's and the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. |
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report. |
Other information |
The directors are responsible for the other information. The other information comprises the information in the Group Strategic Report and the Report of the Directors, but does not include the financial statements and our Report of the Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Group Strategic Report and the Report of the Directors for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Group Strategic Report and the Report of the Directors have been prepared in accordance with applicable legal requirements. |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Report of the Directors. |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: |
- | adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or |
- | the parent company financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of directors' remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Report of the Independent Auditors to the Members of |
Quinta Raddison Limited |
Responsibilities of directors |
As explained more fully in the Statement of Directors' Responsibilities set out on page five, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. |
In preparing the financial statements, the directors are responsible for assessing the group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the group or the parent company or to cease operations, or have no realistic alternative but to do so. |
Auditors' responsibilities for the audit of the financial statements |
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. |
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: |
- We have performed our own assessment of the susceptibility of the financial statements to material misstatement, including how fraud might occur, and concentrated our audit work in these areas to detect any material misstatements which may exist. |
- We had a planning meeting with management prior to performing the audit, to establish the laws and regulations which are significant to the company, and to obtain an understanding of the entity's policies and procedures to ensure compliance with these laws and regulation, including enquiring into any instances of non-compliance. |
- We had a planning meeting with management prior to performing the audit, to obtain an understanding of the entities policies and procedures on fraud risk, including knowledge of any actual, suspected or alleged fraud, as well as considering managements assessment of the susceptibility of the financial statements to fraud. |
- We have performed preliminary analytical procedures to identify any unusual or unexpected relationships that may indicate an increased risk of material misstatement as a result of fraud |
- We have performed substantive testing of a sample of journal entries made in the year in order to address the risk of fraud due to management override of controls. |
- We have performed substantive testing of all material year end balances, and also performed substantive testing of other transactions during the year and of other year end balances. |
- We performed walk-through tests of sales, purchases, payroll, VAT and bank systems to ensure that systems operated as documented. |
- The engagement team was selected to ensure that they collectively had the appropriate competences and capabilities to identify and recognise non-compliance with laws and regulations. We have communicated relevant identified laws and regulations and potential fraud risks to all engagement team members, and remained alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
Our audit did not identify any matters relating to the detection of irregularities including fraud. |
However, because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors. |
Report of the Independent Auditors to the Members of |
Quinta Raddison Limited |
Use of our report |
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditor |
8 Hopper Way |
Diss |
Norfolk |
IP22 4GT |
Quinta Raddison Limited (Registered number: 01566906) |
Consolidated Income Statement |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
TURNOVER | 4 | 54,028,979 | 45,665,403 |
Cost of sales | 42,281,379 | 34,914,185 |
GROSS PROFIT | 11,747,600 | 10,751,218 |
Administrative expenses | 7,709,306 | 6,074,363 |
4,038,294 | 4,676,855 |
Other operating income | 134 | 8,638 |
OPERATING PROFIT | 4,038,428 | 4,685,493 |
Interest receivable and similar income | 311,607 | 90,935 |
4,350,035 | 4,776,428 |
Interest payable and similar expenses | 6 | 3,909 | - |
PROFIT BEFORE TAXATION | 7 | 4,346,126 | 4,776,428 |
Tax on profit | 8 | 965,572 | 768,804 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 3,378,770 | 4,006,774 |
Non-controlling interests | 1,784 | 850 |
3,380,554 | 4,007,624 |
Quinta Raddison Limited (Registered number: 01566906) |
Consolidated Other Comprehensive Income |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
PROFIT FOR THE YEAR | 3,380,554 | 4,007,624 |
OTHER COMPREHENSIVE INCOME |
Foreign exchange reserve movement | (17,730 | ) | (162,944 | ) |
Income tax relating to other comprehensive income | - | - |
OTHER COMPREHENSIVE INCOME FOR THE YEAR, NET OF INCOME TAX |
(17,730 |
) |
(162,944 |
) |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR | 3,362,824 | 3,844,680 |
Total comprehensive income attributable to: |
Owners of the parent | 3,361,040 | 3,844,680 |
Non-controlling interests | 1,784 | - |
3,362,824 | 3,844,680 |
Quinta Raddison Limited (Registered number: 01566906) |
Consolidated Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 11 | 1,557,953 | 1,442,245 |
Investments | 12 |
Interest in joint venture |
Share of gross assets | 11,122 | 11,122 |
11,122 | 11,122 |
Interest in associate | 3,772 | 3,772 |
1,572,847 | 1,457,139 |
CURRENT ASSETS |
Stocks | 13 | 2,910,368 | 2,401,146 |
Debtors | 14 | 9,997,538 | 9,033,826 |
Cash at bank | 14,595,982 | 13,121,808 |
27,503,888 | 24,556,780 |
CREDITORS |
Amounts falling due within one year | 15 | (6,248,628 | ) | (6,029,707 | ) |
NET CURRENT ASSETS | 21,255,260 | 18,527,073 |
TOTAL ASSETS LESS CURRENT LIABILITIES | 22,828,107 | 19,984,212 |
PROVISIONS FOR LIABILITIES | 17 | (27,580 | ) | (16,105 | ) |
NET ASSETS | 22,800,527 | 19,968,107 |
CAPITAL AND RESERVES |
Called up share capital | 18 | 76 | 76 |
Revaluation reserve | 19 | 27,100 | 27,100 |
Capital redemption reserve | 19 | 24 | 24 |
Other reserves | 19 | - | 17,730 |
Retained earnings | 19 | 22,770,558 | 19,922,192 |
SHAREHOLDERS' FUNDS | 22,797,758 | 19,967,122 |
NON-CONTROLLING INTERESTS | 2,769 | 985 |
TOTAL EQUITY | 22,800,527 | 19,968,107 |
The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2024 and were signed on its behalf by: |
Mr A J Muir - Director |
Mrs S R Muir - Director |
Quinta Raddison Limited (Registered number: 01566906) |
Company Balance Sheet |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 11 |
Investments | 12 |
CURRENT ASSETS |
Stocks | 13 |
Debtors | 14 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 15 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES | 17 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 18 |
Revaluation reserve | 19 |
Capital redemption reserve | 19 |
Retained earnings | 19 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | 3,163,357 | 4,113,517 |
The financial statements were approved by the Board of Directors and authorised for issue on |
Quinta Raddison Limited (Registered number: 01566906) |
Consolidated Statement of Changes in Equity |
for the year ended 31 December 2023 |
Called up | Capital |
share | Retained | Revaluation | redemption |
capital | earnings | reserve | reserve |
£ | £ | £ | £ |
Balance at 1 January 2022 | 76 | 17,006,626 | 27,100 | 24 |
Changes in equity |
Dividends | - | (1,091,208 | ) | - | - |
Total comprehensive income | - | 4,006,774 | - | - |
Balance at 31 December 2022 | 76 | 19,922,192 | 27,100 | 24 |
Changes in equity |
Dividends | - | (530,404 | ) | - | - |
Total comprehensive income | - | 3,378,770 | - | - |
Balance at 31 December 2023 | 76 | 22,770,558 | 27,100 | 24 |
Other | Non-controlling | Total |
reserves | Total | interests | equity |
£ | £ | £ | £ |
Balance at 1 January 2022 | 180,674 | 17,214,500 | 985 | 17,215,485 |
Changes in equity |
Dividends | - | (1,091,208 | ) | - | (1,091,208 | ) |
Total comprehensive income | (162,944 | ) | 3,843,830 | - | 3,843,830 |
Balance at 31 December 2022 | 17,730 | 19,967,122 | 985 | 19,968,107 |
Changes in equity |
Dividends | - | (530,404 | ) | - | (530,404 | ) |
Total comprehensive income | (17,730 | ) | 3,361,040 | 1,784 | 3,362,824 |
Balance at 31 December 2023 | - | 22,797,758 | 2,769 | 22,800,527 |
Quinta Raddison Limited (Registered number: 01566906) |
Company Statement of Changes in Equity |
for the year ended 31 December 2023 |
Called up | Capital |
share | Retained | Revaluation | redemption | Total |
capital | earnings | reserve | reserve | equity |
£ | £ | £ | £ | £ |
Balance at 1 January 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2022 |
Changes in equity |
Dividends | - | ( |
) | - | - | ( |
) |
Total comprehensive income | - |
Balance at 31 December 2023 |
Quinta Raddison Limited (Registered number: 01566906) |
Consolidated Cash Flow Statement |
for the year ended 31 December 2023 |
2023 | 2022 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | 2,883,561 | 4,393,215 |
Interest paid | (3,909 | ) | - |
Tax paid | (998,637 | ) | (684,320 | ) |
Net cash from operating activities | 1,881,015 | 3,708,895 |
Cash flows from investing activities |
Purchase of tangible fixed assets | (188,044 | ) | (14,596 | ) |
Interest received | 311,607 | 90,935 |
Net cash from investing activities | 123,563 | 76,339 |
Cash flows from financing activities |
Equity dividends paid | (530,404 | ) | (1,091,208 | ) |
Net cash from financing activities | (530,404 | ) | (1,091,208 | ) |
Increase in cash and cash equivalents | 1,474,174 | 2,694,026 |
Cash and cash equivalents at beginning of year | 2 | 13,121,808 | 10,427,782 |
Cash and cash equivalents at end of year | 2 | 14,595,982 | 13,121,808 |
Quinta Raddison Limited (Registered number: 01566906) |
Notes to the Consolidated Cash Flow Statement |
for the year ended 31 December 2023 |
1. | RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS |
2023 | 2022 |
£ | £ |
Profit before taxation | 4,346,126 | 4,776,428 |
Depreciation charges | 72,336 | 79,148 |
Loss on disposal of fixed assets | - | 498 |
Foreign exchange translation | (17,730 | ) | (150,143 | ) |
Finance costs | 3,909 | - |
Finance income | (311,607 | ) | (90,935 | ) |
4,093,034 | 4,614,996 |
Increase in stocks | (509,222 | ) | (233,689 | ) |
Increase in trade and other debtors | (963,712 | ) | (1,657,195 | ) |
Increase in trade and other creditors | 263,461 | 1,669,103 |
Cash generated from operations | 2,883,561 | 4,393,215 |
2. | CASH AND CASH EQUIVALENTS |
The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts: |
Year ended 31 December 2023 |
31.12.23 | 1.1.23 |
£ | £ |
Cash and cash equivalents | 14,595,982 | 13,121,808 |
Year ended 31 December 2022 |
31.12.22 | 1.1.22 |
£ | £ |
Cash and cash equivalents | 13,121,808 | 10,427,782 |
3. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.1.23 | Cash flow | At 31.12.23 |
£ | £ | £ |
Net cash |
Cash at bank | 13,121,808 | 1,474,174 | 14,595,982 |
13,121,808 | 1,474,174 | 14,595,982 |
Total | 13,121,808 | 1,474,174 | 14,595,982 |
Quinta Raddison Limited (Registered number: 01566906) |
Notes to the Consolidated Financial Statements |
for the year ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Quinta Raddison Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Basis of consolidation |
The group's accounts have been consolidated using the acquisition method. |
Quinta Raddison (Thailand) Company limited has been consolidated as a subsidiary because Quinta Raddison Limited is the dominant influence. |
Joint ventures |
Quinta Raddison Japan Co. Ltd, a joint venture company, has not been included in the consolidation because it was dormant throughout the accounting period. |
Associates |
Quinta Raddison Phils. Inc, an associate company, has not been included in the consolidation because its results are immaterial to the group |
Related party exemption |
The group has taken advantage of the exemption under the terms of FRS 102 not to disclose related party transactions with wholly owned subsidiaries within the group. Transactions between group entities which have been eliminated on consolidation are not disclosed within the financial statements. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Revenue from the sale of goods is recognised when the goods are delivered and the legal title is passed. |
Tangible fixed assets |
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
Freehold property - 4% on cost of buildings, 0% on land |
Improvements to property - 4% or 10% on reducing balance |
Plant and machinery - 25% on reducing balance or up to 100% in the USA |
Land and buildings are stated in the statement of financial position at their revalued amounts as at the year 2000. The revalued amounts equate to the fair value at the date of revaluation. The group has elected to treat the revalued amounts as deemed cost under the transition exemption of FRS 102, section 35.10. |
Stocks |
Stocks comprise goods in transit. They are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Short term debtors are measured at transaction price, less any impairment. |
Short term creditors are measured at transaction price. |
Quinta Raddison Limited (Registered number: 01566906) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable for the year are charged to profit or loss in the period to which they relate. |
4. | TURNOVER |
The turnover and profit before taxation are attributable to the one principal activity of the group. |
An analysis of turnover by geographical market is given below: |
2023 | 2022 |
£ | £ |
South America | 1,499,980 | 1,540,818 |
Australia and New Zealand | 2,729,196 | 2,608,367 |
Middle East and Asia | 46,221,713 | 38,652,785 |
Africa | 3,578,090 | 2,863,433 |
54,028,979 | 45,665,403 |
5. | EMPLOYEES AND DIRECTORS |
2023 | 2022 |
£ | £ |
Wages and salaries | 6,126,637 | 4,862,740 |
Social security costs | 444,391 | 319,980 |
Other pension costs | 161,182 | 145,047 |
6,732,210 | 5,327,767 |
The average number of employees during the year was as follows: |
2023 | 2022 |
Sales Engineers | 42 | 40 |
Office | 40 | 39 |
Management | 13 | 13 |
Quinta Raddison Limited (Registered number: 01566906) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
5. | EMPLOYEES AND DIRECTORS - continued |
2023 | 2022 |
£ | £ |
Directors' remuneration | 1,569,231 | 803,125 |
Directors' pension contributions to money purchase schemes | 10,350 | 3,600 |
The number of directors to whom retirement benefits were accruing was as follows: |
Money purchase schemes | 2 | 2 |
Information regarding the highest paid director is as follows: |
2023 | 2022 |
£ | £ |
Emoluments etc | 691,397 | 664,254 |
Pension contributions to money purchase schemes | 7,750 | 1,000 |
6. | INTEREST PAYABLE AND SIMILAR EXPENSES |
2023 | 2022 |
£ | £ |
Bank interest | 1,669 | - |
Other interest | 2,240 | - |
3,909 | - |
7. | PROFIT BEFORE TAXATION |
The profit is stated after charging/(crediting): |
2023 | 2022 |
£ | £ |
Depreciation - owned assets | 72,336 | 79,148 |
Loss on disposal of fixed assets | - | 498 |
Auditors' remuneration | 10,900 | 10,900 |
Foreign exchange differences | 307,624 | (481,654 | ) |
Other operating lease payments | 27,200 | - |
Non-audit fees paid to the auditor in respect of taxation compliance services | 1,200 | 1,200 |
Non-audit fees paid to the auditor in respect of other services | 6,200 | 6,200 |
8. | TAXATION |
Analysis of the tax charge |
The tax charge on the profit for the year was as follows: |
2023 | 2022 |
£ | £ |
Current tax: |
UK corporation tax | 873,464 | 932,270 |
Tax under/(over) provision | (3,301 | ) | (166,839 | ) |
Foreign corporation tax | 83,934 | 3,301 |
Total current tax | 954,097 | 768,732 |
Deferred tax | 11,475 | 72 |
Tax on profit | 965,572 | 768,804 |
UK corporation tax has been charged at 23.52 % (2022 - 19 %). |
Quinta Raddison Limited (Registered number: 01566906) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
8. | TAXATION - continued |
Reconciliation of total tax charge included in profit and loss |
The tax assessed for the year is lower than the standard rate of corporation tax in the UK. The difference is explained below: |
2023 | 2022 |
£ | £ |
Profit before tax | 4,346,126 | 4,776,428 |
Profit multiplied by the standard rate of corporation tax in the UK of 23.600 % (2022 - 19 %) | 1,025,686 | 907,521 |
Effects of: |
Expenses not deductible for tax purposes | 7,567 | 385 |
Capital allowances in excess of depreciation | (16,422 | ) | - |
Depreciation in excess of capital allowances | - | 4,244 |
Adjustments to tax charge in respect of previous periods | - | (166,839 | ) |
Adjustment in respect of foreign tax rates | (51,259 | ) | - |
Adjustment in respect of foreign taxes | - | 23,420 |
Timing difference: accelerated capital allowances | - | 73 |
Total tax charge | 965,572 | 768,804 |
Tax effects relating to effects of other comprehensive income |
2023 |
Gross | Tax | Net |
£ | £ | £ |
Foreign exchange reserve movement | (17,730 | ) | - | (17,730 | ) |
2022 |
Gross | Tax | Net |
£ | £ | £ |
Foreign exchange | (162,944 | ) | - | (162,944 | ) |
9. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Statement of Comprehensive Income of the parent company is not presented as part of these financial statements. |
10. | DIVIDENDS |
2023 | 2022 |
£ | £ |
Ordinary shares of £1 each |
Interim | 530,404 | 1,091,208 |
Quinta Raddison Limited (Registered number: 01566906) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
11. | TANGIBLE FIXED ASSETS |
Group |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 1,730,468 | 76,541 | 134,842 |
Additions | 63,056 | 6,949 | 90,088 |
At 31 December 2023 | 1,793,524 | 83,490 | 224,930 |
DEPRECIATION |
At 1 January 2023 | 383,837 | 31,044 | 88,544 |
Charge for year | 46,455 | 2,732 | 15,719 |
At 31 December 2023 | 430,292 | 33,776 | 104,263 |
NET BOOK VALUE |
At 31 December 2023 | 1,363,232 | 49,714 | 120,667 |
At 31 December 2022 | 1,346,631 | 45,497 | 46,298 |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
COST OR VALUATION |
At 1 January 2023 | 43,480 | 3,058 | 1,988,389 |
Additions | 27,939 | 12 | 188,044 |
At 31 December 2023 | 71,419 | 3,070 | 2,176,433 |
DEPRECIATION |
At 1 January 2023 | 39,756 | 2,963 | 546,144 |
Charge for year | 7,353 | 77 | 72,336 |
At 31 December 2023 | 47,109 | 3,040 | 618,480 |
NET BOOK VALUE |
At 31 December 2023 | 24,310 | 30 | 1,557,953 |
At 31 December 2022 | 3,724 | 95 | 1,442,245 |
Cost or valuation at 31 December 2023 is represented by: |
Improvements |
Freehold | to | Plant and |
property | property | machinery |
£ | £ | £ |
Valuation in 2000 | 186,000 | - | - |
Cost | 1,607,524 | 83,490 | 224,930 |
1,793,524 | 83,490 | 224,930 |
Quinta Raddison Limited (Registered number: 01566906) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Group |
Fixtures |
and | Computer |
fittings | equipment | Totals |
£ | £ | £ |
Valuation in 2000 | - | - | 186,000 |
Cost | 71,419 | 3,070 | 1,990,433 |
71,419 | 3,070 | 2,176,433 |
If land and buildings had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 110,825 | 110,825 |
Aggregate depreciation | 41,058 | 40,058 |
Value of land in freehold land and buildings | 97,028 | 97,028 |
Land and buildings were valued on an open market basis basis on 31 December 2000 by Nicholas Percival FRICS - Surveyors . |
Company |
Improvements |
Freehold | to | Plant and |
property | property | machinery | Totals |
£ | £ | £ | £ |
COST OR VALUATION |
At 1 January 2023 |
Additions |
At 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Cost or valuation at 31 December 2023 is represented by: |
Improvements |
Freehold | to | Plant and |
property | property | machinery | Totals |
£ | £ | £ | £ |
Valuation in 2000 | 186,000 | - | - | 186,000 |
Cost | 904,395 | 83,490 | 224,931 | 1,212,816 |
1,090,395 | 83,490 | 224,931 | 1,398,816 |
Quinta Raddison Limited (Registered number: 01566906) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
11. | TANGIBLE FIXED ASSETS - continued |
Company |
If land and buildings had not been revalued they would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 110,825 | 110,825 |
Aggregate depreciation | 41,058 | 40,058 |
Value of land in freehold land and buildings | 97,028 | 97,028 |
Land and buildings were valued on an open market basis on 31 December 2000 by Nicholas Percival FRICS - Surveyors . |
12. | FIXED ASSET INVESTMENTS |
Group |
Interest | Interest |
in joint | in |
venture | associate | Totals |
£ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 | 11,122 | 3,772 | 14,894 |
NET BOOK VALUE |
At 31 December 2023 | 11,122 | 3,772 | 14,894 |
At 31 December 2022 | 11,122 | 3,772 | 14,894 |
Company |
Shares in | Interest | Interest |
group | in joint | in |
undertakings | venture | associate | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 | 30,476 |
NET BOOK VALUE |
At 31 December 2023 | 30,476 |
At 31 December 2022 | 30,476 |
Quinta Raddison Limited (Registered number: 01566906) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
Registered office: 1521 Wallingford Road, Springfield, PA 19064, United States of America. |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) |
Profit/(loss) for the year | ( |
) |
Quinta Raddison Inc is included in the consolidated accounts. |
Registered office: 240/6, 11th floor Ayodhaya Tower Soi Ratchadapisek 18 Ratchadapisek Road, Huai Khwang, Bangkok 10310, Thailand. |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit for the year |
Quinta Raddison (Thailand) Company Limited is included in the consolidated accounts. |
Registered office: 1207 Ace High Tech, 48 Centrum Jungang-ro, Haeundae-Gu, Busan, Korea |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit for the year |
Quinta Raddison LLC is included within the consolidated accounts. |
Joint venture |
Registered office: 1-27, 1-chome, Hyogo-cho, Hyogo-ku, Kobe, Japan |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
The company was dormant throughout the period to 31 December 2023. |
Quinta Raddison Limited (Registered number: 01566906) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
12. | FIXED ASSET INVESTMENTS - continued |
Associated company |
Registered office: Unit 710, 7th Floor, Prestige Tower Condominium, F. Ortigas Jr. Road, Ortigas Center, Pasig City,Philippines. |
Nature of business: |
% |
Class of shares: | holding |
2023 | 2022 |
£ | £ |
Aggregate capital and reserves |
Profit/(loss) for the year | ( |
) |
The above figures represent the company's 35% share of the associate's reserves and profit/(loss). |
All subsidiaries, joint ventures and associate companies in the group have the same reporting date as the company. |
13. | STOCKS |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Goods in transit | 2,910,368 | 2,401,146 |
14. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade debtors | 9,374,198 | 8,453,847 |
Amounts owed by group undertakings | - | - |
Amounts owed by associates | 3,148 | - |
Other debtors | 3,046 | 5,202 |
VAT | 340,491 | 413,416 |
Accrued income | 138,932 | 59,043 |
Prepayments | 137,723 | 102,318 |
9,997,538 | 9,033,826 |
15. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Trade creditors | 4,386,240 | 4,509,038 |
Amounts owed to group undertakings | - | - |
Taxation | 487,730 | 532,270 |
Social security and other taxes | 499,320 | 401,280 |
Other creditors | 185,040 | 129,782 |
Directors' current accounts | 2,305 | 2,305 | 2,305 | 2,305 |
Accrued expenses | 687,993 | 455,032 |
6,248,628 | 6,029,707 |
Quinta Raddison Limited (Registered number: 01566906) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
16. | SECURED DEBTS |
Group and company |
On 5 January 1990, a legal charge over the freehold property was taken by Barclays Bank PLC in connection with the provision of overdraft facilities which the company may utilise from time to time. |
Barclays Bank PLC has a debenture dated 15 November 1982 on all property and assets present and future including goodwill and book debts, uncalled capital and all fixtures, plant and machinery. |
17. | PROVISIONS FOR LIABILITIES |
Group | Company |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Deferred tax | 27,580 | 16,105 | 27,580 | 16,105 |
Group |
Deferred |
tax |
£ |
Balance at 1 January 2023 | 16,105 |
Accelerated capital allowances | 6,389 |
Change in tax rates | 5,086 |
Balance at 31 December 2023 | 27,580 |
Company |
Deferred |
tax |
£ |
Balance at 1 January 2023 |
Accelerated capital allowances | 6,389 |
Change in tax rates | 5,086 |
Balance at 31 December 2023 |
18. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 76 | 76 |
19. | RESERVES |
Group |
Capital |
Retained | Revaluation | redemption | Other |
earnings | reserve | reserve | reserves | Totals |
£ | £ | £ | £ | £ |
At 1 January 2023 | 19,922,192 | 27,100 | 24 | 17,730 | 19,967,046 |
Profit for the year | 3,378,770 | 3,378,770 |
Dividends | (530,404 | ) | (530,404 | ) |
Foreign exchange translation | - | - | - | (17,730 | ) | (17,730 | ) |
At 31 December 2023 | 22,770,558 | 27,100 | 24 | - | 22,797,682 |
Quinta Raddison Limited (Registered number: 01566906) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
19. | RESERVES - continued |
Company |
Capital |
Retained | Revaluation | redemption |
earnings | reserve | reserve | Totals |
£ | £ | £ | £ |
At 1 January 2023 | 20,202,604 |
Profit for the year |
Dividends | ( |
) | ( |
) |
At 31 December 2023 | 22,835,557 |
Other reserves represents the cumulative effect of foreign exchange differences arising on consolidation. |
Retained earnings |
The Profit and Loss Account represents cumulative profits and losses net of dividends and other adjustments |
Revaluation reserve |
The Revaluations Reserves represent adjustments relating to the revaluation of the property and the purchase of own shares. |
Capital redemption reserve |
The Capital Redemption Reserve represents the nominal value of the purchase of own shares. |
Other reserves |
The Other reserves are a foreign exchange translation reserve representing the cumulative effect of foreign exchange differences arising on consolidation |
20. | CAPITAL COMMITMENTS |
2023 | 2022 |
£ | £ |
Contracted but not provided for in the |
financial statements | 170,003 | - |
21. | RELATED PARTY DISCLOSURES |
During the year, total dividends of £530,404 (2022 - £1,091,208) were paid to the directors . |
Quinta Raddison Limited (Registered number: 01566906) |
Notes to the Consolidated Financial Statements - continued |
for the year ended 31 December 2023 |
21. | RELATED PARTY DISCLOSURES - continued |
During the year remuneration of £161,666 (2022 - £117,438) was paid to family members of the directors. |
At 31 December 2023 the company owed A J Muir (director) £2,305 (2022 - £2,305). |
Quinta Raddison Phils. Inc. |
A J Muir (director) owns 5% of the share capital of Quinta Raddison Phils. Inc., and is a non-executive director of that company. |
Quinta Raddison Limited owns 35% of the share capital of Quinta Raddison Phils Inc. During the year to 31 December 2023 the following transactions were carried out between Quinta Raddison Limited and Quinta Raddison Phils Inc., an associated company of Quinta Raddison Limited: |
31.12.23 | 31.12.22 |
£ | £ |
Commission charged by Quinta Raddison Phils. Inc to |
Quinta Raddison Limited for acting as sales agent | 23,145 | 22,315 |
Sales by Quinta Raddison Limited to Quinta Raddison |
Phils., Inc. | 282,497 | 341,795 |
Loan to Quinta Raddison Phils. Inc | 3,148 | 10,281 |
Interest charged on loan to Quinta Raddison Phils. Inc | 474 | 759 |
The controlling party is A J Muir. |