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COMPANY REGISTRATION NUMBER: 01455130
J.C. Quantrell and Sons Limited
Unaudited financial statements
31 December 2023
J.C. Quantrell and Sons Limited
Statement of financial position
31 December 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
48,319
63,543
Current assets
Stocks
33,844
35,929
Debtors
6
192,926
169,182
Cash at bank and in hand
157
2,416
---------
---------
226,927
207,527
Creditors: Amounts falling due within one year
7
( 224,689)
( 184,533)
---------
---------
Net current assets
2,238
22,994
-------
-------
Total assets less current liabilities
50,557
86,537
Creditors: Amounts falling due after more than one year
8
( 14,168)
( 24,166)
Provisions
Taxation including deferred tax
( 10,117)
( 13,394)
-------
-------
Net assets
26,272
48,977
-------
-------
Capital and reserves
Called up share capital
60
60
Capital redemption reserve
50
50
Profit and loss account
26,162
48,867
-------
-------
Shareholders funds
26,272
48,977
-------
-------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 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 .
J.C. Quantrell and Sons Limited
Statement of financial position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 18 September 2024 , and are signed on behalf of the board by:
R J Quantrell
Director
Company registration number: 01455130
J.C. Quantrell and Sons 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 England and Wales. The address of the registered office is Vulcan Road South, Norwich, NR6 6AF, Norfolk.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements have been prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold Improvements
-
5% straight line
Plant and Machinery
-
10% straight line
Fixtures, Fittings and Equipment
-
10% straight line
Motor Vehicles
-
20% straight line
Computer Equipment
-
20% straight line
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
4. Employee numbers
The average number of employees during the year was 5 (2022: 5 ).
5. Tangible assets
Leasehold Improve- ments
Plant and Machinery
Fixtures, Fittings and Equipment
Motor Vehicles
Computer Equipment
Total
£
£
£
£
£
£
Cost
At 1 January 2023
109,142
595,306
105,162
34,232
34,789
878,631
Additions
790
597
323
1,710
---------
---------
---------
-------
-------
---------
At 31 December 2023
109,142
596,096
105,759
34,232
35,112
880,341
---------
---------
---------
-------
-------
---------
Depreciation
At 1 January 2023
90,506
554,554
101,227
34,232
34,569
815,088
Charge for the year
3,125
12,781
884
144
16,934
---------
---------
---------
-------
-------
---------
At 31 December 2023
93,631
567,335
102,111
34,232
34,713
832,022
---------
---------
---------
-------
-------
---------
Carrying amount
At 31 December 2023
15,511
28,761
3,648
399
48,319
---------
---------
---------
-------
-------
---------
At 31 December 2022
18,636
40,752
3,935
220
63,543
---------
---------
---------
-------
-------
---------
6. Debtors
2023
2022
£
£
Trade debtors
90,164
82,863
Prepayments and accrued income
2,724
1,480
Directors loan account
100,038
84,839
---------
---------
192,926
169,182
---------
---------
7. Creditors: Amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
50,196
10,000
Trade creditors
61,922
67,894
Accruals and deferred income
7,468
7,468
Corporation tax
31,256
22,172
Social security and other taxes
12,753
14,681
Deposits held
1,224
Other creditors
61,094
61,094
---------
---------
224,689
184,533
---------
---------
8. Creditors: Amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
14,168
24,166
-------
-------
9. 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 outstanding
£
£
£
£
The Directors
84,839
161,282
( 146,083)
100,038
-------
---------
---------
---------
2022
Balance brought forward
Advances/ (credits) to the directors
Amounts repaid
Balance outstanding
£
£
£
£
The Directors
48,229
36,610
84,839
-------
-------
----
-------
Interest was levied on all advances made to directors in excess of £10,000 at the HMRC official rate.