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Registered number: 04005400









QUINN (LONDON) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
QUINN (LONDON) LIMITED
 
 
COMPANY INFORMATION


Directors
S Quinn 
P McGrath 
P W Clement 
M Devon 
I Karim 
R Dolan (resigned 8 October 2023)
E McConville 
G O'Connor (appointed 21 March 2024)




Company secretary
Mrs M A Quinn



Registered number
04005400



Registered office
Dome House
8 Hartley Avenue

London

NW7 2HX




Independent auditors
Clay Ratnage Daffin & Co Limited
Chartered Accountants & Statutory Auditors

Suite D, The Business Centre

Faringdon Avenue

Romford

Essex

RM3 8EN




Bankers
Barclays Bank Plc
1 Churchill Place

Canary Wharf

London

E14 5HP





 
QUINN (LONDON) LIMITED
 

CONTENTS



Page
Strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Statement of comprehensive income
 
9
Balance sheet
 
10
Statement of changes in equity
 
11
Notes to the financial statements
 
12 - 24


 
QUINN (LONDON) LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

Introduction
 
The company's principal activities continued to be that of property building, refurbishment, cyclical repair and maintenance contractors.

Business review
 
The Directors consider the profit on ordinary activities to be in accordance with their expectations, after taking into account general trading conditions prevailing during the period under review, known legacy projects and the rise in inflation.
The business has seen a recent change in Management as I appointed joint Managing Directors to achieve a more robust and controlled assistance to the wider business. Although I very much remain at the helm of Quinn (London) Limited, I adopted the role of Chairman to make way for an additional layer of leadership by way of joint Managing Directors. These long-standing Senior Managers of Quinn (London) Limited will ensure the safeguarding of the business, especially given the significant growth and success of the business over the past few years, having seen the business flourish and achieve its milestone £100m turnover reported in the 2024 financial year. These vastly experienced Managing Directors will support each core function of the business, including the three Divisions by which we’re formed (Central London, Heritage and Property Services), to maintain the robustness of our operations, programmes and commercial outputs.
Whilst the construction industry sector continues to be challenging, the company has successfully continued delivering within its profitable core business.  This combined with further development within our main operating sectors of Healthcare, Education, Fire Risk Assessment and attention to Social Value has proven to be pivotal in the continued success of the business.  We continue to enjoy business with repeat clients as a direct result of the high quality we achieve via our dedicated staff and delivery teams.
Following our first Carbon Footprint measure, and our commitment to achieving the challenging target of Net Zero by 2040, we are currently on track to achieve this.  We continue with the processes introduced such as tree planting, cycle to work scheme, 100% of non-hazardous waste diverted from landfill, reduced energy consumption, solar cabins, partnering with wood recycling schemes, electric vans and the exploration of investment in peat bogs in the future, we believe with the dedication of our staff and delivery teams this is achievable.  Accredited with Planet Mark, our carbon reduction plan will be periodically reviewed and audited to assist in achieving our target.
With Social Value being an integral part of our business ethic, we are proud to have introduced further measures to enable all staff to take part in a variety of events and challenges resulting in 100’s of hours being volunteered for worthy causes.  With the help of our Social Value partners and dedicated staff, we are able to convert these hours into the planting of trees, further assisting our Net Zero target.
The company’s turnover was £100m, compared to the previous period of almost £81m. The turnover is some £3m less than budgeted due to the expansion of certain core business elements. A profit of £3.6m is reported before tax, which is in line with the Board’s expectation, and these profits will be reinvested to achieve future goals.
The projected turnover for the 2025 financial year is £116m, with an estimated return in excess of £4m before tax.  This is in line with the long-term goals of the business and the Board's expectations.

Page 1

 
QUINN (LONDON) LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Principal risks and uncertainties
 
 The directors regularly review issues, risks and uncertainties that face the company in order to plan ways to mitigate risk.
Principal risks facing the company are the cost of materials and the associated labour charges as well as exposure to current regulations, in particular Health & Safety and recently revised Building Safety Act.  
Quarterly management accounts are prepared to review the company performance and compared to forecasts by the directors. 
The pressure on global supply chains presents a supply and cost risk in conducting its contracts and completing them in a timely fashion. 

Financial key performance indicators
 
The gross profit of the company for the current period is 8.6% compared to 9% for the previous period.  The current ratio is 1.29:1 (2023 - 1.23:1) and debtor days for the year are 49 compared to 47 in the last period.

Directors' statement of compliance with duty to promote the success of the company
 
Please refer to the Directors' report for detail in this regard.


This report was approved by the board on 20 September 2024 and signed on its behalf.






Seamus Quinn
Group Chairman

Page 2

 
QUINN (LONDON) LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report 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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 of the profit or loss of the company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK 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 transactions and disclose with reasonable accuracy at any time the financial position of the company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,729,098 (2023 - £2,614,770).

The directors do not recommend the payment of a dividend.

Directors

The directors who served during the year were:

S Quinn 
P McGrath 
P W Clement 
M Devon 
I Karim 
R Dolan (resigned 8 October 2023)
E McConville 
G O'Connor (appointed 21 March 2024)

Future developments

There are no significant future developments since the financial year end which require disclosure.

Page 3

 
QUINN (LONDON) LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Directors' statement of compliance with duty to promote the success of the company

Under section 172 of the Companies Act 2006 the directors of the company have a duty to promote the success of the company for the benefit of its members as a whole.  While performing this duty the directors discuss and consider, during board meetings, the likely long term consequence of any decision that is made.  The interests of employees is also very important to the directors and any decisions made consider them as essential stakeholders of the business both in the short term and long term.  Due to the nature of the business the company is reliant on subcontractors, the wider supply chain and customers and works hard to foster positive relationships with these parties for the long term success of the company and these parties.  The operations of the company can have an impact on the communities and environment where work is undertaken and the directors always try to mitigate this impact as much as possible by thoroughly reviewing projects before work is started and actively throughout the project.  The directors ensure they maintain a reputation for high standards of business conduct and ensure all staff are aware and compliant with the Bribery Act 2010.  Finally the directors strive to act fairly between all members of company.

Greenhouse gas emissions, energy consumption and energy efficiency action

The company has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower according to the latest available statistics.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the company since the year end.

Auditors

The auditorsClay Ratnage Daffin & Co Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 20 September 2024 and signed on its behalf.
 





Seamus Quinn
Group Chairman

Page 4

 
QUINN (LONDON) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINN (LONDON) LIMITED
 

Opinion


We have audited the financial statements of Quinn (London) Limited (the 'company') for the year ended 31 May 2024, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe 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 company's affairs as at 31 May 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council'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 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 other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur 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. 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 course of 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.


Page 5

 
QUINN (LONDON) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINN (LONDON) LIMITED (CONTINUED)

Opinion 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 Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report 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 company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the 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.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 is 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 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 company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
QUINN (LONDON) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINN (LONDON) LIMITED (CONTINUED)

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 an Auditors' report 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.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:
• Obtaining an understanding of the legal and regulatory frameworks applicable to the company and the sector in    which they operate.
• Obtained an understanding of how the company are complying with those legal and regulatory frameworks by    making enquiries to the management of the company’s accounting department, and management itself.
• The susceptibility of the company’s financial statements to material misstatement caused by fraud or other     irregularities were assessed with the following procedures:
 o Identifying and assessing the design effectiveness of controls which management have in place to prevent     and detect fraud
 o Understanding how those charged with governance considered and addressed the potential for override of     controls and management biases
 o Identifying and testing journal entries, in particular any journal entries posted with unusual account      combinations
 o Assessing the extent of compliance with the relevant laws and regulations
 o Assessing the extent to which pressures existed which may have increased the risk of fraudulent revenue     recognition
Potential fraud risks that had been identified throughout the planning and commencement of the audit were communicated to the audit team. 
The inherent limitations of audit present an unavoidable risk that we, the auditors, may not have detected some material misstatements within the financial statements despite proper planning and performance of our duties as auditors. Equally, there remains a risk of the non-detection of fraud which could involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The audit procedures carried out are designed to detect material misstatements within the financial statements, and as such we take no responsibility for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.


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 Auditors' report.


Page 7

 
QUINN (LONDON) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINN (LONDON) LIMITED (CONTINUED)






Lorraine Catherine Purdy FCCA (Senior statutory auditor)
  
for and on behalf of
Clay Ratnage Daffin & Co Limited
 
Chartered Accountants
Statutory Auditors
  
Suite D, The Business Centre
Faringdon Avenue
Romford
Essex
RM3 8EN

20 September 2024
Page 8

 
QUINN (LONDON) LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
Note
£
£

  

Turnover
 4 
100,294,475
80,983,151

Cost of sales
  
(91,632,999)
(73,663,074)

Gross profit
  
8,661,476
7,320,077

Administrative expenses
  
(5,289,230)
(4,194,478)

Operating profit
  
3,372,246
3,125,599

Interest receivable and similar income
 8 
213,685
31,105

Interest payable and similar expenses
 9 
10,533
-

Profit before tax
  
3,596,464
3,156,704

Tax on profit
 10 
(867,366)
(541,934)

Profit for the financial year
  
2,729,098
2,614,770

There were no recognised gains and losses for 2024 or 2023 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 12 to 24 form part of these financial statements.

Page 9

 
QUINN (LONDON) LIMITED
REGISTERED NUMBER:04005400

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 11 
218,243
244,443

Current assets
  

Debtors: amounts falling due after more than one year
 13 
23,000
23,000

Debtors: amounts falling due within one year
 13 
32,659,987
25,589,166

Cash at bank and in hand
 14 
6,514,463
7,170,808

  
39,197,450
32,782,974

Creditors: amounts falling due within one year
 15 
(30,344,656)
(26,734,132)

Net current assets
  
 
 
8,852,794
 
 
6,048,842

Provisions for liabilities
  

Deferred tax
 16 
(48,654)
-

Net assets
  
9,022,383
6,293,285


Capital and reserves
  

Called up share capital 
 17 
5,000
5,000

Profit and loss account
 18 
9,017,383
6,288,285

  
9,022,383
6,293,285


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 20 September 2024.






S Quinn
Director

The notes on pages 12 to 24 form part of these financial statements.

Page 10

 
QUINN (LONDON) LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 June 2023
5,000
6,288,285
6,293,285


Comprehensive income for the year

Profit for the year
-
2,729,098
2,729,098


At 31 May 2024
5,000
9,017,383
9,022,383


The notes on pages 12 to 24 form part of these financial statements.



 


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 June 2022
5,000
3,673,515
3,678,515


Comprehensive income for the year

Profit for the year
-
2,614,770
2,614,770


At 31 May 2023
5,000
6,288,285
6,293,285


The notes on pages 12 to 24 form part of these financial statements.

Page 11

 
QUINN (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Quinn (London) Limited is a private company limited by shares, incorporated in England, United Kingdom. The address of the registered office is Dome House, 8 Hartley Avenue, London, NW7 2HX. The registered office is also the company's principal place of business.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

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

The financial information in the accounts is rounded to the nearest £1.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Quinn Investment Holdings (London) Limited as at year ended 31 May 2024 and these financial statements may be obtained from the registered office.

 
2.3

Revenue

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

Rendering of services

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

Full provision is made for losses on contracts in the year in which they are first foreseen.

Page 12

 
QUINN (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.5

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.6

Interest income

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

 
2.7

Finance costs

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

 
2.8

Pensions

Defined contribution pension plan

The company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the company pays fixed contributions into a separate entity. Once the contributions have been paid the company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the company in independently administered funds.

Page 13

 
QUINN (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

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

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company operates and generates income.

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

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

 
2.10

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 14

 
QUINN (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.10
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

S/Term Leasehold Property
-
10%
straight line
Plant and Machinery
-
20%
Motor vehicles
-
25%
Fixtures and fittings
-
25%
Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.11

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. 

 
2.12

Debtors

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

 
2.13

Cash and cash equivalents

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

 
2.14

Creditors

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

 
2.15

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Page 15

 
QUINN (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

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

 
2.17

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Page 16

 
QUINN (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)


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

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors have made key assumptions regarding the stage of completion, future costs to complete and collectability of billings of some construction contracts. The amounts receivable from customers on such construction contracts at the end of the year has been estimated at £12,593,508 (2023 - £9,410,727) and cost of sales accruals estimated at £13,612,480 (2023 - £12,092,855)


4.


Turnover

The whole of the turnover relates to construction contract revenue. All turnover arose within the United Kingdom.


5.


Auditors' remuneration

During the year, the company obtained the following services from the company's auditors and their associates:


2024
2023
£
£

Fees payable to the company's auditors and their associates for the audit of the company's financial statements
21,730
20,900

Fees payable to the company's auditors and their associates in respect of:

Other services supplied pursuant to such legislation
4,010
3,850

All non-audit services not included above
13,520
13,000

Page 17

 
QUINN (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
11,469,440
10,122,852

Social security costs
1,164,148
1,013,565

Cost of defined contribution scheme
241,655
181,868

12,875,243
11,318,285


The average monthly number of employees, including the directors, during the year was as follows:


        2024
        2023
            No.
            No.







Directors
7
7



Office staff
18
17



Site staff
150
129

175
153


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
786,218
681,405

Company contributions to defined contribution pension schemes
80,092
39,334

866,310
720,739


During the year retirement benefits were accruing to 7 directors (2023 - 6) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £184,406 (2023 - £168,857).

The value of the company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £74,761 (2023 - £33,609).

Page 18

 
QUINN (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Interest receivable

2024
2023
£
£


Other interest receivable
213,685
31,105


9.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
(10,533)
-

Page 19

 
QUINN (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
299,532
650,228

Adjustments in respect of previous periods
(84,560)
-


Deferred tax


Origination and reversal of timing differences
652,394
(108,294)


Taxation on profit on ordinary activities
867,366
541,934

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,596,464
3,156,704


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
899,116
789,176

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
32,937
35,542

Capital allowances for year less than/(in excess of) depreciation
6,550
(12,575)

Utilisation of tax losses
(640,451)
-

Adjustments to tax charge in respect of prior periods
(84,560)
-

Movement in pension fund creditor leading to an increase in tax
1,380
531

Deferred tax timing differences leading to an increase/(decrease) in taxation
652,394
(108,294)

Change in tax rate in the year leading to a decrease in the tax charge
-
(162,446)

Total tax charge for the year
867,366
541,934


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 20

 
QUINN (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Tangible fixed assets





S/Term Leasehold Property
Plant & Machinery
Motor Vehicles
Fixtures & Fittings
Office Equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 June 2023
191,449
41,539
103,964
118,688
108,474
564,114


Additions
-
35,385
31,685
38,060
4,250
109,380


Disposals
(146,733)
-
(23,136)
-
-
(169,869)



At 31 May 2024

44,716
76,924
112,513
156,748
112,724
503,625



Depreciation


At 1 June 2023
93,845
692
38,611
110,617
75,906
319,671


Charge for the year on owned assets
16,699
12,291
19,276
9,315
8,314
65,895


Disposals
(89,454)
-
(10,730)
-
-
(100,184)



At 31 May 2024

21,090
12,983
47,157
119,932
84,220
285,382



Net book value



At 31 May 2024
23,626
63,941
65,356
36,816
28,504
218,243



At 31 May 2023
97,604
40,847
65,353
8,071
32,568
244,443




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
23,626
97,604



12.


Investments

The company has a 25% partnership interest in Quinn Seville LLP OC439237. There is no cost associated with this investment. The registered office of the LLP is Unit 3 Watlington Road, Oxford, Oxfordshire OX4 6FE.












Page 21

 
QUINN (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Debtors

2024
2023
£
£

Due after more than one year

Other debtors
23,000
23,000


2024
2023
£
£

Due within one year

Trade debtors
13,755,485
12,265,296

Amounts owed by group undertakings
4,561,695
2,196,788

Other debtors
1,222,070
704,835

Prepayments and accrued income
527,229
407,780

Amounts recoverable on long term contracts
12,593,508
9,410,727

Deferred taxation
-
603,740

32,659,987
25,589,166



14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
6,514,463
7,170,808



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
25,434,078
22,229,341

Corporation tax
99,532
665,189

Other taxation and social security
2,640,154
2,100,015

Other creditors
34,694
32,415

Accruals and deferred income
2,136,198
1,707,172

30,344,656
26,734,132


Page 22

 
QUINN (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

16.


Deferred taxation




2024
2023


£

£






At beginning of year
603,740
495,446


(Released)/charged to the profit or loss
(652,394)
108,294



At end of year
(48,654)
603,740

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(48,654)
(36,710)

Tax losses carried forward
-
640,450

(48,654)
603,740


Accelerated capital allowances are expected to reverse a further £12,163 in the next period. 


17.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



4,000 (2023 - 4,000) Ordinary A shares of £1.00 each
4,000
4,000
1,000 (2023 - 1,000) Ordinary B shares of £1.00 each
1,000
1,000

5,000

5,000


The Ordinary A and B shares of the company have independent dividend rights. The Ordinary B shares are also non-voting but in all other aspects the shares rank equally.



18.


Reserves

Profit and loss account

Includes all current and prior period retained profits and losses.

Page 23

 
QUINN (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

19.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £241,655 (2023 - £181,868). Contributions totalling £34,694 (2023 - £32,415) were payable to the fund at the balance sheet date.


20.


Commitments under operating leases

At 31 May 2024 the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£


Not later than 1 year
122,310
59,020

Later than 1 year and not later than 5 years
448,470
44,265

570,780
103,285


21.


Related party transactions


2024
2023
£
£

Management charge paid to director
908,000
608,000
Rent and service charge paid to related parties
237,967
199,400
Sales with related parties
65,000
-
Key management personnel remuneration
953,509
857,892
Loans to directors
1,058,947
542,607

The company has taken advantage of the exemption in FRS102 section 33.1A not to disclose transactions with members of the group.
Loans to directors accrue interest at the official rate.


22.


Controlling party

Quinn (London) Limited is controlled by Quinn Investment Holdings (London) Limited. The registered office of the parent company is Suite D, The Business Centre, Faringdon Avenue, Romford, Essex, RM3 8EN. The ultimate controlling party is S & Mrs M Quinn.

 
Page 24