Registered number:
FOR THE YEAR ENDED 31 MAY 2024
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COMPANY INFORMATION
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CONTENTS
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STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024
The company's principal activities continued to be that of property building, refurbishment, cyclical repair and maintenance contractors.
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.
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STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
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.
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.
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.
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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.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
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.
The directors who served during the year were:
There are no significant future developments since the financial year end which require disclosure.
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DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
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.
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.
There have been no significant events affecting the company since the year end.
The auditors, Clay Ratnage Daffin & Co Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board on
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINN (LONDON) LIMITED
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 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).
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.
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.
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 Report. 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. 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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINN (LONDON) LIMITED (CONTINUED)
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.
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINN (LONDON) LIMITED (CONTINUED)
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.
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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINN (LONDON) LIMITED (CONTINUED)
for and on behalf of
Chartered Accountants
Statutory Auditors
Suite D, The Business Centre
Faringdon Avenue
Essex
RM3 8EN
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STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024
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BALANCE SHEET
AS AT 31 MAY 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 12 to 24 form part of these financial statements.
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STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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
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:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (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:
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
2.Accounting policies (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.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
There were no factors that may affect future tax charges.
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
Profit and loss account
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
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.
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.
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