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Company registration number: 11469937
Quoinstone Droskyn Ltd
Unaudited filleted financial statements
31 December 2023
Quoinstone Droskyn Ltd
Contents
Directors and other information
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Quoinstone Droskyn Ltd
Directors and other information
Directors Mr A Brimacombe
Mr D K Bennetton
Company number 11469937
Registered office Estover Close
Estover
Plymouth
Devon
PL6 7PL
Accountants Wills Accountants Ltd
2 Endeavour House
Parkway Court, Longbridge Road
Plymouth
Devon
PL6 8LR
Bankers Lloyds Bank PLC
8 Royal Parade
Plymouth
Devon
PL1 1TX
Quoinstone Droskyn Ltd
Statement of financial position
31 December 2023
2023 2022
Note £ £ £ £
Current assets
Stocks 5,366,561 5,955,530
Debtors 4 327 78,481
Cash at bank and in hand 21,579 820
_______ _______
5,388,467 6,034,831
Creditors: amounts falling due
within one year 5 ( 5,353,539) ( 6,037,245)
_______ _______
Net current assets/(liabilities) 34,928 ( 2,414)
_______ _______
Total assets less current liabilities 34,928 ( 2,414)
_______ _______
Net assets/(liabilities) 34,928 ( 2,414)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account 34,927 ( 2,415)
_______ _______
Shareholders funds/(deficit) 34,928 ( 2,414)
_______ _______
For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 11 September 2024 , and are signed on behalf of the board by:
Mr A Brimacombe
Director
Company registration number: 11469937
Quoinstone Droskyn Ltd
Statement of changes in equity
Year ended 31 December 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 January 2022 1 ( 963) ( 962)
Profit/(loss) for the year ( 1,452) ( 1,452)
_______ _______ _______
Total comprehensive income for the year - ( 1,452) ( 1,452)
_______ _______ _______
At 31 December 2022 and 1 January 2023 1 ( 2,415) ( 2,414)
Profit/(loss) for the year 37,342 37,342
_______ _______ _______
Total comprehensive income for the year - 37,342 37,342
_______ _______ _______
At 31 December 2023 1 34,927 34,928
_______ _______ _______
Quoinstone Droskyn Ltd
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. The address of the registered office is Classic Builders, Estover Close, Estover, Plymouth, Devon, PL6 7PL.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
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 stocks to their present location and condition.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Going Concern
The company has negative current liabilities. The company is therefore reliant upon the continued financial support of its directors in order to continue operations. The directors have indicated their willingness to provide financial support to ensure that the company has sufficient resources to meet third parties debts as they fall due. Accordingly the accounts have been prepared on a going concern basis.
If the support of the directors were withdrawn, then the going concern basis may not be acceptable. Adjustments may then have to be made to adjust the value of the assets to their recoverable amounts, to provide for any further liabilities that might arise, and to reclassify fixed assets and long term loans as current assets and current liabilities.
4. Debtors
2023 2022
£ £
Amounts owed by group undertakings and undertakings in which the company has a participating interest 327 -
Other debtors - 78,481
_______ _______
327 78,481
_______ _______
5. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loans and overdrafts - 4,725,002
Amounts owed to group undertakings and undertakings in which the company has a participating interest 1,832,686 829,656
Other creditors 3,520,853 482,587
_______ _______
5,353,539 6,037,245
_______ _______
The bank loan consists of a loan from MSP Capital which is secured over the land at Droskyn Point, Cornwall.
6. Related party transactions
During the year the company entered into the following transactions with related parties:
Transaction value Balance owed by/(owed to)
2023 2022 2023 2022
£ £ £ £
Classic 14 Holdings Ltd - - ( 380,769) ( 380,769)
Classic Builders Ltd 1,003,029 5,351,592 (1,451,917) (448,887)
_______ _______ _______ _______
There are common Directors between the related parties above and the company. Classic 14 Holdings Ltd a company registered in England number 08290507 and Classic Builders (South West) Ltd a company registered in England number 04806777.
7. Controlling party
The company is the wholly owned subsidiary of Quoinstone Developments Ltd, a company registered in England, number 09899839. The registered office address is: Classic Builders, Estover Close, Estover, Plymouth, PL6 7PL.