Company registration number 08741759 (England and Wales)
QUAIVES LTD
Unaudited Financial Statements
For The Year Ended 31 December 2023
Pages For Filing With Registrar
Quaives Ltd
QUAIVES LTD
Company Information
Director
Mr PH Kelsey
Company number
08741759
Registered office
Quaives Farm
Wickhambreaux
Canterbury
Kent
England
CT3 1RY
Accountants
Chavereys Limited
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Quaives Ltd
QUAIVES LTD
Contents
Page
Accountants' report
1
Balance sheet
2
Notes to the financial statements
3 - 5
Quaives Ltd
QUAIVES LTD
Accountants' Report To The Director On The Preparation Of The Unaudited Statutory Financial Statements Of Quaives Ltd For The Year Ended 31 December 2023
- 1 -

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Quaives Ltd for the year ended 31 December 2023 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.

 

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com/regulation.

This report is made solely to the board of directors of Quaives Ltd, as a body, in accordance with the terms of our engagement letter dated 14 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Quaives Ltd and state those matters that we have agreed to state to the board of directors of Quaives Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quaives Ltd and its board of directors as a body, for our work or for this report.

It is your duty to ensure that Quaives Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Quaives Ltd. You consider that Quaives Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Quaives Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Chavereys Limited
26 September 2024
Chartered Accountants
The Goods Shed
Jubilee Way
Faversham
Kent
England
ME13 8GD
Quaives Ltd
QUAIVES LTD
Balance Sheet
As At 31 December 2023
31 December 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
244
378
Current assets
Stocks
244,674
-
Debtors
4
10,277
8,648
Cash at bank and in hand
9,684
24,186
264,635
32,834
Creditors: amounts falling due within one year
5
(849,505)
(592,185)
Net current liabilities
(584,870)
(559,351)
Net liabilities
(584,626)
(558,973)
Capital and reserves
Called up share capital
1
1
Profit and loss reserves
(584,627)
(558,974)
Total equity
(584,626)
(558,973)

The notes on pages 3 to 5 form part of these financial statements.

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved and signed by the director and authorised for issue on 26 September 2024
Mr PH Kelsey
Director
Company Registration No. 08741759
Quaives Ltd
QUAIVES LTD
Notes To The Financial Statements
For The Year Ended 31 December 2023
- 3 -
1
Accounting policies
Company information

Quaives Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Quaives Farm, Wickhambreaux, Canterbury, Kent, England, CT3 1RY.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.

1.2
Going concern

Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Office equipment
25% straight line
Quaives Ltd
QUAIVES LTD
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
1
Accounting policies
(Continued)
- 4 -

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.5
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

 

Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
3
Tangible fixed assets
Office equipment
£
Cost
At 1 January 2023 and 31 December 2023
535
Depreciation and impairment
At 1 January 2023
157
Depreciation charged in the year
134
At 31 December 2023
291
Carrying amount
At 31 December 2023
244
At 31 December 2022
378
Quaives Ltd
QUAIVES LTD
Notes To The Financial Statements (Continued)
For The Year Ended 31 December 2023
- 5 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
5,684
-
0
Other debtors
4,593
8,546
Prepayments and accrued income
-
0
102
10,277
8,648
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other borrowings
817,985
550,472
Trade creditors
23,609
25,446
Taxation and social security
682
629
Other creditors
135
-
0
Accruals and deferred income
7,094
15,638
849,505
592,185
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