Registration number:
Quintor (UK) LLP
for the Year Ended 31 March 2024
Quintor (UK) LLP
Contents
Limited liability partnership information |
|
Financial Statements |
|
Balance Sheet |
|
Statement of Changes in Members’ Interests |
|
Notes to the Financial Statements |
Quintor (UK) LLP
Limited liability partnership information
Designated members |
|
Registered office |
|
Accountants |
|
Quintor (UK) LLP
(Registration number: OC321519)
Balance Sheet as at 31 March 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Tangible assets |
2,843,622 |
3,012,812 |
|
Investment property |
1,005,000 |
1,005,000 |
|
Investments |
10,000 |
10,000 |
|
3,858,622 |
4,027,812 |
||
Current assets |
|||
Stocks |
683,409 |
674,366 |
|
Debtors |
1,645,426 |
1,537,211 |
|
Cash and short-term deposits |
82,880 |
45,794 |
|
2,411,715 |
2,257,371 |
||
Creditors: Amounts falling due within one year |
(4,157,164) |
(4,138,870) |
|
Net current liabilities |
(1,745,449) |
(1,881,499) |
|
Total assets less current liabilities |
2,113,173 |
2,146,313 |
|
Creditors: Amounts falling due after more than one year |
(21,667) |
(31,667) |
|
Net assets attributable to members |
2,091,506 |
2,114,646 |
|
Represented by: |
|||
Loans and other debts due to members |
|||
Members' capital classified as a liability |
1,555,613 |
1,578,753 |
|
Equity |
|||
Members' capital classified as equity |
370,001 |
370,001 |
|
Fair value reserve |
165,892 |
165,892 |
|
535,893 |
535,893 |
||
2,091,506 |
2,114,646 |
Quintor (UK) LLP
(Registration number: OC321519)
Balance Sheet as at 31 March 2024
For the year ending 31 March 2024 the limited liability partnership was entitled to exemption from audit under section 477 of the Companies Act 2006, as applied to limited liability partnerships, relating to small entities.
These financial statements have been prepared in accordance with the provisions applicable to LLPs subject to the small LLPs regime and FRS 102 ‘The Financial Reporting Standard Applicable in the UK and Republic of Ireland’.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime, as applied to limited liability partnerships. As permitted by section 444 (5A) of the Companies Act 2006, the members have not delivered to the registrar a copy of the Profit and Loss Account.
The members acknowledge their responsibilities for complying with the requirements of the Act, as applied to limited liability partnerships by the Limited Liability Partnerships (Accounts and Audit) (Application of Companies Act 2006) Regulations 2008 with respect to accounting records and the preparation of accounts.
The financial statements of Quintor (UK) LLP (registered number OC321519) were approved by the
Designated member
Quintor (UK) LLP
Statement of Changes in Members’ Interests
At 31 March 2024
Equity |
Loans and other debts due to/(from) members |
||||||
Members' capital |
Fair value reserve |
Other reserves |
Total |
Members' capital classified as a liability |
Members' debtor |
Total |
|
Members' interest at 1 April 2023 |
370,001 |
165,892 |
- |
535,893 |
1,578,753 |
(1,134,939) |
979,707 |
Loss for the financial year available for discretionary division among members |
- |
- |
(109,435) |
(109,435) |
- |
- |
(109,435) |
Other divisions of profits/losses |
- |
- |
109,435 |
109,435 |
- |
(109,435) |
- |
Other movements |
- |
- |
- |
- |
(23,140) |
- |
(23,140) |
Members' interest at 31 March 2024 |
370,001 |
165,892 |
- |
535,893 |
1,555,613 |
(1,244,374) |
847,132 |
Quintor (UK) LLP
Statement of Changes in Members’ Interests
At 31 March 2024
Equity |
Loans and other debts due to/(from) members |
||||||
Members' capital |
Revaluation reserve |
Other reserves |
Total |
Members' capital classified as a liability |
Members' debtor |
Total |
|
Members' interest at 1 April 2022 |
370,001 |
165,892 |
- |
535,893 |
1,582,147 |
(1,210,860) |
907,180 |
Profit for the financial year available for discretionary division among members |
- |
- |
75,921 |
75,921 |
- |
- |
75,921 |
Other divisions of losses |
- |
- |
(75,921) |
(75,921) |
- |
75,921 |
- |
Other movements |
- |
- |
- |
- |
(3,394) |
- |
(3,394) |
Members' interest at 31 March 2023 |
370,001 |
165,892 |
- |
535,893 |
1,578,753 |
(1,134,939) |
979,707 |
Quintor (UK) LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
General information and basis of accounting
The limited liability partnership is incorporated in England under the Limited Liability Partnership Act 2000. The address of the registered office is:
Raywell Hall Country Lodge Park
Management Building
Riplingham Road
Raywell
Cottingham
East Yorkshire
HU16 5YL
Registered number: OC321519
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for development property sales in the ordinary course of the company's activities. Turnover is shown net of value added tax.
The company recognises revenue when: the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.
Taxation
The taxation payable on the partnership's profits is the personal liability of the members, although payment of such liabilities is administered by the partnership on behalf of its members. Consequently, neither partnership taxation nor related deferred taxation is accounted for in these financial statements. Sums set aside in respect of members' tax obligations are included in the balance sheet within loans and other debts due to members, or are set against amounts due from members as appropriate.
Quintor (UK) LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible fixed assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Plant and machinery |
20% per annum on cost / 75% on cost over 15 years |
Fixtures, fittings and equipment |
33.33% per annum on cost |
Motor vehicles |
20% per annum on cost |
Investment properties
Investment property is carried at fair value, derived from current market prices for comparable real estate determined annually by the directors. The directors use observable market prices, adjusted if necessary for any difference in nature, location or condition of the specific asset. Changes in fair value are recognised in the Profit and Loss Account.
Stock and work in progress
Stock and work in progress are valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.
Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Loan finance has been used solely for the construction of lodges and as such, borrowing costs have been included within the calculation of work in progress and apportioned to each lodge accordingly.
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised at the transaction price. A provision for the impairment of trade debtors is established when there is objective evidence that the limited liability partnership will not be able to collect all amounts due according to the original terms of the receivables.
Cash and cash equivalents
Cash and cash equivalents comprise of amounts being held in the bank current account and cash on hand balances. They are subject to an insignificant risk of change in value.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the limited liability partnership does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. Trade creditors are recognised at the transaction price.
Quintor (UK) LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Hire purchase and leasing
Assets held for use in operating leases are included as a separate category in fixed assets at cost and are not depreciated.
Rental income from operating leases is recognised on a straight line basis over the term of the lease.
Members' interests
Amounts due to members after more than one year comprise provisions for annuities to current members and certain loans from members which are not repayable within twelve months of the balance sheet date.
Pensions and other post retirement obligations
A defined contribution plan is a pension under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment. If contribution payments are owed to the scheme then the amount owed is recognised as an other creditor.
Particulars of employees |
The average number of persons employed by the limited liability partnership during the year was
Quintor (UK) LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Tangible fixed assets |
Plant and machinery |
Fixtures, fittings and equipment |
Motor vehicles |
Total |
|
Cost |
||||
At 1 April 2023 |
3,345,732 |
15,408 |
17,990 |
3,379,130 |
At 31 March 2024 |
3,345,732 |
15,408 |
17,990 |
3,379,130 |
Depreciation |
||||
At 1 April 2023 |
336,464 |
12,664 |
17,190 |
366,318 |
Charge for the year |
167,182 |
1,808 |
200 |
169,190 |
At 31 March 2024 |
503,646 |
14,472 |
17,390 |
535,508 |
Net book value |
||||
At 31 March 2024 |
2,842,086 |
936 |
600 |
2,843,622 |
At 31 March 2023 |
3,009,268 |
2,744 |
800 |
3,012,812 |
Investment property |
Investment property comprises of lodges which are kept by the LLP to generate rental income and freehold land interest. The value capitalised is equivalent to the sales price which would be achieved for a similar lodge on the park.
At the balance sheet date the total value of investment properties, inclusive of freehold land interest, is £1,005,000 (2023 - £1,005,000).
There has been no valuation of investment property by an independent valuer.
Quintor (UK) LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Investments held as fixed assets |
2024 |
2023 |
|
Other investments |
|
|
Other investments
Unlisted investments |
Total |
|
Cost |
||
At 1 April 2023 |
10,000 |
10,000 |
At 31 March 2024 |
10,000 |
10,000 |
Net book value |
||
At 31 March 2024 |
10,000 |
10,000 |
At 31 March 2023 |
10,000 |
10,000 |
Debtors |
2024 |
2023 |
|
Trade debtors |
173,745 |
183,768 |
Amounts owed by undertakings in which the LLP has a participating interest |
115,624 |
119,850 |
Other debtors |
1,348,809 |
1,227,291 |
Prepayments and accrued income |
7,248 |
6,302 |
1,645,426 |
1,537,211 |
£39,850 (2023 - £39,850) of other debtors are classified as non-current.
Quintor (UK) LLP
Notes to the Financial Statements for the Year Ended 31 March 2024
Creditors: Amounts falling due within one year |
2024 |
2023 |
|
Trade creditors |
58,893 |
46,271 |
Other creditors |
3,946,346 |
3,951,337 |
Accruals and deferred income |
65,738 |
68,296 |
Taxation and social security |
86,187 |
72,966 |
4,157,164 |
4,138,870 |
Creditors amounts falling due within one year includes the following liabilities, on which security has been given by the limited liability partnership:
2024 |
2023 |
|
Other creditors |
- |
4,333 |
The Hoseasons loan is secured by way of a debenture giving a fixed charge over assets of the LLP.
Creditors: Amounts falling due after more than one year |
2024 |
2023 |
|
Bank loans and overdrafts |
|
|
Related party transactions |
Summary of transactions with members
Quintor (Homes) Limited
Longthorp (Kilpin) Limited
Quintor (Homes Limited and Longthorp (Kilpin) Limited are member companies of Quintor (UK) LLP. At the balance sheet date Quintor (UK) LLP owed Quintor (Homes) Limited £311,234 (2023 - £443,813). Interest is not charged on this balance. At the balance sheet date Quintor (UK) LLP owed Longthorp (Kilpin) Limited £3,643,007 (2023 - £3,643,007). Interest is charged at 2.5% over base rate on this balance.
Summary of transactions with other related parties
E C Estates Limited
Quintor (UK) LLP has made a loan to E C Estates Limited, a company in which they hold a 50% interest. The balance on this loan at the year end is £115,624 (2023 - £119,850). Of this balance £39,850 (2023 - £39,850) is repayable after more than one year. Interest is not charged on this balance.