REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 JANUARY 2023 TO 30 DECEMBER 2023 |
FOR |
QUILL INTERNATIONAL GROUP LIMITED |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE PERIOD |
1 JANUARY 2023 TO 30 DECEMBER 2023 |
FOR |
QUILL INTERNATIONAL GROUP LIMITED |
QUILL INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 01280199) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
QUILL INTERNATIONAL GROUP LIMITED |
COMPANY INFORMATION |
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
Chartered Accountants |
10 Stadium Business Court |
Millennium Way |
Pride Park |
Derby |
DE24 8HP |
QUILL INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 01280199) |
BALANCE SHEET |
30 DECEMBER 2023 |
2023 | 2022 |
Notes | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investments | 5 |
Current assets |
Stocks | 6 |
Debtors | 7 |
Cash at bank and in hand |
Creditors |
Amounts falling due within one year | 8 | ( |
) | ( |
) |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
( |
) |
( |
) |
Provisions for liabilities | ( |
) | ( |
) |
Net assets |
Capital and reserves |
Called up share capital | 12 |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
QUILL INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 01280199) |
BALANCE SHEET - continued |
30 DECEMBER 2023 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
QUILL INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 01280199) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023 |
1. | STATUTORY INFORMATION |
Quill International Group Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Significant judgements and estimates |
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. |
Tangible fixed assets are depreciated over their useful economic lives. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing the asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual values consider such things as future market conditions, the remaining life of the asset and projected disposal values. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Plant and machinery | - |
Fixtures and fittings | - |
Motor vehicles | - |
Equipment | - |
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. |
Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost, less provision for any impairment. |
Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. |
Financial instruments |
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Taxation |
Taxation for the period comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
QUILL INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 01280199) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023 |
2. | ACCOUNTING POLICIES - continued |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Foreign currencies |
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result. |
Hire purchase and leasing commitments |
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability. |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the period was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Plant and | and | Motor |
machinery | fittings | vehicles | Equipment | Totals |
£ | £ | £ | £ | £ |
Cost |
At 1 January 2023 |
Additions |
Disposals | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 December 2023 |
Depreciation |
At 1 January 2023 |
Charge for period |
Eliminated on disposal | ( |
) | ( |
) | ( |
) | ( |
) | ( |
) |
At 30 December 2023 | ( |
) |
Net book value |
At 30 December 2023 |
At 31 December 2022 |
Included within the net book value of £533,726 is £63,435 (2022 - £75,340) relating to assets held under hire purchase agreements. The depreciation charged to the financial statements in the year in respect of such assets amounted to £23,610 (2022 - £19,619). |
QUILL INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 01280199) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023 |
5. | FIXED ASSET INVESTMENTS |
The company owns 100% of the issued share capital of The Collated Nail Company Limited, Prep Wipes Limited, A & J Erosion Limited and A G Precision Limited. All companies were incorporated in England. |
6. | STOCKS |
2023 | 2022 |
£ | £ |
Finished goods |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Intercompany account |
Directors' loan accounts |
Tax |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Hire purchase contracts (see note 10) |
Trade creditors |
Invoice discounting | 309,835 | 377,203 |
Tax |
Social security and other taxes |
VAT |
Other creditors |
Inter-company balances | - | 69,744 |
Directors' loan accounts |
Accruals and deferred income |
9. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2023 | 2022 |
£ | £ |
Bank loans |
Hire purchase contracts (see note 10) |
10. | LEASING AGREEMENTS |
Minimum lease payments fall due as follows: |
Hire purchase contracts |
2023 | 2022 |
£ | £ |
Net obligations repayable: |
Within one year |
Between one and five years |
QUILL INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 01280199) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023 |
10. | LEASING AGREEMENTS - continued |
Non-cancellable |
operating leases |
2023 | 2022 |
£ | £ |
Within one year |
Between one and five years |
In more than five years |
11. | SECURED DEBTS |
The following secured debts are included within creditors: |
2023 | 2022 |
£ | £ |
Bank loans |
Bank loans are secured by a mortgage debenture and a first legal charge over the company's freehold property. |
The hire purchase agreements are secured against the assets to which they relate. |
12. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 50,760 | 50,760 |
13. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to directors subsisted during the period ended 30 December 2023 and the year ended 31 December 2022: |
2023 | 2022 |
£ | £ |
Balance outstanding at start of period |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period |
Balance outstanding at start of period | ( |
) |
Amounts advanced |
Amounts repaid | ( |
) | ( |
) |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of period | ( |
) | ( |
) |
It is company policy to charge interest on all overdrawn loan accounts at HMRC official rate of interest. The amount owed at the year-end in respect of the above loans was £1,906 (2022: £1,499) and is included in other debtors. |
QUILL INTERNATIONAL GROUP LIMITED (REGISTERED NUMBER: 01280199) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE PERIOD 1 JANUARY 2023 TO 30 DECEMBER 2023 |
14. | RELATED PARTY DISCLOSURES |
The company was under the control of Mr D Dore throughout the current and previous year. |
Mr D Dore is a director and majority shareholder in Quill Falcon Limited t/a Ironforge Pressings. During the year the company entered into the following transactions with the related party: |
2023 | 2022 |
£ | £ |
Debtor balance | 31,613 | 30,727 |
Creditor balance | - | 343 |
Amount owed to/(from) Quill Falcon Limited t/a Ironforge Pressings | (70,859 | ) | 53,002 |
The Company owns 100% of the Share Capital of The Collated Nail Company Limited. During the year the company entered into the following transactions with the Subsidiary Company: |
2023 | 2022 |
£ | £ |
Debtor balance | - | 8,605 |
Creditor balance | - | 6,292 |
Sales to Collated Nail Company Limited | 39,718 | 35,066 |
Purchases from Collated Nail Company Limited | 23,977 | 23,255 |
Amounts written off during the year | 107,275 | - |
Amount owed from Collated Nail Company Limited | 75,000 | 144,572 |
The following transactions took place with Quill International Chemicals Limited, a related party by virtue of the managing director and majority shareholder being a close family member of Mr D Dore. |
2023 | 2022 |
£ | £ |
Sales to and management charges received from |
Quill International Chemicals Ltd | 29,392 | 333,042 |
Purchases from Quill International Chemicals Ltd | 7,564 | 2,336 |
Debtor balance | 29,392 | 16,422 |
Creditor balance | 666 | 9 |
Amount owed to Quill International Chemical | (38,002 | ) | 16,741 |
The following transactions took place with Quill International Lifting & Certification Limited, a related party by virtue of the managing director and majority shareholder being a close family member of M D Dore. |
2023 | 2022 |
£ | £ |
Debtor balance | 216,400 | 216,400 |
Creditor balance | 115,409 | 4,272 |
Amount owed from Quill International Lifting & Certification Limited | 232,173 | 260,355 |
The following transactions took place with AG Precision Limited, a related party by virtue of the managing director and majority shareholder being a close family member of M D Dore. |
2023 | 2022 |
£ | £ |
Amount owed from AG Precision Limited | - | 187,460 |
Amounts written off furing the year | 187,460 | - |
Debtor balance | - | 20,037 |
Creditor balance | - | - |