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REGISTERED NUMBER: 05986466 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2023

for

Quest Assets Ltd

Quest Assets Ltd (Registered number: 05986466)






Contents of the Financial Statements
for the Year Ended 30 November 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Quest Assets Ltd

Company Information
for the Year Ended 30 November 2023







DIRECTOR: P Loizides





SECRETARY: Mrs M Loizides





REGISTERED OFFICE: 30 Ground Floor Front
30 Bloomsbury Street
London
WC1B 3QJ





REGISTERED NUMBER: 05986466 (England and Wales)





ACCOUNTANTS: GPMA
3 Athenaeum Road
London
N20 9AA

Quest Assets Ltd (Registered number: 05986466)

Balance Sheet
30 November 2023

30.11.23 30.11.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 3 505,000 505,000

CURRENT ASSETS
Debtors 4 2,679 2,679
Cash at bank 6,840 6,064
9,519 8,743
CREDITORS
Amounts falling due within one year 5 212,017 212,403
NET CURRENT LIABILITIES (202,498 ) (203,660 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

302,502

301,340

CREDITORS
Amounts falling due after more than one
year

6

(7,625

)

(11,639

)

PROVISIONS FOR LIABILITIES (43,987 ) (33,430 )
NET ASSETS 250,890 256,271

CAPITAL AND RESERVES
Called up share capital 1,000 1,000
Other reserves 131,962 142,519
Retained earnings 117,928 112,752
SHAREHOLDERS' FUNDS 250,890 256,271

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Quest Assets Ltd (Registered number: 05986466)

Balance Sheet - continued
30 November 2023


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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 9 October 2024 and were signed by:





P Loizides - Director


Quest Assets Ltd (Registered number: 05986466)

Notes to the Financial Statements
for the Year Ended 30 November 2023

1. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents rents receivable.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

2. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

3. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 December 2022
and 30 November 2023 505,000
NET BOOK VALUE
At 30 November 2023 505,000
At 30 November 2022 505,000

Fair value at 30 November 2023 is represented by:
£   
Valuation in 2016 113,159
Valuation in 2019 43,500
Valuation in 2021 19,289
Cost 329,052
505,000

Investment property was valued on an open market basis on 30 November 2023 by the company director .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Other debtors 2,679 2,679

Quest Assets Ltd (Registered number: 05986466)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2023

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.11.23 30.11.22
£    £   
Bank loans and overdrafts 4,014 3,915
Trade creditors - 840
Taxation and social security 10,646 9,505
Other creditors 197,357 198,143
212,017 212,403

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
30.11.23 30.11.22
£    £   
Bank loans 7,625 11,639

7. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is P Loizides and M Loizides.