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Registration number: 09302021

Quills FM Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 July 2024

 

Quills FM Limited

Contents

Company Information

1

Statement of Financial Position

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Quills FM Limited

Company Information

Directors

A Efstathiou

P Atkinson

Registered office

Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

Accountants

Shaw Gibbs Limited
Salatin House
19 Cedar Road
Sutton
Surrey
SM2 5DA

 

Quills FM Limited

(Registration number: 09302021)
Statement of Financial Position as at 31 July 2024

Note

2024
£

2023
£

Non-current assets

 

Intangible assets

4

7,280

8,190

Property, plant and equipment

5

3,025

655

 

10,305

8,845

Current assets

 

Receivables

6

357,055

307,951

Cash at bank and in hand

 

101,869

45,905

 

458,924

353,856

Payables: Amounts falling due within one year

7

(271,753)

(267,546)

Net current assets

 

187,171

86,310

Total assets less current liabilities

 

197,476

95,155

Provisions for liabilities

(756)

(124)

Net assets

 

196,720

95,031

Equity

 

Called up share capital

9

2

2

Retained earnings

196,718

95,029

Shareholders' funds

 

196,720

95,031

For the financial year ending 31 July 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and in accordance with the provisions of FRS 102 Section 1A - small entities.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Income statement.

The financial statements of Quills FM Limited were approved and authorised for issue by the Board on 30 October 2024 and signed on its behalf by:
 

 

Quills FM Limited

(Registration number: 09302021)
Statement of Financial Position as at 31 July 2024 (continued)

.........................................

A Efstathiou
Director

 

Quills FM Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2024

1

General information

Quills FM Limited (the 'company') is a private company limited by share capital, registered in England and Wales under the Companies Act. The address of the registered office is given on page 1. The nature of the company’s operations and its principal activities are set out in the directors' report on page 2.

2

Accounting policies

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.

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.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The functional currency of the company is considered to be pound sterling (£) because that is the currency of the primary economic environment in which the company operates. The financial statements are presented in pound sterling (£).

Going concern

The directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus they continue to adopt the going concern basis in preparing the annual financial statements.

Critical judgements and key sources of estimation uncertainties

There were no key sources of estimation uncertainties or critical judgements made by the directors in the process of applying the company’s accounting policies with significant effect on the amounts recognised in the financial statements.

Revenue recognition

Revenue comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Revenue is shown net of sales/value added tax, returns, rebates and discounts.

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.

 

Quills FM Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Property, plant and equipment

Property, plant and equipment are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of property, plant and equipment includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office equipment

25% straight line

Goodwill

Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

Straight line over ten years

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Quills FM Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Receivables

Receivables are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Receivables are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of receivables is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Payables

Payables 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 company 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. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Payables are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan 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.

Financial instruments

The company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value.

 

Quills FM Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 7 (2023 - 5).

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

9,100

9,100

At 31 July 2024

9,100

9,100

Amortisation

At 1 August 2023

910

910

Amortisation charge

910

910

At 31 July 2024

1,820

1,820

Carrying amount

At 31 July 2024

7,280

7,280

At 31 July 2023

8,190

8,190

 

Quills FM Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2024 (continued)

5

Property, plant and equipment

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 August 2023

873

873

Additions

3,451

3,451

At 31 July 2024

4,324

4,324

Depreciation

At 1 August 2023

218

218

Charge for the year

1,081

1,081

At 31 July 2024

1,299

1,299

Carrying amount

At 31 July 2024

3,025

3,025

At 31 July 2023

655

655

6

Receivables

2024
£

2023
£

Trade receivables

357,053

307,949

Other receivables

2

2

357,055

307,951

 

Quills FM Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2024 (continued)

7

Payables

Payables: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Trade payables

 

188,901

211,564

Social security and other taxes

 

20,741

28,336

Other payables

 

889

486

Accruals

 

2,497

2,390

Income tax liability

58,725

24,770

 

271,753

267,546

8

Provisions for liabilities

Deferred tax
£

Total
£

At 1 August 2023

124

124

Increase in existing provisions

632

632

At 31 July 2024

756

756

 

Quills FM Limited

Notes to the Unaudited Financial Statements
for the Year Ended 31 July 2024 (continued)

9

Share capital and reserves

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

-

-

2

2

Ordinary A shares of £1 (2023 - £0) each

1

1

-

-

Ordinary B shares of £1 (2023 - £0) each

1

1

-

-

2

2

2

2

Reserves

The retained earnings reserve represents cumulative profit or losses net of dividends paid and other adjustments.