Registered number:
For the Year Ended
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QUINN CIVIL ENGINEERING LIMITED
Company Information
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QUINN CIVIL ENGINEERING LIMITED
Contents
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QUINN CIVIL ENGINEERING LIMITED
Strategic report
For the Year Ended 31 January 2024
Quinn Civil Engineering is a Northwest family run business with two directors, Michael Quinn and Dianne Quinn each 50% shareholders, company was incorporated in 2006 with business trading in 2007.
The primary business is construction – Focusing on Groundwork's and Roads and Sewers in the New House Build sector.
QCE has seen considerable growth in the last 12 months reaching turnover of £20 million per annum.
Securing new housing projects from Story Homes, Northstone, Great Places and other housebuilders. To achieve the level of turnover has demanded systems, procedures and protocols that are more robust than had been previously deployed. Specifically, the owners had determined that the level of turnover and profit relative to the challenges had reached equilibrium in so far that the extra and risk was not seen to be worth the additional profit. This has meant rather than look for expansion and increased turnover for the next year that the owner’s directive has been more focussed upon improving the robustness and consolidation of procedures and protocols to protect the levels of profit currently enjoyed. This has meant the introduction of Health and Safety Director - Health and safety compliance and training – company accreditations and needs for the construction industry. Purchase Buyer – consolidated prices due to mass purchasing and getting the best prices and quality products to deliver on time meeting each sites demands. Commercial Manager and QS – meeting Financial forecasts / process and quality of work on sites. Engineer specialist – Technical and Design manager providing a professional and cost-effective approach to the business needs and meeting demands in a timely manner. Chime Software – Introduction of construction software monitoring operatives working hours and shows location of work site replacing time-consuming manual system saving the business pounds.
1.Financial
2. Operational 3. Compliance 4. Legal Risks 5. Cybersecurity 6. People/ Staff
1.Gross Profit / Net Profit per job site
2. Actual Figures v forecast entered monthly 3. Operating Cashflow / measure health of business 4. Chasing debt/ retentions due 5. Forward forecasting for vehicles/ machines / leasing
On all sites we have a schedule of jobs that are monitored by the Contract Manager.
The program is set out and the team/ operatives have to follow and hit the targets set.
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QUINN CIVIL ENGINEERING LIMITED
Strategic report (continued)
For the Year Ended 31 January 2024
This report was approved by the board and signed on its behalf.
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QUINN CIVIL ENGINEERING LIMITED
Directors' report
For the Year Ended 31 January 2024
The directors present their report and the financial statements for the year ended 31 January 2024.
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £2,125,788 (2023 - £2,384,746).
The dividend paid during the year to the directors was £1,200,000.
The directors who served during the year and their interests in the Company's issued share capital were:
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QUINN CIVIL ENGINEERING LIMITED
Directors' report (continued)
For the Year Ended 31 January 2024
Quinn Civil Engineering is still staying in the New House sector but has been actively looking at new house builders and pursuing tenders for new job sites. We have introduced a Tender Tracker
As the company has grown significantly over the past 2 years. The Directors had consolidated and now working hard to put relevant processes and systems in place to make the projects work smoothly and efficiently – This will/has included the introduction of new staff members and training
There have been no significant events affecting the Company since the year end.
The auditors, Madisons, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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QUINN CIVIL ENGINEERING LIMITED
Independent auditors' report to the members of Quinn Civil Engineering Limited
We have audited the financial statements of Quinn Civil Engineering Limited (the 'Company') for the year ended 31 January 2024, which comprise the Statement of income and retained earnings, the Balance sheet, the Statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
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QUINN CIVIL ENGINEERING LIMITED
Independent auditors' report to the members of Quinn Civil Engineering Limited (continued)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
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QUINN CIVIL ENGINEERING LIMITED
Independent auditors' report to the members of Quinn Civil Engineering Limited (continued)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
Based on our understanding of the group and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of regulations, such as those issued by the Health & Safety, we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulations that have a direct impact on the financial statements such as required by the Companies Act 2006. We evaluated management’s incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override of controls) and determined that the principal risks were related to posting inappropriate journal entries to increase income and management bias in accounting estimates and judgemental areas of the financial statements such as the recoverability of retentions included in trade debtors. Audit procedures performed included:
• Reviewing after date amounts received from customers, credit notes issued after year end, reviewing customer contracts for retentions, discussions with directors and senior management. • Discussions with management, internal audit and management involved in the Risk and Compliance functions, including consideration of known or suspected instances of non-compliance with laws and regulation and fraud. • Reading key correspondence with the regulators such as, Health & Safety legislation in relation to compliance with laws and regulations. • Identifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
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QUINN CIVIL ENGINEERING LIMITED
Independent auditors' report to the members of Quinn Civil Engineering Limited (continued)
for and on behalf of
Bushbury House
435 Wilmslow Road
Manchester
M20 4AF
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QUINN CIVIL ENGINEERING LIMITED
Statement of income and retained earnings
For the Year Ended 31 January 2024
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QUINN CIVIL ENGINEERING LIMITED
Registered number: 05682282
Balance sheet
As at
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 27 form part of these financial statements.
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QUINN CIVIL ENGINEERING LIMITED
Statement of cash flows
For the Year Ended 31 January 2024
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QUINN CIVIL ENGINEERING LIMITED
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QUINN CIVIL ENGINEERING LIMITED
Analysis of Net Debt
For the Year Ended 31 January 2024
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QUINN CIVIL ENGINEERING LIMITED
Notes to the financial statements
For the Year Ended 31 January 2024
Quinn Civil Engineering Limited (company number 05682282) is a private company limited by shares, registered in England and Wales. Its registered address is Bushbury House, 435 Wilmslow Road, Withington, Manchester, M20 4AF.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:
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QUINN CIVIL ENGINEERING LIMITED
Notes to the financial statements
For the Year Ended 31 January 2024
2.Accounting policies (continued)
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QUINN CIVIL ENGINEERING LIMITED
Notes to the financial statements
For the Year Ended 31 January 2024
2.Accounting policies (continued)
At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
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QUINN CIVIL ENGINEERING LIMITED
Notes to the financial statements
For the Year Ended 31 January 2024
2.Accounting policies (continued)
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.
Financial instruments are recognised in the Company's Balance sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless
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QUINN CIVIL ENGINEERING LIMITED
Notes to the financial statements
For the Year Ended 31 January 2024
2.Accounting policies (continued)
the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Other financial assets
Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
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QUINN CIVIL ENGINEERING LIMITED
Notes to the financial statements
For the Year Ended 31 January 2024
2.Accounting policies (continued)
Other financial instruments
Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.
Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.
Derecognition of financial instruments
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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QUINN CIVIL ENGINEERING LIMITED
Notes to the financial statements
For the Year Ended 31 January 2024
Analysis of turnover by country of destination:
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QUINN CIVIL ENGINEERING LIMITED
Notes to the financial statements
For the Year Ended 31 January 2024
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QUINN CIVIL ENGINEERING LIMITED
Notes to the financial statements
For the Year Ended 31 January 2024
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QUINN CIVIL ENGINEERING LIMITED
Notes to the financial statements
For the Year Ended 31 January 2024
10.Taxation (continued)
There were no factors that may affect future tax charges.
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QUINN CIVIL ENGINEERING LIMITED
Notes to the financial statements
For the Year Ended 31 January 2024
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QUINN CIVIL ENGINEERING LIMITED
Notes to the financial statements
For the Year Ended 31 January 2024
13.Debtors (continued)
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QUINN CIVIL ENGINEERING LIMITED
Notes to the financial statements
For the Year Ended 31 January 2024
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QUINN CIVIL ENGINEERING LIMITED
Notes to the financial statements
For the Year Ended 31 January 2024
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £36,819 (2023: £234,254). Contributions totaling £1,747 (2023: £1,999) were payable to the fund at the balance sheet date and are included in creditors.
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