Caseware UK (AP4) 2023.0.135 2023.0.135 falseNo description of principal activity142023-02-0115truefalsefalse 05682282 2023-02-01 2024-01-31 05682282 2022-02-01 2023-01-31 05682282 2024-01-31 05682282 2023-01-31 05682282 2022-02-01 05682282 3 2023-02-01 2024-01-31 05682282 3 2022-02-01 2023-01-31 05682282 5 2023-02-01 2024-01-31 05682282 5 2022-02-01 2023-01-31 05682282 d:Director1 2023-02-01 2024-01-31 05682282 d:Director2 2023-02-01 2024-01-31 05682282 d:RegisteredOffice 2023-02-01 2024-01-31 05682282 e:PlantMachinery 2023-02-01 2024-01-31 05682282 e:PlantMachinery 2024-01-31 05682282 e:PlantMachinery 2023-01-31 05682282 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 05682282 e:MotorVehicles 2023-02-01 2024-01-31 05682282 e:MotorVehicles 2024-01-31 05682282 e:MotorVehicles 2023-01-31 05682282 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 05682282 e:OfficeEquipment 2023-02-01 2024-01-31 05682282 e:OfficeEquipment 2024-01-31 05682282 e:OfficeEquipment 2023-01-31 05682282 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 05682282 e:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 05682282 e:CurrentFinancialInstruments 2024-01-31 05682282 e:CurrentFinancialInstruments 2023-01-31 05682282 e:Non-currentFinancialInstruments 2024-01-31 05682282 e:Non-currentFinancialInstruments 2023-01-31 05682282 e:CurrentFinancialInstruments e:WithinOneYear 2024-01-31 05682282 e:CurrentFinancialInstruments e:WithinOneYear 2023-01-31 05682282 e:Non-currentFinancialInstruments e:AfterOneYear 2024-01-31 05682282 e:Non-currentFinancialInstruments e:AfterOneYear 2023-01-31 05682282 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2024-01-31 05682282 e:Non-currentFinancialInstruments e:BetweenOneTwoYears 2023-01-31 05682282 e:ReportableOperatingSegment1 2023-02-01 2024-01-31 05682282 e:ReportableOperatingSegment1 2022-02-01 2023-01-31 05682282 f:UnitedKingdom 2023-02-01 2024-01-31 05682282 f:UnitedKingdom 2022-02-01 2023-01-31 05682282 e:UKTax 2023-02-01 2024-01-31 05682282 e:UKTax 2022-02-01 2023-01-31 05682282 e:ShareCapital 2024-01-31 05682282 e:ShareCapital 2023-01-31 05682282 e:RetainedEarningsAccumulatedLosses 2023-02-01 2024-01-31 05682282 e:RetainedEarningsAccumulatedLosses 2024-01-31 05682282 e:RetainedEarningsAccumulatedLosses 2022-02-01 2023-01-31 05682282 e:RetainedEarningsAccumulatedLosses 2023-01-31 05682282 e:RetainedEarningsAccumulatedLosses 2022-02-01 05682282 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2024-01-31 05682282 e:FinancialAssetsDesignatedFairValueThroughProfitOrLoss 2023-01-31 05682282 d:FRS102 2023-02-01 2024-01-31 05682282 d:Audited 2023-02-01 2024-01-31 05682282 d:FullAccounts 2023-02-01 2024-01-31 05682282 d:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 05682282 e:HirePurchaseContracts e:WithinOneYear 2024-01-31 05682282 e:HirePurchaseContracts e:WithinOneYear 2023-01-31 05682282 e:HirePurchaseContracts e:BetweenOneFiveYears 2024-01-31 05682282 e:HirePurchaseContracts e:BetweenOneFiveYears 2023-01-31 05682282 2 2023-02-01 2024-01-31 05682282 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2024-01-31 05682282 e:PlantMachinery e:LeasedAssetsHeldAsLessee 2023-01-31 05682282 e:LeasedAssetsHeldAsLessee 2024-01-31 05682282 e:LeasedAssetsHeldAsLessee 2023-01-31 05682282 g:PoundSterling 2023-02-01 2024-01-31 iso4217:GBP xbrli:pure

Registered number: 05682282









QUINN CIVIL ENGINEERING LIMITED









Annual report and financial statements

For the Year Ended 31 January 2024

 
QUINN CIVIL ENGINEERING LIMITED
 
 
Company Information


Directors
Mr Michael Quinn 
Mrs Dianne Quinn 




Registered number
05682282



Registered office
Bushbury House
435 Wilmslow Road

Withington

Manchester

M20 4AF




Independent auditors
Madisons

Bushbury House

435 Wilmslow Road

Withington

Manchester

M20 4AF





 
QUINN CIVIL ENGINEERING LIMITED
 

Contents



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of income and retained earnings
9
Balance sheet
10
Statement of cash flows
11 - 12
Analysis of net debt
13
Notes to the financial statements
14 - 27


 
QUINN CIVIL ENGINEERING LIMITED
 
 
Strategic report
For the Year Ended 31 January 2024

Introduction
 
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.

Business review
 
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.

Principal risks and uncertainties
 
1.Financial 
2. Operational 
3. Compliance 
4. Legal Risks 
5. Cybersecurity 
6. People/ Staff 

Financial key performance indicators
 
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 

Other key performance indicators
 
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.

Page 1

 
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.



Mrs Dianne Quinn
Director

Date: 31 October 2024

Page 2

 
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.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 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 2006They 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.

Results and dividends

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.

Directors

The directors who served during the year and their interests in the Company's issued share capital were:

Ordinary Shares shares
of £1 each

31/1/24

1/2/23


Mr Michael Quinn 
1
1
Mrs Dianne Quinn 
1
1


Page 3

 
QUINN CIVIL ENGINEERING LIMITED
 
 
 
Directors' report (continued)
For the Year Ended 31 January 2024

Future developments

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 

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsMadisonswill 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.
 





Mrs Dianne Quinn
Director

Date: 31 October 2024

Page 4

 
QUINN CIVIL ENGINEERING LIMITED
 
 
 
Independent auditors' report to the members of Quinn Civil Engineering Limited
 

Opinion


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 policiesThe 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).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 January 2024 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


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.


Conclusions relating to going concern


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.


Page 5

 
QUINN CIVIL ENGINEERING LIMITED
 
 
 
Independent auditors' report to the members of Quinn Civil Engineering Limited (continued)


Other information


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 ReportOur 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.


Opinion on other matters prescribed by the Companies Act 2006
 

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.


Matters on which we are required to report by exception
 

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.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
QUINN CIVIL ENGINEERING LIMITED
 
 
 
Independent auditors' report to the members of Quinn Civil Engineering Limited (continued)


Auditors' responsibilities for the audit of the financial statements
 

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.


Use of our 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 2006Our 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.


Page 7

 
QUINN CIVIL ENGINEERING LIMITED
 
 
 
Independent auditors' report to the members of Quinn Civil Engineering Limited (continued)





Ali Hamdani (Senior statutory auditor)
  
for and on behalf of
Madisons
 
Bushbury House
435 Wilmslow Road
Withington
Manchester
M20 4AF

31 October 2024
Page 8

 
QUINN CIVIL ENGINEERING LIMITED
 
 
Statement of income and retained earnings
For the Year Ended 31 January 2024

2024
2023
Note
£
£

  

Turnover
 3 
19,958,977
19,630,880

Cost of sales
  
(15,329,660)
(15,280,523)

Gross profit
  
4,629,317
4,350,357

Distribution costs
  
(3,495)
(240)

Administrative expenses
  
(1,684,360)
(1,405,292)

Other operating income
 4 
10,532
10,066

Operating profit
  
2,951,994
2,954,891

Interest receivable and similar income
 8 
10,728
442

Interest payable and similar expenses
 9 
(25,001)
(25,545)

Profit before tax
  
2,937,721
2,929,788

Tax on profit
 10 
(811,933)
(545,042)

Profit after tax
  
2,125,788
2,384,746

  

  

Retained earnings at the beginning of the year
  
3,984,087
2,109,341

  
3,984,087
2,109,341

Profit for the year
  
2,125,788
2,384,746

Dividends declared and paid
  
(1,200,000)
(510,000)

Retained earnings at the end of the year
  
4,909,875
3,984,087
The notes on pages 14 to 27 form part of these financial statements.

Page 9

 
QUINN CIVIL ENGINEERING LIMITED
Registered number: 05682282

Balance sheet
As at 31 January 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
357,955
376,954

  
357,955
376,954

Current assets
  

Debtors: amounts falling due within one year
 13 
3,505,964
4,385,890

Cash at bank and in hand
 14 
3,371,684
2,131,419

  
6,877,648
6,517,309

Creditors: amounts falling due within one year
 15 
(2,104,708)
(2,618,887)

Net current assets
  
 
 
4,772,940
 
 
3,898,422

Total assets less current liabilities
  
5,130,895
4,275,376

Creditors: amounts falling due after more than one year
 16 
(131,529)
(291,287)

Provisions for liabilities
  

Deferred tax - charge to profit or loss
  
(89,489)
-

  
 
 
(89,489)
 
 
-

Net assets
  
4,909,877
3,984,089


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
4,909,875
3,984,087

  
4,909,877
3,984,089


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




Mrs Dianne Quinn
Director

Date: 31 October 2024

The notes on pages 14 to 27 form part of these financial statements.

Page 10

 
QUINN CIVIL ENGINEERING LIMITED
 

Statement of cash flows
For the Year Ended 31 January 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,125,788
2,384,746

Adjustments for:

Depreciation of tangible assets
148,236
141,879

Loss on disposal of tangible assets
(37,289)
(76,120)

Interest paid
25,001
25,545

Interest received
(10,728)
(442)

Taxation charge
722,444
547,275

Decrease/(increase) in debtors
879,926
(1,242,155)

(Decrease)/increase in creditors
(678,770)
748,359

Corporation Tax paid
(457,785)
(264,745)

Net cash generated from operating activities

2,716,823
2,264,342


Cash flows from investing activities

Purchase of tangible fixed assets
(186,438)
(198,818)

Sale of tangible fixed assets
94,489
79,000

Interest received
10,728
442

HP interest paid
(13,132)
(9,648)

Net cash from investing activities

(94,353)
(129,024)

Cash flows from financing activities

Repayment of loans
(71,818)
(72,500)

Repayment of/new finance leases
(98,518)
(47,018)

Dividends paid
(1,200,000)
(510,000)

Interest paid
(11,869)
(15,897)

Net cash used in financing activities
(1,382,205)
(645,415)

Net increase in cash and cash equivalents
1,240,265
1,489,903

Cash and cash equivalents at beginning of year
2,131,419
641,516

Cash and cash equivalents at the end of year
3,371,684
2,131,419


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
3,371,684
2,131,419

3,371,684
2,131,419


Page 11

 
QUINN CIVIL ENGINEERING LIMITED
 
The notes on pages 14 to 27 form part of these financial statements.

Page 12

 
QUINN CIVIL ENGINEERING LIMITED
 

Analysis of Net Debt
For the Year Ended 31 January 2024




At 1 February 2023
Cash flows
At 31 January 2024
£

£

£

Cash at bank and in hand

2,131,419

1,240,265

3,371,684

Debt due after 1 year

(137,916)

72,499

(65,417)

Debt due within 1 year

(76,995)

(51,877)

(128,872)

Finance leases

(254,127)

98,518

(155,609)


1,662,381
1,359,405
3,021,786

The notes on pages 14 to 27 form part of these financial statements.

Page 13

 
QUINN CIVIL ENGINEERING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 January 2024

1.


General information

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

 
2.1

Basis of preparation of financial statements

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:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 14

 
QUINN CIVIL ENGINEERING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 January 2024

2.Accounting policies (continued)

 
2.3

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

Page 15

 
QUINN CIVIL ENGINEERING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 January 2024

2.Accounting policies (continued)

 
2.8

Current and deferred taxation

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

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

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.9

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Plant and machinery
-
20% Straight Line
Motor vehicles
-
20% Straight Line
Office equipment
-
20% Straight Line

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.

Page 16

 
QUINN CIVIL ENGINEERING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 January 2024

2.Accounting policies (continued)

 
2.10

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.11

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

In the Statement of cash flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Company's cash management.

 
2.12

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.13

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.14

Financial instruments

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
Page 17

 
QUINN CIVIL ENGINEERING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 January 2024

2.Accounting policies (continued)


2.14
Financial instruments (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.

Page 18

 
QUINN CIVIL ENGINEERING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 January 2024

2.Accounting policies (continued)


2.14
Financial instruments (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.

 
2.15

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 19

 
QUINN CIVIL ENGINEERING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 January 2024

3.


Turnover

An analysis of turnover by class of business is as follows:


2024
2023
£
£

Groundwork & Construction
19,958,977
19,630,880

19,958,977
19,630,880


Analysis of turnover by country of destination:

2024
2023
£
£

United Kingdom
19,958,977
19,630,880

19,958,977
19,630,880



4.


Other operating income

2024
2023
£
£

Insurance claims receivable
10,532
10,066

10,532
10,066



5.


Auditors' remuneration

During the year, auditors remuneration comprised of auditing services £15,000, accountancy and taxation services  £8,795.


Page 20

 
QUINN CIVIL ENGINEERING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 January 2024

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2024
2023
£
£

Wages and salaries
583,540
529,084

Cost of defined contribution scheme
36,819
234,254

620,359
763,338


The average monthly number of employees, including directors, during the year was 15 (2023 - 14).


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
24,110
18,960

Company contributions to defined contribution pension schemes
27,000
225,250

51,110
244,210


During the year retirement benefits were accruing to no directors (2023 - NIL) in respect of defined contribution pension schemes.


8.


Interest receivable

2024
2023
£
£


Other interest receivable
10,728
442

10,728
442

Page 21

 
QUINN CIVIL ENGINEERING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 January 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Bank interest payable
15,205
14,525

Finance leases and hire purchase contracts
13,132
9,648

Other interest payable
(3,336)
1,372

25,001
25,545


10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
722,444
547,275

Adjustments in respect of previous periods
-
(2,233)


722,444
545,042


Total current tax
722,444
545,042

Deferred tax


Deferred tax - current year
89,489
-

Total deferred tax
89,489
-


Tax on profit
811,933
545,042
Page 22

 
QUINN CIVIL ENGINEERING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 January 2024
 
10.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2023 - higher than) the standard rate of corporation tax in the UK of 25% (2023 - 19%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
2,937,721
2,929,788


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 19%)
722,444
556,660

Effects of:


Other differences leading to an increase (decrease) in the tax charge
89,489
(11,618)

Total tax charge for the year
811,933
545,042


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


11.


Dividends

2024
2023
£
£


Dividends
1,200,000
510,000

1,200,000
510,000

Page 23

 
QUINN CIVIL ENGINEERING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 January 2024

12.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 February 2023
704,613
150,385
25,991
880,989


Additions
169,551
11,200
5,687
186,438


Disposals
(200,000)
(7,600)
-
(207,600)



At 31 January 2024

674,164
153,985
31,678
859,827



Depreciation


At 1 February 2023
410,375
73,504
20,156
504,035


Charge for the year on owned assets
121,333
24,438
2,466
148,237


Disposals
(146,000)
(4,400)
-
(150,400)



At 31 January 2024

385,708
93,542
22,622
501,872



Net book value



At 31 January 2024
288,456
60,443
9,056
357,955



At 31 January 2023
294,238
76,881
5,835
376,954

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2024
2023
£
£



Plant and machinery
211,220
211,220

211,220
211,220


13.


Debtors

2024
2023
£
£


Trade debtors
3,091,066
3,700,698

Other debtors
414,898
685,192
Page 24

 
QUINN CIVIL ENGINEERING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 January 2024

13.Debtors (continued)


3,505,964
4,385,890



14.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
3,371,684
2,131,419

3,371,684
2,131,419



15.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
72,500
72,500

Trade creditors
986,408
1,829,099

Corporation tax
722,444
547,275

Other taxation and social security
18,011
56,767

Obligations under finance lease and hire purchase contracts
90,178
100,756

Other creditors
206,372
4,495

Accruals and deferred income
8,795
7,995

2,104,708
2,618,887



16.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
66,098
137,916

Net obligations under finance leases and hire purchase contracts
65,431
153,371

131,529
291,287


Included in bank loans after more than one year is an unsecured bounce back loan.  Interest is charged on the loan at 2.5% and is fully backed by the UK government under the BBLS rules.
Included in bank loans after more than one year is an unsecured business interruption loan. Interest is charged on the loan at 10.2% and is fully back by the UK government under the CBILS rules

Page 25

 
QUINN CIVIL ENGINEERING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 January 2024

17.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
72,500
72,500


72,500
72,500

Amounts falling due 1-2 years

Bank loans
66,098
137,916


66,098
137,916



138,598
210,416



18.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2024
2023
£
£


Within one year
104,628
100,756

Between 1-5 years
65,431
153,371

170,059
254,127


19.


Financial instruments

2024
2023
£
£

Financial assets


Financial assets measured at fair value through profit or loss
3,371,684
2,131,419




Financial assets measured at fair value through profit or loss comprise of cash at bank.

Page 26

 
QUINN CIVIL ENGINEERING LIMITED
 
 
 
Notes to the financial statements
For the Year Ended 31 January 2024

20.


Pension commitments

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.


21.


Commitments under operating leases

The Company had no commitments under non-cancellable operating leases at the balance sheet date.


22.


Related party transactions

At 31 January 2024 company owed £117,527 to the directors (2023: £2,498). During the year the directors loan account was overdrawn to maximum of £202,611. No interest has been charged to the company in respect of this loan which is repayable on demand and classified in creditors due within one year.
Included within profit and loss is an amount of £65,000 (2023: £108,786) charged to Quinn Civils Limited, a company incorporated in England and Wales, in which the director Michael Quinn is a 20% shareholder.  The amount outstanding at the year end is £nil (2023: £nil).
Included within sales is an amount of £71,625 (2023: £9,210) charged to Quinn Civils Limited, a company incorporated in England and Wales, in which the director Michael Quinn is a 20% shareholder.  The amount outstanding at the year end is £0 (2023: £nil).

 
Page 27