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REGISTERED NUMBER: 03195218 (England and Wales)













UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

QUEST FINANCIAL ASSOCIATES LTD

QUEST FINANCIAL ASSOCIATES LTD (REGISTERED NUMBER: 03195218)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 May 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


QUEST FINANCIAL ASSOCIATES LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 May 2024







DIRECTORS: H S Mighell
Mrs A E Mighell





SECRETARY: Mrs A E Mighell





REGISTERED OFFICE: Pelham Farm Office
Newton Valence
Alton
Hampshire
GU34 3NQ





REGISTERED NUMBER: 03195218 (England and Wales)





ACCOUNTANTS: Traviss & Co Ltd
Chartered Certified Accountants
Newtown House
38 Newtown Road
Liphook
Hampshire
GU30 7DX

QUEST FINANCIAL ASSOCIATES LTD (REGISTERED NUMBER: 03195218)

BALANCE SHEET
31 May 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 693 816
Investments 5 - 7,900
693 8,716

CURRENT ASSETS
Debtors 6 110,190 216,799
Cash at bank 752,333 552,741
862,523 769,540
CREDITORS
Amounts falling due within one year 7 37,873 52,620
NET CURRENT ASSETS 824,650 716,920
TOTAL ASSETS LESS CURRENT
LIABILITIES

825,343

725,636

PROVISIONS FOR LIABILITIES 132 161
NET ASSETS 825,211 725,475

CAPITAL AND RESERVES
Called up share capital 148 148
Retained earnings 825,063 725,327
SHAREHOLDERS' FUNDS 825,211 725,475

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 May 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 May 2024 in accordance with Section 476 of the Companies Act 2006.

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.

QUEST FINANCIAL ASSOCIATES LTD (REGISTERED NUMBER: 03195218)

BALANCE SHEET - continued
31 May 2024


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 Board of Directors and authorised for issue on 5 November 2024 and were signed on its behalf by:





H S Mighell - Director


QUEST FINANCIAL ASSOCIATES LTD (REGISTERED NUMBER: 03195218)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 May 2024


1. STATUTORY INFORMATION

Quest Financial Associates Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. 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.

Turnover
Turnover represents net commissions receivable and services provided.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Computer equipment - 15% on reducing balance

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

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 year 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.

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.

QUEST FINANCIAL ASSOCIATES LTD (REGISTERED NUMBER: 03195218)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 May 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2023 - 2 ) .

4. TANGIBLE FIXED ASSETS
Fixtures
and Computer
fittings equipment Totals
£    £    £   
COST
At 1 June 2023
and 31 May 2024 1,210 1,437 2,647
DEPRECIATION
At 1 June 2023 1,193 638 1,831
Charge for year 3 120 123
At 31 May 2024 1,196 758 1,954
NET BOOK VALUE
At 31 May 2024 14 679 693
At 31 May 2023 17 799 816

5. FIXED ASSET INVESTMENTS
Other
investments
£   
COST
At 1 June 2023 7,900
Disposals (7,900 )
At 31 May 2024 -
NET BOOK VALUE
At 31 May 2024 -
At 31 May 2023 7,900

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Amounts owed by group undertakings 101,994 214,094
Other debtors 8,196 2,705
110,190 216,799

QUEST FINANCIAL ASSOCIATES LTD (REGISTERED NUMBER: 03195218)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 May 2024


7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Taxation and social security 31,895 46,625
Other creditors 5,978 5,995
37,873 52,620