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Registered number: 11186126
Quince and Clover Ltd.
Unaudited Financial Statements
For The Year Ended 28 February 2024
Stack & Jones Limited
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 11186126
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 49,769 41,707
49,769 41,707
CURRENT ASSETS
Stocks 5 2,000 1,750
Debtors 6 126,220 97,298
Cash at bank and in hand 49,559 99,866
177,779 198,914
Creditors: Amounts Falling Due Within One Year 7 (60,545 ) (79,116 )
NET CURRENT ASSETS (LIABILITIES) 117,234 119,798
TOTAL ASSETS LESS CURRENT LIABILITIES 167,003 161,505
PROVISIONS FOR LIABILITIES
Deferred Taxation (9,457 ) (7,925 )
NET ASSETS 157,546 153,580
CAPITAL AND RESERVES
Called up share capital 8 1 1
Profit and Loss Account 157,545 153,579
SHAREHOLDERS' FUNDS 157,546 153,580
Page 1
Page 2
For the year ending 28 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Daniel Mann
Director
11/11/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Quince and Clover Ltd. is a private company, limited by shares, incorporated in England & Wales, registered number 11186126 . The registered office is 5 Chapel Close, Clifton, Banbury, Oxon, OX15 0PT.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% Reducing Balance
Motor Vehicles 25% Reducing Balance
Computer Equipment 33% Reducing Balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 66 (2023: 3)
66 3
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 March 2023 77,149 17,777 2,793 97,719
Additions 16,439 7,900 - 24,339
As at 28 February 2024 93,588 25,677 2,793 122,058
Depreciation
As at 1 March 2023 40,732 13,558 1,722 56,012
Provided during the period 12,894 3,030 353 16,277
As at 28 February 2024 53,626 16,588 2,075 72,289
Net Book Value
As at 28 February 2024 39,962 9,089 718 49,769
As at 1 March 2023 36,417 4,219 1,071 41,707
5. Stocks
2024 2023
£ £
Finished goods 2,000 1,750
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 33,001 38,213
Other debtors 10,001 10,001
Rent Deposit 3,375 1,375
Related Party Debtors 52,133 45,899
VAT - 1,810
Director's loan account 27,710 -
126,220 97,298
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 2,124 2,933
Corporation tax 27,426 26,243
Other taxes and social security 2,728 2,882
VAT 17,007 -
Other creditors - 841
Accruals and deferred income 11,260 45,640
Director's loan account - 577
60,545 79,116
8. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 1 1
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 March 2023 Amounts advanced Amounts repaid Amounts written off As at 28 February 2024
£ £ £ £ £
Mr Daniel Mann - 27,710 - - 27,710
The above loan is unsecured, interest free and repayable on demand.
10. Related Party Transactions
During the year, the company made purchases totaling £14,691 (2023: £132,871) and sales totaling £11,350 (2023: £nil) with a company under common control of the Director.
At the end of the year, the company was owed £62,134 (2023: £55,900) by companies under the common control of the Director.
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