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REGISTERED NUMBER: 08367422 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 23 APRIL 2023

FOR

QUINN FINANCE LTD

QUINN FINANCE LTD (REGISTERED NUMBER: 08367422)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 23 APRIL 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


QUINN FINANCE LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 23 APRIL 2023







DIRECTOR: A Edwards





REGISTERED OFFICE: 1 Canute Road
Southampton
Hampshire
SO14 3FH





REGISTERED NUMBER: 08367422 (England and Wales)





ACCOUNTANTS: Lewis Brownlee (Chichester) Limited
Chartered Accountants
Appledram Barns
Birdham Road
Chichester
West Sussex
PO20 7EQ

QUINN FINANCE LTD (REGISTERED NUMBER: 08367422)

BALANCE SHEET
23 APRIL 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 803 893

CURRENT ASSETS
Debtors 5 130,148 116,150
Cash at bank and in hand 2,020 4,359
132,168 120,509
CREDITORS
Amounts falling due within one year 6 100,698 86,419
NET CURRENT ASSETS 31,470 34,090
TOTAL ASSETS LESS CURRENT LIABILITIES 32,273 34,983

CREDITORS
Amounts falling due after more than one year 7 25,717 31,587
NET ASSETS 6,556 3,396

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 6,456 3,296
6,556 3,396

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 23 April 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 23 April 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

QUINN FINANCE LTD (REGISTERED NUMBER: 08367422)

BALANCE SHEET - continued
23 APRIL 2023


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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 26 November 2024 and were signed by:





A Edwards - Director


QUINN FINANCE LTD (REGISTERED NUMBER: 08367422)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 23 APRIL 2023


1. STATUTORY INFORMATION

Quinn Finance 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

The financial statements relate to Quinn Finance Limited as an individual entity.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover is recognised at the fair value of the consideration received of receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimate reliably, revenue is recognised only to the extent of the expenses recognised that it it probable will be recovered.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 33% on cost
Fixtures and fittings - 33% on cost
Computer equipment - 33% on cost

Financial instruments
Financial instruments are classified by the director as basic or advanced following the conditions in FRS102 Section 11. Basic financial instruments are recognised at amortised cost using the effective interest method unless the effect of discounting would be immaterial, in which case they are stated at cost. The company has no advanced financial instruments.

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


QUINN FINANCE LTD (REGISTERED NUMBER: 08367422)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 23 APRIL 2023


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

Going concern
The financial statements have been prepared on the going concern basis.

The company reports a profit for the year, a net current assets position and positive shareholders' funds.

Debts are currently being settled as they fall due with the assistance of payment plans put in place to assist with cash flow. The directors have forecast future cash flows and are of the opinion the business has sufficient resources to continue trading.

Accordingly, they have a reasonable expectation that the business has adequate resources to continue in operational existence for the foreseeable future which is at least 12 months from the date of signing the balance sheet. Thus they continue to adopt the going concern basis of accounting in preparing the financial statements.

Borrowing costs
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method unless the effect of discounting would be immaterial, in which case it is stated at cost and is included in interest payable and similar charges.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - 2 ) .

QUINN FINANCE LTD (REGISTERED NUMBER: 08367422)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 23 APRIL 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 24 April 2022 300 329 1,549 2,178
Additions - 309 - 309
At 23 April 2023 300 638 1,549 2,487
DEPRECIATION
At 24 April 2022 241 183 861 1,285
Charge for year 19 151 229 399
At 23 April 2023 260 334 1,090 1,684
NET BOOK VALUE
At 23 April 2023 40 304 459 803
At 23 April 2022 59 146 688 893

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 745 -
Other debtors 129,403 116,150
130,148 116,150

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 4,743 4,320
Taxation and social security 77,503 64,333
Other creditors 18,452 17,766
100,698 86,419

During the 2021 financial period, the company was granted a bounce back loan. This is being repaid in line with the accepted government terms. It is denominated in £ with a nominal interest rate of 2.5%. The carrying amount at the 2023 year end was £36,366, this is shown in Other Creditors due within one year, and due after more than one year.

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2023 2022
£    £   
Other creditors 25,717 31,587

QUINN FINANCE LTD (REGISTERED NUMBER: 08367422)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 23 APRIL 2023


8. OTHER FINANCIAL COMMITMENTS

The rental amounts included within the accounts relating to property and hire of vehicles, are attached to no specific commitment and are paid on a rolling monthly basis.

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 23 April 2023 and 23 April 2022:

2023 2022
£    £   
A Edwards
Balance outstanding at start of year 86,701 66,804
Amounts advanced 26,767 44,439
Amounts repaid (46,494 ) (24,542 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 66,974 86,701

Interest on the above loan has been charged at HMRC approved rate in the current and prior period.