Registered number
13144712
Quarters Kingsley Ltd
Filleted Accounts
31 January 2024
Quarters Kingsley Ltd
Registered number: 13144712
Balance Sheet
as at 31 January 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 146,000 -
Investments 4 200 -
146,200 -
Current assets
Stocks 240,000 2,202,956
Debtors 5 2,349,686 41,094
Cash at bank and in hand 3,570 2,780
2,593,256 2,246,830
Creditors: amounts falling due within one year 6 (2,170,964) (626,580)
Net current assets 422,292 1,620,250
Total assets less current liabilities 568,492 1,620,250
Creditors: amounts falling due after more than one year 7 (789,949) (1,735,130)
Net liabilities (221,457) (114,880)
Capital and reserves
Called up share capital 100 100
Profit and loss account (221,557) (114,980)
Shareholders' funds (221,457) (114,880)
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Jason Clay
Director
Approved by the board on 2 December 2024
Quarters Kingsley Ltd
Notes to the Accounts
for the year ended 31 January 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Tangible fixed assets
Plant and machinery etc
£
Cost
Additions 182,500
At 31 January 2024 182,500
Depreciation
Charge for the year 36,500
At 31 January 2024 36,500
Net book value
At 31 January 2024 146,000
4 Investments
Other
investments
£
Cost
Additions 200
At 31 January 2024 200
5 Debtors 2024 2023
£ £
Trade debtors 1,124 1,124
Amounts owed by group undertakings and undertakings in which the company has a participating interest 2,348,562 -
Other debtors - 39,970
2,349,686 41,094
Amounts due after more than one year included above 2,051,929 -
6 Creditors: amounts falling due within one year 2024 2023
£ £
Obligations under finance lease and hire purchase contracts 32,850 -
Trade creditors 13,922 76,804
Taxation and social security costs (38) (5,955)
Other creditors 2,124,230 555,731
2,170,964 626,580
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 835,130
Obligations under finance lease and hire purchase contracts 114,975 -
Other creditors 674,974 900,000
789,949 1,735,130
8 Other information
Quarters Kingsley Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Knabbs Ash, Skipton Road
Felliscliffe
Harrogate
North Yorkshire
HG3 2LT
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