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Company registration number: NI064107
Really Good (QVS) Limited
Trading as Really Good QVS Ltd
Unaudited filleted abridged financial statements
30 April 2024
Really Good (QVS) Limited
Contents
Directors and other information
Accountant's report
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Really Good (QVS) Limited
Directors and other information
Directors Mr Patrick Cunningham
Mr Ruairi Cunningham
Secretary Ruairi Cunningham
Company number NI064107
Registered office 41 Strathroy Road
Omagh
BT79 7JD
Business address 41 Strathroy Road
Omagh
Co Tyrone
BT79 7JD
Accountant Fitzmaurice McConville & Co Ltd
3 Melrose Grove
Lurgan
BT67 9BH
Bankers Bank of Ireland
11 Upper English Street
Armagh
Really Good (QVS) Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Really Good (QVS) Limited
Year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Really Good (QVS) Limited for the year ended 30 April 2024 which comprise the abridged statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of Chartered Accountants Ireland , I am subject to its ethical and other professional requirements which are detailed at www.charteredaccountants.ie.
This report is made solely to the board of directors of Really Good (QVS) Limited, as a body, in accordance with the terms of my engagement letter. My work has been undertaken solely to prepare for your approval the financial statements of Really Good (QVS) Limited and state those matters that we have agreed to state to the board of directors of Really Good (QVS) Limited as a body, in this report in accordance with the requirements of Chartered Accountants Ireland as detailed at www.charteredaccountants.ie. To the fullest extent permitted by law, I do not accept or assume responsibility to anyone other than Really Good (QVS) Limited and its board of directors as a body for my work or for this report.
It is your duty to ensure that Really Good (QVS) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Really Good (QVS) Limited. You consider that Really Good (QVS) Limited is exempt from the statutory audit requirement for the year.
I have not been instructed to carry out an audit or a review of the financial statements of Really Good (QVS) Limited. For this reason, I have not verified the accuracy or completeness of the accounting records or information and explanations you have given to me and I do not, therefore, express any opinion on the statutory financial statements.
Fitzmaurice McConville & Co Ltd
Chartered Accountants
3 Melrose Grove
Lurgan
BT67 9BH
16 December 2024
Really Good (QVS) Limited
Abridged statement of financial position
30 April 2024
2024 2023
Note £ £ £ £
Current assets
Debtors 68,203 136,985
Cash at bank and in hand 146,629 138,772
_______ _______
214,832 275,757
Creditors: amounts falling due
within one year ( 834,144) ( 867,192)
_______ _______
Net current liabilities ( 619,312) ( 591,435)
_______ _______
Total assets less current liabilities ( 619,312) ( 591,435)
Creditors: amounts falling due
after more than one year ( 3,868,572) ( 3,991,071)
_______ _______
Net liabilities ( 4,487,884) ( 4,582,506)
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account ( 4,487,984) ( 4,582,606)
_______ _______
Shareholders deficit ( 4,487,884) ( 4,582,506)
_______ _______
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.
All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the current year ending 30 April 2024 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 16 December 2024 , and are signed on behalf of the board by:
Mr Patrick Cunningham Mr Ruairi Cunningham
Director Director
Company registration number: NI064107
Really Good (QVS) Limited
Statement of changes in equity
Year ended 30 April 2024
Called up share capital Profit and loss account Total
£ £ £
At 1 May 2022 100 ( 4,704,295) ( 4,704,195)
Profit for the year 121,689 121,689
_______ _______ _______
Total comprehensive income for the year - 121,689 121,689
_______ _______ _______
At 30 April 2023 and 1 May 2023 100 ( 4,582,606) ( 4,582,506)
Profit for the year 94,622 94,622
_______ _______ _______
Total comprehensive income for the year - 94,622 94,622
_______ _______ _______
At 30 April 2024 100 ( 4,487,984) ( 4,487,884)
_______ _______ _______
Really Good (QVS) Limited
Notes to the financial statements
Year ended 30 April 2024
1. General information
The company is a private company limited by shares, registered in N.Ireland. The address of the registered office is 41 Strathroy Road, Omagh, BT79 7JD.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
1. Going concern
At the balance sheet date the company liabilities exceeded its assets by £4,582,506. Included within the liabilities is an amount of £4,775,138 which is owed to an investor company. This company has indicated that it is prepared to continue to financially support Realy Good QVS Ltd. On the basis of this continued support we have prepared these accounts on a going concern basis.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
5. Related party transactions
Included in long term creditors is an amount of £3,607,312 which is owed to Strathroy Dairy (ROI), a company in which the directors of this company have interests.