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REGISTERED NUMBER: 02077857 (England and Wales)



















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2024

FOR

EDITQUEST LIMITED

EDITQUEST LIMITED (REGISTERED NUMBER: 02077857)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 30 JUNE 2024




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


EDITQUEST LIMITED

COMPANY INFORMATION
for the Year Ended 30 JUNE 2024







DIRECTORS: Mr M J Bushnell
Mr M A Foster
Mr R K Goodyer





REGISTERED OFFICE: Unit 14
Titan Court
Laporte Way
Luton
Beds
LU4 8EF





REGISTERED NUMBER: 02077857 (England and Wales)





ACCOUNTANTS: Foxley Kingham
Chartered Accountants
260 - 270 Butterfield
Great Marlings
Luton
Bedfordshire
LU2 8DL

EDITQUEST LIMITED (REGISTERED NUMBER: 02077857)

BALANCE SHEET
30 JUNE 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 33,772 38,242
Investments 5 1 1
33,773 38,243

CURRENT ASSETS
Stocks 6 1,500 1,500
Debtors 7 1,023,578 723,775
Cash at bank and in hand 775,602 660,760
1,800,680 1,386,035
CREDITORS
Amounts falling due within one year 8 1,149,982 630,944
NET CURRENT ASSETS 650,698 755,091
TOTAL ASSETS LESS CURRENT
LIABILITIES

684,471

793,334

CREDITORS
Amounts falling due after more than one
year

9

(7,887

)

(15,805

)

PROVISIONS FOR LIABILITIES 11 (6,155 ) (5,400 )
NET ASSETS 670,429 772,129

CAPITAL AND RESERVES
Called up share capital 12 227 212
Retained earnings 13 670,202 771,917
SHAREHOLDERS' FUNDS 670,429 772,129

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 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.

EDITQUEST LIMITED (REGISTERED NUMBER: 02077857)

BALANCE SHEET - continued
30 JUNE 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 24 January 2025 and were signed on its behalf by:




Mr M J Bushnell - Director Mr R K Goodyer - Director




Mr M A Foster - Director


EDITQUEST LIMITED (REGISTERED NUMBER: 02077857)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 30 JUNE 2024

1. STATUTORY INFORMATION

Editquest Limited 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.

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

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on reducing balance
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 20% on reducing balance
Computer equipment - 33.33% on cost

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

The gain or loss arising on disposal of an asset is determined at the difference between the sales proceeds and the carrying value of the asset, and is credited or charged to the profit or loss.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.


EDITQUEST LIMITED (REGISTERED NUMBER: 02077857)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 JUNE 2024

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
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Financial instruments
Basic financial instruments are recognised at amortised cost.

Grant income
Government grant income received in the form of Coronavirus Job Retention Scheme payments and a council grant are recognised on the profit or loss under other income.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2023 - 19 ) .

EDITQUEST LIMITED (REGISTERED NUMBER: 02077857)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 JUNE 2024

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 July 2023 24,152 24,609 75,703
Additions - - -
At 30 June 2024 24,152 24,609 75,703
DEPRECIATION
At 1 July 2023 9,560 23,721 72,442
Charge for year 1,459 222 652
At 30 June 2024 11,019 23,943 73,094
NET BOOK VALUE
At 30 June 2024 13,133 666 2,609
At 30 June 2023 14,592 888 3,261

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 July 2023 30,000 33,063 187,527
Additions - 6,339 6,339
At 30 June 2024 30,000 39,402 193,866
DEPRECIATION
At 1 July 2023 13,125 30,437 149,285
Charge for year 4,219 4,257 10,809
At 30 June 2024 17,344 34,694 160,094
NET BOOK VALUE
At 30 June 2024 12,656 4,708 33,772
At 30 June 2023 16,875 2,626 38,242

EDITQUEST LIMITED (REGISTERED NUMBER: 02077857)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 JUNE 2024

4. TANGIBLE FIXED ASSETS - continued

Fixed assets, included in the above, which are held under hire purchase contracts are as follows:
Motor
vehicles
£   
COST
At 1 July 2023
and 30 June 2024 30,000
DEPRECIATION
At 1 July 2023 13,125
Charge for year 4,219
At 30 June 2024 17,344
NET BOOK VALUE
At 30 June 2024 12,656
At 30 June 2023 16,875

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2023
and 30 June 2024 1
NET BOOK VALUE
At 30 June 2024 1
At 30 June 2023 1

6. STOCKS
2024 2023
£    £   
Stocks 1,500 1,500

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade debtors 923,240 368,763
No description - 275,000
VAT 75,172 54,266
Prepayments 25,166 25,746
1,023,578 723,775

EDITQUEST LIMITED (REGISTERED NUMBER: 02077857)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 JUNE 2024

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Hire purchase contracts (see note 10) 7,918 7,202
Trade creditors 892,443 359,842
Corporation tax 145,728 132,903
Taxation and social security 4,749 5,428
Other creditors 3,205 1,951
Director's current account 26,426 56,809
Accrued expenses 69,513 66,809
1,149,982 630,944

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2024 2023
£    £   
Hire purchase contracts (see note 10) 7,887 15,805

10. LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts
2024 2023
£    £   
Net obligations repayable:
Within one year 7,918 7,202
Between one and five years 7,887 15,805
15,805 23,007

Non-cancellable operating leases
2024 2023
£    £   
Within one year 9,500 12,438

11. PROVISIONS FOR LIABILITIES
2024 2023
£    £   
Deferred tax 6,155 5,400

Deferred
tax
£   
Balance at 1 July 2023 5,400
Movement in provision 755
Balance at 30 June 2024 6,155

EDITQUEST LIMITED (REGISTERED NUMBER: 02077857)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 30 JUNE 2024

12. CALLED UP SHARE CAPITAL

Allocated, issued and fully paid

Number:

Class:
Nominal
Value:

2022

2023
£ £
2,000,000 Ordinary A £1 200 200
90,910 (2023: 42,554) Ordinary B £1 9.10 4.26
90,910 (2023: 42,554) Ordinary C £1 9.10 4.26
90,910 (2023: 42,554) Ordinary D £1 9.10 4.26
227.30 212.78

All classes of shares rank equally and have the rights to voting, capital and dividend payments.

13. RESERVES
Retained
earnings
£   

At 1 July 2023 771,917
Profit for the year 425,785
Dividends (277,500 )
EOT contribution (250,000 )
At 30 June 2024 670,202

The Company is the settler and sponsor of The Editquest Employee Ownership Trust (EOT), a discretionary trust which was executed as a trust deed on 11th March 2021. Since the time of its inception, the trust has operated independently of the company, acting through a trustee company as its sole trustee. The company has no control over the assets and liabilities of the trust and, consequently, the assets and liabilities of the trust are not recognised in the company accounts. The company policy is that its contributions to the trust, which are paid out of distributable reserves, are made on a voluntary basis, and are not governed by any form of binding arrangement whatsoever.

On 11th March 2021, the trust entered into a transaction with the shareholders of the company for the purchase of 2,000,000 Ordinary Shares, representing the whole of the issued share capital of the company, for a total consideration of £2,500,000. On 15th April 2021, the company made a voluntary contribution to the trust of £1,500,000. Again, on 9th March 2022, the company made a voluntary contribution to the trust of £500,000. A further £250,000 voluntary contribution was made on 23 February 2023 and again on 5 July 2023.