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Registered number: 06046261
Quintessentially Estates Limited
Unaudited Financial Statements
For The Year Ended 30 April 2024
Beach Accountants Limited
Chartered Certified Accountants
10 Blue Sky Way
Monkton Business Park South
Hebburn
South Tyneside
NE31 2EQ
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—7
Page 1
Balance Sheet
Registered number: 06046261
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 73,151 90,414
Investments 5 82 82
73,233 90,496
CURRENT ASSETS
Debtors 6 252,001 221,867
Cash at bank and in hand 122,592 178,691
374,593 400,558
Creditors: Amounts Falling Due Within One Year 7 (714,696 ) (737,869 )
NET CURRENT ASSETS (LIABILITIES) (340,103 ) (337,311 )
TOTAL ASSETS LESS CURRENT LIABILITIES (266,870 ) (246,815 )
Creditors: Amounts Falling Due After More Than One Year 8 (47,069 ) (53,417 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 10 (18,308 ) (22,604 )
NET LIABILITIES (332,247 ) (322,836 )
CAPITAL AND RESERVES
Called up share capital 11 119 119
Share premium account 14,925 14,925
Capital redemption reserve 5 5
Profit and Loss Account (347,296 ) (337,885 )
SHAREHOLDERS' FUNDS (332,247) (322,836)
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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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges her 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
Mrs Penelope Mosgrove
Director
31/08/2024
The notes on pages 3 to 7 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Quintessentially Estates Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06046261 . The registered office is 51 Kinnerton Street, Belgravia, London, SW1X 8ED.
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.
The financial statements are prepared in sterling, which is the functional currency of the entity. 
2.2. Going Concern Disclosure
At the balance sheet date, the company had net liabilities of £332,247 (2023: £322,836). The Director is of the opinion that the financial statements have been properly prepared on the going concern basis on the understanding that the director will continue to support the company financially.
2.3. Turnover
Turnover comprises revenue recognised by the Company in respect of acquisition sales, lettings and franchising fees, exclusive of Value Added Tax.
Acquisition sales
Revenue is recognised in the form of commission at a pre-agreed rate upon legal completion of the sale.
Lettings
Lettings income is recognised in the form of property management fees, typically invoiced in advanced and deferred monthly in line with the contract period.
Franchising fees
Upon commencement of a new franchising contract, a one-off franchise fee is recognised and deferred over 12 months as all set up costs are incurred within this period. Royalties charged at a pre-agreed rate within the contract are subsequently recognised monthly for the remainder of the contract period.
2.4. 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:
Motor Vehicles 20% reducing balance
Fixtures & Fittings 25% straight line
Office Equipment 33% straight line
2.5. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
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2.6. Financial Instruments
Financial assets and liabilities are only offset in the statement of financial position when. and only when there exists a legally enforceable right to set off the recognise amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through the Profit and Loss Account, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Financial assets are derecognised when and only when a) the contractual rights to the cash flows from the financial asset expire or are settled. b) the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset. or c) the Company. despite having retained some, but not all significant risks and rewards of ownership. has transferred control of the asset to another party.
Financial liabilities are derecognised only when the obligation specified in the contract is discharged, cancelled or expires.
2.7. Foreign Currencies
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Statement of Comprehensive Income.
2.8. Taxation
Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
2.9. Pensions
The company operates a defined contribution pension scheme. The pension costs represent the contributions payable to the pension scheme in respect of the accounting period.
2.10. Operating leases
The Company as lessor
Amounts due from lessees under finance leases are recognised as receivables at the amount of the company’s net investment in the leases. Finance lease income is allocated to accounting periods so as to reflect a constant periodic rate of return on the company’s net investment outstanding in respect of leases.
Rental income from operating leases is recognised on a straight-line basis over the term of the relevant lease. Initial direct costs incurred in negotiating and arranging an operating lease are added to the carrying amount of the leased asset and recognised on a straight-line basis over the lease term.
2.11. Fixed assets investments
Investments in subsidiaries are measured at cost less accumulated impairment.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 8 (2023: 8)
8 8
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4. Tangible Assets
Motor Vehicles Fixtures & Fittings Office Equipment Total
£ £ £ £
Cost
As at 1 May 2023 90,383 68,311 53,392 212,086
Additions - 208 3,166 3,374
As at 30 April 2024 90,383 68,519 56,558 215,460
Depreciation
As at 1 May 2023 7,532 68,311 45,829 121,672
Provided during the period 16,570 9 4,058 20,637
As at 30 April 2024 24,102 68,320 49,887 142,309
Net Book Value
As at 30 April 2024 66,281 199 6,671 73,151
As at 1 May 2023 82,851 - 7,563 90,414
5. Investments
Subsidiaries
£
Cost
As at 1 May 2023 82
As at 30 April 2024 82
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 82
As at 1 May 2023 82
The following were subsidiary undertakings of the Company:
Quintessentially Estates (HK) Limited Ordinary        
Quintessentially Estates (USA) Inc                          
Both subsidiaries were 100% controlled during the year.
Quintessentially Estates (HK) Limited is registered in 2/F, Teda Building, 87 Wing Lok Street, Sheung Wan, Hong Kong and Quintessentially Estates (USA) Inc is registered in LA 301 N Canon Dr, Beverly Hills, CA 90210, USA.
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 23,086 110,429
Prepayments and accrued income 3,819 3,819
Other debtors 48,689 49,821
VAT 105,537 29,328
Director's loan account 70,870 28,470
252,001 221,867
The above Director's loan is unsecured, interest free and repayable on demand.
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 6,348 6,348
Trade creditors 83,682 13,868
Corporation tax 11,111 34,750
Other taxes and social security 4,016 10,794
Other creditors 51,050 9,206
Accruals and deferred income 459,600 559,122
Amounts owed to group undertakings 98,889 103,781
714,696 737,869
The loan above owed to Logan & Warwick Investments Limited for £98,889 (2023: £103,781) are unsecured, interest free, have no fixed date of repayment and are payable on demand.
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 47,069 53,417
9. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 6,348 6,348
Later than one year and not later than five years 47,069 53,417
53,417 59,765
53,417 59,765
10. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Accelerated capital allowances 18,308 22,604
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11. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 119 119
12. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 May 2023 Amounts advanced Amounts repaid Amounts written off As at 30 April 2024
£ £ £ £ £
Mrs Penelope Mosgrove 28,470 73,304 (30,905 ) - 70,870
The above loan is unsecured, interest free and repayable on demand.
13. Related Party Transactions
The directors are the only key management personnel of the Company. The directors' loan accounts are detailed in note 12.
At year end there is a loan due from from Logan & Warwick Investments Limited, the parent company, as detailed in note 7.
14. Ultimate Controlling Party
Logan & Warwick Investments Limited has 100% ownership of the issued share capital.
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