Company registration number 02688985 (England and Wales)
THE QUARR GROUP LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 APRIL 2024
PAGES FOR FILING WITH REGISTRAR
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
THE QUARR GROUP LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Statement of changes in equity
4
Notes to the financial statements
5 - 12
THE QUARR GROUP LIMITED
COMPANY INFORMATION
- 1 -
Directors
Mr. C. Howells
Mrs D. Howells
Mr. M. Russell
Mr. G. Pengelly
Mr. S. Ingram
Mr. B. Warren
Mr. N. Williams
Secretary
Mr. A. Jameson
Company number
02688985
Registered office
9 Acorn Business Centre
Northarbour Road
Portsmouth
Hampshire
United Kingdom
PO6 3TH
Auditor
TC Group
3 Acorn Business Centre
Northarbour Road
Cosham
Portsmouth
Hampshire
PO6 3TH
THE QUARR GROUP LIMITED
BALANCE SHEET
AS AT
30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
4
1,888,796
Current assets
Debtors
5
20,201,923
7,421,076
Cash at bank and in hand
65,903
46,869
20,267,826
7,467,945
Creditors: amounts falling due within one year
6
(35,223)
(7,390,999)
Net current assets
20,232,603
76,946
Total assets less current liabilities
20,232,603
1,965,742
Provisions for liabilities
(809)
(809)
Net assets excluding pension (liability)/surplus
20,231,794
1,964,933
Defined benefit pension (liability)/surplus
186,000
Net assets
20,231,794
2,150,933
Capital and reserves
Called up share capital
8
111,838
111,838
Share premium account
27,654
27,654
Capital redemption reserve
147,275
147,275
Profit and loss reserves
19,945,027
1,864,166
Total equity
20,231,794
2,150,933
The notes on pages 5 to 12 form part of these financial statements.
THE QUARR GROUP LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 APRIL 2024
30 April 2024
- 3 -
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 15 January 2025 and are signed on its behalf by:
Mr. S. Ingram
Mr. B. Warren
Director
Director
Company registration number 02688985 (England and Wales)
THE QUARR GROUP LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
Share capital
Share premium account
Capital redemption reserve
Profit and loss reserves
Total
£
£
£
£
£
Balance at 1 May 2022
111,838
27,654
147,275
1,063,772
1,350,539
Year ended 30 April 2023:
Profit
-
-
-
717,894
717,894
Other comprehensive income:
Actuarial gains on defined benefit plans
-
-
-
110,000
110,000
Tax relating to other comprehensive income
-
-
-
(27,500)
(27,500)
Total comprehensive income
-
-
-
800,394
800,394
Balance at 30 April 2023
111,838
27,654
147,275
1,864,166
2,150,933
Year ended 30 April 2024:
Profit and total comprehensive income
-
-
-
18,080,861
18,080,861
Balance at 30 April 2024
111,838
27,654
147,275
19,945,027
20,231,794
The notes on pages 5 to 12 form part of these financial statements.
THE QUARR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 5 -
1
Accounting policies
Company information
The Quarr Group Limited is a private company limited by shares incorporated in England and Wales. The registered office is 9 Acorn Business Centre, Northarbour Road, Portsmouth, Hampshire, United Kingdom, PO6 3TH.
During the year ended 30 April 2024, the company disposed of its interests in its former trading subsidiaries; Mountjoy Limited, N-Viro Limited and Pabulum Limited.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
During the year the Company truedisposed of its share capital in all 3 of its trading subsidiaries. Pabulum Limited was disposed on 1 August 2023, whilst N-viro Limited and Mountjoy Limited were disposed on 14 December 2023.
The consideration receivable on the disposals comprised £2,564,529 of cash consideration on completion, £7,477,500 of deferred consideration receivable, and the novation of £5,258,205 of the Company's debts to the respective purchasers.
This has left the Company being owed deferred consideration from these transactions which it will use to fund ongoing administrative operations and to remit to its parent company, The Quarr Group Holdings Limited, funds to service the parent company's obligations.
The Company's activities are therefore continuing and the Company continues to prepare its financial statements on a going concern basis.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for management services provided in the normal course of business, and is shown net of VAT and other sales related taxes.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
THE QUARR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
20-25% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand and deposits held at call with banks,
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include #tErm6, amounts due from group undertakings, and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
THE QUARR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 7 -
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and loan notes classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
THE QUARR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 8 -
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
The cost of providing benefits under defined benefit plans is determined separately for each plan using the projected unit credit method, and is based on actuarial advice.
The change in the net defined benefit liability arising from employee service during the year is recognised as an employee cost. The cost of plan introductions, benefit changes, settlements and curtailments are recognised as an expense in measuring profit or loss in the period in which they arise.
The net interest element is determined by multiplying the net defined benefit liability by the discount rate, taking into account any changes in the net defined benefit liability during the period as a result of contribution and benefit payments. The net interest is recognised in profit or loss as other finance revenue or cost.
Remeasurement changes comprise actuarial gains and losses, the effect of the asset ceiling and the return on the net defined benefit liability excluding amounts included in net interest. These are recognised immediately in other comprehensive income in the period in which they occur and are not reclassified to profit and loss in subsequent periods.
The net defined benefit pension asset or liability in the balance sheet comprises the total for each plan of the present value of the defined benefit obligation (using a discount rate based on high quality corporate bonds), less the fair value of plan assets out of which the obligations are to be settled directly. Fair value is based on market price information, and in the case of quoted securities is the published bid price. The value of a net pension benefit asset is limited to the amount that may be recovered either through reduced contributions or agreed refunds from the scheme.
THE QUARR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
7
7
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 May 2023 and 30 April 2024
4,024
Depreciation and impairment
At 1 May 2023 and 30 April 2024
4,024
Carrying amount
At 30 April 2024
At 30 April 2023
4
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,888,796
THE QUARR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
4
Fixed asset investments
(Continued)
- 10 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 May 2023 & 30 April 2024
1,888,796
Impairment
At 1 May 2023
-
Disposals
1,888,796
At 30 April 2024
1,888,796
Carrying amount
At 30 April 2024
-
At 30 April 2023
1,888,796
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
12,620,844
7,421,076
Other debtors
3,354,011
15,974,855
7,421,076
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
4,227,068
Total debtors
20,201,923
7,421,076
Amounts owed by group undertakings
Amounts owed by group undertakings falling due within one year, comprises monies leant by the company to its parent company. These amounts are unsecured and the company has no right to receive interest on them. The directors expect that the amounts owed by group undertakings will ultimately be recovered from any future dividends declared by the company to the parent company.
THE QUARR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 11 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
3,530
25,884
Amounts owed to group undertakings
7,013,935
Taxation and social security
2,557
14,523
Other creditors
29,136
336,657
35,223
7,390,999
7
Defined benefit scheme - Quarr Group Limited Life Assurance Plan
The Quarr Group Limited Life Assurance Plan ("the Scheme") is an independently administered final salary scheme, where members receive benefits based on their final salary. The Scheme also provides benefits to spouses and dependants in the event of a member's death after retirement. The Scheme was closed to further service accrual from 31 July 2005.
On 1 August 2023, as part of the process for disposing the trading subsidiaries, the company entered into a Flexible Apportionment Arrangement with Mountjoy Limited and N-Viro Limited, to exit the Scheme as the Principal Employer, transferring the ongoing responsibility and obligation for maintaining and funding the Scheme to Mountjoy Limited and N-Viro Limited.
The effect on the company's financial statements from the company's exit from the Scheme was as follows. The brought forward carrying value of the Scheme in the financial statements was £186,000 asset (comprising a scheme surplus of £248,000 measured in accordance with FRS 102, net of a related deferred tax liability of £62,000). During the period to 1 August 2023, further contributions were paid by the company into the Scheme of £215,000 and further net interest accrued on the Scheme of £17,000. The book value of the Scheme at disposal on 1 August 2023 was a surplus of £418,000 (comprising a scheme surplus of £248,000 measured in accordance with FRS 102, net of a related deferred tax liability of £62,000).
8
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 10p each
1,118,380
1,118,380
111,838
111,838
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
THE QUARR GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
9
Audit report information
(Continued)
- 12 -
Senior Statutory Auditor:
James Blake FCA
Statutory Auditor:
TC Group
Date of audit report:
16 January 2025
10
Related party transactions
In accordance with FRS 102 Section 1AC.35, the company has taken exemption from disclosing transactions with wholly owned members of its group. The directors have reviewed other transactions with related parties who are not members of the group, and have confirmed that there are no transactions which have not been conducted under normal market conditions requiring disclosure in accordance with FRS 102 Section 1AC.35.
11
Parent company
The parent undertaking is The Quarr Group Holdings Limited, a company registered in England.
2024-04-302023-05-01false16 January 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMrs D. HowellsMr. M. RussellMr. G. PengellyMr. S. IngramMr. B. WarrenMr. N. WilliamsMr. N. WilliamsMr. A. Jamesonfalsefalse026889852023-05-012024-04-3002688985bus:CompanySecretaryDirector12023-05-012024-04-3002688985bus:Director12023-05-012024-04-3002688985bus:Director22023-05-012024-04-3002688985bus:Director32023-05-012024-04-3002688985bus:Director42023-05-012024-04-3002688985bus:Director52023-05-012024-04-3002688985bus:Director62023-05-012024-04-3002688985bus:CompanySecretary12023-05-012024-04-3002688985bus:Director72023-05-012024-04-3002688985bus:RegisteredOffice2023-05-012024-04-30026889852024-04-30026889852023-04-3002688985core:CurrentFinancialInstrumentscore:WithinOneYear2024-04-3002688985core:CurrentFinancialInstrumentscore:WithinOneYear2023-04-3002688985core:CurrentFinancialInstruments2024-04-3002688985core:CurrentFinancialInstruments2023-04-3002688985core:ShareCapital2024-04-3002688985core:ShareCapital2023-04-3002688985core:SharePremium2024-04-3002688985core:SharePremium2023-04-3002688985core:CapitalRedemptionReserve2024-04-3002688985core:CapitalRedemptionReserve2023-04-3002688985core:RetainedEarningsAccumulatedLosses2024-04-3002688985core:RetainedEarningsAccumulatedLosses2023-04-3002688985core:ShareCapital2022-04-3002688985core:SharePremium2022-04-3002688985core:CapitalRedemptionReserve2022-04-3002688985core:RetainedEarningsAccumulatedLosses2022-04-3002688985core:RetainedEarningsAccumulatedLosses2022-05-012023-04-30026889852022-05-012023-04-3002688985core:RetainedEarningsAccumulatedLosses2023-05-012024-04-3002688985core:RevenueReservesInvestmentFundsOnly2022-05-012023-04-3002688985core:ComputerEquipment2023-05-012024-04-3002688985core:OtherPropertyPlantEquipment2023-04-3002688985core:OtherPropertyPlantEquipment2024-04-3002688985core:OtherPropertyPlantEquipment2023-04-3002688985core:WithinOneYear2024-04-3002688985core:WithinOneYear2023-04-3002688985core:AfterOneYear2024-04-3002688985core:AfterOneYear2023-04-3002688985bus:PrivateLimitedCompanyLtd2023-05-012024-04-3002688985bus:SmallCompaniesRegimeForAccounts2023-05-012024-04-3002688985bus:FRS1022023-05-012024-04-3002688985bus:Audited2023-05-012024-04-3002688985bus:FullAccounts2023-05-012024-04-30xbrli:purexbrli:sharesiso4217:GBP