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Registered number: 05586650














QUINTESSENTIALLY & CO LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

 
QUINTESSENTIALLY & CO LIMITED
 

CONTENTS



Page
Statement of Financial Position
1
Notes to the Financial Statements
2 - 8


 
QUINTESSENTIALLY & CO LIMITED
REGISTERED NUMBER:05586650

STATEMENT OF FINANCIAL POSITION
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
-
-

Investments
 5 
1
1

  
1
1

Current assets
  

Debtors: amounts falling due within one year
 6 
1,233,362
1,522,407

Bank and cash balances
  
8,298
213,003

  
1,241,660
1,735,410

Current liabilities
  

Creditors: amounts falling due within one year
 7 
(2,336,936)
(2,699,273)

Net current liabilities
  
 
 
(1,095,276)
 
 
(963,863)

Net liabilities
  
(1,095,275)
(963,862)


Capital and reserves
  

Called up share capital 
 8 
25,000
25,000

Capital contribution reserve
 9 
137,537
137,537

Profit and loss account
 9 
(1,257,812)
(1,126,399)

  
(1,095,275)
(963,862)


The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 January 2025.




B W Elliot
Director

The notes on pages 2 to 8 form part of these financial statements.

Page 1

 
QUINTESSENTIALLY & CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Quintessentially & Co Limited is a private limited liability company incorporated in England and Wales with its business and registered office address at 29 Portland Palace, London, W1B 1QB.
The principal activity of the Company continues to be that of global event management and production services.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.3

Going concern

In relation to going concern, the directors of the company have considered projected cash flows and liquidity requirements covering a period of at least twelve months from the date of their approval of these financial statements. These forecasts indicate that the company should continue to be able to trade within its existing facilities and meet its liabilities as they fall due. However, there remains a risk that the pace and level at which business improves could be materially less than forecast, requiring the parent company and wider group to obtain external funding which may not be forthcoming and therefore this creates a material uncertainty that may ultimately cast significant doubt about the Group and therefore the Company’s ability to continue as a going concern. As a result, it may be unable to realise its assets and discharge its liabilities in the normal course of business. However, the directors consider that should the need arise, they could obtain the necessary funding and hence have prepared the financial statements on a going concern basis.
The financial statements do not include any adjustments that would arise should the Company be unable to continue as a going concern.

Page 2

 
QUINTESSENTIALLY & CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is £ Sterling.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

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 profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

 
2.5

Turnover

Turnover comprises revenue recognised by the Company in respect of services supplied during the year, exclusive of Value Added Tax.
Events turnover is recognised upon the successful completion of hosted events. Revenue received in advance of future events is carried forward as deferred income.
Licence fees granted to franchise offices are recognised over the term for which the franchise agreement is granted. Minimum guarantees are recognised over the period to which they relate on a pro rata basis. Where minimum guarantees are exceeded on a contract period these are recognised as earned.
Turnover from international contracts, where service delivery is provided partially from the Company’s franchise partner offices, is recognised in its entirety upon delivery of the service, together with the associated turnover share applicable to the Group with the proportion of sales payable to the franchise partner is included in cost of sales, as per the underlying contract.

 
2.6

Pensions

The Company contributes to a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

Page 3

 
QUINTESSENTIALLY & CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Fixtures and fittings
-
20% straight line
Computer equipment
-
30% straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.9

Debtors

Short term debtors are measured at the transaction price.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short term creditors are measured at the transaction price.

Page 4

 
QUINTESSENTIALLY & CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.12

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Statement of Financial Position when the Company becomes party to the contractual provisions of the instrument.
Basic financial assets and liabilities
Basic financial assets and liabilities, which include trade and other debtors, cash and bank balances,  trade and other creditors, are initially measured at their transaction prices and are subsequently carried at their amortised cost using the effective interest method.
 



3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2023 - 10).


4.


Tangible fixed assets





Fixtures and fittings
Computer equipment
Total

£
£
£



Cost 


At 1 May 2023
69,870
59,834
129,704


Disposals
(69,870)
(59,834)
(129,704)



At 30 April 2024

-
-
-





At 1 May 2023
69,870
59,834
129,704


Disposals
(69,870)
(59,834)
(129,704)



At 30 April 2024

-
-
-



Net book value



At 30 April 2024
-
-
-



At 30 April 2023
-
-
-

Page 5

 
QUINTESSENTIALLY & CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Fixed asset investments





Investments in subsidiary companies

£



Cost 


At 1 May 2023
1



At 30 April 2024
1





Subsidiary undertaking


The following was a subsidiary undertaking of the Company:

Name

Registered office

Class of shares

Holding

Quintessentially & Co (USA) Inc.
USA
Ordinary
100%


6.


Debtors

2024
2023
£
£


Trade debtors
126,217
199,566

Amounts owed by group undertakings
716,731
693,231

Other debtors
501
31,185

Prepayments and accrued income
389,913
598,425

1,233,362
1,522,407


Page 6

 
QUINTESSENTIALLY & CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
691,198
697,076

Amounts owed to group undertakings
805,178
796,436

Amounts owed to associates
128,616
151,383

Corporation tax
-
20,767

Other taxation and social security
11,304
2,444

Accruals and deferred income
700,640
1,031,167

2,336,936
2,699,273



8.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1 (2023 - 1) Ordinary share of £25,000
25,000
25,000



9.


Reserves

Capital contribution reserve

The capital contribution reserve represents amounts gifted to the company by the shareholders.

Profit and loss account

The profit and loss account reserve represents cumulative profits or losses, net of dividends paid and other adjustments.


10.


Contingent liabilities

The company is party to an intercompany fixed and floating charge over the assets of the group. The potential liability under the terms of the guarantee at the Statement of Financial Position date was £12.5m (2023 - £12.5m).


11.


Related party transactions

The Company has taken advantage of the exemption under FRS102 33.1A Related Party Disclosures not to disclose transactions entered into between two or more members of a group, provided that any subsidiary undertaking which is a party to the transaction is wholly owned by a member of that group.

Page 7

 
QUINTESSENTIALLY & CO LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

12.


Controlling party

The Company is majority owned by the immediate parent undertaking, Quintessentially Media Limited; a company registered in England and Wales.
The ultimate parent company is Quintessentially (UK) Limited, a company registered in England and Wales. Quintessentially (UK) Limited is the parent company of the largest and smallest group of which Quintessentially & Co Limited is a member and for which group financial statements are drawn up. The registered office of Quintessentially (UK) Limited is at 29 Portland Place, London, W1B 1QB. Copies of the consolidated financial statements are available from the Registrar of Companies. The directors regard A T Simpson, B W Elliot and WFS UK Holding Partnership LP as the ultimate controlling parties.


13.


Auditors' information

The auditors' report on the financial statements for the year ended 30 April 2024 was unqualified.

In their report, the auditors emphasised the following matter without qualifying their report:
We draw attention to note 2.2 in the financial statements, which indicates that the pace and level at which the events business returns could be materially less than forecast, requiring the Company, or its parent company, on whom the Company relies on for significant trading relationships and cash flow, to obtain external funding which may not be forthcoming. As stated in note 2.2, these events or conditions, along with the other matters as set forth in note 2.2, indicate that a material uncertainty exists that may cast significant doubt on the Company's ability to continue as a going concern. Our opinion is not modified in respect of this matter. 
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

The audit report was signed on 28 January 2025 by Stephen Iseman FCA (Senior Statutory Auditor) on behalf of Sopher + Co LLP.

 
Page 8