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Registration number: 04439511

Quintessential Tips Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Quintessential Tips Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Quintessential Tips Ltd

Company Information

Director

Candice Meskin

Registered office

14 Kenwyn Street
Truro
Cornwall
TR1 3DJ

Accountants

Julia Evans Accountants Ltd 79-81 Boslowick Road
Falmouth
Cornwall
TR11 4QD

 

Quintessential Tips Ltd

(Registration number: 04439511)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

3,226

3,950

Current assets

 

Stocks

14,072

20,582

Debtors

6

15,528

21,493

Cash at bank and in hand

 

574

3,121

 

30,174

45,196

Creditors: Amounts falling due within one year

7

(46,694)

(51,425)

Net current liabilities

 

(16,520)

(6,229)

Total assets less current liabilities

 

(13,294)

(2,279)

Creditors: Amounts falling due after more than one year

7

(32,142)

(33,873)

Net liabilities

 

(45,436)

(36,152)

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

(46,436)

(37,152)

Shareholders' deficit

 

(45,436)

(36,152)

For the financial 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.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Quintessential Tips Ltd

(Registration number: 04439511)
Balance Sheet as at 30 April 2024

Approved and authorised by the director on 29 January 2025
 

.........................................
Candice Meskin
Director

 

Quintessential Tips Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
14 Kenwyn Street
Truro
Cornwall
TR1 3DJ
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Government grants

Government grants have been recognised under the accrual model.

Tax

Taxation represents the sum of tax currently payable and deferred tax.

The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

 

Quintessential Tips Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

30% Straight line basis

Property improvements

10% Straight line basis

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website costs

33% Straight line basis

Patents and trademarks

10% Straight line basis

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Quintessential Tips Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Quintessential Tips Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Intangible assets

Other intangible assets
 £

Total
£

Cost or valuation

At 1 May 2023

3,458

3,458

Additions acquired separately

7,240

7,240

At 30 April 2024

10,698

10,698

Amortisation

At 1 May 2023

6,748

6,748

Amortisation charge

724

724

At 30 April 2024

7,472

7,472

Carrying amount

At 30 April 2024

3,226

3,226

At 30 April 2023

3,950

3,950

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

1,088

7,893

8,981

At 30 April 2024

1,088

7,893

8,981

Depreciation

At 1 May 2023

1,088

7,893

8,981

At 30 April 2024

1,088

7,893

8,981

Carrying amount

At 30 April 2024

-

-

-

Included within the net book value of land and buildings above is £Nil (2023 - £Nil) in respect of freehold land and buildings.
 

 

Quintessential Tips Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Debtors

Current

2024
£

2023
£

Trade debtors

108

1,849

Prepayments

13,564

17,138

Other debtors

1,856

2,506

 

15,528

21,493

 

Quintessential Tips Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,000

16,102

Trade creditors

 

10,446

11,534

Taxation and social security

 

-

5,293

Accruals and deferred income

 

1,989

2,701

Other creditors

 

24,259

15,795

 

46,694

51,425

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

32,142

33,873

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000

       

9

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

32,142

33,873

Current loans and borrowings

 

Quintessential Tips Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

2024
£

2023
£

Bank borrowings

10,000

10,000

Bank overdrafts

-

6,102

10,000

16,102