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PHYTOQUEST LIMITED

Registered Number
06899468
(England and Wales)

Unaudited Financial Statements for the Year ended
31 May 2024

PHYTOQUEST LIMITED
Company Information
for the year from 1 June 2023 to 31 May 2024

Director

NASH, Robert James

Registered Address

C/O Ibers
Plas Gogerddan
Aberystwyth
SY23 3EB

Registered Number

06899468 (England and Wales)
PHYTOQUEST LIMITED
Balance Sheet as at
31 May 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets43,3454,460
3,3454,460
Current assets
Stocks5274,440269,500
Debtors4,84421,517
Cash at bank and on hand21,25447,012
300,538338,029
Creditors amounts falling due within one year6(89,570)(77,765)
Net current assets (liabilities)210,968260,264
Total assets less current liabilities214,313264,724
Provisions for liabilities7-(750)
Net assets214,313263,974
Capital and reserves
Called up share capital400,000400,000
Share premium120,000120,000
Profit and loss account(305,687)(256,026)
Shareholders' funds214,313263,974
The financial statements were approved and authorised for issue by the Director on 13 December 2024, and are signed on its behalf by:
NASH, Robert James
Director
Registered Company No. 06899468
PHYTOQUEST LIMITED
Notes to the Financial Statements
for the year ended 31 May 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Revenue from sale of goods
Revenue from the sale of goods is recognised when the company has transferred to the buyer the significant risks and rewards of ownership of the goods, usually when goods are delivered and legal title has passed. Providing the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the company and the costs incurred or to be incurred in respect of the transition can be measured reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Deferred tax
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Intangible assets
Intangible assets are stated at cost less accumulated amortisation and accumulated impairment losses. The assets are reviewed for impairment if the above factors indicate that the carrying amount may be impaired. Amortisation is included in 'administrative expenses' in the profit and loss account.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:
Stocks and work in progress
Stock is valued at the lower of cost and estimated selling price less costs to complete and sell. The cost methodology employed by the entity is the first-in first-out method. Estimated selling price less costs to complete and sell are derived from the selling price which the goods would fetch in an open market transaction with established customers less the costs expected to be incurred to enable the sale to complete. Provision is made for slow-moving and obsolete items of stock. Such provisions are recognised in profit or loss. Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. When stocks are sold, the carrying amount of those stocks is recognised as an expense within cost of sales. This takes place in the same period that the associated revenue is recognised.
2.Average number of employees

20242023
Average number of employees during the year44
3.Intangible assets

Goodwill

Total

££
Cost or valuation
At 01 June 23245,000245,000
At 31 May 24245,000245,000
Amortisation and impairment
At 01 June 23245,000245,000
At 31 May 24245,000245,000
Net book value
At 31 May 24--
At 31 May 23--
4.Tangible fixed assets

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 June 2331,1531,22832,381
At 31 May 2431,1531,22832,381
Depreciation and impairment
At 01 June 2327,16375827,921
Charge for year9971181,115
At 31 May 2428,16087629,036
Net book value
At 31 May 242,9933523,345
At 31 May 233,9904704,460
5.Stocks

2024

2023

££
Other stocks274,440269,500
Total274,440269,500
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables18,0626,212
Bank borrowings and overdrafts45-
Taxation and social security579485
Other creditors70,08470,268
Accrued liabilities and deferred income800800
Total89,57077,765
7.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)-750
Total-750
8.Directors advances, credits and guarantees
All amounts due to directors are repayable on demand and non interest baring