Registered number
09289430
Quinn Direct Ltd
Filleted Accounts
31 May 2024
Quinn Direct Ltd
Registered number: 09289430
Balance Sheet
as at 31 May 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 27,837 31,485
Current assets
Stocks 27,902 28,716
Debtors 4 2,616 3,383
Cash at bank and in hand 97,570 83,906
128,088 116,005
Creditors: amounts falling due within one year 5 (5,834) (6,780)
Net current assets 122,254 109,225
Total assets less current liabilities 150,091 140,710
Creditors: amounts falling due after more than one year 6 (37,992) (37,992)
Net assets 112,099 102,718
Capital and reserves
Called up share capital 1 1
Profit and loss account 112,098 102,717
Shareholders' funds 112,099 102,718
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Kyle Quinn
Director
Approved by the board on 12 February 2025
Quinn Direct Ltd
Notes to the Accounts
for the year ended 31 May 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Motor vehicle 15% reducing balance
Fixtures, fittings and equipment 15% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Fixture, fittings & equipment Motor vehicles Total
£ £ £
Cost
At 1 June 2023 9,297 42,450 51,747
Additions 1,263 - 1,263
At 31 May 2024 10,560 42,450 53,010
Depreciation
At 1 June 2023 3,881 16,381 20,262
Charge for the year 1,001 3,910 4,911
At 31 May 2024 4,882 20,291 25,173
Net book value
At 31 May 2024 5,678 22,159 27,837
At 31 May 2023 5,416 26,069 31,485
4 Debtors 2024 2023
£ £
Trade debtors 2,354 2,379
Other debtors 262 1,004
2,616 3,383
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 181 286
Taxation and social security costs 4,912 5,756
Other creditors 741 738
5,834 6,780
6 Creditors: amounts falling due after one year 2024 2023
£ £
Other creditors 37,992 37,992
7 Other information
Quinn Direct Ltd is a private company limited by shares and incorporated in England. Its registered office is:
42 Clough Road
Shaw
Oldham
OL2 8QD
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