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Registered number: 08807833









QUINN INVESTMENT HOLDINGS (LONDON) LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
COMPANY INFORMATION


Directors
S A Quinn 
Mrs M Quinn 




Registered number
08807833



Registered office
Suite D, The Business Centre
Faringdon Avenue

Romford

Essex

RM3 8EN




Independent auditors
Clay Ratnage Daffin & Co Limited
Chartered Accountants & Statutory Auditors

Suite D, The Business Centre

Faringdon Avenue

Romford

Essex

RM3 8EN




Bankers
Barclays Bank PLC
1 Churchill Place

Canary Wharf

London

E14 5HP





 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 

CONTENTS



Page
Group strategic report
 
1 - 2
Directors' report
 
3 - 4
Independent auditors' report
 
5 - 8
Consolidated statement of comprehensive income
 
9
Consolidated balance sheet
 
10
Company balance sheet
 
11
Consolidated statement of changes in equity
 
12
Company statement of changes in equity
 
13
Consolidated statement of cash flows
 
14
Consolidated analysis of net debt
 
15
Notes to the financial statements
 
16 - 28

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024

Introduction
 
The company's principal activity is that of a holding company. The principal activity of the subsidiary, Quinn (London) Ltd continued to be that of property building, refurbishment, cyclical repair and maintenance contractors.

Business review
 
The Directors consider the profit on ordinary activities to be in accordance with their expectations, after taking into account general trading conditions prevailing during the period under review, known legacy projects and the rise in inflation.
The business has seen a recent change in Management as I appointed joint Managing Directors to achieve a more robust and controlled assistance to the wider business. Although I very much remain at the helm of Quinn (London) Limited, I adopted the role of Chairman to make way for an additional layer of leadership by way of joint Managing Directors. These long-standing Senior Managers of Quinn (London) Limited will ensure the safeguarding of the business, especially given the significant growth and success of the business over the past few years, having seen the business flourish and achieve its milestone £100m turnover reported in the 2024 financial year. These vastly experienced Managing Directors will support each core function of the business, including the three Divisions by which we’re formed (Central London, Heritage and Property Services), to maintain the robustness of our operations, programmes and commercial outputs.
Whilst the construction industry sector continues to be challenging, the company has successfully continued delivering within its profitable core business.  This combined with further development within our main operating sectors of Healthcare, Education, Fire Risk Assessment and attention to Social Value has proven to be pivotal in the continued success of the business.  We continue to enjoy business with repeat clients as a direct result of the high quality we achieve via our dedicated staff and delivery teams.
Following our first Carbon Footprint measure, and our commitment to achieving the challenging target of Net Zero by 2040, we are currently on track to achieve this.  We continue with the processes introduced such as tree planting, cycle to work scheme, 100% of non-hazardous waste diverted from landfill, reduced energy consumption, solar cabins, partnering with wood recycling schemes, electric vans and the exploration of investment in peat bogs in the future, we believe with the dedication of our staff and delivery teams this is achievable.  Accredited with Planet Mark, our carbon reduction plan will be periodically reviewed and audited to assist in achieving our target.
With Social Value being an integral part of our business ethic, we are proud to have introduced further measures to enable all staff to take part in a variety of events and challenges resulting in 100’s of hours being volunteered for worthy causes.  With the help of our Social Value partners and dedicated staff, we are able to convert these hours into the planting of trees, further assisting our Net Zero target.
The group’s turnover was £100m, compared to the previous period of almost £81m. The turnover is some £3m less than budgeted due to the expansion of certain core business elements. A profit of £3.6m is reported before tax, which is in line with the Board’s expectation, and these profits will be reinvested to achieve future goals.
The projected turnover for the 2025 financial year is over £110m, with an estimated return of c.£3.5m before tax.  This is in line with the long-term goals of the business and the Board's expectations.

Page 1

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 

GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Principal risks and uncertainties
 
 The directors regularly review issues, risks and uncertainties that face the group in order to plan ways to mitigate risk.
Principal risks facing the group are the cost of materials and the associated labour charges as well as exposure to current regulations, in particular Health & Safety and recently revised Building Safety Act.  
Quarterly management accounts are prepared to review the group performance and compared to forecasts by the directors. 
The pressure on global supply chains presents a supply and cost risk in conducting its contracts and completing them in a timely fashion.  

Financial key performance indicators
 
The gross profit of the group for the current period is 8.6% compared to 9% for the previous period.  The current ratio is 1.29:1 (2023 - 1.25:1) and debtor days for the year are 49 compared to 47 in the last period.

Directors' statement of compliance with duty to promote the success of the Group
 
Please refer to the Directors' report for detail in this regard.


This report was approved by the board on 26 February 2025 and signed on its behalf.







S A Quinn
Chairman
Page 2

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MAY 2024

The directors present their report and the financial statements for the year ended 31 May 2024.

Directors' responsibilities statement

The directors are responsible for preparing the Group strategic report, the Directors' report and the consolidated financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and the Group and of the profit or loss of the Group for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Group's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and the Group and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the company and the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £2,727,245 (2023 - £2,613,023).

The directors do not recommend the payment of a dividend.

Directors

The directors who served during the year and their interests in the Group's issued share capital were:

Ordinary shares
of £1 each

31/5/24

1/6/23


S A Quinn 
2,500
2,500
Mrs M Quinn 
2,500
2,500


Future developments

There are no significant future developments since the financial period end which require disclosure.

Page 3

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024

Directors' statement of compliance with duty to promote the success of the company

Under section 172 of the Companies Act 2006 the directors of the group have a duty to promote the success of the group for the benefit of its members as a whole.  While performing this duty the directors discuss and consider, during board meetings, the likely long term consequence of any decision that is made.  The interests of employees is also very important to the directors and any decisions made consider them as essential stakeholders of the business both in the short term and long term.  Due to the nature of the business the group is reliant on subcontractors, the wider supply chain and customers and works hard to foster positive relationships with these parties for the long term success of the group and these parties.  The operations of the group can have an impact on the communities and environment where work is undertaken and the directors always try to mitigate this impact as much as possible by thoroughly reviewing projects before work is started and actively throughout the project.  The directors ensure they maintain a reputation for high standards of business conduct and ensure all staff are aware and compliant with the Bribery Act 2010.  Finally the directors strive to act fairly between all members of group.

Greenhouse gas emissions, energy consumption and energy efficiency action

The Group has not disclosed information in respect of greenhouse gas emissions, energy consumption and energy efficiency action as its energy consumption in the United Kingdom for the year is 40,000kWh or lower.

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the company and the Group's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the company and the Group's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Group since the period end.

Auditors

The auditorsClay Ratnage Daffin & Co Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 26 February 2025 and signed on its behalf.
 







S A Quinn
Chairman
Page 4

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 

Opinion


We have audited the financial statements of Quinn Investment Holdings (London) Limited (the 'parent company') and its subsidiaries (the 'Group') for the year ended 31 May 2024, which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of cash flows, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Group's and of the parent company's affairs as at 31 May 2024 and of the Group's profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Group's or the parent company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINN INVESTMENT HOLDINGS (LONDON) LIMITED (CONTINUED)

Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Group strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Group strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Group and the parent company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept by the parent company, or returns adequate for our audit have not been received from branches not visited by us; or
the parent company financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Group's and the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINN INVESTMENT HOLDINGS (LONDON) LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Group financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
To identify risks of material misstatement due to fraud (“fraud risks”) we assessed events or conditions that could indicate an incentive or pressure to commit fraud or provide an opportunity to commit fraud. Our risk assessment procedures included:
• Obtaining an understanding of the legal and regulatory frameworks applicable to the group and the sector in    which they operate.
• Obtained an understanding of how the group are complying with those legal and regulatory frameworks by      making enquiries to the management of the company’s accounting department, and management itself.
• The susceptibility of the group’s financial statements to material misstatement caused by fraud or other     irregularities were assessed with the following procedures:
 o Identifying and assessing the design effectiveness of controls which management have in place to prevent     and detect fraud
 o Understanding how those charged with governance considered and addressed the potential for override of     controls and management biases
 o Identifying and testing journal entries, in particular any journal entries posted with unusual account      combinations
 o Assessing the extent of compliance with the relevant laws and regulations
 o Assessing the extent to which pressures existed which may have increased the risk of fraudulent revenue     recognition
Potential fraud risks that had been identified throughout the planning and commencement of the audit were communicated to the audit team. 
The inherent limitations of audit present an unavoidable risk that we, the auditors, may not have detected some material misstatements within the financial statements despite proper planning and performance of our duties as auditors. Equally, there remains a risk of the non-detection of fraud which could involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls. The audit procedures carried out are designed to detect material misstatements within the financial statements, and as such we take no responsibility for preventing non-compliance or fraud and cannot be expected to detect non-compliance with all laws and regulations.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
Page 7

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF QUINN INVESTMENT HOLDINGS (LONDON) LIMITED (CONTINUED)







Lorraine Catherine Purdy FCCA (Senior statutory auditor)
  
for and on behalf of
Clay Ratnage Daffin & Co Limited
 
Chartered Accountants
Statutory Auditors
  
Suite D, The Business Centre
Faringdon Avenue
Romford
Essex
RM3 8EN

26 February 2025
Page 8

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
Note
£
£

  

Turnover
 4 
100,294,475
80,983,151

Cost of sales
  
(91,632,999)
(73,663,074)

Gross profit
  
8,661,476
7,320,077

Administrative expenses
  
(5,291,140)
(4,196,280)

Operating profit
  
3,370,336
3,123,797

Interest receivable and similar income
 8 
213,742
31,160

Interest payable and similar expenses
 9 
10,533
-

Profit before taxation
  
3,594,611
3,154,957

Tax on profit
 10 
(867,366)
(541,934)

Profit for the financial year
  
2,727,245
2,613,023

Profit for the year attributable to:
  

Owners of the parent company
  
2,727,245
2,613,023

There were no recognised gains and losses for 2024 or 2023 other than those included in the consolidated statement of comprehensive income.

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 16 to 28 form part of these financial statements.
Page 9

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
REGISTERED NUMBER:08807833

CONSOLIDATED BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 12 
218,243
244,443

Current assets
  

Debtors: amounts falling due after more than one year
 14 
23,000
23,000

Debtors: amounts falling due within one year
 14 
32,616,588
25,545,767

Cash at bank and in hand
 15 
6,518,385
7,176,499

  
39,157,973
32,745,266

Creditors: amounts falling due within one year
 16 
(30,346,378)
(26,735,770)

Net current assets
  
 
 
8,811,595
 
 
6,009,496

Deferred taxation
 17 
(48,654)
-

Net assets
  
8,981,184
6,253,939


Capital and reserves
  

Called up share capital 
 18 
5,000
5,000

Profit and loss account
 19 
8,976,184
6,248,939

  
8,981,184
6,253,939


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 February 2025.






S A Quinn
Chairman

The notes on pages 18 to 30 form part of these financial statements.
Page 10

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
REGISTERED NUMBER:08807833

COMPANY BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Investments
 13 
5,000
5,000

Current assets
  

Debtors: amounts falling due within one year
 14 
4,515,920
2,153,388

Cash at bank and in hand
 15 
3,922
5,691

  
4,519,842
2,159,079

Creditors: amounts falling due within one year
 16 
(4,561,042)
(2,198,426)

Net current liabilities
  
 
 
(41,200)
 
 
(39,347)

  

  

Net liabilities
  
(36,200)
(34,347)


Capital and reserves
  

Called up share capital 
 18 
5,000
5,000

Profit and loss account
 19 
(41,200)
(39,347)

  
(36,200)
(34,347)


The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 February 2025.






S A Quinn
Chairman

The notes on pages 16 to 28 form part of these financial statements.
Page 11

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up share capital
Profit and loss account
Equity attributable to owners of parent company
Total equity

£
£
£
£

At 1 June 2023
5,000
6,248,939
6,253,939
6,253,939


Comprehensive income for the year

Profit for the year
-
2,727,245
2,727,245
2,727,245


At 31 May 2024
5,000
8,976,184
8,981,184
8,981,184


The notes on pages 16 to 28 form part of these financial statements.


 


CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023


Called up share capital
Profit and loss account
Equity attributable to owners of parent company
Total equity

£
£
£
£

At 1 June 2022
5,000
3,635,916
3,640,916
3,640,916


Comprehensive income for the year

Profit for the year
-
2,613,023
2,613,023
2,613,023


At 31 May 2023
5,000
6,248,939
6,253,939
6,253,939


The notes on pages 16 to 28 form part of these financial statements.
Page 12

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 

COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2024


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 June 2023
5,000
(39,347)
(34,347)


Comprehensive income for the year

Loss for the year
-
(1,853)
(1,853)


At 31 May 2024
5,000
(41,200)
(36,200)


The notes on pages 16 to 28 form part of these financial statements.


 


COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 MAY 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 June 2022
5,000
(37,600)
(32,600)


Comprehensive income for the year

Loss for the year
-
(1,747)
(1,747)


At 31 May 2023
5,000
(39,347)
(34,347)


The notes on pages 16 to 28 form part of these financial statements.

Page 13

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 

CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MAY 2024

2024
2023
£
£

Cash flows from operating activities

Profit for the financial year
2,727,245
2,613,023

Adjustments for:

Depreciation of tangible assets
65,895
49,314

Loss on disposal of tangible assets
61,936
5,648

Interest paid
(10,533)
-

Interest received
(213,742)
(31,160)

Taxation charge
867,366
541,934

Increase in debtors
(7,674,561)
(8,279,364)

Increase in creditors
4,176,265
6,712,679

Corporation tax (paid)/received
(780,630)
18,691

Net cash generated from operating activities

(780,759)
1,630,765


Cash flows from investing activities

Purchase of tangible fixed assets
(109,380)
(100,233)

Sale of tangible fixed assets
7,750
2,500

Interest received
213,742
31,160

Net cash from investing activities

112,112
(66,573)

Cash flows from financing activities

Interest paid
10,533
-

Net cash used in financing activities
10,533
-

Net (decrease)/increase in cash and cash equivalents
(658,114)
1,564,192

Cash and cash equivalents at beginning of year
7,176,499
5,612,307

Cash and cash equivalents at the end of year
6,518,385
7,176,499


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
6,518,385
7,176,499


The notes on pages 16 to 28 form part of these financial statements.

Page 14

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 

CONSOLIDATED ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 MAY 2024




At 1 June 2023
Cash flows
At 31 May 2024
£

£

£

Cash at bank and in hand

7,176,499

(658,114)

6,518,385


7,176,499
(658,114)
6,518,385

The notes on pages 16 to 28 form part of these financial statements.
Page 15

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Quinn Investment Holdings (London) Limited is a private company limited by shares, incorporated in England, United Kingdom. The address of the registered office is Suite D, The Business Centre, Faringdon Avenue, Romford, Essex, RM3 8EN. The company's principal place of business is Dome House, 8 Hartley Avenue, Mill Hill, London NW7 2HX.  The company's principal activity is that of a holding company.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the United Kingdom and the Republic of Ireland and the Companies Act 2006. 
The information provided in the financial statements have been rounded to the nearest £1.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires group management to exercise judgment in applying the company's accounting policies (see note 3).
The following principal accounting policies have been applied:

 
2.2

Basis of consolidation

The consolidated financial statements present the results of the company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.

 
2.3

Going concern

The group has performed well following difficult trading periods in the recent past.  The group has committed turnover for the 2025 financial year of some £99m already and is expected to surpass turnover of £110m.  The projected profit, as stated in the Strategic Report is expected to be c.£3.5m.

Page 16

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Group will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Full provision is made for losses on contracts in the year in which they are first foreseen.

 
2.5

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.6

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.7

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 17

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group 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 Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the company and the Group operate and generate income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits;
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met; and
Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

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.

At each reporting date the Group assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Page 18

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following bases:

Short-term leasehold property
-
10%
straight line
Plant and machinery
-
20%
Motor vehicles
-
25%
Fixtures and fittings
-
25%
Office equipment
-
25%

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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

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.

 
2.15

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.16

Holiday pay accrual

A liability is recognised to the extent of any unused holiday pay entitlement which is accrued at the balance sheet date and carried forward to future periods. This is measured at the undiscounted salary cost of the future holiday entitlement so accrued at the balance sheet date.

Page 19

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.18

Financial instruments

The group only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The directors have made key assumptions regarding the stage of completion, future costs to complete and collectability of billings of some construction contracts. The amounts receivable from customers on such construction contracts at the end of the year has been estimated at £12,593,508 (2023 - £9,410,727) and cost of sales accruals estimated at £13,612,480 (2023 - £12,092,855). For any contracts forecast to be a loss overall, the directors have provided for the total foreseeable losses in the current period, in line with the accounting policy. The amount provided in the accounts for foreseeable losses is £Nil (2023 - £Nil).


4.


Turnover

The whole of the turnover is attributable to the group's principal activities.

All turnover arose within the United Kingdom.


5.


Auditors' remuneration

During the year, the Group obtained the following services from the company's auditors and their associates:


2024
2023
£
£

Fees payable to the company's auditors and their associates for the audit of the consolidated and parent company's financial statements
21,730
20,900

Fees payable to the company's auditors and their associates in respect of:

Other services relating to taxation
4,010
3,850

Consolidated accounts
3,000
3,000

All other services
15,242
14,638

Page 20

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Employees

Staff costs, including directors' remuneration, were as follows:


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£


Wages and salaries
11,440,597
10,091,421
-
-

Social security costs
1,164,148
1,013,565
-
-

Cost of defined contribution scheme
241,655
181,868
-
-

12,846,400
11,286,854
-
-


The average monthly number of employees, including the directors, during the year was as follows:



Group
Group
Company
Company
        2024
        2023
        2024
        2023
            No.
            No.
            No.
            No.









Directors
7
7
2
2



Office staff
18
17
-
-



Site staff
150
129
-
-

175
153
2
2


7.


Directors' remuneration

2024
2023
£
£

Directors' emoluments
54,227
54,936

Group contributions to defined contribution pension schemes
1,313
1,126

55,540
56,062


During the year retirement benefits were accruing to 2 directors (2023 - 2) in respect of defined contribution pension schemes.


8.


Interest receivable

2024
2023
£
£


Other interest receivable
213,742
31,160

Page 21

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Interest payable and similar expenses

2024
2023
£
£


Other loan interest payable
(10,533)
-
Page 22

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

10.


Taxation


2024
2023
£
£

Corporation tax


Current tax on profits for the year
299,532
650,228

Adjustments in respect of previous periods
(84,560)
-


Deferred tax


Origination and reversal of timing differences
652,394
(108,294)


Taxation on profit on ordinary activities
867,366
541,934

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2023 - lower than) the standard rate of corporation tax in the UK of 25% (2023 - 25%). The differences are explained below:

2024
2023
£
£


Profit on ordinary activities before tax
3,594,611
3,154,957


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 25%)
898,653
788,739

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
32,937
35,542

Capital allowances for year less than/(in excess) of depreciation
6,550
(12,575)

Utilisation of tax losses
(640,451)
-

Adjustments to tax charge in respect of prior periods
(84,560)
-

Movement in pension fund creditor leading to an increase in tax
1,380
531

Deferred tax timing differences leading to an increase/(decrease) in taxation
652,394
(108,294)

Changes in tax rate in the year leading to a decrease in the tax charge
-
(162,446)

Unrelieved tax losses carried forward
463
437

Total tax charge for the year
867,366
541,934


Factors that may affect future tax charges

There were no factors that may affect future tax charges.

Page 23

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Parent company profit for the year

The company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements. The loss after tax of the parent company for the year was £1,853 (2023 - loss £1,747).


12.


Tangible fixed assets

Group






Short-term leasehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Office equipment
Total

£
£
£
£
£
£



Cost or valuation


At 1 June 2023
191,449
41,539
103,964
118,688
108,474
564,114


Additions
-
35,385
31,685
38,060
4,250
109,380


Disposals
(146,733)
-
(23,136)
-
-
(169,869)



At 31 May 2024

44,716
76,924
112,513
156,748
112,724
503,625



Depreciation


At 1 June 2023
93,845
692
38,611
110,617
75,906
319,671


Charge for the year on owned assets
16,699
12,291
19,276
9,315
8,314
65,895


Disposals
(89,454)
-
(10,730)
-
-
(100,184)



At 31 May 2024

21,090
12,983
47,157
119,932
84,220
285,382



Net book value



At 31 May 2024
23,626
63,941
65,356
36,816
28,504
218,243



At 31 May 2023
97,604
40,847
65,353
8,071
32,568
244,443




The net book value of land and buildings may be further analysed as follows:


2024
2023
£
£

Short leasehold
23,626
97,604


Page 24

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Fixed asset investments

Company





Investments in subsidiary companies

£



Cost or valuation


At 1 June 2023
5,000



At 31 May 2024
5,000





Subsidiary undertaking


The following was a subsidiary undertaking of the company:

Name

Registered office

Class of shares

Holding

Quinn (London) Limited
Dome House, 8 Hartley Avenue, London, NW7 2HX
-
Ordinary
-
100%
-


14.


Debtors

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due after more than one year

Other debtors
23,000
23,000
-
-


Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Due within one year

Trade debtors
13,755,485
12,265,296
-
-

Other debtors
5,740,366
2,858,224
4,515,920
2,153,388

Prepayments and accrued income
527,229
407,780
-
-

Amounts recoverable on long term contracts
12,593,508
9,410,727
-
-

Deferred taxation
-
603,740
-
-

32,616,588
25,545,767
4,515,920
2,153,388


Page 25

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

15.


Cash and cash equivalents

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Cash at bank and in hand
6,518,385
7,176,499
3,922
5,691



16.


Creditors: Amounts falling due within one year

Group
Group
Company
Company
2024
2023
2024
2023
£
£
£
£

Trade creditors
25,434,078
22,229,341
-
-

Amounts owed to group undertakings
-
-
4,559,320
2,196,788

Corporation tax
99,532
665,189
-
-

Other taxation and social security
2,640,154
2,100,015
-
-

Other creditors
34,694
32,415
-
-

Accruals and deferred income
2,137,920
1,708,810
1,722
1,638

30,346,378
26,735,770
4,561,042
2,198,426


Page 26

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

17.


Deferred taxation


Group



2024
2023


£

£






At beginning of year
603,740
495,446


(Released)/charged to the profit or loss
(652,394)
108,294



At end of year
(48,654)
603,740

The deferred taxation balance is made up as follows:

Group
Group
2024
2023
£
£

Accelerated capital allowances
(48,654)
(36,710)

Tax losses carried forward
-
640,450

(48,654)
603,740


18.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



5,000 (2023 - 5,000) Ordinary shares of £1.00 each
5,000
5,000



19.


Reserves

Profit and loss account

Includes all current and prior year retained profits and losses.


20.


Pension commitments

The group operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the group in an independently administered fund. The pension cost charge represents contributions payable by the group to the fund and amounted to £241,655 (2023 - £181,868). Contributions totalling £34,694 (2023 - £32,415) were payable to the fund at the balance sheet date.

Page 27

 
QUINN INVESTMENT HOLDINGS (LONDON) LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

21.


Commitments under operating leases

At 31 May 2024 the Group and the company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:


Group
Group
2024
2023
£
£

Not later than 1 year
122,310
59,020

Later than 1 year and not later than 5 years
448,470
44,265

570,780
103,285

22.


Related party transactions


2024
2023
£
£

Management charge paid to the directors
908,000
608,000
Rent paid to related parties
237,967
199,400
Sales with related parties
65,000
-
Amount owed from related parties in other debtors
4,543,092
2,229,244
Key management personnel remuneration
953,509
857,892
Loans to directors
1,031,775
466,751

Loans to directors accrue interest at the official rate. 


23.


Controlling party

The ultimate controlling party of the group is S & M Quinn.

 
Page 28