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REGISTERED NUMBER: 02080936 (England and Wales)




















STRATEGIC REPORT, REPORT OF THE DIRECTOR AND

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2024

FOR

QUINN CONSTRUCTION LIMITED

QUINN CONSTRUCTION LIMITED (REGISTERED NUMBER: 02080936)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024










Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 5

Income Statement 8

Balance Sheet 9

Statement of Changes in Equity 10

Cash Flow Statement 11

Notes to the Cash Flow Statement 12

Notes to the Financial Statements 13


QUINN CONSTRUCTION LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MAY 2024







DIRECTOR: K J Quinn





SECRETARY: Mrs M J T Quinn





REGISTERED OFFICE: Harben House
Harben Parade
Finchley Road
LONDON
NW3 6LH





REGISTERED NUMBER: 02080936 (England and Wales)





AUDITORS: KBSP Partners LLP
Chartered Accountants
Statutory Auditors
Harben House
Harben Parade
Finchley Road
LONDON
NW3 6LH

QUINN CONSTRUCTION LIMITED (REGISTERED NUMBER: 02080936)

STRATEGIC REPORT
FOR THE YEAR ENDED 31 MAY 2024


The director presents his strategic report for the year ended 31 May 2024.

REVIEW OF BUSINESS
The principal activity of the business is site preparation for the construction industry. This involves laying down the foundations for customers' job sites.

Key performance indicators
During the year, turnover had increased by 18% to £11.49m. There was also a significant change in cost of sales this year, which had an increase by 38% to £10.40m. As such, the gross profit margin has been reduced from 22.8% to 9.5%, in comparison to last year. The reason for the decrease is due to some projects which have been completed at a lower margin than previously. Overall profit before tax decreased to £679,247 , reflecting the underlying economic position in the country.

During the year the company purchased a new property to become the main facility for the company and while it retains significant bank balances, the director feels this is needed for future business opportunities and to reflect the current economic uncertainty. At the year end, however the company had a strong cash balance of £16.5m. Total creditors due in 1 year were £2.03m while total debtors were £1.8m. The company believes it is unlikely to have cashflow issues in the coming year.

The company is medium sized so is taking advantage of the exemption to disclose non-financial key performance indicators.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risks and uncertainties facing the company are as follows:

Economic Risk
- continued risk of business failure amongst the customer portfolio
- ongoing economic uncertainty reducing construction related activity
- customers reducing the specification of projects to reduce cost

Competitive Risk
- customers becoming more risk averse

Legislative Risk
- changes in laws and regulations that may impact the company's products and sales

ON BEHALF OF THE BOARD:





K J Quinn - Director


27 February 2025

QUINN CONSTRUCTION LIMITED (REGISTERED NUMBER: 02080936)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MAY 2024


The director presents his report with the financial statements of the company for the year ended 31 May 2024.

DIVIDENDS
No dividends will be distributed for the year ended 31 May 2024.

FUTURE DEVELOPMENTS
There are no plans for any major future developments.

DIRECTOR
K J Quinn held office during the whole of the period from 1 June 2023 to the date of this report.

FINANCIAL INSTRUMENTS
The company's financial risk management objectives are:
- To ensure sufficient working capital exists for the company's purposes.
- To minimise the amount of any borrowings.

The company's financial instruments comprise bank balances, trade debtors and creditors, as a result there is exposure to credit, liquidity and cash flow risks and these are being managed as follows:

Credit risk
- The company grants credit to customers and the balances outstanding are regularly monitored to ensure that company's payment terms are adhered to thereby minimising the credit, liquidity and cash flow risk.

Liquidity risk and cash flow risk
- The company aims to mitigate these risks by monitoring cash collection targets and monitoring the bank balances on a regular basis.

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is 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 enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

QUINN CONSTRUCTION LIMITED (REGISTERED NUMBER: 02080936)

REPORT OF THE DIRECTOR
FOR THE YEAR ENDED 31 MAY 2024


AUDITORS
The auditors, KBSP Partners LLP, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





K J Quinn - Director


27 February 2025

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
QUINN CONSTRUCTION LIMITED


Opinion
We have audited the financial statements of Quinn Construction Limited (the 'company') for the year ended 31 May 2024 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The 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 company's affairs as at 31 May 2024 and of its 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 company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'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 director's 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 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 director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our 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.

In connection with our audit of the financial statements, 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 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.

Opinions 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 Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
QUINN CONSTRUCTION LIMITED


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is 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 director determines 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 director is responsible for assessing the 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 director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

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 a Report of the Auditors 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 financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.

The following laws and regulations were identified as being of significance to the entity:
i) Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.

ii) Those laws and regulations for which non-compliance may be fundamental to the operating aspects of the business and therefore may have a material effect on the financial statements include operating licence, environmental regulations, health and safety legislation.

Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

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 Report of the Auditors.

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF
QUINN CONSTRUCTION LIMITED


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Julian Landau (Senior Statutory Auditor)
for and on behalf of KBSP Partners LLP
Chartered Accountants
Statutory Auditors
Harben House
Harben Parade
Finchley Road
LONDON
NW3 6LH

27 February 2025

QUINN CONSTRUCTION LIMITED (REGISTERED NUMBER: 02080936)

INCOME STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £ £

TURNOVER 3 11,491,821 9,740,010

Cost of sales 10,402,963 7,520,683
GROSS PROFIT 1,088,858 2,219,327

Administrative expenses 1,034,756 971,712
54,102 1,247,615

Other operating income - 65,113
OPERATING PROFIT 5 54,102 1,312,728

Interest receivable and similar income 631,256 80,908
685,358 1,393,636

Interest payable and similar expenses 6 6,111 6,111
PROFIT BEFORE TAXATION 679,247 1,387,525

Tax on profit 7 183,343 (13,393 )
PROFIT FOR THE FINANCIAL YEAR 495,904 1,400,918

QUINN CONSTRUCTION LIMITED (REGISTERED NUMBER: 02080936)

BALANCE SHEET
31 MAY 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible assets 8 4,152,532 1,023,287

CURRENT ASSETS
Debtors 9 1,861,143 2,239,003
Cash at bank 16,535,532 17,378,685
18,396,675 19,617,688
CREDITORS
Amounts falling due within one year 10 2,037,142 1,693,980
NET CURRENT ASSETS 16,359,533 17,923,708
TOTAL ASSETS LESS CURRENT
LIABILITIES

20,512,065

18,946,995

CREDITORS
Amounts falling due after more than one year 11 (81,765 ) (170,317 )

PROVISIONS FOR LIABILITIES 14 (2,837,004 ) (1,679,286 )
NET ASSETS 17,593,296 17,097,392

CAPITAL AND RESERVES
Called up share capital 15 100 100
Retained earnings 16 17,593,196 17,097,292
SHAREHOLDERS' FUNDS 17,593,296 17,097,392

The financial statements were approved by the director and authorised for issue on 27 February 2025 and were signed by:





K J Quinn - Director


QUINN CONSTRUCTION LIMITED (REGISTERED NUMBER: 02080936)

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

Called up
share Retained Total
capital earnings equity
£ £ £
Balance at 1 June 2022 100 15,696,374 15,696,474

Changes in equity
Total comprehensive income - 1,400,918 1,400,918
Balance at 31 May 2023 100 17,097,292 17,097,392

Changes in equity
Total comprehensive income - 495,904 495,904
Balance at 31 May 2024 100 17,593,196 17,593,296

QUINN CONSTRUCTION LIMITED (REGISTERED NUMBER: 02080936)

CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024

2024 2023
Notes £ £
Cash flows from operating activities
Cash generated from operations 1 2,238,586 1,894,169
Interest element of hire purchase payments
paid

(6,111

)

(6,111

)
Tax paid (259,612 ) (733,478 )
Net cash from operating activities 1,972,863 1,154,580

Cash flows from investing activities
Purchase of tangible fixed assets (3,494,897 ) (561,559 )
Sale of tangible fixed assets 89,430 94,080
Interest received 631,256 80,908
Net cash from investing activities (2,774,211 ) (386,571 )

Cash flows from financing activities
Capital repayments in year (95,039 ) (95,039 )
Amount introduced by directors - 318,854
Amount withdrawn by directors 53,234 -
Net cash from financing activities (41,805 ) 223,815

(Decrease)/increase in cash and cash equivalents (843,153 ) 991,824
Cash and cash equivalents at beginning
of year

2

17,378,685

16,386,861

Cash and cash equivalents at end of year 2 16,535,532 17,378,685

QUINN CONSTRUCTION LIMITED (REGISTERED NUMBER: 02080936)

NOTES TO THE CASH FLOW STATEMENT
FOR THE YEAR ENDED 31 MAY 2024


1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS

2024 2023
£ £
Profit before taxation 679,247 1,387,525
Depreciation charges 327,655 358,029
(Profit)/loss on disposal of fixed assets (51,434 ) 2,312
Increase in remedial work provision 1,157,719 (100,000 )
Finance costs 6,111 6,111
Finance income (631,256 ) (80,908 )
1,488,042 1,573,069
Decrease in trade and other debtors 377,860 734,208
Increase/(decrease) in trade and other creditors 372,684 (413,108 )
Cash generated from operations 2,238,586 1,894,169

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 31 May 2024
31.5.24 1.6.23
£ £
Cash and cash equivalents 16,535,532 17,378,685
Year ended 31 May 2023
31.5.23 1.6.22
£ £
Cash and cash equivalents 17,378,685 16,386,861


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.6.23 Cash flow At 31.5.24
£ £ £
Net cash
Cash at bank 17,378,685 (843,153 ) 16,535,532
17,378,685 (843,153 ) 16,535,532
Debt
Finance leases (265,356 ) 95,039 (170,317 )
(265,356 ) 95,039 (170,317 )
Total 17,113,329 (748,114 ) 16,365,215

QUINN CONSTRUCTION LIMITED (REGISTERED NUMBER: 02080936)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024


1. STATUTORY INFORMATION

Quinn Construction Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Turnover 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 Company 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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Freehold property - 2% on cost
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Motor vehicles - 25% on reducing balance

Land included within freehold property is not depreciated.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.


QUINN CONSTRUCTION LIMITED (REGISTERED NUMBER: 02080936)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued
Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Financial instruments
The company has chosen to adopt Sections 11 and 12 of FRS 102 in respect of financial instruments.

(i) Financial assets
Basic financial assets, including trade and other receivables, cash and bank balances, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where a transaction is measured at the present vale of the future receipts discounted at a market rate of interest.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit and loss.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

(ii) Financial liabilities
Basic financial liabilities, including trade and other payable, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at present value of the future receipts discounted a market rate of interest.

Debt instruments are subsequently carried at amortised cost, using the effective interest method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Cash and cash equivalents
Cash includes cash in hand and deposits held with banks. Bank overdrafts, when applicable, are shown within borrowings in current liabilities. Cash equivalents are highly liquid investments that are readily convertible to known amounts of cash with insignificant risk of change in value.

QUINN CONSTRUCTION LIMITED (REGISTERED NUMBER: 02080936)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. TURNOVER

The turnover and profit before taxation are attributable to the one principal activity of the company.

An analysis of turnover by class of business is given below:

2024 2023
£ £
Rendering of services 11,491,821 9,740,010
11,491,821 9,740,010

An analysis of turnover by geographical market is given below:

2024 2023
£ £
United Kingdom 11,491,821 9,740,010
11,491,821 9,740,010

4. EMPLOYEES AND DIRECTORS
2024 2023
£ £
Wages and salaries 349,878 233,467
Other pension costs 4,979 4,316
354,857 237,783

The average number of employees during the year was as follows:
2024 2023

Directors 1 1
Administration 2 2
Labour 7 7
10 10

QUINN CONSTRUCTION LIMITED (REGISTERED NUMBER: 02080936)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


4. EMPLOYEES AND DIRECTORS - continued

2024 2023
£ £
Director's remuneration 4,800 4,800

5. OPERATING PROFIT

The operating profit is stated after charging/(crediting):

2024 2023
£ £
Depreciation - owned assets 268,687 279,383
Depreciation - assets on hire purchase contracts 58,969 78,647
(Profit)/loss on disposal of fixed assets (51,434 ) 2,312
Auditors' remuneration 6,000 6,000
Other non- audit services 16,353 19,283

6. INTEREST PAYABLE AND SIMILAR EXPENSES
2024 2023
£ £
Hire purchase 6,111 6,111

7. TAXATION

Analysis of the tax charge/(credit)
The tax charge/(credit) on the profit for the year was as follows:
2024 2023
£ £
Current tax:
UK corporation tax 183,343 259,612
Research and development claim - (273,005 )

Tax on profit 183,343 (13,393 )

QUINN CONSTRUCTION LIMITED (REGISTERED NUMBER: 02080936)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


7. TAXATION - continued

Reconciliation of total tax charge/(credit) included in profit and loss
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2024 2023
£ £
Profit before tax 679,247 1,387,525
Profit multiplied by the standard rate of corporation tax in the UK of 25%
(2023 - 20.003%)

169,812

277,547

Effects of:
Expenses not deductible for tax purposes 355 73,513
Income not taxable for tax purposes (12,859 ) (91,448 )
Depreciation in excess of capital allowances 26,035 -
Research and development refund - (273,005 )
Total tax charge/(credit) 183,343 (13,393 )

A rate of 25% has been used throughout the period.

8. TANGIBLE FIXED ASSETS
Fixtures
Freehold Plant and and Motor
property machinery fittings vehicles Totals
£ £ £ £ £
COST
At 1 June 2023 - 2,322,224 8,866 482,943 2,814,033
Additions 3,339,147 155,750 - - 3,494,897
Disposals - (92,200 ) - - (92,200 )
At 31 May 2024 3,339,147 2,385,774 8,866 482,943 6,216,730
DEPRECIATION
At 1 June 2023 - 1,539,522 7,357 243,867 1,790,746
Charge for year - 244,328 377 82,951 327,656
Eliminated on disposal - (54,204 ) - - (54,204 )
At 31 May 2024 - 1,729,646 7,734 326,818 2,064,198
NET BOOK VALUE
At 31 May 2024 3,339,147 656,128 1,132 156,125 4,152,532
At 31 May 2023 - 782,702 1,509 239,076 1,023,287

The net book value of tangible fixed assets includes £ 160,243 (2023 - £ 219,212 ) in respect of assets held under hire purchase contracts.

QUINN CONSTRUCTION LIMITED (REGISTERED NUMBER: 02080936)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors - 124,425
Other debtors 488,434 706,863
VAT 190,773 209,360
Prepayments and accrued income 1,181,936 1,198,355
1,861,143 2,239,003

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Hire purchase contracts (see note 12) 88,552 95,039
Trade creditors 863,607 1,225,551
Tax 183,343 259,612
Social security and other taxes 41,611 54,863
Other creditors 750,164 2,284
Director's current account 89,865 36,631
Accruals and deferred income 20,000 20,000
2,037,142 1,693,980

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2024 2023
£ £
Hire purchase contracts (see note 12) 81,765 170,317

12. LEASING AGREEMENTS

Minimum lease payments under hire purchase fall due as follows:

2024 2023
£ £
Gross obligations repayable:
Within one year 94,663 101,150
Between one and five years 87,367 182,030
182,030 283,180

Finance charges repayable:
Within one year 6,111 6,111
Between one and five years 5,602 11,713
11,713 17,824

Net obligations repayable:
Within one year 88,552 95,039
Between one and five years 81,765 170,317
170,317 265,356

QUINN CONSTRUCTION LIMITED (REGISTERED NUMBER: 02080936)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


13. SECURED DEBTS

The following secured debts are included within creditors:

2024 2023
£ £
Hire purchase contracts 170,317 265,356

14. PROVISIONS FOR LIABILITIES
2024 2023
£ £
Other provisions
Provision for Remedial Works 2,837,004 1,679,286

Other
provisions
£
Balance at 1 June 2023 1,679,286
Charge to Income Statement during year 1,157,718
Balance at 31 May 2024 2,837,004

Other provisions
This provision relates to remedial work needed to a number of previous job sites.

15. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
100 Ordinary shares £1 100 100

16. RESERVES
Retained
earnings
£

At 1 June 2023 17,097,292
Profit for the year 495,904
At 31 May 2024 17,593,196

17. RELATED PARTY DISCLOSURES

Other related parties
2024 2023
£ £
Sales 9,443,679 8,795,191
Purchases 120,000 120,000
Amount due from related party 1,057,554 1,534,783

QUINN CONSTRUCTION LIMITED (REGISTERED NUMBER: 02080936)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MAY 2024


18. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is K J Quinn.