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REGISTERED NUMBER: 11532187 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

QUICK NAUTICAL EQUIPMENT LTD

QUICK NAUTICAL EQUIPMENT LTD (REGISTERED NUMBER: 11532187)

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










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3 to 7


QUICK NAUTICAL EQUIPMENT LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2024







DIRECTORS: Mr M Marzucco
A J Sims





REGISTERED OFFICE: Units 6 - 8, Glenmore Business Park Lime
Holbury
Southampton, England
SO45 2AR





REGISTERED NUMBER: 11532187 (England and Wales)





AUDITORS: Belluzzo Audit Limited
Chartered Accountants and Statutory Auditors
38 Craven Street
London
WC2N 5NG

QUICK NAUTICAL EQUIPMENT LTD (REGISTERED NUMBER: 11532187)

BALANCE SHEET
31 DECEMBER 2024

2024 2023
Notes £    £   
FIXED ASSETS
Tangible assets 4 132,786 104,794

CURRENT ASSETS
Stocks 768,220 894,456
Debtors 5 655,602 455,457
Cash at bank and in hand 152,893 107,211
1,576,715 1,457,124
CREDITORS
Amounts falling due within one year 6 (1,431,950 ) (1,117,441 )
NET CURRENT ASSETS 144,765 339,683
TOTAL ASSETS LESS CURRENT
LIABILITIES

277,551

444,477

CAPITAL AND RESERVES
Called up share capital 7 761,108 761,108
Retained earnings (483,557 ) (316,631 )
SHAREHOLDERS' FUNDS 277,551 444,477

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 March 2025 and were signed on its behalf by:




A J Sims - Director



Mr M Marzucco - Director


QUICK NAUTICAL EQUIPMENT LTD (REGISTERED NUMBER: 11532187)

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


1. STATUTORY INFORMATION

Quick Nautical Equipment Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 11532187. The registered office is Units 6 - 8 , Glenmore Business Park Lime Kiln Lane, Holbury, Southampton, SO45 2AR.

2. ACCOUNTING POLICIES

2.1 Basis of preparing the financial statements
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting
Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares consolidated financial statements, including this company, which are
intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group.

The company has therefore taken advantage of exemptions from the following disclosure requirements:

· Section 7 ‘Statement of Cash Flows’: Presentation of a statement of cash flow and related notes and
disclosures;
· Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues: Interest
income/expense and net gains/losses for financial instruments not measured at fair value; basis of
determining fair values; details of collateral, loan defaults or breaches, details of hedges, hedging fair
value changes recognised in profit or loss and in other comprehensive income;
· Section 26 ‘Share based Payment’: Share-based payment expense charged to profit or loss,
reconciliation of opening and closing number and weighted average exercise price of share options,
how the fair value of options granted was measured, measurement and carrying amount of liabilities
for cash-settled share-based payments, explanation of modifications to arrangements;
· Section 33 ‘Related Party Disclosures’: Compensation for key management personnel.

The financial statements of the company are consolidated in the financial statements of Quick S.p.A. These consolidated financial statements are available from its registered office Via Piangipane 120/A, Ravenna, 48124, Italy.

2.2 Significant judgements and estimates
Judgements and key sources of estimation uncertainty In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

QUICK NAUTICAL EQUIPMENT LTD (REGISTERED NUMBER: 11532187)

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


2. ACCOUNTING POLICIES - continued

2.3 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 Is reduced for estimated customer returns, rebates and other similar allowances.

Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods,the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.

2.4 Tangible fixed assets
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Leasehold 20% Straight line amortization
Plant & Machinery 10% Straight line
Motor Vehicles 25% Straight line
Fixtures & Fittings 12% Straight line
Computer Equipments 20% Straight line

2.5 Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due
allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.

2.6 Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with
banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

2.7 Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12
‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are
recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with 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.


QUICK NAUTICAL EQUIPMENT LTD (REGISTERED NUMBER: 11532187)

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


2. ACCOUNTING POLICIES - continued
2.8 Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, 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.

2.9 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.

2.10 Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

2.11 Hire purchase and leasing commitments
Assets obtained under finance leases are capitalized as tangible fixed assets. Assets acquired under finance
leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire
purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are
included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.

2.12 Pension costs and other post-retirement benefits
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.

2.13 Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday
entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the
employment of an employee or to provide termination benefits.

2.14 Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at
transaction price including transaction costs and are subsequently carried at amortized cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortized.

QUICK NAUTICAL EQUIPMENT LTD (REGISTERED NUMBER: 11532187)

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


2. ACCOUNTING POLICIES - continued

2.15 Trade debtors
Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted in an active market are classified as "loans and receivables'. Loans and receivables are measured at amortized cost using the effective interest method, less any impairment.

2.16 Interest and classification of financial liabilities
Interest is recognised by applying the effective interest rate, except for short-term receivables when the
recognition of interest would be immaterial. The effective interest method is a method of calculating the
amortized cost of a debt instrument and of allocating the interest income over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash receipts through the expected life of the debt instrument to the net carrying amount on initial recognition.

Financial liabilities and equity instruments are classified according to the substance of the contractual
arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2023 - 6 ) .

4. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£    £    £   
COST
At 1 January 2024 79,292 125,814 205,106
Additions - 61,284 61,284
At 31 December 2024 79,292 187,098 266,390
DEPRECIATION
At 1 January 2024 51,368 48,944 100,312
Charge for year 15,859 17,433 33,292
At 31 December 2024 67,227 66,377 133,604
NET BOOK VALUE
At 31 December 2024 12,065 120,721 132,786
At 31 December 2023 27,924 76,870 104,794

5. DEBTORS
2024 2023
£    £   
Amounts falling due within one year:
Trade debtors 556,608 362,489
Other debtors 36,294 30,268
592,902 392,757

QUICK NAUTICAL EQUIPMENT LTD (REGISTERED NUMBER: 11532187)

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


5. DEBTORS - continued
2024 2023
£    £   
Amounts falling due after more than one year:
Other debtors 62,700 62,700

Aggregate amounts 655,602 455,457

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£    £   
Trade creditors 1,288,945 977,211
Taxation and social security 82,870 76,524
Other creditors 60,135 63,706
1,431,950 1,117,441

7. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
8,959 Ordinary 100 EUR 761,108 761,108

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Tony Castagnetti (Senior Statutory Auditor)
for and on behalf of Belluzzo Audit Limited

9. PARENT COMPANY

The company is a wholly owned subsidiary of Quick S.p.A, which is registered in Italy. The ultimate parent company is Sea One S.p.A.