Registered number
08900632
Questset Limited
Filleted Accounts
31 March 2024
Questset Limited
Registered number: 08900632
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 31,661 47,840
Current assets
Stocks 258,514 274,913
Debtors 4 44,490 113,896
Cash at bank and in hand - 3,328
303,004 392,137
Creditors: amounts falling due within one year 5 (202,059) (219,160)
Net current assets 100,945 172,977
Total assets less current liabilities 132,606 220,817
Creditors: amounts falling due after more than one year 6 (105,783) (135,137)
Net assets 26,823 85,680
Capital and reserves
Called up share capital 3 3
Profit and loss account 26,820 85,677
Shareholders' funds 26,823 85,680
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
B A Saffer
Director
Approved by the board on 21 March 2025
Questset Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Office equipment 3 years straight line
Motor vehicles 4 years straight line
Fixtures and fittings 25% reducing balance
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 5
3 Tangible fixed assets
Office equipment & fixtures & fittings Motor vehicles Total
£ £ £
Cost
At 1 April 2023 7,085 61,693 68,778
At 31 March 2024 7,085 61,693 68,778
Depreciation
At 1 April 2023 5,528 15,410 20,938
Charge for the year 756 15,423 16,179
At 31 March 2024 6,284 30,833 37,117
Net book value
At 31 March 2024 801 30,860 31,661
At 31 March 2023 1,557 46,283 47,840
4 Debtors 2024 2023
£ £
Other debtors 44,490 113,896
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 31,031 30,311
Obligations under finance lease and hire purchase contracts 8,358 8,358
Trade creditors 45,213 78,920
Taxation and social security costs 48,112 42,549
Other creditors 69,345 59,022
202,059 219,160
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 63,313 84,995
Obligations under finance lease and hire purchase contracts 42,470 50,142
105,783 135,137
7 Other information
Questset Limited is a private company limited by shares and incorporated in England. Its registered office is:
Devonshire House
582 Honeypot Lane
Stanmore
United Kingdom
HA7 1JS
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