Quinquevir Limited |
Notes to the Accounts |
for the year ended 30 June 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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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). |
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Interest Income |
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Interest income is recognised in the accounts using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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2 |
Employees |
2024 |
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2023 |
Number |
Number |
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Average number of employees, including directors, during the year |
5 |
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5 |
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3 |
Taxation |
2024 |
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2023 |
£ |
£ |
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Corporation Tax |
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Current tax on profits for the year |
- |
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15,231 |
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Total Current Tax |
- |
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15,231 |
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Deferred tax |
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Origination and reversal of timing differences |
(124,588) |
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- |
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Deferred tax movement on investment property |
- |
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- |
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Total deferred tax |
(124,588) |
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- |
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Taxation on profit/(loss) on ordinary actvities |
(124,588) |
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15,231 |
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Factors Affecting Tax Charge for the Year |
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There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 19% & 25% (2023: 19% & 25%). |
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4 |
Debtors |
2024 |
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2023 |
£ |
£ |
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Deferred tax asset |
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|
124,588 |
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- |
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Other debtors |
2,741,964 |
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2,768,990 |
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2,866,552 |
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2,768,990 |
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5 |
Creditors: amounts falling due within one year |
2024 |
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2023 |
£ |
£ |
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Trade creditors |
60 |
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- |
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Taxation and social security costs |
- |
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15,231 |
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Other creditors |
1,353,264 |
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1,353,264 |
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Accruals and deferred income |
730,723 |
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715,277 |
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2,084,047 |
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2,083,772 |
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6 |
Deferred taxation |
2024 |
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2023 |
£ |
£ |
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At beginning of year |
- |
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- |
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Charged to profit or loss |
(124,588) |
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- |
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Charged to other comprehensive income |
- |
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- |
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(124,588) |
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- |
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In accordance with the requirements of FRS102, the company has recognised the deferred tax in respect of its Fixed Asset Investment Property which is held at its current market value. The deferred tax will only become payable should the company dispose of the property. |
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The provision for deferred taxation is made up as follows: |
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2024 |
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2023 |
£ |
£ |
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Fixed asset timing differences |
- |
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- |
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Short term timing differences |
(124,329) |
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- |
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Capital gain |
- |
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- |
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Losses and other deductions |
(259) |
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- |
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(124,588) |
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- |
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7 |
Share Capital |
2024 |
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2023 |
£ |
£ |
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Shares Classified as Equity |
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Allotted, called up and fully paid |
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100 Ordinary shares of £1 each |
100 |
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100 |
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100 |
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100 |
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8 |
Reserves |
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Profit and Loss account |
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Includes all current and prior year retained profits and losses. |
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9 |
Related party transactions |
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As at 30 June 2024, the company owed a director £NIL (2023: £NIL). During the year, interest of £NIL (2023: £13,428) was charged on this loan, the total accrued interest as at the year end was £NIL (2023: £51,657), this is included in other creditors. The total amount owing to this director at the year end is £NIL (2023: £51,657). |
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As at 30 June 2024, the company owed another director £938,056 (2023: £938,056). During the year, interest of £46,903 (2023: £46,903) was charged on this loan, the total accrued interest as at the year end was £497,317 (2023: £450,414), this is included in other creditors. The total amount owing to this director at the year end is £1,435,373 (2023: £1,388,470). |
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As at 30 June 2024, the company owed a company under common control, £415,208 (2023: £415,208). Total accrued interest of £227,587 (2023: £206,826) was owed to this company as at 30 June 2024. Interest accrued for the year was £20,760 (2023: £20,760). |
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The company was owed £426,878 by another company under common control (2023: £495,771) at 30 June 2024. The total accrued interest on this loan at the year end was £704,022 (2023: £680,293) and this is included in other debtors. The net amount due from this company at 30 June 2024 was £488,105 (2023: £554,020). |
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As at 30 June 2024, the company was owed £1,605,699 (2023: £1,592,814) by a further company under common control. During the year, interest of £10,032 (2023: £60,098) was charged on this loan and has not been paid and is included in other debtors. |
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10 |
Other information |
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Quinquevir Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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Airport Business Centre |
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Thornbury Road |
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Plymouth |
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Devon |
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PL6 7PP |