REGISTERED NUMBER: |
QUORNCROFT HOLDINGS LIMITED |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
REGISTERED NUMBER: |
QUORNCROFT HOLDINGS LIMITED |
Unaudited Financial Statements for the Year Ended 30 June 2024 |
QUORNCROFT HOLDINGS LIMITED (REGISTERED NUMBER: 10269425) |
Contents of the Financial Statements |
for the year ended 30 June 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 | to | 5 |
QUORNCROFT HOLDINGS LIMITED |
Company Information |
for the year ended 30 June 2024 |
Director: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
CUBO Birmingham |
4th Floor |
Two Chamberlain Square |
Birmingham |
West Midlands |
B3 3AX |
QUORNCROFT HOLDINGS LIMITED (REGISTERED NUMBER: 10269425) |
Balance Sheet |
30 June 2024 |
2024 | 2023 |
Notes | £ | £ | £ | £ |
Fixed assets |
Investments | 4 |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 7 |
Retained earnings |
Shareholders' funds |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
QUORNCROFT HOLDINGS LIMITED (REGISTERED NUMBER: 10269425) |
Notes to the Financial Statements |
for the year ended 30 June 2024 |
1. | Statutory information |
Quorncroft Holdings Limited is a private company, incorporated and domiciled in the United Kingdom. The address of its registered office is 3rd Floor, 86 - 90 Paul Street, London, England, EC2A 4NE |
The financial statements are prepared in Sterling (£) which is the functional currency of the company. The financial statements are for the year ended 30 June 2024 (2023: year ended 30 June 2023). |
2. | Accounting policies |
Basis of preparing the financial statements |
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006. |
The following principal accounting policies have been applied: |
Going concern |
The company has received confirmation of continuing financial support from the ultimate controlling party, which confirms that it will provide sufficient funds for the company to meet its financial obligations for a period of at least twelve months from the date of these financial statements. On that basis, the directors have prepared these financial statements on a going concern basis. |
Preparation of consolidated financial statements |
The financial statements contain information about Quorncroft Holdings Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company, and the group it heads, qualify as small as set out in section 383 of the Companies Act 2006 and therefore, the parent and group are considered eligible for the exemption to prepare consolidated accounts. |
Investments in subsidiaries |
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in the statement of income and retained earnings. |
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities. |
Financial instruments |
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities such as trade and other debtors and creditors, loans from banks and other third parties, loans with related parties and investments in ordinary shares. |
All financial assets and liabilities are initially measured at transaction price and subsequently measured at amortised cost. |
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the company would receive for the asset if it were to be sold at the reporting date. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. |
3. | Employees and directors |
The average number of employees during the year was |
QUORNCROFT HOLDINGS LIMITED (REGISTERED NUMBER: 10269425) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
4. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 July 2023 |
and 30 June 2024 |
Net book value |
At 30 June 2024 |
At 30 June 2023 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: 6 Newlands Court, Attwood Road, Burntwood, Staffordshire, WS7 3GF |
Nature of business: |
% |
Class of shares: | holding |
Registered office: 6 Newlands Court, Attwood Road, Burntwood, Staffordshire, WS7 3GF |
Nature of business: |
% |
Class of shares: | holding |
5. | Debtors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Amounts owed by related parties | 13,626 | 1,131 |
Other debtors |
The amounts owed from related parties are free from interest, are unsecured, and have no fixed date of repayment. |
6. | Creditors: amounts falling due within one year |
2024 | 2023 |
£ | £ |
Amounts owed to related parties | 189,100 | 200,438 |
Directors' current accounts | - | 29,340 |
Accruals and deferred income |
For the year ended 30 June 2024, £11,338 of balances have been reclassified from 'Directors' current accounts' to 'Amounts owed to related parties'. These reclassifications have been made to accurately reflect the nature of those balances at 30 June 2024. These reclassifications have had no impact on the profit and loss account or total net assets for the current or prior period. |
QUORNCROFT HOLDINGS LIMITED (REGISTERED NUMBER: 10269425) |
Notes to the Financial Statements - continued |
for the year ended 30 June 2024 |
7. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary shares | £1 | 200 | 200 |
8. | Director's advances, credits and guarantees |
The following advances and credits were made to the director during the years ended 30 June 2024 and 30 June 2023: |
2024 | 2023 |
£ | £ |
I Moorcroft |
Amount outstanding at the beginning of the year | (29,340 | ) | 369,714 |
Amounts advanced | 63,144 | 435,346 |
Dividends paid | - | (566,000 | ) |
Amounts repaid | - | (457,500 | ) |
Amounts transferred | - | 189,100 |
Amount outstanding at the end of the year | 33,804 | (29,340 | ) |
All amounts outstanding to the director at 30 June 2024 are recognised within other debtors. |
9. | Related party disclosures |
'The company has taken advantage of exemption conferred by FRS 102 section 33 'Related Party Disclosures' not to disclose transactions with companies within the group which it is a member, where these transactions occur between entities which are 100% owned members of that group |
The following advances and credits were made to related parties during the years ended 30 June 2024 and 30 June 2023: |
2024 | 2023 |
£ | £ |
Amount outstanding at the beginning of the year | (199,307 | ) | 185,845 |
Amounts advanced | 23,833 | 145,115 |
Dividends paid | - | (188,667 | ) |
Amounts repaid | - | (152,500 | ) |
Amounts transferred | - | (189,100 | ) |
Amount outstanding at the end of the year | (175,474 | ) | (199,307 | ) |
10. | Ultimate controlling party |
I Moorcroft is the ultimate controlling party by virtue of his shareholding. |