Quay Facilities Limited 31/07/2024 iXBRL

Company registration number: 08152470

Quay Facilities Limited

Unaudited filleted financial statements

31 July 2024

Quay Facilities Limited

Contents

Directors and other information

Statement of financial position

Notes to the financial statements

Quay Facilities Limited

Directors and other information


	Directors	Mr S W Gibson
		Mrs M A Gibson


	Company number	08152470


	Registered office	5 Underwood Street
		London
		N1 7LY

Quay Facilities Limited

Statement of financial position

31 July 2024

		2024		2023
	Note	£	£	£	£

Fixed assets
Tangible assets	5	112,477		106,382
		_______		_______
			112,477		106,382

Current assets
Stocks		36,000		41,000
Debtors	6	113,772		101,426
Cash at bank and in hand		130,868		66,291
		_______		_______
		280,640		208,717
Creditors: amounts falling due
within one year	7	( 102,011)		( 71,642)
		_______		_______
Net current assets			178,629		137,075
			_______		_______
Total assets less current liabilities			291,106		243,457

Creditors: amounts falling due
after more than one year	8		( 9,640)		( 21,575)
			_______		_______
Net assets			281,466		221,882
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			281,366		221,782
			_______		_______
Shareholders funds			281,466		221,882
			_______		_______

For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 28 March 2025 , and are signed on behalf of the board by:

Mrs M A Gibson

Director

Company registration number: 08152470

Quay Facilities Limited

Notes to the financial statements

Year ended 31 July 2024

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 5 Underwood Street, London, N1 7LY.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of investment properties measured at fair value through profit or loss.

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 for services rendered, net of discounts and Value Added Tax.

Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. 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 capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.

Tangible assets

tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:


Fittings fixtures and equipment	-	20 %	straight line
Motor vehicles	-	25 %	straight line

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

Investment property

Investment property is measured initially at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

Debt instruments are subsequently measured at amortised cost.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 7 (2023: 7 ).

5. Tangible assets

	Short leasehold property	Fixtures, fittings and equipment	Motor vehicles	Total
	£	£	£	£
Cost
At 1 August 2023	44,256	28,451	74,740	147,447
Additions	-	1,578	22,990	24,568
	_______	_______	_______	_______
At 31 July 2024	44,256	30,029	97,730	172,015
	_______	_______	_______	_______
Depreciation
At 1 August 2023	-	11,448	29,617	41,065
Charge for the year	-	2,266	16,207	18,473
	_______	_______	_______	_______
At 31 July 2024	-	13,714	45,824	59,538
	_______	_______	_______	_______
Carrying amount
At 31 July 2024	44,256	16,315	51,906	112,477
	_______	_______	_______	_______
At 31 July 2023	44,256	17,003	45,123	106,382
	_______	_______	_______	_______

Investment property

Included within the above is investment property measured at fair value as follows:

		£
	At 1 August 2023 and 31 July 2024	44,526
		_______

6. Debtors

	2024	2023
	£	£
Trade debtors	94,763	73,989
Other debtors	19,009	27,437
	_______	_______
	113,772	101,426
	_______	_______

7. Creditors: amounts falling due within one year

	2024	2023
	£	£
Bank loans and overdrafts	10,268	10,015
Trade creditors	12,642	15,826
Corporation tax	40,835	25,775
Social security and other taxes	10,604	11,044
Other creditors	27,662	8,982
	_______	_______
	102,011	71,642
	_______	_______

8. Creditors: amounts falling due after more than one year

	2024	2023
	£	£
Bank loans and overdrafts	9,640	19,908
Other creditors	-	1,667
	_______	_______
	9,640	21,575
	_______	_______

9. Operating leases

The company as lessee

The total future minimum lease payments under non-cancellable operating leases are as follows:


	£	£

Not later than 1 year	5,198	5,198
Later than 1 year and not later than 5 years	3,589	8,787
	_______	_______
	8,787	13,985
	_______	_______

10. Directors advances, credits and guarantees

	During the year the directors entered into the following advances and credits with the company:

2024
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr S W Gibson	( 489)	( 12,614)	( 13,103)
	Mrs M A Gibson	( 600)	( 8,472)	( 9,072)
		_______	_______	_______
		( 1,089)	( 21,086)	( 22,175)
		_______	_______	_______

2023
		Balance brought forward	Advances /(credits) to the directors	Balance o/standing
		£	£	£
	Mr S W Gibson	( 1,734)	1,245	( 489)
	Mrs M A Gibson	-	( 600)	( 600)
		_______	_______	_______
		( 1,734)	645	( 1,089)
		_______	_______	_______