2023-11-012024-10-312024-10-31false05252367Quinquari Marine 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Quinquari Marine Limited

Registered Number
05252367
(England and Wales)

Unaudited Financial Statements for the Year ended
31 October 2024

Quinquari Marine Limited
Company Information
for the year from 1 November 2023 to 31 October 2024

Director

B T Price

Registered Address

1 High Street, St. Davids
Haverfordwest
Pembrokeshire
SA62 6SA

Registered Number

05252367 (England and Wales)
Quinquari Marine Limited
Balance Sheet as at
31 October 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets350,60250,221
50,60250,221
Current assets
Stocks4217,000193,000
Debtors553,58630,426
Cash at bank and on hand49,022105,609
319,608329,035
Creditors amounts falling due within one year6(87,029)(101,090)
Net current assets (liabilities)232,579227,945
Total assets less current liabilities283,181278,166
Creditors amounts falling due after one year7(47,266)(80,081)
Provisions for liabilities9(9,614)(9,542)
Net assets226,301188,543
Capital and reserves
Called up share capital1010
Profit and loss account226,291188,533
Shareholders' funds226,301188,543
The financial statements were approved and authorised for issue by the Board of Directors on 10 April 2025, and are signed on its behalf by:
B T Price
Director
Registered Company No. 05252367
Quinquari Marine Limited
Notes to the Financial Statements
for the year ended 31 October 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
Turnover policy
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.
Revenue from sale of goods
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.
Revenue from rendering of services
Revenue 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.
Employee benefits
Contributions to defined contribution plans are expensed in the period to which they relate.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
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.
Current taxation
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.
Deferred tax
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.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Plant and machinery15
Vehicles25
Finance leases and hire purchase contracts
Assets held under finance leases which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, and hire purchase contracts are capitalised in the balance sheet. They are depreciated over the shorter of their useful lives or the term of the lease.
Stocks and work in progress
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Trade and other 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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.
Trade and other 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.
2.Average number of employees

20242023
Average number of employees during the year88
3.Tangible fixed assets

Total

£
Cost or valuation
At 01 November 23135,903
Additions11,533
At 31 October 24147,436
Depreciation and impairment
At 01 November 2385,682
Charge for year11,152
At 31 October 2496,834
Net book value
At 31 October 2450,602
At 31 October 2350,221
4.Stocks

2024

2023

££
Raw materials and consumables217,000193,000
Total217,000193,000
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables-2,475
Other debtors52,94016,731
Prepayments and accrued income64611,220
Total53,58630,426
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables4,1347,027
Bank borrowings and overdrafts25,70323,393
Taxation and social security27,03712,681
Finance lease and HP contracts5,8095,399
Other creditors17,88750,440
Accrued liabilities and deferred income6,4592,150
Total87,029101,090
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.
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts34,41961,426
Other creditors12,84718,655
Total47,26680,081
8.Obligations under finance leases

2024

2023

££
Finance lease and HP contracts12,84718,656
9.Provisions for liabilities

2024

2023

££
Net deferred tax liability (asset)9,6149,542
Total9,6149,542
10.Directors advances, credits and guarantees

Brought forward

Amount advanced

Amount repaid

Carried forward

££££
B T Price(34,471)98,01837,25526,292
(34,471)98,01837,25526,292