Company registration number 4355510 (England and Wales)
QUINNEYS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
PAGES FOR FILING WITH REGISTRAR
QUINNEYS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 4
QUINNEYS LTD
BALANCE SHEET
AS AT
30 NOVEMBER 2024
30 November 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
86,057
78,614
Current assets
Stocks
401,563
468,412
Debtors
5
76,758
122,566
Cash at bank and in hand
310,319
389,241
788,640
980,219
Creditors: amounts falling due within one year
6
(254,537)
(363,120)
Net current assets
534,103
617,099
Total assets less current liabilities
620,160
695,713
Provisions for liabilities
(20,236)
(15,316)
Net assets
599,924
680,397
Capital and reserves
Called up share capital
10,000
10,000
Profit and loss reserves
589,924
670,397
Total equity
599,924
680,397
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 November 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 1 April 2025 and are signed on its behalf by:
Mr J Quinney
Director
Company registration number 4355510 (England and Wales)
QUINNEYS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 2 -
1
Accounting policies
Company information
Quinneys Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Wealden Forest Park, Herne Common, Herne Bay, Kent, CT6 7LQ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.
1.3
Intangible fixed assets - goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, was amortised evenly over its estimated useful life of fifteen years.
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Leasehold improvements
10% on reducing balance
Plant and equipment
20% on reducing balance
Office equipment
10% on reducing balance
Motor vehicles
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
QUINNEYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
1
Accounting policies
(Continued)
- 3 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 31 (2023 - 30).
2024
2023
Number
Number
Total
31
30
3
Intangible fixed assets
Goodwill
£
Cost
At 1 December 2023 and 30 November 2024
104,888
Amortisation and impairment
At 1 December 2023 and 30 November 2024
104,888
Carrying amount
At 30 November 2024
At 30 November 2023
QUINNEYS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 NOVEMBER 2024
- 4 -
4
Tangible fixed assets
Leasehold improvements
Plant and equipment
Office equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 December 2023
14,004
95,833
36,948
136,363
283,148
Additions
4,719
792
24,000
29,511
At 30 November 2024
14,004
100,552
37,740
160,363
312,659
Depreciation and impairment
At 1 December 2023
8,323
59,713
23,941
112,557
204,534
Depreciation charged in the year
568
8,168
1,380
11,952
22,068
At 30 November 2024
8,891
67,881
25,321
124,509
226,602
Carrying amount
At 30 November 2024
5,113
32,671
12,419
35,854
86,057
At 30 November 2023
5,681
36,120
13,007
23,806
78,614
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
66,670
104,817
Other debtors
10,088
17,749
76,758
122,566
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
176,218
214,687
Corporation tax
11,953
54,297
Other taxation and social security
61,586
71,941
Other creditors
4,780
22,195
254,537
363,120