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REGISTERED NUMBER: 13615527 (England and Wales)















AUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 AUGUST 2024

FOR

QUAY FINANCIAL LTD

QUAY FINANCIAL LTD (REGISTERED NUMBER: 13615527)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024










Page

Statement of Financial Position 1

Notes to the Financial Statements 2 to 5


QUAY FINANCIAL LTD (REGISTERED NUMBER: 13615527)

STATEMENT OF FINANCIAL POSITION
31 AUGUST 2024

31.8.24 31.8.23
Notes £    £   
CURRENT ASSETS
Debtors 4 1,627,684 250,386
Cash at bank 1,377 569
1,629,061 250,955
CREDITORS
Amounts falling due within one year 5 (15,841 ) (11,389 )
NET CURRENT ASSETS 1,613,220 239,566
TOTAL ASSETS LESS CURRENT
LIABILITIES

1,613,220

239,566

CREDITORS
Amounts falling due after more than one
year

6

(1,581,222

)

(210,105

)
NET ASSETS 31,998 29,461

CAPITAL AND RESERVES
Called up share capital 103,000 103,000
Retained earnings (71,002 ) (73,539 )
SHAREHOLDERS' FUNDS 31,998 29,461

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 22 April 2025 and were signed by:





A Zuk - Director


QUAY FINANCIAL LTD (REGISTERED NUMBER: 13615527)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2024


1. STATUTORY INFORMATION

Quay Financial Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 13615527

Registered office: Blue Tower
Mediacityuk
Salford Quays
Greater Manchester
M50 2ST

The principal activity of the company is that of financial intermediation.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The presentation currency of the financial statements is the Pound Sterling (£) which is also the functional currency.

SIGNIFICANT JUDGEMENTS AND ESTIMATES
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reports. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Judgements

The judgements (apart from those involving estimations) that management has made in the process of applying the entity's accounting policies and that have the most significant effect on the amounts recognised in the financial statements are set out in the policies below:

There are no judgements included within the financial statements.

Key sources of estimation uncertainty

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are set out below:

There are no key sources of estimation uncertainty.

GOING CONCERN
Quay Financial Ltd continues to attract strong new streams of inbound investment, particularly from Japan and interest in Malaysia.

The director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.

QUAY FINANCIAL LTD (REGISTERED NUMBER: 13615527)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


2. ACCOUNTING POLICIES - continued

REVENUE RECOGNITION
Revenue is recognised at the point the right to consideration accrues through the performance of each distinct company service. The services provided are contractual and the costs of the service are incurred as the service is rendered.

FINANCIAL INSTRUMENTS
A financial asset or a financial liability is recognised only when the entity 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.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

EMPLOYEE BENEFITS
The company provides a range of benefits to employees.

Short term benefits, including holiday pay, are recognised as an expenses in the profit and loss account in the period in which they are incurred.

INTEREST RECEIVABLE AND INTEREST PAYABLE
Interest receivable on financial instrument obligations and interest payable on unlisted bonds issued by the Company are recognised on an accruals basis at the effective interest rate.

QUAY FINANCIAL LTD (REGISTERED NUMBER: 13615527)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. DEBTORS
31.8.24 31.8.23
£    £   
Amounts falling due within one year:
Amounts owed by group undertakings 1,166,954 177,737
Deferred tax asset 23,633 24,479
Prepayments and accrued income 95,725 23,551
1,286,312 225,767

Amounts falling due after more than one year:
Prepayments and accrued income 341,372 24,619

Aggregate amounts 1,627,684 250,386

Amounts owed by group undertakings are unsecured, interest free and are repayable on demand.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.8.24 31.8.23
£    £   
Trade creditors 10,036 9,890
Amounts owed to group undertakings 359 -
Other creditors - 1,499
Directors' loan accounts 5,446 -
15,841 11,389

Amounts owed to group undertakings are unsecured, interest free and are repayable on demand.

6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.8.24 31.8.23
£    £   
Other creditors 1,581,222 210,105

7. SECURED DEBTS

There is a fixed and floating charge dated 28 October 2021 over the property or undertaking of the company in favour of Legaleze Limited.

8. DEFERRED TAX
£   
Balance at 1 September 2023 (24,479 )
Charge to Income Statement during year 846
Balance at 31 August 2024 (23,633 )

QUAY FINANCIAL LTD (REGISTERED NUMBER: 13615527)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 AUGUST 2024


9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Helen Tidyman (Senior Statutory Auditor)
for and on behalf of Sumer Auditco Limited

10. RELATED PARTY DISCLOSURES

All transactions undertaken with the directors are deemed to be conducted under normal market conditions and/or are not material.

11. POST BALANCE SHEET EVENTS

There were no material events up to the date of approval of the financial statement by the board.

12. ULTIMATE CONTROLLING PARTY

The company is a 100% owned subsidiary of Choices CPO 1 Limited. The ultimate controlling party is Alexander Atherden-Zuk.