Company No:
Contents
Directors | R Grossman |
S Naylor |
Registered office | 9 Donnington Park |
85 Birdham Road | |
Chichester | |
West Sussex | |
PO20 7AJ | |
United Kingdom |
Company number | 07447877 (England and Wales) |
Accountant | Kreston Reeves LLP |
9 Donnington Park | |
85 Birdham Road | |
Chichester | |
West Sussex | |
PO20 7AJ |
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at www.icaew.com/regulation.
It is your duty to ensure that Quest Exhibits Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Quest Exhibits Ltd. You consider that Quest Exhibits Ltd is exempt from the statutory audit requirement for the financial year.
We have not been instructed to carry out an audit or a review of the financial statements of Quest Exhibits Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Chartered Accountants
85 Birdham Road
Chichester
West Sussex
PO20 7AJ
Note | 2024 | 2023 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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30,646 | 42,082 | |||
Current assets | ||||
Debtors | 4 |
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Cash at bank and in hand |
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303,661 | 336,714 | |||
Creditors: amounts falling due within one year | 5 | (
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Net current assets | 96,342 | 91,963 | ||
Total assets less current liabilities | 126,988 | 134,045 | ||
Creditors: amounts falling due after more than one year | 6 | (
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Provision for liabilities | 7 | (
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Net assets |
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account |
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Total shareholders' funds |
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Directors' responsibilities:
The financial statements of Quest Exhibits Ltd (registered number:
R Grossman
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Quest Exhibits Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 9 Donnington Park, 85 Birdham Road, Chichester, West Sussex, PO20 7AJ, United Kingdom.
The principal place of business is Kestrels, Rectory Lane, Ashington, West Sussex RH20 3AS.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.
Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.
Turnover from the sale of goods is recognised when the significant risks and rewards are considered to have been transferred to the customer, the amount of revenue can be measured reliably, and it is probable that the Company will receive the consideration due under the transaction.
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract. This is provided the stage of completion of the contract can be measured reliably at the end of the reporting period and the costs incurred to complete the contract can be measured reliably.
Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.
Vehicles |
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Other property, plant and equipment |
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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.
Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Statement of Income and Retained Earnings over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.
Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.
The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.
The contributions are recognised as an expenses in profit or loss when they fall due. Amounts not paid are shown in accruals as a lability in the Balance sheet. The assets of the plan are held separately from the Company in independently administered funds.
2024 | 2023 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Vehicles | Other property, plant and equipment |
Total | |||
£ | £ | £ | |||
Cost | |||||
At 01 August 2023 |
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Additions |
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At 31 July 2024 |
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Accumulated depreciation | |||||
At 01 August 2023 |
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Charge for the financial year |
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At 31 July 2024 |
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Net book value | |||||
At 31 July 2024 |
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At 31 July 2023 |
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Leased assets included above: | |||||
Net book value | |||||
At 31 July 2024 | 27,083 | 0 | 27,083 | ||
At 31 July 2023 | 37,917 | 0 | 37,917 |
2024 | 2023 | ||
£ | £ | ||
Trade debtors |
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Prepayments |
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VAT recoverable |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2024 | 2023 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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2024 | 2023 | ||
£ | £ | ||
At the beginning of financial year | (
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Credited/(charged) to the Statement of Income and Retained Earnings |
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At the end of financial year | (
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Commitments
At the year end the Company had committed to future lease payments totalling £3,231 (2023 - £9,004).
Pensions
The Company operates a defined contribution pension scheme for the directors and employees. The assets of the scheme are held separately from those of the Company in an independently administered fund.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £42,400 (2023 - £22,000).