Silverfin false false 31/07/2024 01/08/2023 31/07/2024 R Grossman 23/11/2010 S Naylor 23/11/2010 28 April 2025 The principal activity of the Company is the design, manufacture and installation of exhibition stands. 07447877 2024-07-31 07447877 bus:Director1 2024-07-31 07447877 bus:Director2 2024-07-31 07447877 2023-07-31 07447877 core:CurrentFinancialInstruments 2024-07-31 07447877 core:CurrentFinancialInstruments 2023-07-31 07447877 core:Non-currentFinancialInstruments 2024-07-31 07447877 core:Non-currentFinancialInstruments 2023-07-31 07447877 core:ShareCapital 2024-07-31 07447877 core:ShareCapital 2023-07-31 07447877 core:RetainedEarningsAccumulatedLosses 2024-07-31 07447877 core:RetainedEarningsAccumulatedLosses 2023-07-31 07447877 core:Vehicles 2023-07-31 07447877 core:OtherPropertyPlantEquipment 2023-07-31 07447877 core:Vehicles 2024-07-31 07447877 core:OtherPropertyPlantEquipment 2024-07-31 07447877 2022-07-31 07447877 2023-08-01 2024-07-31 07447877 bus:FilletedAccounts 2023-08-01 2024-07-31 07447877 bus:SmallEntities 2023-08-01 2024-07-31 07447877 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 07447877 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 07447877 bus:Director1 2023-08-01 2024-07-31 07447877 bus:Director2 2023-08-01 2024-07-31 07447877 core:Vehicles core:TopRangeValue 2023-08-01 2024-07-31 07447877 core:OtherPropertyPlantEquipment core:BottomRangeValue 2023-08-01 2024-07-31 07447877 core:OtherPropertyPlantEquipment core:TopRangeValue 2023-08-01 2024-07-31 07447877 2022-08-01 2023-07-31 07447877 core:Vehicles 2023-08-01 2024-07-31 07447877 core:OtherPropertyPlantEquipment 2023-08-01 2024-07-31 07447877 core:Non-currentFinancialInstruments 2023-08-01 2024-07-31 iso4217:GBP xbrli:pure

Company No: 07447877 (England and Wales)

QUEST EXHIBITS LTD

Unaudited Financial Statements
For the financial year ended 31 July 2024
Pages for filing with the registrar

QUEST EXHIBITS LTD

Unaudited Financial Statements

For the financial year ended 31 July 2024

Contents

QUEST EXHIBITS LTD

COMPANY INFORMATION

For the financial year ended 31 July 2024
QUEST EXHIBITS LTD

COMPANY INFORMATION (continued)

For the financial year ended 31 July 2024
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

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF QUEST EXHIBITS LTD

For the financial year ended 31 July 2024

ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF
THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF QUEST EXHIBITS LTD (continued)

For the financial year ended 31 July 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Quest Exhibits Ltd for the financial year ended 31 July 2024 which comprise the Balance Sheet and the related notes 1 to 8 from the Company’s accounting records and from information and explanations you have given us.

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.

This report is made solely to the Board of Directors of Quest Exhibits Ltd, as a body, in accordance with the terms of our engagement letter dated 12 February 2024. Our work has been undertaken solely to prepare for your approval the financial statements of Quest Exhibits Ltd and state those matters that we have agreed to state to the Board of Directors of Quest Exhibits Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quest Exhibits Ltd and its Board of Directors as a body for our work or for this report.

Kreston Reeves LLP
Chartered Accountants

9 Donnington Park
85 Birdham Road
Chichester
West Sussex
PO20 7AJ

28 April 2025

QUEST EXHIBITS LTD

BALANCE SHEET

As at 31 July 2024
QUEST EXHIBITS LTD

BALANCE SHEET (continued)

As at 31 July 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 30,646 42,082
30,646 42,082
Current assets
Debtors 4 53,394 241,716
Cash at bank and in hand 250,267 94,998
303,661 336,714
Creditors: amounts falling due within one year 5 ( 207,319) ( 244,751)
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 ( 29,842) ( 38,614)
Provision for liabilities 7 ( 7,661) ( 10,521)
Net assets 89,485 84,910
Capital and reserves
Called-up share capital 100 100
Profit and loss account 89,385 84,810
Total shareholders' funds 89,485 84,910

For the financial 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 financial statements of Quest Exhibits Ltd (registered number: 07447877) were approved and authorised for issue by the Board of Directors on 28 April 2025. They were signed on its behalf by:

R Grossman
Director
QUEST EXHIBITS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
QUEST EXHIBITS LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 July 2024
1. Accounting policies

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.

General information and basis of accounting

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 £.

Foreign currency

The Company's functional and presentational currency is GBP.

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

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

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.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 5 years straight line
Other property, plant and equipment 3 - 5 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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.

Borrowing costs

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

Leases

The Company as lessee
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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

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.

Pensions - Defined contribution plan

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.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 2 2

3. Tangible assets

Vehicles Other property, plant
and equipment
Total
£ £ £
Cost
At 01 August 2023 55,767 13,974 69,741
Additions 0 1,647 1,647
At 31 July 2024 55,767 15,621 71,388
Accumulated depreciation
At 01 August 2023 16,330 11,329 27,659
Charge for the financial year 11,153 1,930 13,083
At 31 July 2024 27,483 13,259 40,742
Net book value
At 31 July 2024 28,284 2,362 30,646
At 31 July 2023 39,437 2,645 42,082
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

4. Debtors

2024 2023
£ £
Trade debtors 34,642 211,698
Prepayments 18,752 28,463
VAT recoverable 0 1,555
53,394 241,716

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 6,536 6,536
Trade creditors 6,460 41,741
Taxation and social security 33,733 23,495
Obligations under finance leases and hire purchase contracts 3,231 5,168
Other creditors 157,359 167,811
207,319 244,751

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

2024 2023
£ £
Bank loans 29,842 35,389
Obligations under finance leases and hire purchase contracts 0 3,225
29,842 38,614

The bounce back loan is secured by the Government guarantee.

7. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 10,521) ( 4,990)
Credited/(charged) to the Statement of Income and Retained Earnings 2,860 ( 5,531)
At the end of financial year ( 7,661) ( 10,521)

8. Financial commitments

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).