Registration number:
Quoinstone Meadows Ltd
for the Year Ended 31 May 2024
Quoinstone Meadows Ltd
Contents
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Quoinstone Meadows Ltd
(Registration number: 11977414)
Statement of Financial Position as at 31 May 2024
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Note |
2024 |
2023 |
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Current assets |
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Stocks |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net assets |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
804,795 |
305,603 |
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Shareholders' funds |
804,895 |
305,703 |
For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
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Quoinstone Meadows Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
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General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is that of property development.
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Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the entity.
Quoinstone Meadows Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)
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Accounting policies (continued) |
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. 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. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
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 is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Quoinstone Meadows Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)
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Accounting policies (continued) |
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Financial instruments
Recognition and measurement
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.
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Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Quoinstone Meadows Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)
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Profit before tax |
Profit/loss before taxation is stated after charging/(crediting):
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2024 |
2023 |
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Auditor's remuneration |
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375 |
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Creditors |
Creditors: amounts falling due within one year
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2024 |
2023 |
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Loans and borrowings |
- |
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Amounts owed to related parties |
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Taxation and social security |
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Accruals and deferred income |
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The loans and borrowings are secured by way of fixed and floating charge over all the property or undertaking of the company. These charges have been satisfied on 3rd August 2023.
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Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
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Related party transactions |
Summary of transactions with other related parties
During the year the company purchased goods and services of £1,154,096 (2023: £1,146,066) from Classic Builders (South West) Limited, a company who is under the common control of directors and shareholders. As at the end of the year the company owed Classic Builders (South West) Limited £269,143 (2023: £nil).
At the end of the year the company owed Classic 14 Holdings Limited £nil (2023: £79,215).
Quoinstone Meadows Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024 (continued)
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Parent and ultimate parent undertaking |
The company's immediate parent is
These financial statements are available upon request from Classic Builders Estover Close, Estover, Plymouth, Devon, United Kingdom, PL6 7PL