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No description of principal activities is disclosed
2024-03-06
Sage Accounts Production 23.0 - FRS102_2023
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15543642
2024-03-06
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15543642
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15543642
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15543642
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15543642
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15543642
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15543642
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15543642
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15543642
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2024-09-30
15543642
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2024-09-30
15543642
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2024-09-30
15543642
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15543642
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15543642
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15543642
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15543642
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15543642
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15543642
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Company registration number:
15543642
Quito 2003 Limited
Unaudited filleted financial statements
30 September 2024
Quito 2003 Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
Quito 2003 Limited
Directors and other information
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Directors |
Mr J Hill |
(Appointed 6 March 2024) |
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Mr M Seaman-Hill |
(Appointed 6 March 2024) |
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Company number |
15543642 |
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Registered office |
First Floor Offices |
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99 Bancroft |
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Hitchin |
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Hertfordshire |
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SG5 1NQ |
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Accountants |
Hicks and Company |
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First Floor Offices |
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99 Bancroft |
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Hitchin |
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Hertfordshire |
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SG5 1NQ |
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Bankers |
Weatherbys Bank Limited |
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Sanders Road |
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Wellingborough |
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Northamptonshire |
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NN8 4BX |
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Quito 2003 Limited
Chartered accountants report to the board of directors on the preparation of the
unaudited statutory financial statements of Quito 2003 Limited
Period ended 30 September 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 Quito 2003 Limited for the period ended 30 September 2024 as set out on pages 3 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 http://www.icaew.com /en/members/regulations-standards-and-guidance/.
This report is made solely to the board of directors of Quito 2003 Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Quito 2003 Limited and state those matters that we have agreed to state to the board of directors of Quito 2003 Limited 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 Quito 2003 Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that Quito 2003 Limited 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 loss of Quito 2003 Limited. You consider that Quito 2003 Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Quito 2003 Limited. 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.
Hicks and Company
First Floor Offices
99 Bancroft
Hitchin
Hertfordshire
SG5 1NQ
27 June 2025
Quito 2003 Limited
Statement of financial position
30 September 2024
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30/09/24 |
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Note |
£ |
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£ |
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Fixed assets |
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Investments |
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4 |
2,814,000 |
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_______ |
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2,814,000 |
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Current assets |
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Cash at bank |
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186,074 |
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_______ |
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186,074 |
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Creditors: amounts falling due |
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within one year |
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5 |
(
720) |
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_______ |
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Net current assets |
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185,354 |
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_______ |
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Total assets less current liabilities |
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2,999,354 |
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Creditors: amounts falling due |
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after more than one year |
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6 |
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(
3,000,000) |
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_______ |
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Net liabilities |
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(
646) |
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_______ |
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Capital and reserves |
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Called up share capital |
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144 |
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Profit and loss account |
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(
790) |
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_______ |
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Shareholders deficit |
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(
646) |
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_______ |
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For the period ending 30 September 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476;
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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 financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the
board of directors
and authorised for issue on
27 June 2025
, and are signed on behalf of the board by:
Mr J Hill
Director
Company registration number:
15543642
Quito 2003 Limited
Statement of changes in equity
Period ended 30 September 2024
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Called up share capital |
Profit and loss account |
Total |
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£ |
£ |
£ |
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At 6 March 2024 |
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- |
- |
- |
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Loss for the period |
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(
790) |
(
790) |
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_______ |
_______ |
_______ |
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Total comprehensive income for the period |
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- |
(
790) |
(
790) |
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Issue of shares |
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144 |
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144 |
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_______ |
_______ |
_______ |
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Total investments by and distributions to owners |
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144 |
- |
144 |
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_______ |
_______ |
_______ |
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At 30 September 2024 |
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144 |
(
790) |
(
646) |
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_______ |
_______ |
_______ |
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Quito 2003 Limited
Notes to the financial statements
Period ended 30 September 2024
1.
General information
The company is a private company limited by shares, registered in England. The address of the registered office is First Floor Offices, 99 Bancroft, Hitchin, Hertfordshire, SG5 1NQ.
2.
Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The financial statements have been prepared on a going concern basis as in the opinion of the directors the company will be in a position to receive sufficient income in the subsequent twelve months to reflect a positive shareholder's fund position.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertaking comprise a small group.
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.
Taxation
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.
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses. Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
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.
4.
Investments
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Shares in group undertakings |
Total |
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£ |
£ |
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Cost |
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At 6 March 2024 |
- |
- |
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Additions |
2,814,000 |
2,814,000 |
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_______ |
_______ |
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At 30 September 2024 |
2,814,000 |
2,814,000 |
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_______ |
_______ |
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Impairment |
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At 6 March 2024 and 30 September 2024 |
- |
- |
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_______ |
_______ |
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Carrying amount |
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At 30 September 2024 |
2,814,000 |
2,814,000 |
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_______ |
_______ |
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Investments in group undertaking |
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Registered office |
Class of share |
Percentage of shares held |
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Subsidiary undertaking |
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Long Island Limited |
|
First Floor Offices, 99 Bancroft, Hitchin, Hertfordshire, SG5 1NQ |
Ordinary Shares |
52 |
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The results and capital and reserves for the period of the company is as follows:
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Capital and |
Profit/(loss) |
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reserves |
for the |
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year |
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30/09/24 |
30/09/24 |
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£ |
£ |
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Subsidiary undertaking |
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Long Island Limited |
1,321,274 |
98,669 |
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5.
Creditors: amounts falling due within one year
|
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30/09/24 |
|
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|
£ |
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Other creditors |
|
720 |
|
|
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|
_______ |
|
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6.
Creditors: amounts falling due after more than one year
|
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|
30/09/24 |
|
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|
£ |
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Other creditors |
|
3,000,000 |
|
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|
_______ |
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7.
Related party transactions
During the year the company entered into the following transactions with related parties in which the directors have an interest:Curtis Medical Investments Limited £3,000,000The above loan is unsecured, interest free and repayable as surplus funds are considered by the directors to be available.