2Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Other accounting policies
vehicle hire.
Notes to the financial statements for the year ended 31 October 2025
STATATORY INFORMATION
Quay Cars Ltd is a private company, limited by shares, registered in England and Wales. The company’s registered number and registered office Address
08260101
2 Queen Street
Bideford
Devon
EX39 2JG

ACCOUNTING POLICIES
These financial statements have been prepared in accordance with Financial Reporting Standards 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.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSET
Depreciation is provided at the rate of 25% in order to write of each asset over its estimated useful life.

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 as the amount of tax payable using the tax rates ands laws that have been enacted or substantively enacted by the balance sheet.

DEFFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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 and are charged to the profit and loss on a straight-line basis over the period of the lease.

PENSION COST AND OTHER POST-RETIREMENT BENEFITS
The company operates and defined contribution pension scheme. Contributions payable to the company’s pension scheme are charged to the profit and loss in the period to which they relate.


EMPLOYEES AND DIRECTORS
The average number of employees during the year was 6 2024(6)

OPERAITING (LOSS)/PROFIT
The operating loss (2024 operation profit) is stated after charging the depreciation on owned assets.