Company Registration No. 03709801 (England and Wales)
Quaint Services Limited
Unaudited accounts
for the year ended 28 February 2025
Quaint Services Limited
Unaudited accounts
Contents
Quaint Services Limited
Company Information
for the year ended 28 February 2025
Directors
Giuseppe Viggiani
Guido Viggiani D'Avalos
Pietro Viggiani D'Avalos
Company Number
03709801 (England and Wales)
Registered Office
20 Kensington Church Walk
London
London
W8 4NB
England
Accountants
Giovanni Bosio GB & CO Accountants
9 Princes Avenue
Surbiton
Surrey
KT6 7JJ
Quaint Services Limited
Statement of financial position
as at 28 February 2025
Investment property
150,000
150,000
Cash at bank and in hand
6,091
486
Creditors: amounts falling due within one year
(279,743)
(298,027)
Net current liabilities
(257,652)
(276,955)
Net liabilities
(107,652)
(126,955)
Called up share capital
100,000
100,000
Profit and loss account
(207,652)
(226,955)
Shareholders' funds
(107,652)
(126,955)
For the year ending 28 February 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 21 November 2025 and were signed on its behalf by
Giuseppe Viggiani
Director
Company Registration No. 03709801
Quaint Services Limited
Notes to the Accounts
for the year ended 28 February 2025
Quaint Services Limited is a private company, limited by shares, registered in England and Wales, registration number 03709801. The registered office is 20 Kensington Church Walk, London, London, W8 4NB, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The financial statements have been prepared on a going concern basis notwithstanding the fact that the company has a deficiency on total equity at the end of the year. The directors consider this basis to be appropriate as the company has sufficient facilities available from its shareholders to fund its working capital requirements for a period of at least twelve months from the date these financial statements were approved.
Revenue comprises ground rent from tenants of the company’s investment properties. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.
Other income comprises management fees received from related companies. It is recognised on an accruals basis in the period in which it is earned.
Quaint Services Limited
Notes to the Accounts
for the year ended 28 February 2025
3.5 Tangible fixed assets and depreciation
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
At each reporting date the company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.
The company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
Office equipment - 25%
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.
Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
3.8 Financial instruments
The company has elected to apply Sections 11 and 12 of FRS 102 in respect of financial instruments.
Financial assets and financial liabilities are recognised when the company becomes 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.
The company’s policies for its major classes of financial assets and financial liabilities are set out below.
Quaint Services Limited
Notes to the Accounts
for the year ended 28 February 2025
Basic financial assets, including trade and other debtors, cash and bank balances, inter-company working capital balances, and inter-company financing are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.
Basic financial liabilities, including trade and other creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Financing transactions are those in which payment is deferred beyond normal business terms or is financed at a rate of interest that is not a market rate.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Impairment of financial assets
Financial assets measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the profit and loss account.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between the asset's carrying amount and the best estimate of the amount the company would receive for the asset if it were to be sold at the reporting date.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between the asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If the financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.
Derecognition of financial assets and financial liabilities
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) despite having retained some significant risks and rewards of ownership, control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractualobligation is discharged, cancelled or expires.
Offsetting of financial assets and financial liabilities
Financial assets and liabilities are offset and the net amount reported in the balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Ordinary shares are classified as equity.
Quaint Services Limited
Notes to the Accounts
for the year ended 28 February 2025
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that 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.
The accounts are presented in £ sterling.
Fair value at 1 March 2024
150,000
At 28 February 2025
150,000
The 2025 valuations were made by the directors, on an open market value for existing use basis.
Amounts falling due within one year
Amounts due from group undertakings etc.
-
20,000
6
Creditors: amounts falling due within one year
2025
2024
Loans from directors
3,613
21,613
Allotted, called up and fully paid:
100,000 Ordinary shares of £1 each
100,000
100,000
8
Transactions with related parties
At the year end date the company owed £3,613 (2023: £21,613) to the director. The loan is provided interest free and is unsecured. There are no formal terms and conditions regarding repayment of the loan.
At the year end date the company was due £0 (2023: £20,000) from Quaint Holdings Limited, a related party. The loan is provided interest free and is unsecured. There are no formal terms and conditions regarding repayment of the loan. During the year the company received £0 (2024: £40, 000) in management fees from Quaint Holdings.
During the year the company received £5,000 (2024:£0) management fee from Gedarte SA
Quaint Services Limited
Notes to the Accounts
for the year ended 28 February 2025
9
Average number of employees
During the year the average number of employees was 0 (2024: 0).