Registered number: 05990548
QUINN PATEL ESTATES (1) LIMITED
FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR
FOR THE YEAR ENDED 31 MARCH 2023
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QUINN PATEL ESTATES (1) LIMITED
REGISTERED NUMBER:05990548
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BALANCE SHEET
AS AT 31 MARCH 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 December 2023.
___________________________
M W Quinn
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The notes on pages 2 to 8 form part of these financial statements.
Page 1
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QUINN PATEL ESTATES (1) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
Quinn Patel Estates (1) Limited is a private limited company limited by shares incorporated in England & Wales. The registered office and principle place of trade is The Cow Shed, Highland Court Farm, Bridge, Kent, CT4 5HW.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
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Financial Reporting Standard 102 - reduced disclosure exemptions
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The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
∙the requirements of Section 7 Statement of Cash Flows;
∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.
This information is included in the consolidated financial statements of Quinn Estates Kent Limited as at 31 March 2023 and these financial statements may be obtained from Highland Court Farm, Bridge, Kent, CT4 5HW.
Page 2
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QUINN PATEL ESTATES (1) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Sale of goods
Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
∙the Company has transferred the significant risks and rewards of ownership to the buyer;
∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the transaction; and
∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.
Rendering of services
Revenue 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 when all of the following conditions are satisfied:
∙the amount of revenue can be measured reliably;
∙it is probable that the Company will receive the consideration due under the contract;
∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and
∙the costs incurred and the costs to complete the contract can be measured reliably.
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.
All borrowing costs are recognised in profit or loss in the year in which they are incurred.
Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Page 3
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QUINN PATEL ESTATES (1) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted average basis. Work in progress and finished goods include labour and attributable overheads.
At each balance sheet date, stocks are assessed for impairment. If stock is 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.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
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Provisions for liabilities
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Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.
Page 4
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QUINN PATEL ESTATES (1) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Company's Balance Sheet when the Company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Impairment of financial assets
Financial assets are assessed for indicators of impairment at each reporting date.
Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.
If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.
Financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.
Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.
Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.
Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the
Page 5
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QUINN PATEL ESTATES (1) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
2.Accounting policies (continued)
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Financial instruments (continued)
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effective interest method. Discounting is omitted where the effect of discounting is immaterial.
Derecognition of financial assets
Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.
Derecognition of financial liabilities
Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.
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The average monthly number of employees, including directors, during the year was 4 (2022 - 4).
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Prepayments and accrued income
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Cash and cash equivalents
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Page 6
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QUINN PATEL ESTATES (1) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Creditors: Amounts falling due within one year
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Amounts owed to group undertakings
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Other taxation and social security
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Accruals and deferred income
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Charged to profit or loss
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There have been three adjustments made to the prior year financial statements. The first adjustment is the reclassification of the Quinn Estates Limited trading balances to trade debtors and trade creditors from other creditors. This adjustment has no impact on net assets.
The second restatement is the reclassification of monies advanced from Newmaquinn Commercial Limited from accruals to other creditors. This does not have any impact on net or gross assets.
The detail of these balances are included in note 9.
The final adjustment relates to the cancellation of management charges and professional fees by Quinn Estates Limited which should have been recognised in the prior year and the impact of the adjustment is set out below:
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Profit after tax as previously reported
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Error in respect of overstated trade creditors
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Restated profit after tax
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Retained earnings as previously reported
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Restatement of comparatives
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Restated retained earnings
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Page 7
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QUINN PATEL ESTATES (1) LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
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Related party transactions
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During the year the company was provided with working capital funding totalling £7,206,484 (2022: £6,393,230) and was charged interest of £548,254 (2022: £215,961) from Roniks Limited. Roniks Limited is a shareholder in the Quinn Patel Estates (1) Limited and KN Patel is a director in both companies.
During the year under review the company received services amounting to £10,117,236 (2022: £6,813,387) from Quinn Estates Limited. At the balance sheet date, the amount owed to Quinn Estates Limited amounted to £1,033,100 (2022: £639,207). The company also owed Quinn Estates Limited £39,576 (2022: £67,734) in respect to monies advanced to the company.
At the balance sheet date, Quinn Estates Limited owed the company £Nil (2022: 481,964) in respect to rent. The was fully written off in the year. Quinn Estates Limited shares M W Quinn as director and shareholder.
At the balance sheet date, the company owed £126,022 (2022: £126,022) to the directors in respect to monies advanced to the company.
At the balance sheet date the company owed £Nil (2022: £378,800) to Newmaquinn Commercial Limited in respect to monies advanced to the company. Newmaquinn Commercial Limited shares M W Quinn as director and shareholder.
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Ultimate parent undertaking and controlling party
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At the balance sheet date, the immediate parent undertaking is Quinn Estates Kent Limited, a company incorporated in England and Wales.
Quinn Estates Kent Limited is the controlling party of the company.
The parent undertaking of the smallest group to consolidate their financial statements is Quinn Estates Kent Limited, a company incorporated in England and Wales. The registered office of the company is The Cow Shed, Highland Court Farm, Bridge, Kent, CT4 5HW
The parent undertaking of the largest group to consolidate these financial statements is Quinn Estates Kent Limited, a company incorporated in England and Wales. The registered address of the company is The Cow Shed, Highland Court Farm, Bridge, Kent, CT4 5HW.
The ultimate parent undertaking is Quinn Estates Kent Limited, a company incorporated in England and Wales.
Quinn Estates Kent Limited is also the most senior parent entity producing publicly available financial statements.
M W Quinn is the ultimate controlling party of the company. The controlling party of the parent undertaking is M W Quinn .
Quinn Estates Kent Limited has prepared consolidated financial statements which include this company and are publicly available.
The auditors' report on the financial statements for the year ended 31 March 2023 was unqualified.
The audit report was signed on 21 December 2023 by Andrew John Childs FCA (Senior Statutory Auditor) on behalf of Magee Gammon Corporate Limited.
Page 8
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