Company Registration No. 04310125 (England and Wales)
QUEST LEISURE PRODUCTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
PAGES FOR FILING WITH REGISTRAR
QUEST LEISURE PRODUCTS LIMITED
COMPANY INFORMATION
Directors
Mrs M Irving
Mr C J Irving
Company number
04310125
Registered office
Fir Tree House
Claybrook Drive
Washford Industrial Estate
Redditch
Worcestershire
B98 0DT
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
Barclays Bank plc
Threadneedle House
Redditch
Worcestershire
B98 8AJ
QUEST LEISURE PRODUCTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
QUEST LEISURE PRODUCTS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF QUEST LEISURE PRODUCTS LIMITED FOR THE YEAR ENDED 31 DECEMBER 2018
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Quest Leisure Products Limited for the year ended 31 December 2018 which comprise, the balance sheet and the related notes 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 Quest Leisure Products Limited, as a body, in accordance with
our
terms
of
engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Quest Leisure Products Limited
and state those matters that we have agreed to state to the Board of Directors of Quest Leisure Products 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 Quest Leisure Products Limited and its Board of Directors as a body, for
our work or for this report.
It is your duty to ensure that Quest Leisure Products 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 profit of Quest Leisure Products Limited. You consider that Quest Leisure Products Limited is exempt from the statutory audit
requirement for the year.
We have not been instructed to carry out an audit or a review of the financial statements of Quest Leisure Products 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.
Ormerod Rutter Limited
29 April 2019
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
QUEST LEISURE PRODUCTS LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2018
31 December 2018
- 2 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
4
192,322
185,385
Current assets
Stocks
724,881
1,024,377
Debtors
5
390,522
633,138
Cash at bank and in hand
48,024
62,745
1,163,427
1,720,260
Creditors: amounts falling due within one year
6
(611,808)
(1,186,534)
Net current assets
551,619
533,726
Total assets less current liabilities
743,941
719,111
Creditors: amounts falling due after more than one year
7
(1,361)
(6,805)
Provisions for liabilities
(5,162)
(6,460)
Net assets
737,418
705,846
Capital and reserves
Called up share capital
10
1,000
1,000
Profit and loss reserves
736,418
704,846
Total equity
737,418
705,846
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
QUEST LEISURE PRODUCTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2018
31 December 2018
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 29 April 2019 and are signed on its behalf by:
Mrs M Irving
Mr C J Irving
Director
Director
Company Registration No. 04310125
QUEST LEISURE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2018
- 4 -
1
Accounting policies
Company information
Quest Leisure Products Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Fir Tree House, Claybrook Drive, Washford Industrial Estate, Redditch, Worcestershire, B98 0DT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated
amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and has been fully amortised on a systematic basis over its expected life.
1.4
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Improvements to property
2% on cost
Plant and machinery
15% on reducing balance
Fixtures, fittings and equipment
15% on reducing balance
Motor vehicles
25% on reducing balance
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of replacement cost and cost, adjusted where applicable for any loss of service potential.
QUEST LEISURE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 5 -
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.7
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.
Assets held under finance leases are recognised as assets at the lower of the assets fair
value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to the profit and loss account so as to produce a constant periodic rate of interest on the remaining balance of the liability.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
QUEST LEISURE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
1
Accounting policies
(Continued)
- 6 -
1.11
The company has entered into an invoice discounting agreement for it's trade debtors. Amounts due from customers are shown in full in trade debtors, with amounts due to the finance company shown in creditors due within twelve months under the other creditors heading.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 24 (2017 - 24).
3
Intangible fixed assets
Goodwill
£
Cost
At 1 January 2018 and 31 December 2018
20,000
Amortisation and impairment
At 1 January 2018 and 31 December 2018
20,000
Carrying amount
At 31 December 2018
-
At 31 December 2017
-
4
Tangible fixed assets
Improvements to property
Plant and machinery
Fixtures, fittings and equipment
Motor vehicles
Total
£
£
£
£
£
Cost
At 1 January 2018
190,021
31,000
114,598
65,174
400,793
Additions
-
-
-
24,991
24,991
At 31 December 2018
190,021
31,000
114,598
90,165
425,784
Depreciation and impairment
At 1 January 2018
44,960
20,158
104,722
45,568
215,408
Depreciation charged in the year
3,799
1,626
1,479
11,150
18,054
At 31 December 2018
48,759
21,784
106,201
56,718
233,462
Carrying amount
At 31 December 2018
141,262
9,216
8,397
33,447
192,322
At 31 December 2017
145,061
10,842
9,876
19,606
185,385
QUEST LEISURE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
4
Tangible fixed assets
(Continued)
- 7 -
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts.
2018
2017
£
£
Plant and machinery
-
6,034
Motor vehicles
12,000
16,000
12,000
22,034
5
Debtors
2018
2017
Amounts falling due within one year:
£
£
Trade debtors
59,875
254,165
Amounts owed by group undertakings
161,146
125,219
Other debtors
169,501
253,754
390,522
633,138
6
Creditors: amounts falling due within one year
2018
2017
£
£
Bank loans and overdrafts
231,394
634,030
Trade creditors
161,846
139,023
Corporation tax
40,475
39,917
Other taxation and social security
14,883
55,110
Other creditors
163,210
318,454
611,808
1,186,534
7
Creditors: amounts falling due after more than one year
2018
2017
£
£
Other creditors
1,361
6,805
QUEST LEISURE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 8 -
8
Secured debts
The following secured debts are included within creditors:
2018
2017
£
£
Hire purchase contracts
6,805
12,249
Bank overdrafts
231,394
634,030
Factoring account
138,678
237,094
376,877
883,373
Hire purchase contracts are secured against the assets to which they relate.
All monies due or to become due from the company to the factoring company, Barclays Bank PLC, are secured against trade debtors.
9
Provisions for liabilities
2018
2017
£
£
Deferred tax liabilities
5,162
6,460
10
Called up share capital
2018
2017
£
£
Ordinary share capital
Issued and not fully paid
994 Ordinary A of £1 each
994
994
4 Ordinary B of £1 each
4
4
2 Ordinary C of £1 each
2
2
1,000
1,000
11
Related party transactions
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
QUEST LEISURE PRODUCTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2018
- 9 -
12
Control
Ultimate parent company
The ultimate parent company is Quest Horizon Limited, a company registered in England and Wales.
Ultimate controlling party
There is no ultimate controlling party, due to no controlling party in the ultimate parent company.
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CCH Software
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Mr C J Irving
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