Registration number:
Quintessentially Ventures Limited
for the Year Ended 30 April 2022
Quintessentially Ventures Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Quintessentially Ventures Limited
Company Information
Directors |
Robert Walsh Alexi Deak Salah Sultan Emil Sattarov |
Registered Number: |
08352180 |
Registered office |
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Accountants |
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Quintessentially Ventures Limited
(Registration number: 08352180)
Balance Sheet as at 30 April 2022
Note |
2022 |
2021 |
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Fixed assets |
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Intangible assets |
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Tangible assets |
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|
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Investments |
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Other financial assets |
1,067,703 |
622,194 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current assets |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
7,335 |
6,881 |
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Share premium reserve |
2,598,783 |
2,040,694 |
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Revaluation reserve |
288,675 |
99,705 |
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Other reserves |
660,282 |
259,100 |
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Profit and loss account |
(1,262,524) |
(1,253,133) |
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Shareholders' funds |
2,292,551 |
1,153,247 |
For the financial year ending 30 April 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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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 accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
Quintessentially Ventures Limited
(Registration number: 08352180)
Balance Sheet as at 30 April 2022
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
......................................... |
Quintessentially Ventures Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
General information |
The company is a private company limited by share capital, incorporated in United Kingdom.
The address of its registered office is:
These financial statements were authorised for issue by the
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Group accounts not prepared
Quintessentially Ventures Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Going concern
The Group had cash resources of £1,070,231 at 30 April 2022 (2021: £359,795). As at 31 August 2022 the Group had cash resources of £1,210,062 including the impact of additional fundraising activities since the balance sheet date, see note 13.
The directors have adopted the going concern basis in preparing these accounts after assessing the principal risks and having considered the impact of COVID-19 on the business. The directors considered the impact of the current economic environment on the business for the next 12 months. Scenario planning is difficult in these circumstances but we have considered the impact on sales, profits and cash flows. We have assumed that we will continue to be able to support our customers and sell to new clients.
Overall, we planned for a material revenue decline (in the region of 25%) and the impact lasting for a significant part of FY2023. The revenue and operational leverage impact of such a revenue loss would have a negative impact on Group profitability, however the scenario modelling would indicate that the Group would remain profitable over the next 12 months and we would anticipate a recovery in the following years.
Throughout this severe but plausible downside scenario, the Group continues to have sufficient liquidity headroom.
The directors believe that the Group is well placed to manage its financing and other business risks satisfactorily, and have a reasonable expectation that the Group will have adequate resources to continue in operation for at least 12 months from the signing date of these financial statements. They therefore consider it appropriate to adopt the going concern basis of accounting in preparing the financial statements.
Further information regarding the Company’s business activities, together with the factors likely to affect its future development, performance and position, is set out in the Directors' Report.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Tax
The tax expense for the period comprises deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Quintessentially Ventures Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office Equipment |
3 years straight line |
Intangible assets
Intangible assets are stated in the balance sheet at cost, less any subsequent accumualted amortisation and subsequent impairment losses.
Amortisation
Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:
Asset class |
Amortisation method and rate |
Intangible Assets |
5 years straight line |
Investments
Interests in subsidiaries are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
Investments in unlisted company shares, whose market value can be reliably determined, are remeasured to market value at each statement of financial position date. Gains and losses on remeasurement are included in the profit and loss for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.
Quintessentially Ventures Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Trade debtors
Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.
Trade creditors
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Quintessentially Ventures Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Financial instruments
Recognition and measurement
Financial instruments are recognised 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 debtors, amounts due from group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.
Classification of financial liabilities
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.
Basic financial liabilities
Basic financial liabilities, including trade and other creditors and convertible loans, 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.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Quintessentially Ventures Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Intangible assets |
Other intangible assets |
Total |
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Cost or valuation |
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At 1 May 2021 (restated) |
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At 30 April 2022 |
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Amortisation |
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At 1 May 2021 (restated) |
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Amortisation charge |
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At 30 April 2022 |
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Carrying amount |
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At 30 April 2022 |
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At 30 April 2021 (restated) |
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Tangible assets |
Office equipment |
Total |
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Cost or valuation |
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At 1 May 2021 |
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Additions |
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At 30 April 2022 |
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Depreciation |
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At 1 May 2021 |
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Charge for the year |
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At 30 April 2022 |
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Carrying amount |
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At 30 April 2022 |
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At 30 April 2021 |
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Quintessentially Ventures Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Investments |
2022 |
2021 |
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Investments in subsidiaries |
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Subsidiaries |
£ |
Cost or valuation |
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At 1 May 2021 |
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Provision |
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Carrying amount |
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At 30 April 2022 |
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At 30 April 2021 |
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Details of undertakings
Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:
Undertaking |
Registered office |
Holding |
Proportion of voting rights and shares held |
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2022 |
2021 |
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Subsidiary undertakings |
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29 Portland Place
United Kingdom |
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Subsidiary undertakings |
Quintessentially Ventures Fundraising Limited The principal activity of Quintessentially Ventures Fundraising Limited is |
Quintessentially Ventures Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Other financial assets (current and non-current) |
Financial assets at cost less impairment |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 May 2021 |
622,194 |
622,194 |
Revaluations |
233,296 |
233,296 |
Additions |
222,978 |
222,978 |
Disposals |
(10,765) |
(10,765) |
At 30 April 2022 |
1,067,703 |
1,067,703 |
Impairment |
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Carrying amount |
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At 30 April 2022 |
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1,067,703 |
Other Financial Assets are portfolio investments in unlisted securities in which there is some external third party investment, i.e. the company has sought to raise equity investment beyond the original founder capital. Where relevant, the carrying value of these investments has been revalued by reference to the equity value ascribed to the company on a subsequent fundraising round. No other adjustments have been applied except where in the opinion of the directors it is necessary to recognise an impairment.
The net movement on reserves is shown after an attributable deferred tax provision of £43,326 (2021: £23,387).
Quintessentially Ventures Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Debtors |
2022 |
2021 |
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Trade debtors |
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Prepayments |
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Deferred tax asset |
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Other debtors |
13,584 |
- |
VAT Control account |
- |
7,042 |
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Less non-current portion |
( |
( |
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Details of non-current trade and other receivables
£221,431 (2021 -£263,936) of Deferred Tax Asset is classified as non current.
Quintessentially Ventures Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Creditors |
Creditors: amounts falling due within one year
Note |
2022 |
2021 |
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Due within one year |
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Bank loans and overdrafts |
11,564 |
68,321 |
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Trade creditors |
16,878 |
8,584 |
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Amounts owed to associates |
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PAYE and NIC |
15,746 |
42,276 |
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Accruals and deferred income |
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Other creditors |
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Creditors: amounts falling due after more than one year
Note |
2022 |
2021 |
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Due after one year |
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Loans and borrowings |
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Share capital |
Allotted, called up and fully paid shares
2022 |
2021 |
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No. |
£ |
No. |
£ |
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7,335.10 |
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6,881.00 |
Quintessentially Ventures Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 April 2022
Loans and borrowings |
2022 |
2021 |
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Non-current loans and borrowings |
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Bank borrowings |
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2022 |
2021 |
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Current loans and borrowings |
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Bank borrowings |
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Other borrowings |
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Other Reserves |
Other reserves relate to amounts received in respect of fundraising prior to issue of shares and advance subscription agreements.
2022 |
2021 |
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£ |
£ |
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Balance b/f |
259,100 |
259,100 |
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Proceeds from advance subscription agreements |
250,000 |
- |
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Amounts deposited in advance of share issue |
151,182 |
- |
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Balance c/f |
660,282 |
259,100 |
Non adjusting events after the financial period |
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