Registration number:
Quadbest Ltd
for the Year Ended 31 December 2021
Quadbest Ltd
Contents
Company Information |
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Statement of Financial Position |
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Notes to the Unaudited Financial Statements |
Quadbest Ltd
Company Information
Director |
Mr Simon Alexander Wanderer |
Registered office |
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Accountants |
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Quadbest Ltd
(Registration number: 08810419)
Statement of Financial Position as at 31 December 2021
Note |
2021 |
2020 |
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Fixed assets |
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Investment property |
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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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Provisions for liabilities |
( |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
1 |
1 |
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Retained earnings |
191,873 |
186,346 |
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Shareholders' funds |
191,874 |
186,347 |
For the financial year ending 31 December 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
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The director acknowledges his 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.
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 Income Statement has been taken.
Approved and authorised by the
Quadbest Ltd
(Registration number: 08810419)
Statement of Financial Position as at 31 December 2021
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Quadbest Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
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.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable as rental income from the investment property, held in the ordinary course of the company’s activities.
The company recognises revenue when:
The amount of revenue can be reliably measured;
and it is probable that future economic benefits will flow to the entity.
Tax
The tax expense for the period comprises current tax. Tax is recognised in income statement, 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.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Quadbest Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Investment property
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.
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.
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Investment properties |
2021 |
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At 1 January |
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At 31 December |
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The investment property was last valued by an independent valuer, Thomson Associates Chartered Surveyors, in August 2018. The director considers that the investment property value, which is based on the independent valuation, represents the fair value as at the current balance sheet date.
Quadbest Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Debtors |
Note |
2021 |
2020 |
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Amounts owed by group undertakings and undertakings in which the company has a participating interest |
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Prepayments |
- |
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Other debtors |
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Creditors |
Creditors: amounts falling due within one year
2021 |
2020 |
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Due within one year |
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Trade creditors |
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- |
Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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Share capital |
Allotted, called up and fully paid shares
2021 |
2020 |
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No. |
£ |
No. |
£ |
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1 |
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1 |
Financial commitments, guarantees and contingencies |
Amounts not provided for in the statement of financial position
The total amount of guarantees not included in the statement of financial position is £969,414 (2020 - £1,024,414). This is in relation to the company having given a guarantee in respect of the bank borrowings of the parent company. The guarantee is secured by a charge on the company’s portfolio of investment property.
Quadbest Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Related party transactions |
Summary of transactions with parent
Quadbest Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021
Loans to related parties
2021 |
Parent |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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2020 |
Parent |
Total |
At start of period |
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Advanced |
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Repaid |
( |
( |
At end of period |
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Terms of loans to related parties