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Registration number: 08196361

QH Development Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2021

 

QH Development Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

QH Development Limited

Company Information

Directors

Mrs B J Anderson

Mr C R Anderson

Registered office

Birdsfoot House
Fisherman's Reach
Quidhampton, Salisbury
Wiltshire
SP2 9BG

Accountants

Howard Smith & Co Limited
Chartered Accountant
First Floor
Bellamy House
Winton Road
Petersfield
Hampshire
GU32 3HA

 

QH Development Limited

(Registration number: 08196361)
Balance Sheet as at 30 November 2021

Note

2021
£

2020
£

Fixed assets

 

Tangible assets

4

2,471

2,461

Current assets

 

Stocks

5

-

1,177,982

Debtors

6

293,616

67,899

Cash at bank and in hand

 

333,835

5,545

 

627,451

1,251,426

Creditors: Amounts falling due within one year

7

(301,634)

(1,105,846)

Net current assets

 

325,817

145,580

Net assets

 

328,288

148,041

Capital and reserves

 

Called up share capital

100

100

Retained earnings

328,188

147,941

Shareholders' funds

 

328,288

148,041

For the financial year ending 30 November 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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.

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 Board on 5 August 2022 and signed on its behalf by:
 

.........................................
Mr C R Anderson
Director

 

QH Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

1

General information

The company is a private company limited by share capital, incorporated in Other.

The address of its registered office is:
Birdsfoot House
Fisherman's Reach
Quidhampton, Salisbury
Wiltshire
SP2 9BG

These financial statements were authorised for issue by the Board on 5 August 2022.

2

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

These financial statements are the first set prepared under section 1A of FRS 102. No changes to accounting policies, profit, assets or liabilities were necessary to the comparatives as a result of the adoption of section 1A

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.

The financial statements are prepared in Sterling.

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 current 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.

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.

 

QH Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

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

Computer equipment

25% on reducing balance

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are 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.

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.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

 

QH Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 December 2020

6,041

6,041

Additions

833

833

At 30 November 2021

6,874

6,874

Depreciation

At 1 December 2020

3,580

3,580

Charge for the year

823

823

At 30 November 2021

4,403

4,403

Carrying amount

At 30 November 2021

2,471

2,471

At 30 November 2020

2,461

2,461

5

Stocks

2021
£

2020
£

Work in progress

-

1,177,982

6

Debtors

Current

Note

2021
£

2020
£

Trade debtors

 

1,484

1,484

Amounts owed by related parties

142,132

29,132

Other debtors

 

150,000

37,283

   

293,616

67,899

 

QH Development Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2021

7

Creditors

Creditors: amounts falling due within one year

Note

2021
£

2020
£

Due within one year

 

Bank loans and overdrafts

8

-

683,325

trade creditors

 

49,782

169,457

Amounts owed to connected company

74,592

74,592

Taxation and social security

 

8,529

-

Accruals and deferred income

 

1,600

1,600

Other creditors

 

167,131

176,872

 

301,634

1,105,846

8

Loans and borrowings

2021
£

2020
£

Current loans and borrowings

Bank borrowings

-

50,000

Other borrowings

-

633,325

-

683,325