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REGISTERED NUMBER: 11307980 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

QUERCUS HOUSING LIMITED

QUERCUS HOUSING LIMITED (REGISTERED NUMBER: 11307980)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


QUERCUS HOUSING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2023







DIRECTORS: A Andreou
J M Carrington-West
S Robson
A P Rowbotham
J A N Tibbitts





SECRETARY: M T Goodman





REGISTERED OFFICE: Sevenoaks District Council Offices
Argyle Road
Sevenoaks
Kent
TN13 1HG





REGISTERED NUMBER: 11307980 (England and Wales)





AUDITORS: Cassidys Chartered Accountants
And Registered Auditors
South Stour Offices
Roman Road
Mersham
Ashford
Kent
TN25 7HS

QUERCUS HOUSING LIMITED (REGISTERED NUMBER: 11307980)

BALANCE SHEET
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 6,496,100 6,287,100

CURRENT ASSETS
Debtors 5 18,293 12,038
Cash at bank 78,349 51,113
96,642 63,151
CREDITORS
Amounts falling due within one year 6 313,688 293,331
NET CURRENT LIABILITIES (217,046 ) (230,180 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

6,279,054

6,056,920

CREDITORS
Amounts falling due after more than one year 7 (6,175,664 ) (6,175,664 )

PROVISIONS FOR LIABILITIES (51,481 ) -
NET ASSETS/(LIABILITIES) 51,909 (118,744 )

RESERVES
Income and expenditure account 51,909 (118,744 )
51,909 (118,744 )

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 28 September 2023 and were signed on its behalf by:




A P Rowbotham - Director



S Robson - Director


QUERCUS HOUSING LIMITED (REGISTERED NUMBER: 11307980)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023


1. STATUTORY INFORMATION

Quercus Housing Limited is a private company, limited by guarantee , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in surplus or deficit.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

QUERCUS HOUSING LIMITED (REGISTERED NUMBER: 11307980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


2. ACCOUNTING POLICIES - continued

Going concern
The financial position of the Company is set out in these financial statements. The Company has access to funding to meet its working capital requirements by way of loans issued by Sevenoaks District Council and secured against the Company's properties. It also has access to further S106 commuted sums to fund further purchases. As a consequence, the directors believe that the Company is well placed to manage its business risks successfully.

The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the annual financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 6,287,100
Additions 10,740
Revaluations 198,260
At 31 March 2023 6,496,100
NET BOOK VALUE
At 31 March 2023 6,496,100
At 31 March 2022 6,287,100

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2020 (1,160,402 )
Valuation in 2021 1,109,700
Valuation in 2022 137,877
Valuation in 2023 198,260
Cost 6,210,665
6,496,100

If investment property had not been revalued it would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 6,210,665 6,199,925

QUERCUS HOUSING LIMITED (REGISTERED NUMBER: 11307980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2023


4. INVESTMENT PROPERTY - continued

The investment properties were valued on an open market basis on 31 March 2023 and 31 March 2022 by Wilks Head and Eve LLP. This basis is more reflective of their value to the company than the fair value basis used in line with local authority accounting requirements on 31 March 2020.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 3,100 -
Other debtors 15,193 12,038
18,293 12,038

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors 306 11,140
Amounts owed to group undertakings 305,483 227,753
Other creditors 7,899 54,438
313,688 293,331

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Amounts owed to group undertakings 6,175,664 6,175,664

8. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stuart G Whorlow (Senior Statutory Auditor)
for and on behalf of Cassidys Chartered Accountants

9. RELATED PARTY DISCLOSURES

Sevenoaks District Council, which is a local UK government organisation, is the guarantor and ultimate controlling party of Quercus Housing Limited.

The company is included in the consolidated financial statements of Sevenoaks District Council, which are available from Council Offices, Argyle Road, Sevenoaks, Kent TN13 1HG.