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REGISTERED NUMBER: 09933195 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

FOR

QUERCUS 7 LIMITED

QUERCUS 7 LIMITED (REGISTERED NUMBER: 09933195)

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










Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 3


QUERCUS 7 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: 09933195 (England and Wales)





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

QUERCUS 7 LIMITED (REGISTERED NUMBER: 09933195)

STATEMENT OF FINANCIAL POSITION
31 MARCH 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 10,723,200 10,564,000

CURRENT ASSETS
Debtors 5 28,374 40,759
Cash at bank 145,202 838,401
173,576 879,160
CREDITORS
Amounts falling due within one year 6 223,791 1,089,065
NET CURRENT LIABILITIES (50,215 ) (209,905 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

10,672,985

10,354,095

CREDITORS
Amounts falling due after more than one year 7 (5,923,356 ) (5,923,356 )

PROVISIONS FOR LIABILITIES (169,047 ) (109,854 )
NET ASSETS 4,580,582 4,320,885

CAPITAL AND RESERVES
Called up share capital 9 3,991,325 3,991,325
Retained earnings 589,257 329,560
SHAREHOLDERS' FUNDS 4,580,582 4,320,885

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 Statement of Income and Retained Earnings 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 7 LIMITED (REGISTERED NUMBER: 09933195)

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


1. STATUTORY INFORMATION

Quercus 7 Limited is a private company, limited by shares , 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 profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

3. EMPLOYEES AND DIRECTORS

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

QUERCUS 7 LIMITED (REGISTERED NUMBER: 09933195)

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


4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2022 10,564,000
Revaluations 159,200
At 31 March 2023 10,723,200
NET BOOK VALUE
At 31 March 2023 10,723,200
At 31 March 2022 10,564,000

Fair value at 31 March 2023 is represented by:
£   
Valuation in 2020 (564,444 )
Valuation in 2021 752,031
Valuation in 2022 329,400
Valuation in 2023 159,200
Cost 10,047,013
10,723,200

If investment properties had not been revalued they would have been included at the following historical cost:

31.3.23 31.3.22
£    £   
Cost 10,047,013 10,047,013

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 28,374 22,759
Other debtors - 18,000
28,374 40,759

QUERCUS 7 LIMITED (REGISTERED NUMBER: 09933195)

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


6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade creditors - 12,323
Amounts owed to group undertakings 38,903 1,013,321
Taxation and social security 68,841 -
Other creditors 116,047 63,421
223,791 1,089,065

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.23 31.3.22
£    £   
Other creditors 5,923,356 5,923,356

Amounts falling due in more than five years:

Repayable otherwise than by instalments
Other loans more 5yrs non-inst 5,923,356 5,923,356

The loans are due to the company's immediate and ultimate parent is Sevenoaks District Council.

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.23 31.3.22
£    £   
Other loans 5,923,356 5,923,356

The loans are secured by fixed charges over the investment properties they relate to.

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 31.3.23 31.3.22
value: £    £   
3,991,325 Ordinary 1 3,991,325 3,991,325

10. 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

QUERCUS 7 LIMITED (REGISTERED NUMBER: 09933195)

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


11. RELATED PARTY DISCLOSURES

The company's immediate and ultimate parent is Sevenoaks District Council, which is a local UK government organisation.

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.