REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023 |
FOR |
QUERCUS HOUSING LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
AUDITORS: |
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 |
CURRENT ASSETS |
Debtors | 5 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 6 |
NET CURRENT LIABILITIES | ( |
) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
PROVISIONS FOR LIABILITIES | ( |
) |
NET ASSETS/(LIABILITIES) | ( |
) |
RESERVES |
Income and expenditure account | ( |
) |
( |
) |
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 |
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 |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
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 |
4. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 April 2022 |
Additions |
Revaluations | 198,260 |
At 31 March 2023 |
NET BOOK VALUE |
At 31 March 2023 |
At 31 March 2022 |
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 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.3.23 | 31.3.22 |
£ | £ |
Amounts owed to group undertakings |
8. | DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006 |
The Report of the Auditors was unqualified. |
for and on behalf of |
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. |