Queens Quarter Housing Limited NI073970 false 2022-04-01 2023-03-31 2023-03-31 The principal activity of the company is providing quality accomodation and support to vulnerable adults Digita Accounts Production Advanced 6.30.9574.0 true true NI073970 2022-04-01 2023-03-31 NI073970 2023-03-31 NI073970 bus:OrdinaryShareClass1 2023-03-31 NI073970 core:CapitalRedemptionReserve 2023-03-31 NI073970 core:RetainedEarningsAccumulatedLosses 2023-03-31 NI073970 core:ShareCapital 2023-03-31 NI073970 core:CurrentFinancialInstruments 2023-03-31 NI073970 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 NI073970 core:Non-currentFinancialInstruments 2023-03-31 NI073970 core:Non-currentFinancialInstruments core:AfterOneYear 2023-03-31 NI073970 core:FurnitureFittingsToolsEquipment 2023-03-31 NI073970 core:LandBuildings 2023-03-31 NI073970 core:MotorVehicles 2023-03-31 NI073970 bus:SmallEntities 2022-04-01 2023-03-31 NI073970 bus:Audited 2022-04-01 2023-03-31 NI073970 bus:FullAccounts 2022-04-01 2023-03-31 NI073970 bus:SmallCompaniesRegimeForAccounts 2022-04-01 2023-03-31 NI073970 bus:RegisteredOffice 2022-04-01 2023-03-31 NI073970 bus:CompanySecretary1 2022-04-01 2023-03-31 NI073970 bus:Director1 2022-04-01 2023-03-31 NI073970 bus:OrdinaryShareClass1 2022-04-01 2023-03-31 NI073970 bus:PrivateLimitedCompanyLtd 2022-04-01 2023-03-31 NI073970 bus:Agent1 2022-04-01 2023-03-31 NI073970 core:FurnitureFittingsToolsEquipment 2022-04-01 2023-03-31 NI073970 core:LandBuildings 2022-04-01 2023-03-31 NI073970 core:MotorVehicles 2022-04-01 2023-03-31 NI073970 core:OtherRelatedParties 2022-04-01 2023-03-31 NI073970 countries:AllCountries 2022-04-01 2023-03-31 NI073970 2022-03-31 NI073970 core:FurnitureFittingsToolsEquipment 2022-03-31 NI073970 core:LandBuildings 2022-03-31 NI073970 core:MotorVehicles 2022-03-31 NI073970 2021-04-01 2022-03-31 NI073970 2022-03-31 NI073970 bus:OrdinaryShareClass1 2022-03-31 NI073970 core:CapitalRedemptionReserve 2022-03-31 NI073970 core:RetainedEarningsAccumulatedLosses 2022-03-31 NI073970 core:ShareCapital 2022-03-31 NI073970 core:CurrentFinancialInstruments 2022-03-31 NI073970 core:CurrentFinancialInstruments core:WithinOneYear 2022-03-31 NI073970 core:Non-currentFinancialInstruments 2022-03-31 NI073970 core:Non-currentFinancialInstruments core:AfterOneYear 2022-03-31 NI073970 core:FurnitureFittingsToolsEquipment 2022-03-31 NI073970 core:LandBuildings 2022-03-31 NI073970 core:MotorVehicles 2022-03-31 NI073970 core:OtherRelatedParties 2021-04-01 2022-03-31 NI073970 core:OtherRelatedParties core:Leases 2021-04-01 2022-03-31 NI073970 core:OtherRelatedParties core:RenderingOrReceivingServices 2021-04-01 2022-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: NI073970

Queens Quarter Housing Limited

Annual Report and Financial Statements

for the Year Ended 31 March 2023

 

Queens Quarter Housing Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3 to 8

 

Queens Quarter Housing Limited

Company Information

Director

Mr Charles Paul Toland

Company secretary

Mr Charles Oliver Toland

Registered office

151 University Street
Belfast
BT7 1HR

Bankers

First Trust Bank (NI)
Ormeau Road Branch
425 - 427 Ormeau Road
Belfast
County Antrim
BT7 3GQ

Auditors

McKeague Morgan & Company
Chartered Accountants & Statutory Auditors
27 College Gardens
Belfast
BT9 6BS

 

Queens Quarter Housing Limited

(Registration number: NI073970)
Balance Sheet as at 31 March 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,367,192

2,977,148

Current assets

 

Debtors

5

671,624

640,000

Cash at bank and in hand

 

339,374

379,492

 

1,010,998

1,019,492

Creditors: Amounts falling due within one year

6

(1,709,012)

(1,177,428)

Net current liabilities

 

(698,014)

(157,936)

Total assets less current liabilities

 

2,669,178

2,819,212

Creditors: Amounts falling due after more than one year

6

-

(886,002)

Provisions for liabilities

(5,319)

(5,115)

Net assets

 

2,663,859

1,928,095

Capital and reserves

 

Called up share capital

100

100

Capital redemption reserve

100

100

Profit and loss account

2,663,659

1,927,895

Total equity

 

2,663,859

1,928,095

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 director on 29 August 2023
 

.........................................

Mr Charles Paul Toland
Director

 

Queens Quarter Housing Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

1

General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
151 University Street
Belfast
BT7 1HR

These financial statements were authorised for issue by the director on 29 August 2023.

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 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.

Going concern

The financial statements have been prepared on a going concern basis.

Audit report

The Independent Auditors' Report was unqualified. and the auditor did not draw attention to any matters by way of emphasis. The name of the Senior Statutory Auditor who signed the audit report on 29 August 2023 was Mr Nicholas McKeague, who signed for and on behalf of McKeague Morgan & Company.

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 and deferred 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.

 

Queens Quarter Housing Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

2

Accounting policies (continued)

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.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

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

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

Fixtures, fittings and equipment

20% straight line p.a.

Motor vehicles

20% straight line p.a.

Due to the nature of the business, it is company policy to invest substantially in ongoing repairs, the consequence of this is that the properties are maintained to a high standard. For this reason, it is considered that a depreciation charge on the properties is not necessary.

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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

 

Queens Quarter Housing Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

2

Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

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.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 45 (2022 - 46).

 

Queens Quarter Housing Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Motor vehicles
 £

Total
£

Cost or valuation

At 1 April 2022

2,943,022

87,225

34,704

3,064,951

Additions

396,985

-

-

396,985

At 31 March 2023

3,340,007

87,225

34,704

3,461,936

Depreciation

At 1 April 2022

-

87,225

578

87,803

Charge for the year

-

-

6,941

6,941

At 31 March 2023

-

87,225

7,519

94,744

Carrying amount

At 31 March 2023

3,340,007

-

27,185

3,367,192

At 31 March 2022

2,943,022

-

34,126

2,977,148

 

Queens Quarter Housing Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

5

Debtors

Note

2023
£

2022
£

Amounts owed by group undertakings and undertakings in which the company has a participating interest

9

671,320

640,000

Other debtors

 

304

-

 

671,624

640,000

6

Creditors

Note

2023
£

2022
£

Due within one year

 

Bank loans and borrowings

8

-

85,668

Corporation tax liability

 

174,042

105,403

Taxation and social security

 

-

256

Other creditors

 

275,000

2,777

Loans from directors

 

1,070,000

875,000

Accruals and deferred income

 

189,970

108,324

 

1,709,012

1,177,428

Due after one year

 

Loans and borrowings

8

-

886,002

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         
 

Queens Quarter Housing Limited

Notes to the Financial Statements for the Year Ended 31 March 2023

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank borrowings

-

85,668

Other borrowings

275,000

-

275,000

85,668

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

-

886,002

During the year the bank loan was repaid in full.

9

Related party transactions

Summary of transactions with other related parties

Queens Quarter Housing Limited and Queens Quarter Housing (Belfast) Limited are both managed by Charles Paul Toland as director and have common shareholders.

 Queens Quarter Housing Limited have the use of properties owned by Queens Quarter Housing (Belfast) Limited which are now provided rent free.
 

Expenditure with and payables to related parties

2022

Other related parties
£

Rendering of services

360,000

Rental charge

60,000

420,000