Company registration number 08047530 (England and Wales)
QWEST PROPERTY SOLUTIONS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
PAGES FOR FILING WITH REGISTRAR
QWEST PROPERTY SOLUTIONS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
QWEST PROPERTY SOLUTIONS LIMITED (REGISTERED NUMBER: 08047530)
BALANCE SHEET
AS AT 30 APRIL 2023
30 April 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
6,302
246
Investment property
4
202,642
Investments
5
2,400
2,400
211,344
2,646
Current assets
Debtors
6
45,336
71,236
Cash at bank and in hand
1,399
1,271
46,735
72,507
Creditors: amounts falling due within one year
7
(74,899)
(14,452)
Net current (liabilities)/assets
(28,164)
58,055
Total assets less current liabilities
183,180
60,701
Creditors: amounts falling due after more than one year
8
(138,846)
Provisions for liabilities
(47)
Net assets
44,334
60,654
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
44,332
60,652
Total equity
44,334
60,654
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
QWEST PROPERTY SOLUTIONS LIMITED (REGISTERED NUMBER: 08047530)
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2023
30 April 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 26 October 2023
Mr A Sworn
Director
QWEST PROPERTY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2023
- 3 -
1
Accounting policies
Company information
Qwest Property Solutions Limited is a private company limited by shares incorporated in England and Wales. The registered office is 50 Huntingdon Close, Mitcham, Surrey, CR4 2XJ.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Going concern
Atruet the time of approving the financial statements, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the director continues to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
20% on cost
Fixtures and fittings
25% Straight line
Computers
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.4
Investment property
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently is is measure at fair value at the reporting end date. Changes in fair value are recognised in profit or loss. Investment property is not subject to depreciation.
1.5
Fixed asset investments
Investment is initially recognised at cost, changes in fair value are recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
QWEST PROPERTY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
1
Accounting policies
(Continued)
- 4 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 May 2022
4,075
779
4,854
Additions
6,599
6,599
At 30 April 2023
4,075
6,599
779
11,453
Depreciation and impairment
At 1 May 2022
4,075
533
4,608
Depreciation charged in the year
481
62
543
At 30 April 2023
4,075
481
595
5,151
Carrying amount
At 30 April 2023
6,118
184
6,302
At 30 April 2022
246
246
QWEST PROPERTY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
- 5 -
4
Investment property
2023
£
Fair value
At 1 May 2022
Additions
202,642
At 30 April 2023
202,642
Investment property comprises properties at far value £202,642. The fair value of the investment property has been arrived at by the director of the company. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties and the directors' best estimate.
5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
2,400
2,400
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
45,336
71,236
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
2,360
Other creditors
72,539
14,452
74,899
14,452
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
138,846
The bank loans are secured by way of a fixed charge and also contain a negative pledge.
9
Related party transactions
QWEST PROPERTY SOLUTIONS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2023
9
Related party transactions
(Continued)
- 6 -
Within other debtors is a balance of £45,336 (2022: £71,236) owed by a company for which the director is also a director of.