REGISTERED NUMBER: |
QUEENSWAY CORPORATION LIMITED |
Unaudited Financial Statements for the Year Ended 30 April 2023 |
REGISTERED NUMBER: |
QUEENSWAY CORPORATION LIMITED |
Unaudited Financial Statements for the Year Ended 30 April 2023 |
QUEENSWAY CORPORATION LIMITED (REGISTERED NUMBER: 04728529) |
Contents of the Financial Statements |
for the year ended 30 April 2023 |
Page |
Balance Sheet | 1 |
Notes to the Financial Statements | 2 | to | 4 |
QUEENSWAY CORPORATION LIMITED (REGISTERED NUMBER: 04728529) |
Balance Sheet |
30 April 2023 |
2023 | 2022 |
Notes | £ | £ |
Current assets |
Debtors | 5 |
Cash at bank |
Creditors |
Amounts falling due within one year | 6 |
Net current assets |
Total assets less current liabilities |
Capital and reserves |
Called up share capital | 7 |
Retained earnings |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
In accordance with Section 444 of the Companies Act 2006, the Profit and loss account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
QUEENSWAY CORPORATION LIMITED (REGISTERED NUMBER: 04728529) |
Notes to the Financial Statements |
for the year ended 30 April 2023 |
1. | Company information |
Queensway Corporation Limited is a |
Registered number: |
Registered office: |
2. | Accounting policies |
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 a mounts in these financial statements are rounded to the nearest £. |
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. |
Turnover |
Turnover is recognised at the fair value of the consideration received or receivable for goods and services |
provided in the normal course of business , and is shown net of VAT and other sales related taxes . The fair |
value of consideration takes into account trade discounts, settlement discounts and volume rebates. |
Revenue from contracts for the provision of professional services is recognised by reference to the stage |
of completion when the stage of completion, costs incurred and costs to complete can be estimated |
reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual |
hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated |
reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be |
recover ed . |
Tangible fixed assets |
Tangible fixed 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/machinery and fixtures/fittings/equipment 20% straight line |
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. |
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to |
determine whether there is any indication that those assets have suffered an impairment loss. If any such |
indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the |
impairment loss (if any) and the asset is written down to this amount via an impairment loss adjustment. The impairment loss is recognised immediately in profit and loss. |
Recognised impairment losses are reversed if the reasons for the impairment loss have ceased to apply. The carrying amount of the asset is increased to the revised estimate of its recoverable amount. |
Financial instruments |
The company has elected to apply the disclosure exemptions from the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. |
QUEENSWAY CORPORATION LIMITED (REGISTERED NUMBER: 04728529) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
2. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and loss account, 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. |
Employee benefits |
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs |
are required to be recognised as part of the cost of stock or fixed assets. |
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services |
are received. |
Termination benefits are recognised immediately as an expense when the company is demonstrably |
committed to terminate the employment of an employee or to provide termination benefits. |
3. | Employees and directors |
The average number of employees during the year was |
4. | Tangible fixed assets |
Fixtures |
Plant and | and |
machinery | fittings | Totals |
£ | £ | £ |
Cost |
At 1 May 2022 |
and 30 April 2023 |
Depreciation |
At 1 May 2022 |
and 30 April 2023 |
Net book value |
At 30 April 2023 |
At 30 April 2022 |
5. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Called up share capital not paid |
QUEENSWAY CORPORATION LIMITED (REGISTERED NUMBER: 04728529) |
Notes to the Financial Statements - continued |
for the year ended 30 April 2023 |
6. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade creditors |
Tax |
Social security and other taxes |
Directors' current accounts | 39 | 34,313 |
Accrued expenses |
7. | Called up share capital |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary | £1 | 2 | 2 |
8. | Related party transactions |
During the year, total dividends of £15,200 were paid to the directors . |
Transactions with related parties |
During the year the company entered into the following transactions with related parties: |
Sale of goods | Purchase of goods |
2023 | 2022 | 2023 | 2022 |
£ | £ | £ | £ |
Other related parties | 82,778 | 86,718 | 4,888 | 3,177 |
The following amounts were outstanding at the reporting end date: |
2023 | 2022 |
Balance | Balance |
Amounts owed by related parties | £ | £ |
Other related parties | 15,347 | 16,950 |