Company registration number 13910783 (England and Wales)
QUINTET INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD 11 FEBRUARY 2022 TO 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
QUINTET INVESTMENTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
QUINTET INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
Notes
£
£
Fixed assets
Tangible assets
3
2,345
Investment property
4
17,159,910
Investments
5
152
17,162,407
Current assets
Debtors
6
59,768
Cash at bank and in hand
260,231
319,999
Creditors: amounts falling due within one year
7
(5,201,938)
Net current liabilities
(4,881,939)
Total assets less current liabilities
12,280,468
Provisions for liabilities
8
(2,178,375)
Net assets
10,102,093
Capital and reserves
Called up share capital
9
760
Share premium account
10,379,601
Profit and loss reserves
(278,268)
Total equity
10,102,093
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 period ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges her 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 period 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.
QUINTET INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 8 November 2023
V Aarons
Director
Company registration number 13910783 (England and Wales)
QUINTET INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information
Quintet Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1a, Chalk Farm Parade, Adelaide Road, London, NW3 2BN.
1.1
Reporting period
These financial statement have been prepared for a period longer than one year with no comparatives as this is first year of company's accounts since incorporation.
1.2
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 £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.3
Turnover
Turnover represents rents receivable in the period. Income is recognised in the period to which it relates.
1.4
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:
Fixtures, fittings and equipments
25% on cost
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.
1.5
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 it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.
1.6
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
QUINTET INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs. Financial assets classified as receivable within one year are not amortised.
Basic financial liabilities
Basic financial liabilities, including creditors, are recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
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.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences.
Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.
1.10
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.11
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
QUINTET INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2023
Number
Total
4
3
Tangible fixed assets
Plant and machinery etc
£
Cost
At 11 February 2022
Additions
3,126
At 31 March 2023
3,126
Depreciation and impairment
At 11 February 2022
Depreciation charged in the period
781
At 31 March 2023
781
Carrying amount
At 31 March 2023
2,345
4
Investment property
2023
£
Fair value
At 11 February 2022
Additions
17,159,910
At 31 March 2023
17,159,910
Investment properties comprises of properties acquired during the year. The investments properties have
been valued by the Director based on open market value.
5
Fixed asset investments
2023
£
Shares in group undertakings and participating interests
152
QUINTET INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 11 February 2022
-
Additions
152
At 31 March 2023
152
Carrying amount
At 31 March 2023
152
6
Debtors
2023
Amounts falling due within one year:
£
Amounts owed by group undertakings
6,690
Other debtors
53,078
59,768
7
Creditors: amounts falling due within one year
2023
£
Corporation tax
53,189
Other taxation and social security
12,953
Other creditors
5,135,796
5,201,938
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
Balances:
£
£
Revaluations
2,178,375
-
QUINTET INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 MARCH 2023
8
Deferred taxation
(Continued)
- 7 -
2023
Movements in the period:
£
Liability at 11 February 2022
-
Charge to profit or loss
2,178,375
Liability at 31 March 2023
2,178,375
9
Called up share capital
2023
2023
Ordinary share capital
Number
£
Issued and fully paid
Ordinary Shares of £1 each
195
195
Ordinary A shares of £1 each
565
565
760
760
10
Related party transactions
Included within other debtors is £17,369 owed by Melana Properties Limited at the balance sheet date, a company connected to the director.
Included within other creditors is £2,225,190 owed to Albert Properties Limited at the balance sheet date, a company connected to the director.
Included within other creditors is £37,627 owed to Chalk Farm Investments Management Limited at the balance sheet date, a company connected to the director.