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REGISTERED NUMBER: 03007594 (England and Wales)


















UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2023

FOR

QUEENSCOTE LIMITED

QUEENSCOTE LIMITED (Registered number: 03007594)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


QUEENSCOTE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 28 FEBRUARY 2023







DIRECTORS: S A Adams
M W Jolliffe





REGISTERED OFFICE: c/o SCH Consultancy Limited
Maple House
High Street
Potters Bar
Hertfordshire
EN6 5BS





REGISTERED NUMBER: 03007594 (England and Wales)





ACCOUNTANTS: SCH Consultancy Limited
Maple House
High Street
Potters Bar
Hertfordshire
EN6 5BS

QUEENSCOTE LIMITED (Registered number: 03007594)

BALANCE SHEET
28 FEBRUARY 2023

28.2.23 28.2.22
Notes £ £
FIXED ASSETS
Intangible assets 4 1 1
Tangible assets 5 48,001 95,507
48,002 95,508

CURRENT ASSETS
Stocks 216,898 216,898
Debtors 6 - 160,813
Cash at bank 234,269 427
451,167 378,138
CREDITORS
Amounts falling due within one year 7 (49,324 ) (46,020 )
NET CURRENT ASSETS 401,843 332,118
TOTAL ASSETS LESS CURRENT LIABILITIES 449,845 427,626

CREDITORS
Amounts falling due after more than one
year

8

-

(109,630

)
NET ASSETS 449,845 317,996

CAPITAL AND RESERVES
Called up share capital 9 100 100
Retained earnings 449,745 317,896
SHAREHOLDERS' FUNDS 449,845 317,996

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 2023 in accordance with Section 476 of the Companies Act 2006.

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.

QUEENSCOTE LIMITED (Registered number: 03007594)

BALANCE SHEET - continued
28 FEBRUARY 2023


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

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 28 November 2023 and were signed on its behalf by:





M W Jolliffe - Director


QUEENSCOTE LIMITED (Registered number: 03007594)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023

1. STATUTORY INFORMATION

QUEENSCOTE LIMITED is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

GOODWILL
Goodwill, being the amount paid in connection with the acquisition of a business in 2005, is being amortised evenly over its estimated useful life of four years.

INTANGIBLE ASSETS
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - not provided

STOCKS
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

QUEENSCOTE LIMITED (Registered number: 03007594)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2022 - NIL ) .

4. INTANGIBLE FIXED ASSETS
Goodwill
£
COST
At 1 March 2022
and 28 February 2023 10,000
AMORTISATION
At 1 March 2022
and 28 February 2023 9,999
NET BOOK VALUE
At 28 February 2023 1
At 28 February 2022 1

5. TANGIBLE FIXED ASSETS
Plant and
Land and machinery
buildings etc Totals
£ £ £
COST
At 1 March 2022 95,506 14,869 110,375
Additions - 30,000 30,000
Disposals (77,506 ) - (77,506 )
At 28 February 2023 18,000 44,869 62,869
DEPRECIATION
At 1 March 2022
and 28 February 2023 - 14,868 14,868
NET BOOK VALUE
At 28 February 2023 18,000 30,001 48,001
At 28 February 2022 95,506 1 95,507

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£ £
Other debtors - 160,813

QUEENSCOTE LIMITED (Registered number: 03007594)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 28 FEBRUARY 2023

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
28.2.23 28.2.22
£ £
Bank loans and overdrafts 19,849 23,038
Trade creditors - (1 )
Taxation and social security 28,225 1,723
Other creditors 1,250 21,260
49,324 46,020

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
28.2.23 28.2.22
£ £
Bank loans - 109,630

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 28.2.23 28.2.22
value: £ £
100 Ordinary 1 100 100

10. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year the company received rent of £Nil (2011 - £22,000) from Towerhead Limited, a company in which Mr M W Jolliffe and Mr S A Adams are directors. At the balance sheet date the company owes £18,263 (2011 - £18,263) to Towerhead Limited, which is included within other creditors.