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COMPANY REGISTRATION NUMBER: 10181782
Quintessential Properties Limited
Filleted Unaudited Abridged Financial Statements
31 May 2023
Quintessential Properties Limited
Abridged Financial Statements
Year Ended 31 May 2023
Contents
Pages
Abridged statement of financial position
1 to 2
Notes to the abridged financial statements
3 to 5
Quintessential Properties Limited
Abridged Statement of Financial Position
31 May 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
4
32,621
43,495
Investment property
5
1,146,160
1,146,160
------------
------------
1,178,781
1,189,655
Current Assets
Debtors
21,298
12,043
Cash at bank and in hand
4,064
1,454
--------
--------
25,362
13,497
Creditors: amounts falling due within one year
440,355
366,821
---------
---------
Net Current Liabilities
414,993
353,324
------------
------------
Total Assets Less Current Liabilities
763,788
836,331
Creditors: amounts falling due after more than one year
717,369
789,231
Provisions
Taxation including deferred tax
8,156
10,874
---------
---------
Net Assets
38,263
36,226
---------
---------
Capital and Reserves
Called up share capital
7
2
2
Profit and loss account
38,261
36,224
--------
--------
Shareholders Funds
38,263
36,226
--------
--------
These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.
For the year ending 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .
Quintessential Properties Limited
Abridged Statement of Financial Position (continued)
31 May 2023
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 May 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These abridged financial statements were approved by the board of directors and authorised for issue on 5 February 2024 , and are signed on behalf of the board by:
Mrs S Bilsland
Director
Company registration number: 10181782
Quintessential Properties Limited
Notes to the Abridged Financial Statements
Year Ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Sheepehouse Cottage, Stepping Stone Lane, Painswick, Gloucester, GL6 6RX.
2. Statement of compliance
These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The directors have considered the financial position of the company as well as current and future projected performance and are confident that the company is able to operate within its available resources and meet its external liabilities as they fall due in the foreseeable future. Consequently, the directors have determined that at the time of approving these financial statements that it is appropriate to prepare the financial statements on a going concern basis.
Revenue recognition
The turnover shown in the profit and loss account represents rent earned during the year.
Income tax
Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
25% reducing balance
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
4. Tangible assets
£
Cost
At 1 June 2022 and 31 May 2023
72,162
--------
Depreciation
At 1 June 2022
28,667
Charge for the year
10,874
--------
At 31 May 2023
39,541
--------
Carrying amount
At 31 May 2023
32,621
--------
At 31 May 2022
43,495
--------
5. Investment property
£
Cost
At 1 June 2022 and 31 May 2023
1,146,160
------------
Impairment
At 1 June 2022 and 31 May 2023
------------
Carrying amount
At 31 May 2023
1,146,160
------------
At 31 May 2022
1,146,160
------------
6. Secured liabilities
The aggregate amount of secured liabilities, secured on the assets of the company at the yearend were £865,003.91 (2022: £895,430.22).
There is a first legal charge and an unlimited debenture incorporating a fixed and floating charge over the property and assets of the company in respect of bank borrowings.
7. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
8. Related party transactions
The company has taken advantage of exemption conferred by FRS 102 S1A, removing the requirement to disclose transactions between wholly owned group members. During the year the company provided and received loans from related parties. The balance outstanding due from/(to) related parties at 31 May 2023 are as follows:
2023 2022
£ £
Amount owed to entities under common control (281,335) (196,335)
Outstanding balances with entities are unsecured, interest free and repayable on demand.
9. Controlling party
The directors consider the ultimate parent undertaking to be Mary Rush Care Homes Limited, a company incorporated in England and Wales.