REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
Q A B Properties Limited |
REGISTERED NUMBER: |
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 OCTOBER 2023 |
FOR |
Q A B Properties Limited |
Q A B Properties Limited (Registered number: 03446703) |
CONTENTS OF THE FINANCIAL STATEMENTS |
for the year ended 31 October 2023 |
Page |
Company Information | 1 |
Balance Sheet | 2 | to | 3 |
Notes to the Financial Statements | 4 | to | 7 |
Q A B Properties Limited |
COMPANY INFORMATION |
for the year ended 31 October 2023 |
Directors: |
Secretary: |
Registered office: |
Registered number: |
Accountants: |
129 North Hill |
Plymouth |
Devon |
PL4 8JY |
Q A B Properties Limited (Registered number: 03446703) |
BALANCE SHEET |
31 October 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Tangible assets | 4 |
Investment property | 5 |
Current assets |
Debtors | 6 |
Cash at bank |
Creditors |
Amounts falling due within one year | 7 |
Net current assets |
Total assets less current liabilities |
Provisions for liabilities | 8 |
Net assets |
Capital and reserves |
Called up share capital | 9 |
Revaluation reserve |
Retained earnings |
Shareholders' funds |
Q A B Properties Limited (Registered number: 03446703) |
BALANCE SHEET - continued |
31 October 2023 |
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 & Loss Account has not been delivered. |
The financial statements were approved by the Board of Directors and authorised for issue on |
Q A B Properties Limited (Registered number: 03446703) |
NOTES TO THE FINANCIAL STATEMENTS |
for the year ended 31 October 2023 |
1. | STATUTORY INFORMATION |
Q A B Properties 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of investment properties. |
Turnover |
Turnover represents rents receivable, net of value added taxes as adjusted for amounts in advance/arrears at the balance sheet date. |
Tangible fixed assets |
Computer equipment | - |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit & 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. |
Q A B Properties Limited (Registered number: 03446703) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
2. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
Creditors |
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
Provisions |
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
Cost |
At 1 November 2022 |
and 31 October 2023 |
Depreciation |
At 1 November 2022 |
Charge for year |
At 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 October 2022 |
Q A B Properties Limited (Registered number: 03446703) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
5. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1 November 2022 |
and 31 October 2023 |
Net book value |
At 31 October 2023 |
At 31 October 2022 |
Fair value at 31 October 2023 is represented by: |
£ |
Valuation in 1998 | 245,516 |
Valuation in 1999 | 20,686 |
Valuation in 2004 | 33,798 |
Valuation in 2007 | 200,000 |
Valuation in 2011 | (40,500 | ) |
Valuation in 2015 | 26,750 |
Valuation in 2020 | 113,750 |
Valuation in 2022 | 13,750 |
613,750 |
If investment property had not been revalued it would have been included at the following historical cost: |
2023 | 2022 |
£ | £ |
Cost | 245,516 | 245,516 |
Investment property was valued on an open market basis on 1 November 2021 by Stratton Creber . |
The directors consider that there were no changes in value since that date. |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade debtors |
Other debtors |
Q A B Properties Limited (Registered number: 03446703) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
for the year ended 31 October 2023 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2023 | 2022 |
£ | £ |
Trade creditors |
Taxation and social security |
Other creditors |
8. | PROVISIONS FOR LIABILITIES |
2023 | 2022 |
£ | £ |
Deferred tax | 51,300 | 42,100 |
Deferred |
tax |
£ |
Balance at 1 November 2022 |
Provided during year |
Balance at 31 October 2023 |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2023 | 2022 |
value: | £ | £ |
Ordinary shares | £0.1667 | 3 | 3 |
10. | ULTIMATE CONTROLLING PARTY |
The company is ultimately controlled by Miss P Ferguson, R J Toovey and P A A Weare. |