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Registration number: 09345916

Quorus Property Group Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

Pages for filing with Registrar

 

Quorus Property Group Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 10

 

Quorus Property Group Limited

Company Information

Director

SJ Algar

Registered office

Coach House
Kennel Avenue
Ascot
Berkshire
SL5 7PB

Registered number

09345916

Accountants

Corrigan Accountants Limited
1st Floor
25 King Street
Bristol
BS1 4PB

 

Quorus Property Group Limited

(Registration number: 09345916)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

28,437

39,691

Current assets

 

Stocks

509,585

1,041,778

Debtors

6

1,755

11,979

Cash at bank and in hand

 

399,145

4,097

 

910,485

1,057,854

Creditors: Amounts falling due within one year

7

(105,776)

(419,894)

Net current assets

 

804,709

637,960

Total assets less current liabilities

 

833,146

677,651

Provisions for liabilities

(7,000)

-

Net assets

 

826,146

677,651

Capital and reserves

 

Called up share capital

104

104

Profit and loss account

826,042

677,547

Total equity

 

826,146

677,651

 

Quorus Property Group Limited

(Registration number: 09345916)
Balance Sheet as at 31 December 2023

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised for issue by the director on 9 April 2024
 

.........................................

SJ Algar
Director

 

Quorus Property Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

Statutory information

The company is a private company limited by share capital, incorporated in Englalnd and Wales.

The address of its registered office is:
Coach House
Kennel Avenue
Ascot
Berkshire
SL5 7PB
England

2

Accounting policies

Summary of significant accounting policies

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

The financial statements are prepared in pounds sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

Going concern

The directors have considered and taken appropriate measures where required, to respond to the uncertain outlook and ensure that the company remains able to meet all of its obligations as they fall due for a minimum period of twelve months from the date of approval of these financial statements. The directors, therefore, consider it is appropriate for the financial statements to be prepared on the going concern basis.

Revenue recognition

Turnover represents rents receivable under operating leases on an accruals basis and income from the sale of properties.

The company recognises revenue when the amount of revenue can be reliably measured and it is probable that future economic benefits will flow to the entity.

 

Quorus Property Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Current tax assets and current tax liabilities and deferred tax assets and deferred tax liabilities are offset, if and only if, there is a legally enforceable right to set off the amounts and the entity intends either to settle on the net basis or to realise the asset and settle the liability simultaneously.

Current tax is based on taxable profit for the year. Current tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted by the reporting date.


Deferred tax
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 that result in an obligation to pay more tax in the future or a right to pay less tax in the future have occurred at the balance sheet date. Timing differences are differences between the company's taxable profits and its results as stated in the financial statements that arise from the inclusion of gains and losses in tax assessments in periods different from those in which they are recognised in the financial statements.

Deferred tax is measured at the average tax rates that are expected to apply in the periods in which timing differences are expected to reverse, based on tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is measured on a non-discounted basis.

Tangible fixed assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation is charged so as to write off the cost of assets, over their estimated useful lives, as follows:

Computer equipment

25% on Cost

Motor vehicles

25% on Cost

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand.

 

Quorus Property Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Trade creditors

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments.

Dividends

Dividend distributions to the company’s shareholders are recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

Contributions to defined contribution plans are recognised as employee benefit expense when they are due.

Employee benefits
The costs of short-term employee benefits are recognised as an expense in the period in which the corresponding services are received.

 

Quorus Property Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Financial instruments
Classification
Financial instruments are recognised 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.

Recognition and measurement
Basic financial assets, which include trade and other debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities, including trade and other creditors, and bank loans, are initially 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Equity instruments issued by the company are recorded at the fair value of 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2022 - 3).

 

Quorus Property Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Taxation

Deferred tax

Deferred tax assets and liabilities

2023

Asset/(Liability)
£

Accelerated capital allowances

(7,000)

(7,000)

2022

Asset/(Liability)
£

Accelerated capital allowances

(10,000)

Taxable trading losses

20,500

10,500

 

Quorus Property Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible fixed assets

Motor vehicles
 £

Computer equipment
£

Total
£

Cost

At 1 January 2023

52,289

3,079

55,368

Additions

-

2,398

2,398

At 31 December 2023

52,289

5,477

57,766

Depreciation

At 1 January 2023

13,962

1,715

15,677

Charge for the year

13,072

580

13,652

At 31 December 2023

27,034

2,295

29,329

Carrying amount

At 31 December 2023

25,255

3,182

28,437

At 31 December 2022

38,327

1,364

39,691

6

Debtors: amounts falling due within one year

2023
£

2022
£

Prepayments

1,751

928

Other debtors

4

551

Deferred tax assets

-

10,500

1,755

11,979

 

Quorus Property Group Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

2023
£

2022
£

Due within one year

Trade creditors

14,856

2,236

Social security and other taxes

787

438

Other creditors

18,932

25,242

Directors' loan accounts

-

389,278

Accruals

3,330

2,700

Corporation tax

67,871

-

105,776

419,894

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

100

100

100

100

Ordinary B of £0.10 each

10

1

10

1

Ordinary C of £0.10 each

10

1

10

1

Ordinary D of £0.10 each

10

1

10

1

Ordinary E of £0.10 each

10

1

10

1

 

140

104

140

104