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REGISTERED NUMBER: 03446703 (England and Wales)















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: Miss P Ferguson
R J Toovey





Secretary: A Hood





Registered office: Queen Anne Works
Queen Annes Battery
Coxside
Plymouth
Devon
PL4 0LT





Registered number: 03446703 (England and Wales)





Accountants: Nigel Webster & Co
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 4 779 1,039
Investment property 5 613,750 613,750
614,529 614,789

Current assets
Debtors 6 3,961 2,872
Cash at bank 118,151 186,326
122,112 189,198
Creditors
Amounts falling due within one year 7 27,766 27,215
Net current assets 94,346 161,983
Total assets less current liabilities 708,875 776,772

Provisions for liabilities 8 51,300 42,100
Net assets 657,575 734,672

Capital and reserves
Called up share capital 9 3 3
Revaluation reserve 316,934 326,134
Retained earnings 340,638 408,535
Shareholders' funds 657,575 734,672

Q A B Properties Limited (Registered number: 03446703)

BALANCE SHEET - continued
31 October 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

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 Profit & Loss Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7 March 2024 and were signed on its behalf by:





Miss P Ferguson - Director


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
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 25% on reducing balance

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 1 (2022 - 2 ) .

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
Cost
At 1 November 2022
and 31 October 2023 2,234
Depreciation
At 1 November 2022 1,195
Charge for year 260
At 31 October 2023 1,455
Net book value
At 31 October 2023 779
At 31 October 2022 1,039

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 613,750
Net book value
At 31 October 2023 613,750
At 31 October 2022 613,750

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 3,773 2,789
Other debtors 188 83
3,961 2,872

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 3,735 3,967
Taxation and social security 9,921 10,435
Other creditors 14,110 12,813
27,766 27,215

8. PROVISIONS FOR LIABILITIES
2023 2022
£    £   
Deferred tax 51,300 42,100

Deferred
tax
£   
Balance at 1 November 2022 42,100
Provided during year 9,200
Balance at 31 October 2023 51,300

9. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
18 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.