Registered number
14268704
A&H Quinn Properties Limited
Filleted Accounts
31 August 2023
A&H Quinn Properties Limited
Registered number: 14268704
Balance Sheet
as at 31 August 2023
Notes 2023
£
Fixed assets
Tangible assets 3 223,988
Current assets
Debtors 4 387
Cash at bank and in hand 562
949
Creditors: amounts falling due within one year 5 (63,280)
Net current liabilities (62,331)
Total assets less current liabilities 161,657
Creditors: amounts falling due after more than one year 6 (161,230)
Net assets 427
Capital and reserves
Called up share capital 100
Profit and loss account 327
Shareholders' funds 427
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr H Quinn
Director
Approved by the board on 1 May 2024
A&H Quinn Properties Limited
Notes to the Accounts
for the period from 1 August 2022 to 31 August 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover relates to revenue earned from rental income on property owned by the company, rental income is only recognised upon receipt due to the disk of non-recovery.
Profit from sale of investment property is recognised on the date of completion.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Investment property nil depreciation
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments (including investment property) are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
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.
2 Employees 2023
Number
Average number of persons employed by the company 0
3 Tangible fixed assets
Investment property
£
Cost
Additions 223,988
At 31 August 2023 223,988
Depreciation
At 31 August 2023 -
Net book value
At 31 August 2023 223,988
Investment property: 2023
£
Historical cost 223,988
Cumulative depreciation based on historical cost -
223,988
4 Debtors 2023
£
Prepayments 387
5 Creditors: amounts falling due within one year 2023
£
Taxation and social security costs 77
Accruals 180
Directors loan account 63,023
63,280
6 Creditors: amounts falling due after one year 2023
£
Bank loans 161,230
7 Loans 2023
£
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 161,230
Secured bank loans 161,230
The Mortgage Works (UK) Plc holds a charge dated 29 November 2022 over investment property held by the company.
8 Controlling party
The company was controlled by Mr & Mrs Quinn by virtue of their 100% shareholding.
9 Other information
A&H Quinn Properties Limited is a private company limited by shares and incorporated in England. Its registered office is:
2 Hillside View
Badlake Hill
Dawlish
Devon
EX7 9BB
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