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Registration number: 00345783

Quorn Estates Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2023

 

Quorn Estates Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Quorn Estates Limited

Company Information

Directors

H. J. Smithson Whitehead

J. S. Tilford

Registered office

Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

Accountants

Robert Whowell & Partners LLP
Chartered Accountants
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

 

Quorn Estates Limited

(Registration number: 00345783)
Balance Sheet as at 31 October 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

1,052,500

695,200

Current assets

 

Cash at bank and in hand

 

138,332

113,801

Creditors: Amounts falling due within one year

5

(11,973)

(7,409)

Net current assets

 

126,359

106,392

Total assets less current liabilities

 

1,178,859

801,592

Provisions for liabilities

(183,124)

(93,799)

Net assets

 

995,735

707,793

Capital and reserves

 

Called up share capital

6

100

100

Revaluation reserve

507,497

507,497

Retained earnings

488,138

200,196

Shareholders' funds

 

995,735

707,793

 

Quorn Estates Limited

(Registration number: 00345783)
Balance Sheet as at 31 October 2023

For the financial year ending 31 October 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 July 2024 and signed on its behalf by:
 

.........................................
H. J. Smithson Whitehead
Director

 

Quorn Estates Limited

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

1

General information

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

The address of its registered office is:
Westwood House
78 Loughborough Road
Quorn
Loughborough
Leicestershire
LE12 8DX

These financial statements were authorised for issue by the Board on 25 July 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

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, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of rent receivable in the ordinary course of the company’s activities.

The company recognises revenue when the amount of revenue can be reliably measured; it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

 

Quorn Estates Limited

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

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in the profit and loss account, 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.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate, determined annually. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

 

Quorn Estates Limited

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

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

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

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. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

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

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Investment properties

2023
£

At 1 November 2022

695,200

Fair value adjustments

357,300

At 31 October 2023

1,052,500

The investment properties were revalued by the directors on 31 October 2023.

 

Quorn Estates Limited

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

5

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Taxation and social security

5,773

6,209

Accruals and deferred income

1,200

1,200

Other creditors

5,000

-

11,973

7,409

6

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

7

Related party transactions

During the year the company paid a dividend to directors and shareholders of £5,000 (2022 - £Nil).