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COMPANY REGISTRATION NUMBER: 13150335
QIP MERRION STREET LIMITED
Filleted Unaudited Financial Statements
31 December 2023
QIP MERRION STREET LIMITED
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Investment property
5
9,610,157
5,241,544
Current assets
Debtors
6
11,766
Investments
7
1
Cash at bank and in hand
512
132
----
--------
513
11,898
Creditors: amounts falling due within one year
8
( 4,158,244)
( 3,484,509)
------------
------------
Net current liabilities
( 4,157,731)
( 3,472,611)
------------
------------
Total assets less current liabilities
5,452,426
1,768,933
Creditors: amounts falling due after more than one year
9
( 3,839,793)
( 149,270)
Tax provisions
( 310,000)
( 310,000)
------------
------------
Net assets
1,302,633
1,309,663
------------
------------
Capital and reserves
Called up share capital
10
100
100
Other reserves
1,641,727
1,641,727
Profit and loss account
( 339,194)
( 332,164)
------------
------------
Shareholders funds
1,302,633
1,309,663
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
QIP MERRION STREET LIMITED
Statement of Financial Position (continued)
31 December 2023
These financial statements were approved by the board of directors and authorised for issue on 1 July 2024 , and are signed on behalf of the board by:
Mr Peter Vincent Young
Director
Company registration number: 13150335
QIP MERRION STREET LIMITED
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H DQ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Creditors
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Debtors
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Cash and cash equivalents
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is subsequently revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Financial instruments
The Company only enters into basic financial instruments that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest rate method.Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction,like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
4. Employees
The entity did not have any employees, including the directors and key management person under contracts of employment in the current or prior year.
5. Investment property
Investment property
£
Cost
At 1 January 2023
5,241,544
Additions
4,635,648
Disposals
( 267,035)
------------
At 31 December 2023
9,610,157
------------
Impairment
At 1 January 2023 and 31 December 2023
------------
Carrying amount
At 31 December 2023
9,610,157
------------
At 31 December 2022
5,241,544
------------
6. Debtors
2023
2022
£
£
Trade debtors
2,376
Other debtors
9,390
----
--------
11,766
----
--------
7. Investments
2023
2022
£
£
Investments in group undertakings
1
----
----
At 31 December 2023, QIP Merrion OPCO Limited was a wholly owned subsidiary of the company.
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
101,656
Amounts owed to group undertakings
3,730,869
3,368,843
Accruals and deferred income
216,383
12,852
Other creditors
210,992
1,158
------------
------------
4,158,244
3,484,509
------------
------------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
3,839,793
149,270
------------
---------
10. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
11. Controlling party
The ultimate controlling party is considered to be Q Investment Partners Holdings Limited.