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COMPANY REGISTRATION NUMBER: 10620801
QD Property Developments Limited
Filleted Unaudited Financial Statements
31 August 2023
QD Property Developments Limited
Statement of Financial Position
31 August 2023
2023
2022
Note
£
£
Current assets
Stocks
1,906,649
1,906,649
Debtors
4
671,012
16,159
Cash at bank and in hand
25,299
12,198
------------
------------
2,602,960
1,935,006
Creditors: amounts falling due within one year
5
951,413
599,098
------------
------------
Net current assets
1,651,547
1,335,908
------------
------------
Total assets less current liabilities
1,651,547
1,335,908
Creditors: amounts falling due after more than one year
6
1,976,250
1,680,250
------------
------------
Net liabilities
( 324,703)
( 344,342)
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
( 324,803)
( 344,442)
---------
---------
Shareholders deficit
( 324,703)
( 344,342)
---------
---------
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 income and retained earnings has not been delivered.
For the year ending 31 August 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
QD Property Developments Limited
Statement of Financial Position (continued)
31 August 2023
These financial statements were approved by the board of directors and authorised for issue on 29 August 2024 , and are signed on behalf of the board by:
Mr B S Heer
Director
Company registration number: 10620801
QD Property Developments Limited
Notes to the Financial Statements
Year ended 31 August 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 The Old Mill, 9 Soar Lane, Leicester, LE3 5DE, England.
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.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
4. Debtors
2023
2022
£
£
Amounts owed by group undertakings and undertakings in which the company has a participating interest
660,955
Other debtors
10,057
16,159
---------
--------
671,012
16,159
---------
--------
5. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
85,458
Amounts owed to group undertakings and undertakings in which the company has a participating interest
941,597
510,183
Other creditors
9,816
3,457
---------
---------
951,413
599,098
---------
---------
6. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,976,250
1,680,250
------------
------------
7. Going concern
The companies liabilities exceed its assets by £324,703 as at the year end. The directors have stated that they will continue to support the company and therefore the company will continue on a going concern basis.
8. Controlling party
The ultimate controlling party is St Mary's Property (Kent) Limited.