Company registration number 08132245 (England and Wales)
THE THIRD QUARTER (ROSEBERY AVENUE) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
PAGES FOR FILING WITH REGISTRAR
THE THIRD QUARTER (ROSEBERY AVENUE) LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
THE THIRD QUARTER (ROSEBERY AVENUE) LIMITED
BALANCE SHEET
AS AT 31 JULY 2023
31 July 2023
- 1 -
2023
2022
Notes
£
£
£
£
Current assets
Stocks
4
5,620,000
5,170,000
Debtors
5
209,302
217,674
5,829,302
5,387,674
Creditors: amounts falling due within one year
6
(5,849,270)
(5,316,560)
Net current (liabilities)/assets
(19,968)
71,114
Creditors: amounts falling due after more than one year
7
(1,860,000)
(1,860,000)
Net liabilities
(1,879,968)
(1,788,886)
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
(1,879,970)
(1,788,888)
Total equity
(1,879,968)
(1,788,886)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 July 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 11 September 2024 and are signed on its behalf by:
P Hylander
Director
Company registration number 08132245 (England and Wales)
THE THIRD QUARTER (ROSEBERY AVENUE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2023
- 2 -
1
Accounting policies
Company information

The Third Quarter (Rosebery Avenue) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, Hygeia House, 66 College Road, Harrow, Middlesex, United Kingdom, HA1 1BE.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Stocks

Stocks constitutes property held by the company and associated development costs and is valued at the lower of cost and net realisable value.

 

Borrowing costs are included in development costs during periods of development and excluded during periods when no development takes place.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.4
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.5
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

THE THIRD QUARTER (ROSEBERY AVENUE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 3 -
Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.6
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.7
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

THE THIRD QUARTER (ROSEBERY AVENUE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8

Finance costs

Borrowing costs directly attributable to the acquisition and construction of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the costs of those assets, until such time as the assets are substantially ready for their intended use or sale.

 

All other borrowing costs are recognised in the profit and loss account in the period in which they occurred.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
2
2
4
Stocks
2023
2022
£
£
Stock of properties
5,620,000
5,170,000
THE THIRD QUARTER (ROSEBERY AVENUE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
26,149
26,149
Other debtors
183,153
191,525
209,302
217,674
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
971,132
880,021
Trade creditors
5,723
16,639
Taxation and social security
3,446
10,260
Other creditors
4,868,969
4,409,640
5,849,270
5,316,560

The bank loans are secured by a legal charge, including fixed and floating charges, over the company's stock of property.

7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,860,000
1,860,000

The bank loans are secured by a legal charge, including fixed and floating charges, over the company's stock of property.

8
Related party transactions

A bank guarantee was provided as security for the bank loan facility by P Hylander for an unlimited amount.

 

At the year end an amount of £7,279 (2022: £1,761 was due to) was due from London & Newcastle (East London) Limited, a company in which D Barnett is a director.

 

At the year end an amount of £103,792 (2022: £101,842) was due from The Third Quarter Limited, a company in which the former director, D Soning and P Hylander are directors and have a material interest.

 

At the year end an amount of £403 (2022: £NIL) was due from The Third Development Limited, a company in which P Hylander is a director and has a material interest.

 

At the year end an amount of £96,944 (2022: 96,040) was due from Londonewcastle (QP2) LLP, a LLP in which The Third Quarter Limited is a member, and of which the former director, D Soning and P Hylander are directors and have material interest in the company.

THE THIRD QUARTER (ROSEBERY AVENUE) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2023
- 6 -
9
Directors' transactions

As at the year end, the director P Hylander was owed £302,847 (2022: £269,850) by the company. This amount is included in other creditors. There are no terms as to interest or repayments in respect of this balance.

 

At the year end an amount of £2,697,843 (2022: £2,515,985) was due to P Hylander, a director and shareholder of the company. Interest at the rate of 10% p.a. was due on the loan and interest totalling £1,778,841 (2022: £1,522,977) had been accrued as at the year end. Interest charged during the year was £255,864 (2022: £238,647).

 

 

 

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