Shemwell (QSC) Limited 08557241 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is deriving income and gains from property. Digita Accounts Production Advanced 6.30.9574.0 true true 08557241 2023-04-01 2024-03-31 08557241 2024-03-31 08557241 core:RetainedEarningsAccumulatedLosses 2024-03-31 08557241 core:RevaluationReserve 2024-03-31 08557241 core:ShareCapital 2024-03-31 08557241 core:CurrentFinancialInstruments 2024-03-31 08557241 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 08557241 core:LandBuildings core:OwnedOrFreeholdAssets 2024-03-31 08557241 bus:SmallEntities 2023-04-01 2024-03-31 08557241 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 08557241 bus:FullAccounts 2023-04-01 2024-03-31 08557241 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 08557241 bus:Director1 2023-04-01 2024-03-31 08557241 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 08557241 core:RetainedEarningsAccumulatedLosses 2023-04-01 2024-03-31 08557241 core:RevaluationReserve 2023-04-01 2024-03-31 08557241 core:ShareCapital 2023-04-01 2024-03-31 08557241 core:LandBuildings 2023-04-01 2024-03-31 08557241 1 2023-04-01 2024-03-31 08557241 countries:AllCountries 2023-04-01 2024-03-31 08557241 2023-03-31 08557241 core:RetainedEarningsAccumulatedLosses 2023-03-31 08557241 core:RevaluationReserve 2023-03-31 08557241 core:ShareCapital 2023-03-31 08557241 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 08557241 2022-04-01 2023-03-31 08557241 2023-03-31 08557241 core:RetainedEarningsAccumulatedLosses 2023-03-31 08557241 core:RevaluationReserve 2023-03-31 08557241 core:ShareCapital 2023-03-31 08557241 core:CurrentFinancialInstruments 2023-03-31 08557241 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 08557241 core:LandBuildings core:OwnedOrFreeholdAssets 2023-03-31 08557241 core:RetainedEarningsAccumulatedLosses 2022-04-01 2023-03-31 08557241 core:RevaluationReserve 2022-04-01 2023-03-31 08557241 core:ShareCapital 2022-04-01 2023-03-31 08557241 2022-03-31 08557241 core:RetainedEarningsAccumulatedLosses 2022-03-31 08557241 core:RevaluationReserve 2022-03-31 08557241 core:ShareCapital 2022-03-31 iso4217:GBP xbrli:pure

Registration number: 08557241



Shemwell (QSC) Limited

Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Shemwell (QSC) Limited

(Registration number: 08557241)

Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

3

425,000

425,000

Current assets

 

Debtors

4

97,900

79,865

Creditors: Amounts falling due within one year

5

(172,600)

(171,703)

Net current liabilities

 

(74,700)

(91,838)

Total assets less current liabilities

 

350,300

333,162

Provisions for liabilities

(62,904)

(62,904)

Net assets

 

287,396

270,258

Capital and reserves

 

Called up share capital

1

1

Revaluation reserve

206,454

206,454

Profit and loss account

80,941

63,803

Shareholders' funds

 

287,396

270,258

For the financial year ending 31 March 2024 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 and the option not to file the Directors' Report and the Profit and Loss Account has been taken.

These financial statements, which 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 and in accordance with the provisions of FRS 102 Section 1A Small Entities, were approved and authorised for issue by the Board on 4 September 2024 and signed on its behalf by:
 

.........................................

S M Dodd
Director

 

Shemwell (QSC) Limited

Statement of Changes in Equity for the Year Ended 31 March 2024

Share capital
£

Fair value reserve
£

Profit and loss account
£

Total
£

At 1 April 2023

1

206,454

63,803

270,258

Profit for the year

-

-

17,138

17,138

Total comprehensive income

-

-

17,138

17,138

At 31 March 2024

1

206,454

80,941

287,396

Share capital
£

Revaluation reserve
£

Profit and loss account
£

Total
£

At 1 April 2022

1

221,551

41,833

263,385

Profit for the year

-

-

6,873

6,873

Other comprehensive income

-

(15,097)

15,097

-

Total comprehensive income

-

(15,097)

21,970

6,873

At 31 March 2023

1

206,454

63,803

270,258

 

Shemwell (QSC) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

Accounting policies

Statutory information

Shemwell (QSC) Limited is a private company, limited by shares, domiciled in England and Wales, company number 08557241. The registered office is at Mill Close, Rotherham, S60 1BZ.

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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. The presentation currency is United Kingdom pounds sterling, which is the functional currency of the company. The financial statements are those of an individual entity.

Group accounts not prepared

The company has not prepared consolidated financial statements on the basis that it satisfies the criteria set out in section 297 of the Companies Act 2006 to qualify as a small group.

Revenue recognition

Turnover comprises rents receivable.

Tax

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

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Investment properties

not depreciated

 

Shemwell (QSC) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

1

Accounting policies (continued)

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. 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.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the statement of comprehensive income.
 

2

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

3

Tangible assets

Investment properties
£

Cost or valuation

At 1 April 2023

425,000

At 31 March 2024

425,000

Depreciation

Carrying amount

At 31 March 2024

425,000

At 31 March 2023

425,000

The investment property was valued by the director on an open market basis as at 31 March 2024. The historical cost of the property is £155,642.

 

Shemwell (QSC) Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024 (continued)

4

Debtors

2024
£

2023
£

Trade debtors

10,218

-

Amounts owed by group undertakings

75,101

66,941

Prepayments and accrued income

12,581

12,924

97,900

79,865

5

Creditors

2024
£

2023
£

Due within one year

Trade creditors

1,326

-

Other creditors

167,000

167,000

Accruals

1,131

874

Other taxation and social security

3,143

3,829

172,600

171,703

6

Related party transactions

Included in other creditors is an interest free loan of £167,000 due to Dr L J Rea, a shareholder of the holding company.

7

Parent and ultimate parent undertaking

The company's ultimate parent undertaking is Gravitas Property Limited, incorporated in England and Wales.

 The ultimate controlling party is L J Rea.