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REGISTERED NUMBER: 03492457 (England and Wales)













FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

QUAY PROPERTIES (TORBAY) LIMITED

QUAY PROPERTIES (TORBAY) LIMITED (REGISTERED NUMBER: 03492457)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


QUAY PROPERTIES (TORBAY) LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2023







DIRECTORS: Mr A C Heard
Mr T P Jones



SECRETARY: Mr A C Heard



REGISTERED OFFICE: Moose Hall
Barewell Road
Torquay
Devon
TQ1 4PA



REGISTERED NUMBER: 03492457 (England and Wales)



ACCOUNTANTS: Marsland Nash Associates
Chartered Tax Advisers, Accountants
and Business Consultants
Vantage Point House
Silverhills Road
Decoy Industrial Estate
Newton Abbot
Devon
TQ12 5ND



BANKERS: Barclays Bank Plc
40 Courtenay Street
Newton Abbot
Devon
TQ12 2EA

QUAY PROPERTIES (TORBAY) LIMITED (REGISTERED NUMBER: 03492457)

BALANCE SHEET
31 DECEMBER 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 914 1,002
Investment property 5 700,000 600,441
700,914 601,443

CURRENT ASSETS
Debtors 6 373 281
Cash at bank 29,448 9,539
29,821 9,820
CREDITORS
Amounts falling due within one year 7 208,741 216,556
NET CURRENT LIABILITIES (178,920 ) (206,736 )
TOTAL ASSETS LESS CURRENT LIABILITIES 521,994 394,707

PROVISIONS FOR LIABILITIES 24,470 5,570
NET ASSETS 497,524 389,137

CAPITAL AND RESERVES
Called up share capital 150 150
Revaluation reserve 8 204,153 123,510
Retained earnings 293,221 265,477
SHAREHOLDERS' FUNDS 497,524 389,137

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

QUAY PROPERTIES (TORBAY) LIMITED (REGISTERED NUMBER: 03492457)

BALANCE SHEET - continued
31 DECEMBER 2023


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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17 September 2024 and were signed on its behalf by:





Mr T P Jones - Director


QUAY PROPERTIES (TORBAY) LIMITED (REGISTERED NUMBER: 03492457)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


1. STATUTORY INFORMATION

Quay Properties (Torbay) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 20% on reducing balance
Fixtures and fittings - 15% on reducing balance
Computer equipment - 25% on cost

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2022 - NIL).

QUAY PROPERTIES (TORBAY) LIMITED (REGISTERED NUMBER: 03492457)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


4. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 January 2023 - 15,960 3,094 19,054
Additions 250 - 285 535
At 31 December 2023 250 15,960 3,379 19,589
DEPRECIATION
At 1 January 2023 - 15,960 2,092 18,052
Charge for year 50 - 573 623
At 31 December 2023 50 15,960 2,665 18,675
NET BOOK VALUE
At 31 December 2023 200 - 714 914
At 31 December 2022 - - 1,002 1,002

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 January 2023 600,441
Revaluations 99,559
At 31 December 2023 700,000
NET BOOK VALUE
At 31 December 2023 700,000
At 31 December 2022 600,441

Fair value at 31 December 2023 is represented by:
£   
Valuation in 2014 295,000
Valuation in 2019 305,441
Valuation in 2023 99,559
700,000

If the investment property had not been revalued it would have been included at the following historical cost:

2023 2022
£    £   
Cost 471,551 471,551

The investment property was valued on an open market basis on 31 December 2023 by the directors .

QUAY PROPERTIES (TORBAY) LIMITED (REGISTERED NUMBER: 03492457)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2023


6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Prepayments 373 281

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Tax 6,525 7,185
VAT 886 173
Directors' current accounts 200,000 207,917
Accrued expenses 1,330 1,281
208,741 216,556

8. RESERVES
Revaluation
reserve
£   
At 1 January 2023 123,510
Revaluation of freehold 80,643

At 31 December 2023 204,153

9. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mr A C Heard
Balance outstanding at start of year (103,790 ) (143,925 )
Amounts advanced 3,790 40,135
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (100,000 ) (103,790 )

Mr T P Jones
Balance outstanding at start of year (104,127 ) (144,224 )
Amounts advanced 4,127 40,097
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year (100,000 ) (104,127 )

Loans are unsecured, interest free and repayable on demand.