Company registration number 10481318 (England and Wales)
QUEENSGATE BRACKNELL LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
QUEENSGATE BRACKNELL LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
QUEENSGATE BRACKNELL LTD
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
43,789
52,129
Investment properties
4
10,055,790
4,323,648
Investments
5
200,000
-
0
10,299,579
4,375,777
Current assets
Debtors
6
41,694
254,965
Cash at bank and in hand
291,065
12,197
332,759
267,162
Creditors: amounts falling due within one year
7
(131,177)
(65,302)
Net current assets
201,582
201,860
Total assets less current liabilities
10,501,161
4,577,637
Creditors: amounts falling due after more than one year
8
(6,085,097)
(3,658,419)
Provisions for liabilities
(904,145)
(147,790)
Net assets
3,511,919
771,428
Capital and reserves
Called up share capital
300
300
Fair value reserve
2,699,590
428,658
Profit and loss reserves
812,029
342,470
Total equity
3,511,919
771,428

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 December 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.

QUEENSGATE BRACKNELL LTD
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 23 September 2024 and are signed on its behalf by:
Mr P Hamilton
Director
Company Registration No. 10481318
QUEENSGATE BRACKNELL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Queensgate Bracknell Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2-4 Packhorse Road, Gerrards Cross, Buckinghamshire, SL9 7QE.

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
Turnover

Turnover represents rent receivable from rental of a commercial property.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
25% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.4
Investment property

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

QUEENSGATE BRACKNELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.6
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.

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.

2
Employees

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

2023
2022
Number
Number
Total
2
2
QUEENSGATE BRACKNELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
3
Tangible fixed assets
Land and buildings
£
Cost
At 1 January 2023
292,894
Additions
6,256
At 31 December 2023
299,150
Depreciation and impairment
At 1 January 2023
240,765
Depreciation charged in the year
14,596
At 31 December 2023
255,361
Carrying amount
At 31 December 2023
43,789
At 31 December 2022
52,129
4
Investment property
2023
£
Fair value
At 1 January 2023
4,323,648
Additions
2,704,233
Revaluations
3,027,909
At 31 December 2023
10,055,790

The company's investment properties have been valued by the directors at the balance sheet date on the basis of open market value.

5
Fixed asset investments
2023
2022
£
£
Other investments other than loans
200,000
-
0
QUEENSGATE BRACKNELL LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Fixed asset investments
(Continued)
- 6 -
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 January 2023
-
Additions
200,000
At 31 December 2023
200,000
Carrying amount
At 31 December 2023
200,000
At 31 December 2022
-
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
4,439
1,075
Other debtors
37,255
253,890
41,694
254,965
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
8,544
3,537
Taxation and social security
41,975
37,417
Other creditors
80,658
24,348
131,177
65,302
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,260,000
1,260,000
Other creditors
4,825,097
2,398,419
6,085,097
3,658,419
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