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REGISTERED NUMBER: 11307980 (England and Wales)















FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

FOR

QUERCUS HOUSING LIMITED

QUERCUS HOUSING LIMITED (REGISTERED NUMBER: 11307980)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


QUERCUS HOUSING LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31 MARCH 2024







DIRECTORS: A Andreou
J M Carrington-West
S Robson
A P Rowbotham
J A N Tibbitts





SECRETARY: M T Goodman





REGISTERED OFFICE: Sevenoaks District Council Offices
Argyle Road
Sevenoaks
Kent
TN13 1HG





REGISTERED NUMBER: 11307980 (England and Wales)





AUDITORS: Cassidys Chartered Accountants
And Registered Auditors
South Stour Offices
South Stour Road
Mersham
Ashford
Kent
TN25 7HS

QUERCUS HOUSING LIMITED (REGISTERED NUMBER: 11307980)

BALANCE SHEET
31 MARCH 2024

31.3.24 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 11,145,363 6,496,100

CURRENT ASSETS
Debtors 5 38,075 18,293
Cash at bank 401,845 78,349
439,920 96,642
CREDITORS
Amounts falling due within one year 6 262,693 313,688
NET CURRENT ASSETS/(LIABILITIES) 177,227 (217,046 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

11,322,590

6,279,054

CREDITORS
Amounts falling due after more than one year 7 (11,174,005 ) (6,175,664 )

PROVISIONS FOR LIABILITIES (68,695 ) (51,481 )
NET ASSETS 79,890 51,909

RESERVES
Income and expenditure account 79,890 51,909
79,890 51,909

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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 August 2024 and were signed on its behalf by:




A P Rowbotham - Director



S Robson - Director


QUERCUS HOUSING LIMITED (REGISTERED NUMBER: 11307980)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024


1. STATUTORY INFORMATION

Quercus Housing Limited is a private company, limited by guarantee , 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.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.

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

Government grants
Grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. Grants relating to capital expenditure are recognised in profit and loss on a systematic basis over the useful economic life of the asset.

Investment property
Investment property is stated at its fair value at the reporting date. Any aggregate surplus or deficit arising from changes in fair value is recognised in the income and expenditure account.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

QUERCUS HOUSING LIMITED (REGISTERED NUMBER: 11307980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


2. ACCOUNTING POLICIES - continued

Going concern
The financial statements are prepared on a going concern basis. The directors have considered all available information about the future and have prepared a business plan to March 2027, which includes financial forecasts and risk assessments. The Company has access to funding to meet its working capital requirements by way of loans and grants issued by its parent entity, Sevenoaks District Council, and the company has received confirmation from the parent entity of its continued support.

From the above assessment, the directors believe that the Company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, they continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2023 - 1 ) .

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 April 2023 6,496,100
Additions 4,623,359
Revaluations 25,904
At 31 March 2024 11,145,363
NET BOOK VALUE
At 31 March 2024 11,145,363
At 31 March 2023 6,496,100

Fair value at 31 March 2024 is represented by:
£   
Valuation in 2020 (1,160,402 )
Valuation in 2021 1,109,700
Valuation in 2022 137,877
Valuation in 2023 198,260
Valuation in 2024 25,904
Cost 10,834,024
11,145,363

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

31.3.24 31.3.23
£    £   
Cost 10,834,024 6,210,665

QUERCUS HOUSING LIMITED (REGISTERED NUMBER: 11307980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


4. INVESTMENT PROPERTY - continued

The investment properties were valued on an open market basis on 31 March 2024 and 31 March 2023 by external independent valuers, Wilks Head and Eve LLP, Chartered Surveyors. This basis is more reflective of their value to the company than the fair value basis used in line with local authority accounting requirements on 31 March 2020.

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade debtors 28,068 3,100
Other debtors 10,007 15,193
38,075 18,293

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.24 31.3.23
£    £   
Trade creditors - 306
Amounts owed to group undertakings 244,530 305,483
Other creditors 18,163 7,899
262,693 313,688

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.3.24 31.3.23
£    £   
Other creditors 11,174,005 6,175,664

Included within other creditors is a £2,600,000 loan due to the company's immediate and ultimate parent, Sevenoaks District Council.

8. SECURED DEBTS

The following secured debts are included within creditors:

31.3.24 31.3.23
£    £   
Other loans 2,600,000 -

The loan is secured by a fixed charge over the investment property it relates to.

9. DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Report of the Auditors was unqualified.

Stuart G Whorlow (Senior Statutory Auditor)
for and on behalf of Cassidys Chartered Accountants

QUERCUS HOUSING LIMITED (REGISTERED NUMBER: 11307980)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 MARCH 2024


10. RELATED PARTY DISCLOSURES

Sevenoaks District Council, which is a local UK government organisation, is the guarantor and ultimate controlling party of Quercus Housing Limited.

The company is included in the consolidated financial statements of Sevenoaks District Council, which are available from Council Offices, Argyle Road, Sevenoaks, Kent TN13 1HG.