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COMPANY REGISTRATION NUMBER: 04966622
QUAY WALL INVESTMENTS LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 March 2024
QUAY WALL INVESTMENTS LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31st MARCH 2024
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 6
QUAY WALL INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION
31 March 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Investment properties
5
273,948
273,948
CURRENT ASSETS
Cash at bank and in hand
7,506
1,032
CREDITORS: amounts falling due within one year
6
97,336
105,063
---------
----------
NET CURRENT LIABILITIES
89,830
104,031
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
184,118
169,917
PROVISIONS
Taxation including deferred tax
9,494
9,494
----------
----------
NET ASSETS
174,624
160,423
----------
----------
CAPITAL AND RESERVES
Called up share capital
8
100
100
Non distributable reserve
116,832
116,832
Profit and loss account
57,692
43,491
----------
----------
SHAREHOLDERS FUNDS
174,624
160,423
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31st 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
QUAY WALL INVESTMENTS LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 March 2024
These financial statements were approved by the board of directors and authorised for issue on 30 September 2024 , and are signed on behalf of the board by:
J. M. Wall
Director
Company registration number: 04966622
QUAY WALL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st MARCH 2024
1. GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 40 Netherwitton Way, Newcastle upon Tyne, Tyne & Wear, NE3 5RP.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. ACCOUNTING POLICIES
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration and represents amounts receivable for rent.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investment properties
Investment properties are initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment properties are revalued to their fair value at each reporting date and any changes in fair value are recognised through the income statement.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
Investment properties are not depreciated.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. EMPLOYEE NUMBERS
The average number of persons employed by the company during the year, being the directors of the company, amounted to 2 (2023: 2).
5. INVESTMENT PROPERTIES
Investment properties
£
Cost/valuation
At 1st April 2023 and 31st March 2024
273,948
----------
Impairment
At 1st April 2023 and 31st March 2024
----------
Carrying amount
At 31st March 2024
273,948
----------
At 31st March 2023
273,948
----------
Investment properties are stated at the directors' opinion of fair value.
6. CREDITORS: amounts falling due within one year
2024
2023
£
£
Accruals
648
630
Corporation tax
3,312
2,516
Director loan accounts
93,376
101,917
---------
----------
97,336
105,063
---------
----------
7. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
9,494
9,494
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment properties
9,494
9,494
-------
-------
8. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
----
----
----
----
9. RELATED PARTY TRANSACTIONS
A directors' loan account processes the transactions between J. M. Wall and Mrs K. P. Wall and Quay Wall Investments Limited. At the year end, the loan amounted to £93,376 (2023: £101,917) and the balance is included within creditors: amounts falling due within one year. No other transactions with related parties were undertaken such as are required to be disclosed under the FRS 102 Section 1A small entities.