Company Registration No. 14022608 (England and Wales)
Quill Properties Ltd
Unaudited accounts
for the year ended 30 April 2024
Quill Properties Ltd
Company Information
for the year ended 30 April 2024
Company Number
14022608 (England and Wales)
Registered Office
71-75 Shelton Street
Covent Garden
LONDON
WC2H 9JQ
UNITED KINGDOM
Quill Properties Ltd
Statement of financial position
as at 30 April 2024
Investment property
210,376
119,571
Cash at bank and in hand
5,358
28,892
Creditors: amounts falling due within one year
(70,743)
(68,743)
Net current liabilities
(64,753)
(39,851)
Total assets less current liabilities
145,827
79,720
Creditors: amounts falling due after more than one year
(147,750)
(84,750)
Provisions for liabilities
Net liabilities
(2,574)
(5,030)
Called up share capital
1
1
Fair value reserve
2,777
-
Profit and loss account
(5,352)
(5,031)
Shareholders' funds
(2,574)
(5,030)
For the year ending 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 8 October 2024 and were signed on its behalf by
Lewis McQuillan
Director
Company Registration No. 14022608
Quill Properties Ltd
Notes to the Accounts
for the year ended 30 April 2024
Quill Properties Ltd is a private company, limited by shares, registered in England and Wales, registration number 14022608. The registered office is 71-75 Shelton Street, Covent Garden, LONDON, WC2H 9JQ, UNITED KINGDOM.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Investment property is included at market fair value and is revalued annually, any surplus or deficit is recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Turnover is measured at the fair value of the consideration received or receivable. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Quill Properties Ltd
Notes to the Accounts
for the year ended 30 April 2024
4
Tangible fixed assets
Fixtures & fittings
Fair value at 1 May 2023
119,571
Net gain from fair value adjustments
3,429
The property valuation is either at cost or provided by the director annually at year-end.
Amounts falling due within one year
7
Creditors: amounts falling due within one year
2024
2023
Loans from directors
70,743
68,743
8
Creditors: amounts falling due after more than one year
2024
2023
Aggregate of amounts that fall due for payment after five years
147,750
84,750
Mortgages with The Mortgage Works (UK) PLC interest only, one is payable over a 35 year term and one is over a 25 year term. Both secured by way of a fixed charge over the investment property.
9
Average number of employees
During the year the average number of employees was 0 (2023: 0).