Quidminster Limited 05410443 false 2023-04-01 2024-03-31 2024-03-31 The principal activity of the company is that of property investment. Digita Accounts Production Advanced 6.30.9574.0 true 05410443 2023-04-01 2024-03-31 05410443 2024-03-31 05410443 bus:OrdinaryShareClass1 2024-03-31 05410443 core:FinancialAssetsCostLessImpairment core:Non-currentFinancialInstruments 2024-03-31 05410443 core:CurrentFinancialInstruments 2024-03-31 05410443 core:CurrentFinancialInstruments core:WithinOneYear 2024-03-31 05410443 bus:SmallEntities 2023-04-01 2024-03-31 05410443 bus:AuditExemptWithAccountantsReport 2023-04-01 2024-03-31 05410443 bus:FullAccounts 2023-04-01 2024-03-31 05410443 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 05410443 bus:RegisteredOffice 2023-04-01 2024-03-31 05410443 bus:Director1 2023-04-01 2024-03-31 05410443 bus:OrdinaryShareClass1 2023-04-01 2024-03-31 05410443 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 05410443 core:ComputerEquipment 2023-04-01 2024-03-31 05410443 countries:AllCountries 2023-04-01 2024-03-31 05410443 2023-03-31 05410443 2022-04-01 2023-03-31 05410443 2023-03-31 05410443 bus:OrdinaryShareClass1 2023-03-31 05410443 core:CurrentFinancialInstruments 2023-03-31 05410443 core:CurrentFinancialInstruments core:WithinOneYear 2023-03-31 iso4217:GBP xbrli:pure xbrli:shares

Registration number: 05410443

Quidminster Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

Quidminster Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Quidminster Limited

Company Information

Director

Mr David Francis Hobden

Registered office

166 Old Brompton Road
London
SW5 0BA

Accountants

Michaelides Warner & Co
102 Fulham Palace Road
London
W6 9PL

 

Quidminster Limited

(Registration number: 05410443)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Investment property

4

1,760,608

1,540,500

Other financial assets

5

2,369

197,685

 

1,762,977

1,738,185

Current assets

 

Stocks

6

22,501

22,501

Debtors

7

179,940

114,746

Cash at bank and in hand

 

26,915

38,147

 

229,356

175,394

Creditors: Amounts falling due within one year

8

(334,204)

(16,297)

Net current (liabilities)/assets

 

(104,848)

159,097

Total assets less current liabilities

 

1,658,129

1,897,282

Provisions for liabilities

(158,417)

(223,542)

Net assets

 

1,499,712

1,673,740

Capital and reserves

 

Called up share capital

9

100

100

Other reserves

239,787

434,448

Retained earnings

1,259,825

1,239,192

Shareholders' funds

 

1,499,712

1,673,740

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Quidminster Limited

(Registration number: 05410443)
Balance Sheet as at 31 March 2024

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 29 August 2024
 

.........................................
Mr David Francis Hobden
Director

 

Quidminster Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales .

The address of its registered office is:
166 Old Brompton Road
London
SW5 0BA
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Judgements

The director considers that there are no key judgements that management have made in the process of applying the company's accounting policies that may have had a significant effect on the amounts recognised in the financial statements

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable in respect of rental income.

The company recognises revenue when the amount of revenue can be reliably measured, it is probable that future economic benefits will flow to the entity and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Quidminster Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Depreciation

Asset class

Depreciation method and rate

Computer Equipment

25% reducing balance method

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Quidminster Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like investments, trade and other receivables, cash and bank balances, trade and other creditors.

Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or cash consolidation expected to be paid or received.


 

 

Quidminster Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

4

Investment properties

2024
£

At 1 April

1,540,500

Additions

480,608

Fair value adjustments

(260,500)

At 31 March

1,760,608

The historical cost of the investment properties as at 31 March 2024 is £1,419,652 (2023 - £939,044).

An independant valuation of the investment properties has been carried out in January 2021 by Savills.

 

5

Other financial assets (current and non-current)

Financial assets at cost less impairment
£

Total
£

Non-current financial assets

Cost or valuation

At 1 April 2023

197,685

197,685

Revaluations

714

714

Additions

11,991

11,991

Disposals

(208,021)

(208,021)

At 31 March 2024

2,369

2,369

Carrying amount

At 31 March 2024

2,369

2,369

 

Quidminster Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Stocks

2024
£

2023
£

Stock - Property

22,501

22,501

7

Debtors

2024
£

2023
£

Trade debtors

17,654

1,852

Other debtors

162,286

112,894

179,940

114,746

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

21

20

Taxation and social security

441

380

Accruals and deferred income

19,228

12,136

Other creditors

314,514

3,761

334,204

16,297

9

Share capital

Allotted, called up and fully paid shares

 

2024

2023

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100