Registered number
09706737
Queenswood Property Services Limited
Filleted Accounts
31 July 2024
Queenswood Property Services Limited
Registered number: 09706737
Balance Sheet
as at 31 July 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 135,000 135,000
Current assets
Debtors 4 2,562 1,090
Cash at bank and in hand 2,348 3,818
4,910 4,908
Creditors: amounts falling due within one year 5 (36,628) (36,341)
Net current liabilities (31,718) (31,433)
Total assets less current liabilities 103,282 103,567
Creditors: amounts falling due after more than one year 6 (53,113) (60,074)
Provisions for liabilities (4,432) (4,432)
Net assets 45,737 39,061
Capital and reserves
Called up share capital 300 300
Revaluation reserve 8 18,893 18,893
Profit and loss account 26,544 19,868
Shareholders' funds 45,737 39,061
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mrs K Redfern
Director
Approved by the board on 21 October 2024
Queenswood Property Services Limited
Notes to the Accounts
for the year ended 31 July 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Investments
Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Investments
Other
investments
£
Cost
At 1 August 2023 135,000
At 31 July 2024 135,000
Historical cost
At 1 August 2023 111,675
At 31 July 2024 111,675
The properties were revalued February 2018 at open market value on a comparable basis by R Oliver BSC FRICS.
4 Debtors 2024 2023
£ £
Trade debtors 625 525
Other debtors 1,937 565
2,562 1,090
5 Creditors: amounts falling due within one year 2024 2023
£ £
Taxation and social security costs 1,566 1,399
Other creditors 35,062 34,942
36,628 36,341
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 53,113 60,074
7 Loans 2024 2023
£ £
Creditors include:
Amounts payable otherwise than by instalment falling due for payment after more than five years 53,113 60,074
Secured bank loans 53,113 60,074
The company has given a fixed charge over the investment properties as security for the loan.
8 Revaluation reserve 2024 2023
£ £
At 1 August 2023 18,893 18,893
At 31 July 2024 18,893 18,893
9 Other information
Queenswood Property Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
255 Poulton Road
Wallasey
Wirral
CH44 4BT
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