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Registered number: 09967585









OFF QUAY LIMITED








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 JANUARY 2024

 
OFF QUAY LIMITED
REGISTERED NUMBER: 09967585

STATEMENT OF FINANCIAL POSITION
AS AT 31 JANUARY 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
400,000
420,000

  
400,000
420,000

Current assets
  

Debtors: amounts falling due within one year
 5 
385
332

Cash at bank and in hand
 6 
11
20

  
396
352

Creditors: amounts falling due within one year
 7 
(60,254)
(59,815)

Net current liabilities
  
 
 
(59,858)
 
 
(59,463)

Total assets less current liabilities
  
340,142
360,537

Creditors: amounts falling due after more than one year
 8 
(187,852)
(186,879)

Provisions for liabilities
  

Deferred tax
  
(28,170)
(31,970)

  
 
 
(28,170)
 
 
(31,970)

Net assets
  
124,120
141,688


Capital and reserves
  

Called up share capital 
  
100
100

Revaluation reserve
  
120,091
136,291

Profit and loss account
  
3,929
5,297

  
124,120
141,688


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
 
Page 1

 
OFF QUAY LIMITED
REGISTERED NUMBER: 09967585
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 JANUARY 2024


The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 22 October 2024.




O. O Keyede
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
OFF QUAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

1.


General information

Off Quay Limited is a private company limited by shares and incorporated in England and Wales. Its registered office is 30 Orange Street, London, WC2H 7HF.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

  
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Turnover represents net rents receivable.

 
2.3

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

  
2.4

Investment property

Investment property is carried at fair value determined by the directors. Investment property is not depreciated. Changes in fair value are recognised in the Statement of comprehensive income.

  
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

  
2.6

Cash

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

Page 3

 
OFF QUAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


  
2.8

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured at fair value.

  
2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
Financial assets and liabilities are offset and the net amount reported in the Statement of Financial Position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Page 4

 
OFF QUAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

2.Accounting policies (continued)

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2).


4.


Investment property


Freehold investment property

£



Valuation


At 1 February 2023
420,000


Surplus on revaluation
(20,000)



At 31 January 2024
400,000

The 2024 valuations were made by the directors, on an open market value for existing use basis.




5.


Debtors

2024
2023
£
£


Prepayments
385
332

385
332


Page 5

 
OFF QUAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

6.


Cash

2024
2023
£
£

Cash at bank
11
20

11
20



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
3,072
2,975

The Mortgage Works
4,039
4,039

Trade creditors
536
827

Corporation tax
-
876

Directors loan account
51,107
49,598

Accruals
1,500
1,500

60,254
59,815



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
83,880
82,912

The Mortgage Works
103,972
103,967

187,852
186,879


Page 6

 
OFF QUAY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
3,072
2,975

Other loans
4,039
4,039


7,111
7,014


Amounts falling due 2-5 years

Bank loans
12,288
12,304

Other loans
16,157
16,157


28,445
28,461

Amounts falling due after more than 5 years

Bank loans
71,592
70,608

Other loans
87,815
87,811

159,407
158,419

194,963
193,894


 
Page 7