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COMPANY REGISTRATION NUMBER: 11188951
Queensborough Limited
Filleted Unaudited Financial Statements
29 February 2024
Queensborough Limited
Financial Statements
Year ended 29 February 2024
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Queensborough Limited
Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
£
£
Fixed assets
Tangible assets
6
475
12
Current assets
Debtors
7
377
Cash at bank and in hand
1,215
570
-------
----
1,215
947
Creditors: amounts falling due within one year
8
6,041
4,235
-------
-------
Net current liabilities
4,826
3,288
-------
-------
Total assets less current liabilities
( 4,351)
( 3,276)
Creditors: amounts falling due after more than one year
9
91
-------
-------
Net liabilities
( 4,351)
( 3,367)
-------
-------
Capital and reserves
Called up share capital
10
1
1
Profit and loss account
( 4,352)
( 3,368)
-------
-------
Shareholders deficit
( 4,351)
( 3,367)
-------
-------
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 29 February 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Queensborough Limited
Statement of Financial Position (continued)
29 February 2024
These financial statements were approved by the board of directors and authorised for issue on 18 November 2024 , and are signed on behalf of the board by:
A D Blowers
Director
Company registration number: 11188951
Queensborough Limited
Notes to the Financial Statements
Year ended 29 February 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 146 New London Road, Chelmsford, Essex, CM2 0AW.
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.
Going concern
The financial statements have been prepared on a going concern basis which is dependent upon the continued support of the company's director and other creditors. The director has indicated his willingness to support the company in the foreseeable future by ensuring sufficient funds are available for the company to continue trading. The company is continuing to meet debts as they fall due and therefore the director considers the going concern basis is appropriate.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
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. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. 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.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
20% straight line
Equipment
-
20% straight line
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Dividends
In the year, the company paid dividends in excess of its distributable profit in contravention of section 830 of the Companies Act 2006. The director was not aware that this had occurred at the time the dividend was paid. The shareholders are aware of their responsibilities.
6. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 March 2023
2,390
399
2,789
Additions
549
549
-------
----
-------
At 29 February 2024
2,390
948
3,338
-------
----
-------
Depreciation
At 1 March 2023
2,390
387
2,777
Charge for the year
86
86
-------
----
-------
At 29 February 2024
2,390
473
2,863
-------
----
-------
Carrying amount
At 29 February 2024
475
475
-------
----
-------
At 28 February 2023
12
12
-------
----
-------
7. Debtors
2024
2023
£
£
Other debtors
377
----
----
8. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
1,164
Accruals and deferred income
1,225
2,286
Corporation tax
1,971
1,189
Director loan accounts
1,681
760
-------
-------
6,041
4,235
-------
-------
9. Creditors: amounts falling due after more than one year
2024
2023
£
£
Trade creditors
91
----
----
10. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
1
1
1
1
----
----
----
----
11. Related party transactions
At the year end the company owed the director £1,681 (2023: £760) which is shown amongst creditors.