REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 29 February 2024 |
for |
Quicksand Properties Ltd |
REGISTERED NUMBER: |
Financial Statements |
for the Year Ended 29 February 2024 |
for |
Quicksand Properties Ltd |
Quicksand Properties Ltd (Registered number: 09988802) |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
Quicksand Properties Ltd |
Company Information |
for the Year Ended 29 February 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chancery House |
30 St Johns Road |
Woking |
Surrey |
GU21 7SA |
Quicksand Properties Ltd (Registered number: 09988802) |
Statement of Financial Position |
29 February 2024 |
29/2/24 | 28/2/23 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 | ( |
) | ( |
) |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Quicksand Properties Ltd (Registered number: 09988802) |
Statement of Financial Position - continued |
29 February 2024 |
The financial statements were approved by the director and authorised for issue on |
Quicksand Properties Ltd (Registered number: 09988802) |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | STATUTORY INFORMATION |
Quicksand Properties Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The accounts are prepared on the going concern basis despite the net current liabilities position as at 29 February 2024. This is due to directors and shareholders providing the necessary finance to enable the company to meet its liabilities as they fall due. |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
Investment property is shown at the most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
Quicksand Properties Ltd (Registered number: 09988802) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
5. | INVESTMENT PROPERTY |
Total |
£ |
Fair value |
At 1 March 2023 |
Revaluations | (925,000 | ) |
At 29 February 2024 |
Net book value |
At 29 February 2024 |
At 28 February 2023 |
Fair value at 29 February 2024 is represented by: |
£ |
Valuation in 2018 | (67,225 | ) |
Valuation in 2019 | (203,805 | ) |
Valuation in 2020 | 30,000 |
Valuation in 2021 | (3,475 | ) |
Valuation in 2024 | (925,000 | ) |
Cost | 6,597,505 |
5,428,000 |
If investment property had not been revalued it would have been included at the following historical cost: |
29/2/24 | 28/2/23 |
£ | £ |
Cost | 6,597,505 | 6,597,505 |
Investment property was valued on an open market basis on 29 February 2024 by the Director . |
6. | DEBTORS |
29/2/24 | 28/2/23 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Other debtors |
Amounts falling due after more than one year: |
Other debtors |
Aggregate amounts |
Quicksand Properties Ltd (Registered number: 09988802) |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
29/2/24 | 28/2/23 |
£ | £ |
Bank loans and overdrafts |
Taxation and social security |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
29/2/24 | 28/2/23 |
£ | £ |
Bank loans |
Other creditors |
9. | SECURED DEBTS |
The following secured debts are included within creditors: |
29/2/24 | 28/2/23 |
£ | £ |
Bank loans |
The bank loan is secured by first legal charges on certain of the investment property. |
10. | RELATED PARTY DISCLOSURES |
Other creditors falling due after one year are loans from the shareholders of £3,705,000 (2023: £4,305,000). The loans do not bear interest. |