Caseware UK (AP4) 2023.0.135 2023.0.135 2024-02-292024-02-292023-03-01falseNo description of principal activity11falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 10639271 2023-03-01 2024-02-29 10639271 2022-03-01 2023-02-28 10639271 2024-02-29 10639271 2023-02-28 10639271 c:Director1 2023-03-01 2024-02-29 10639271 d:MotorVehicles 2023-03-01 2024-02-29 10639271 d:MotorVehicles 2024-02-29 10639271 d:MotorVehicles 2023-02-28 10639271 d:MotorVehicles d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 10639271 d:FurnitureFittings 2023-03-01 2024-02-29 10639271 d:FurnitureFittings 2024-02-29 10639271 d:FurnitureFittings 2023-02-28 10639271 d:FurnitureFittings d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 10639271 d:OwnedOrFreeholdAssets 2023-03-01 2024-02-29 10639271 d:FreeholdInvestmentProperty 2023-03-01 2024-02-29 10639271 d:FreeholdInvestmentProperty 2024-02-29 10639271 d:FreeholdInvestmentProperty 2023-02-28 10639271 d:CurrentFinancialInstruments 2024-02-29 10639271 d:CurrentFinancialInstruments 2023-02-28 10639271 d:Non-currentFinancialInstruments 2024-02-29 10639271 d:Non-currentFinancialInstruments 2023-02-28 10639271 d:CurrentFinancialInstruments d:WithinOneYear 2024-02-29 10639271 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 10639271 d:Non-currentFinancialInstruments d:AfterOneYear 2024-02-29 10639271 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 10639271 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-02-29 10639271 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-02-28 10639271 d:ShareCapital 2024-02-29 10639271 d:ShareCapital 2023-02-28 10639271 d:InvestmentPropertiesRevaluationReserve 2024-02-29 10639271 d:InvestmentPropertiesRevaluationReserve 2023-02-28 10639271 d:RetainedEarningsAccumulatedLosses 2024-02-29 10639271 d:RetainedEarningsAccumulatedLosses 2023-02-28 10639271 c:FRS102 2023-03-01 2024-02-29 10639271 c:AuditExempt-NoAccountantsReport 2023-03-01 2024-02-29 10639271 c:FullAccounts 2023-03-01 2024-02-29 10639271 c:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 10639271 2 2023-03-01 2024-02-29 10639271 e:PoundSterling 2023-03-01 2024-02-29 iso4217:GBP xbrli:pure

Registered number: 10639271









QUIDDITY GROUP LTD







UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 29 FEBRUARY 2024

 
QUIDDITY GROUP LTD
REGISTERED NUMBER: 10639271

BALANCE SHEET
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
3,967
5,289

Investment property
 5 
9,796,497
8,530,607

  
9,800,464
8,535,896

Current assets
  

Debtors: amounts falling due within one year
 6 
67,238
46,494

Cash at bank and in hand
 7 
52,950
506,335

  
120,188
552,829

Creditors: amounts falling due within one year
 8 
(1,237,944)
(1,299,020)

Net current liabilities
  
 
 
(1,117,756)
 
 
(746,191)

Total assets less current liabilities
  
8,682,708
7,789,705

Creditors: amounts falling due after more than one year
 9 
(7,625,375)
(6,314,826)

Provisions for liabilities
  

Deferred tax
  
(526,661)
(526,661)

  
 
 
(526,661)
 
 
(526,661)

Net assets
  
530,672
948,218

Page 1

 
QUIDDITY GROUP LTD
REGISTERED NUMBER: 10639271
    
BALANCE SHEET (CONTINUED)
AS AT 29 FEBRUARY 2024

29 February
28 February
2024
2023
Note
£
£

Capital and reserves
  

Called up share capital 
  
100
100

Investment property reserve
  
1,590,351
1,590,351

Profit and loss account
  
(1,059,779)
(642,233)

  
530,672
948,218


The director considers 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 director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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 profit and loss account 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 27 November 2024.




M Gungah
Director

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
QUIDDITY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

1.


General information

Quiddity Group Limited is a private company, limited by shares, domiciled in England and Wales, registration number 10639271. The registered office is 56 Eastwood Road, London, E18 1BU. The principal activity of the company continued to be that of the buying and selling of real estate.

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. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Borrowing costs

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

Page 3

 
QUIDDITY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.6

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 balance sheet 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 balance sheet 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 balance sheet date.


 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
reducing balance method
Fixtures and fittings
-
25%
reducing balance basis

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 4

 
QUIDDITY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

2.Accounting policies (continued)

 
2.8

Investment property

Investment property is carried at fair value determined annually by external valuers and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

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 1 (2023 - 1).

Page 5

 
QUIDDITY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

4.


Tangible fixed assets







Motor vehicles
Fixtures and fittings
Total

£
£
£



Cost or valuation


At 1 March 2023
5,694
4,560
10,254



At 29 February 2024

5,694
4,560
10,254



Depreciation


At 1 March 2023
3,025
1,940
4,965


Charge for the year on owned assets
667
655
1,322



At 29 February 2024

3,692
2,595
6,287



Net book value



At 29 February 2024
2,002
1,965
3,967



At 28 February 2023
2,669
2,620
5,289

Page 6

 
QUIDDITY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

5.


Investment property





Freehold investment property

£



Valuation


At 1 March 2023
8,530,607


Additions at cost
1,265,890



At 29 February 2024
9,796,497

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

29 February
28 February
2024
2023
£
£

Revaluation reserves


At 1 March 2023
1,590,351
1,716,750

Net deficit in movement properties
-
(126,399)

At 29 February 2024
1,590,351
1,590,351



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

29 February
28 February
2024
2023
£
£


Historic cost
7,624,432
6,413,595

7,624,432
6,413,595

Page 7

 
QUIDDITY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

6.


Debtors

29 February
28 February
2024
2023
£
£


Other debtors
63,557
41,340

Prepayments and accrued income
3,681
5,154

67,238
46,494



7.


Cash and cash equivalents

29 February
28 February
2024
2023
£
£

Cash at bank and in hand
52,950
506,335

52,950
506,335



8.


Creditors: Amounts falling due within one year

29 February
28 February
2024
2023
£
£

Other loans
290,000
290,000

Payments received on account
-
2,000

Other creditors
945,394
1,004,660

Accruals and deferred income
2,550
2,360

1,237,944
1,299,020



9.


Creditors: Amounts falling due after more than one year

29 February
28 February
2024
2023
£
£

Bank loans
6,597,375
5,684,826

Other loans
1,028,000
630,000

7,625,375
6,314,826


Page 8

 
QUIDDITY GROUP LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024

10.


Loans


Analysis of the maturity of loans is given below:


29 February
28 February
2024
2023
£
£

Amounts falling due within one year

Other loans
290,000
290,000


290,000
290,000



Amounts falling due after more than 5 years

Bank loans
6,597,375
5,684,826

Other loans
1,028,000
630,000

7,625,375
6,314,826

7,915,375
6,604,826



11.


Related party transactions

At the balance sheet date the following amounts were due from/(to) related parties:


29 February
28 February
2024
2023
£
£

Key management personnel
(804,320)
(877,636)
(804,320)
(877,636)

 
Page 9