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Registration number: 07249892

Quebec Court Freehold Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Quebec Court Freehold Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Quebec Court Freehold Limited

Company Information

Director

Mr Kalim Ahmad Tahir

Registered office

42-46 Station Road
Edgware
Middlesex
HA8 7AB

Accountants

Richlands Business Advisers Limited
Chartered Accountants
42-46 Station Road
Edgware
Middlesex
HA8 7AB

 

Quebec Court Freehold Limited

(Registration number: 07249892)
Balance Sheet as at 30 April 2024

Note

2024
£

(As restated)

2023
£

Fixed assets

 

Tangible assets

4

1,950

2,599

Investment property

5

14,750,000

14,750,000

 

14,751,950

14,752,599

Current assets

 

Debtors

6

645,919

641,726

Cash at bank and in hand

 

255,683

152,860

 

901,602

794,586

Creditors: Amounts falling due within one year

7

(1,461,401)

(1,424,125)

Net current liabilities

 

(559,799)

(629,539)

Total assets less current liabilities

 

14,192,151

14,123,060

Creditors: Amounts falling due after more than one year

7

(8,393,963)

(8,393,963)

Provisions for liabilities

(1,326,804)

(1,326,804)

Net assets

 

4,471,384

4,402,293

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

4,471,284

4,402,193

Shareholders' funds

 

4,471,384

4,402,293

 

Quebec Court Freehold Limited

(Registration number: 07249892)
Balance Sheet as at 30 April 2024

For the financial year ending 30 April 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 30 January 2025
 

.........................................
Mr Kalim Ahmad Tahir
Director

 

Quebec Court Freehold Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
42-46 Station Road
Edgware
Middlesex
HA8 7AB
England

The principal place of business is:
42-46 Station Road
Edgware
Middlesex
HA8 7AB
England

These financial statements were authorised for issue by the director on 30 January 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

 

Quebec Court Freehold Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

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 taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Quebec Court Freehold Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 2 (2023 - 2).

 

Quebec Court Freehold Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

4

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 May 2023

107,893

42,983

150,876

At 30 April 2024

107,893

42,983

150,876

Depreciation

At 1 May 2023

107,892

40,385

148,277

Charge for the year

-

649

649

At 30 April 2024

107,892

41,034

148,926

Carrying amount

At 30 April 2024

1

1,949

1,950

At 30 April 2023

1

2,598

2,599

Included within the net book value of land and buildings above is £1 (2023 - £1) in respect of short leasehold land and buildings.
 

5

Investment properties

2024
£

At 1 May

14,750,000

At 30 April

14,750,000

The fair value of the investment properties at the date of the balance sheet was £14,750,000. The fair value of the investment properties were assessed by an independent valuator

6

Debtors

Current

Note

2024
£

2023
£

Amounts owed by related parties

645,919

641,726

   

645,919

641,726

 

Quebec Court Freehold Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Bank loans and overdrafts

-

1

Amounts owed to group undertakings and undertakings in which the company has a participating interest

500,000

500,000

Taxation and social security

 

1,733

925

Other creditors

 

529,098

461,448

Accrued expenses

 

5,100

4,980

Corporation tax payable

 

20,276

24,244

Directors current account

 

405,194

432,527

 

1,461,401

1,424,125

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Other loans

8,393,963

8,393,963

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       
 

Quebec Court Freehold Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

9

Transition to FRS 102

This is the first year the company is preparing accounts under FRS 102 Section 1A. The policies applied under the entities previous accounting framework for subsequent measurement of investment properties are different to FRS 102 and have impacted on the equity or profit or loss. Previous period's profit or loss have been reinstated.

Balance Sheet at 1 May 2022
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Capital and reserves

Retained earnings

303,677

-

-

303,677

Total equity

303,677

-

-

303,677

Balance Sheet at 30 April 2023
 

As originally reported
£

Reclassification
£

Remeasurement
£

As restated
£

Fixed assets

Tangible assets

2,599

-

-

2,599

Investment property

9,442,786

-

5,307,214

14,750,000

9,445,385

-

5,307,214

14,752,599

Current assets

Debtors

794,586

-

-

794,586

Creditors: Amounts falling due within one year

(1,419,146)

-

-

(1,419,146)

Net current liabilities

(624,560)

-

-

(624,560)

Total assets less current liabilities

8,820,825

-

5,307,214

14,128,039

Creditors: Amounts falling due after more than one year

(8,393,963)

-

-

(8,393,963)

Provisions for liabilities

(4,980)

-

-

(4,980)

Net assets

421,882

-

5,307,214

5,729,096

Capital and reserves

Revaluation reserve

-

-

(1,326,803)

(1,326,803)

Total equity

-

-

(1,326,803)

(1,326,803)