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Company Registration No. 13424594 (England and Wales)
Quadj Property Group Limited Unaudited financial statements for the year ended 31 May 2024
Quadj Property Group Limited Unaudited financial statements Contents
Page
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Quadj Property Group Limited Company Information for the year ended 31 May 2024
Directors
Onyeka Pascal Agu Aurelia Nneka Nwogu
Company Number
13424594 (England and Wales)
Registered Office
35 Fulmer Road London E16 3TE United Kingdom
Accountants
Gladstone & Co. Accountants 75 Creighton Avenue East Ham London E6 3DT
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Accountants' report to the board of directors on the preparation of the unaudited statutory statements of Quadj Property Group Limited (The Company) for the year ended 31 May 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of the company for the year ended 31 May 2024 which comprises of the profit and loss account, the balance sheet, and explanatory notes from the company's accounting records and from information and explanations which you have provided us with.
As a member firm of the Institute of Financial Accountants (IFA), we are subject to its ethical and other professional requirements which are detailed at https://ifa.org.uk/about-us/acting-in-the-public-interest/memberregulations.
This report is made solely to the board of directors of the company, as a body, in accordance with the terms of our letter of engagement dated 16 October 2024. Our work has been undertaken solely to prepare for your approval the financial statements of the company, and state those matters that we have agreed to state to the board of directors of the company as a body, in this report. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and its board of directors as a body for our work or for this report.
It is your duty to ensure that the company has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and financial performance of the company. You consider that the company is exempt from the requirement to have a statutory audit for the year ended 31 May 2024.
We have not been instructed to carry out any assurance service on the financial statements of the company. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Gladstone & Co. Accountants Financial Accountants 75 Creighton Avenue East Ham London E6 3DT 13 February 2025
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Quadj Property Group Limited Statement of financial position as at 31 May 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Investment property
1,130,210 
903,581 
Current assets
Cash at bank and in hand
51,945 
12,741 
Creditors: amounts falling due within one year
(1,700)
(900)
Net current assets
50,245 
11,841 
Total assets less current liabilities
1,180,455 
915,422 
Creditors: amounts falling due after more than one year
(1,344,094)
(1,068,629)
Net liabilities
(163,639)
(153,207)
Capital and reserves
Called up share capital
10 
10 
Profit and loss account
(163,649)
(153,217)
Shareholders' funds
(163,639)
(153,207)
For the year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 13 February 2025 and were signed on its behalf by
Onyeka Pascal Agu Director Company Registration No. 13424594
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Quadj Property Group Limited Notes to the Accounts for the year ended 31 May 2024
1
Statutory information
Quadj Property Group Limited is a private company, limited by shares, registered in England and Wales, registration number 13424594. The registered office is 35 Fulmer Road, London, E16 3TE, United Kingdom.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
Presentation currency
The accounts are presented in £ sterling.
Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
4
Investment property
2024 
£ 
Fair value at 1 June 2023
903,581 
Additions
226,629 
At 31 May 2024
1,130,210 
Investment property, which is property held to earn rentals and/or capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently, it is measured at fair value at the reporting end date. Changes in fair value are recognised in the profit and loss account.
5
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Accruals
1,700 
900 
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Quadj Property Group Limited Notes to the Accounts for the year ended 31 May 2024
6
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
878,915 
878,915 
Loans from directors
465,179 
189,714 
1,344,094 
1,068,629 
The bank loans are secured by a fixed charge over the assets of the company. In addition, the directors have also provided personal guarantees.
7
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
10 Ordinary shares of £1 each
10 
10 
8
Loans to directors
Brought Forward 
Advance/ credit 
Repaid 
Carried Forward 
£ 
£ 
£ 
£ 
Directors Loan Account
(94,857)
- 
137,732 
(232,589)
Directors Loan Account
(94,857)
- 
137,732 
(232,589)
(189,714)
- 
275,464 
(465,178)
At the balance sheet date, the company owed to the directors an amount of £465,178 (2023: £189,714) and no interest were charged to the outstanding balance. There are no formal terms attached to the director loans.
9
Average number of employees
During the year the average number of employees was 0 (2023: 0).
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