Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-312024-05-312023-06-01falseproperty investors23truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 08612045 2023-06-01 2024-05-31 08612045 2022-06-01 2023-05-31 08612045 2024-05-31 08612045 2023-05-31 08612045 2022-06-01 08612045 c:Director1 2023-06-01 2024-05-31 08612045 d:FreeholdInvestmentProperty 2024-05-31 08612045 d:FreeholdInvestmentProperty 2023-05-31 08612045 d:CurrentFinancialInstruments 2024-05-31 08612045 d:CurrentFinancialInstruments 2023-05-31 08612045 d:Non-currentFinancialInstruments 2024-05-31 08612045 d:Non-currentFinancialInstruments 2023-05-31 08612045 d:CurrentFinancialInstruments d:WithinOneYear 2024-05-31 08612045 d:CurrentFinancialInstruments d:WithinOneYear 2023-05-31 08612045 d:Non-currentFinancialInstruments d:AfterOneYear 2024-05-31 08612045 d:Non-currentFinancialInstruments d:AfterOneYear 2023-05-31 08612045 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2024-05-31 08612045 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-05-31 08612045 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2024-05-31 08612045 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-05-31 08612045 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-05-31 08612045 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2023-05-31 08612045 d:ShareCapital 2024-05-31 08612045 d:ShareCapital 2023-05-31 08612045 d:OtherMiscellaneousReserve 2023-06-01 2024-05-31 08612045 d:OtherMiscellaneousReserve 2024-05-31 08612045 d:OtherMiscellaneousReserve 2023-05-31 08612045 d:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 08612045 d:RetainedEarningsAccumulatedLosses 2024-05-31 08612045 d:RetainedEarningsAccumulatedLosses 2023-05-31 08612045 c:FRS102 2023-06-01 2024-05-31 08612045 c:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 08612045 c:FullAccounts 2023-06-01 2024-05-31 08612045 c:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 08612045 2 2023-06-01 2024-05-31 08612045 6 2023-06-01 2024-05-31 08612045 d:OtherDeferredTax 2024-05-31 08612045 d:OtherDeferredTax 2023-05-31 08612045 e:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:pure

Registered number: 08612045









QUINN RESIDENTIAL LIMITED








FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MAY 2024

 
QUINN RESIDENTIAL LIMITED
REGISTERED NUMBER: 08612045

BALANCE SHEET
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Investment property
 4 
2,720,970
2,720,970

Current assets
  

Debtors: amounts falling due within one year
 5 
1,420,208
1,637,079

Cash at bank and in hand
 6 
298,701
13,333

  
1,718,909
1,650,412

Creditors: amounts falling due within one year
 7 
(1,653,928)
(1,601,916)

Net current assets
  
 
 
64,981
 
 
48,496

Total assets less current liabilities
  
2,785,951
2,769,466

Creditors: amounts falling due after more than one year
 8 
(153,015)
(205,383)

Provisions for liabilities
  

Deferred tax
 10 
(395,779)
(395,779)

Net assets
  
2,237,157
2,168,304


Capital and reserves
  

Called up share capital 
  
100
100

Other reserves
 11 
1,256,516
1,256,516

Profit and loss account
 11 
980,541
911,688

  
2,237,157
2,168,304


Page 1

 
QUINN RESIDENTIAL LIMITED
REGISTERED NUMBER: 08612045
    
BALANCE SHEET (CONTINUED)
AS AT 31 MAY 2024

The directors consider 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 directors acknowledge their 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 statement of comprehensive income 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 25 February 2025.





S A Quinn
Director

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

Page 2

 
QUINN RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Quinn Residential Limited is a company limited by shares, incorporated in England, United Kingdom. The address of the registered office is Suite D, The Business Centre, Faringdon Avenue, Romford, Essex, RM3 8EN. The principal activity of the company continued to be that of property investors.

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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Statement of comprehensive income within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
QUINN RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.3

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.

 
2.4

Interest income

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

 
2.5

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.

 
2.6

Borrowing costs

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

Page 4

 
QUINN RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.7

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.

 
2.8

Investment property

Investment property is carried at fair value determined annually by the directors 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

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.10

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.

 
2.11

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.

Page 5

 
QUINN RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.12

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.

 
2.13

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.

 
2.14

Financial instruments

The company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's Balance sheet when the company becomes party to the contractual provisions of the instrument.


3.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 -3).


4.


Investment property


Freehold investment property

£



Valuation


At 1 June 2023
2,720,970



At 31 May 2024
2,720,970

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




Page 6

 
QUINN RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Debtors

2024
2023
£
£


Trade debtors
11,120
7,138

Other debtors
1,407,947
1,628,871

Prepayments and accrued income
1,141
1,070

1,420,208
1,637,079



6.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
298,701
13,333



7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
56,264
60,972

Corporation tax
23,071
20,992

Other creditors
1,554,689
1,499,515

Accruals and deferred income
19,904
20,437

1,653,928
1,601,916



8.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
153,015
205,383


Secured loans
The bank loans are secured by way of a fixed and floating charge over all the assets of the company. 

Page 7

 
QUINN RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
56,264
60,972

Amounts falling due 1-2 years

Bank loans
89,072
67,495

Amounts falling due 2-5 years

Bank loans
63,943
111,662

Amounts falling due after more than 5 years

Bank loans
-
26,226

209,279
266,355



10.


Deferred taxation




2024
2023


£

£






At beginning of year
(395,779)
(264,743)


Charged to profit or loss
-
(131,036)



At end of year
(395,779)
(395,779)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Investment property revaluations
(395,779)
(395,779)

Page 8

 
QUINN RESIDENTIAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Reserves

Other reserves

Non-distributable reserves relating to the unrealised gain or loss on the fair value adjustment of investment properties. Deferred tax has been provided on the revaluation of investment properties.

Profit and loss account

Includes all current and prior period retained profits and losses.


12.


Related party transactions




2024
2023
£
£

Amounts owed by companies under common control
1,248,177
1,461,231
Rent receivable from companies under common control
41,284
41,778
Amounts owed to companies under common control
1,285,944
1,274,282
Interest received from companies under common control
21,507
26,847

 
Page 9