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COMPANY REGISTRATION NUMBER: 15000220
QIP East Newington Limited
Filleted Unaudited Financial Statements
31 December 2024
QIP East Newington Limited
Statement of Financial Position
31 December 2024
31 Dec 24
Note
£
Fixed assets
Investment property
4
3,618,364
Current assets
Debtors
5
482,956
Investments
6
1
---------
482,957
Creditors: amounts falling due within one year
7
8,974
---------
Net current assets
473,983
------------
Total assets less current liabilities
4,092,347
Creditors: amounts falling due after more than one year
8
104,030
------------
Net assets
3,988,317
------------
Capital and reserves
Called up share capital
4,000,000
Profit and loss account
( 11,683)
------------
Shareholders funds
3,988,317
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the period ending 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
QIP East Newington Limited
Statement of Financial Position (continued)
31 December 2024
These financial statements were approved by the board of directors and authorised for issue on 9 April 2025 , and are signed on behalf of the board by:
Mr Peter Vincent Young
Director
Company registration number: 15000220
QIP East Newington Limited
Notes to the Financial Statements
Period from 13 July 2023 to 31 December 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 10 Orange Street, Haymarket, London, WC2H 7DQ, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Disclosure exemptions
The entity satisfies the criteria of being a qualifying small entity as defined in FRS 102. As such, advantage has been taken of the following disclosure exemptions available under section 1A of FRS 102: (a) No cash flow statement has been presented for the company. (b) Disclosures in respect of financial instruments have not been presented.
Revenue recognition
Revenue relates to rental income and service charges. Rental income from operating leases is recognised on a straight-line basis over the lease term. When the Group provides incentives to its tenants, the cost of the incentives is recognised over the lease term, on a straight-line basis, as a reduction of rental income. Revenue from services is recognised in the accounting period in which control of the services are passed to the customer, which is when the service is rendered. For certain service contracts, revenue is recognised based on the actual service provided to the end of the reporting period as a proportion of the total services to be provided because the customer receives and uses the benefits simultaneously.
Income tax
ax 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.
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.
The assets held under construction will not be depreciated until the construction is completed. 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.
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.
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.
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.
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure.
Investment property is subsequently revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
4. Investment property
Investment property
£
Cost
At 13 July 2023
Additions
3,618,364
------------
At 31 December 2024
3,618,364
------------
Impairment
At 13 July 2023 and 31 December 2024
------------
Carrying amount
At 31 December 2024
3,618,364
------------
5. Debtors
31 Dec 24
£
Trade debtors
928
Amounts owed by group undertakings and undertakings in which the company has a participating interest
477,478
Other debtors
4,550
---------
482,956
---------
6. Investments
31 Dec 24
£
Investments in group undertakings
1
----
At 31 December 2024, QIP East Newington Opco Limited was a wholly owned subsidiary of the company.
7. Creditors: amounts falling due within one year
31 Dec 24
£
Amounts owed to group undertakings and undertakings in which the company has a participating interest
1
Other creditors
8,973
-------
8,974
-------
8. Creditors: amounts falling due after more than one year
31 Dec 24
£
Bank loans and overdrafts
104,030
---------