REGISTERED NUMBER: 10851721 (England and Wales) |
1ST QUALITY GROUP LTD |
REPORT OF THE DIRECTORS AND |
UNAUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
REGISTERED NUMBER: 10851721 (England and Wales) |
1ST QUALITY GROUP LTD |
REPORT OF THE DIRECTORS AND |
UNAUDITED |
CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
1ST QUALITY GROUP LTD (REGISTERED NUMBER: 10851721) |
CONTENTS OF THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Consolidated Income Statement | 3 |
Consolidated Balance Sheet | 4 |
Company Balance Sheet | 6 |
Notes to the Consolidated Financial Statements | 7 |
1ST QUALITY GROUP LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 AUGUST 2024 |
DIRECTORS: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Hale House |
Unit 5 |
296a Green Lanes |
Palmers Green |
London |
N13 5TW |
1ST QUALITY GROUP LTD (REGISTERED NUMBER: 10851721) |
REPORT OF THE DIRECTORS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
The directors present their report with the financial statements of the company and the group for the year ended 31 August 2024. |
PRINCIPAL ACTIVITY |
The principal activity of the group in the year under review was that of group investment activities. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 September 2023 to the date of this report. |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
1ST QUALITY GROUP LTD (REGISTERED NUMBER: 10851721) |
CONSOLIDATED |
INCOME STATEMENT |
FOR THE YEAR ENDED 31 AUGUST 2024 |
Year Ended | Period |
31.8.24 | 1.8.22 to 31.8.23 |
£ | £ | £ | £ |
TURNOVER | 211,749 | 182,736 |
Distribution costs | 423 | - |
Administrative expenses | 42,303 | 19,931 |
42,726 | 19,931 |
OPERATING PROFIT | 169,023 | 162,805 |
Interest receivable and similar income | 499 | - |
169,522 | 162,805 |
Interest payable and similar expenses | 96,907 | 100,718 |
PROFIT BEFORE TAXATION | 72,615 | 62,087 |
Tax on profit | 15,461 | 11,543 |
PROFIT FOR THE FINANCIAL YEAR |
Profit attributable to: |
Owners of the parent | 57,154 | 50,544 |
1ST QUALITY GROUP LTD (REGISTERED NUMBER: 10851721) |
CONSOLIDATED BALANCE SHEET |
31 AUGUST 2024 |
2024 | 2023 |
Notes | £ | £ | £ |
FIXED ASSETS |
Investments | 5 | - | - |
Investment property | 6 | 2,728,921 | 2,728,921 |
2,728,921 | 2,728,921 |
CURRENT ASSETS |
Debtors | 7 | 121,364 | 115,114 |
Investments | 8 | 228,744 | - |
Cash at bank and in hand | 66,659 | 21,888 |
416,767 | 137,002 |
CREDITORS |
Amounts falling due within one year | 9 | 65,739 | 150,918 |
NET CURRENT ASSETS/(LIABILITIES) | 351,028 | (13,916 | ) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
3,079,949 |
2,715,005 |
CREDITORS |
Amounts falling due after more than one year | 10 | 1,595,711 | 1,287,921 |
NET ASSETS | 1,484,238 | 1,427,084 |
CAPITAL AND RESERVES |
Called up share capital | 11 | 300 | 300 |
Retained earnings | 12 | 1,483,938 | 1,426,784 |
SHAREHOLDERS' FUNDS | 1,484,238 | 1,427,084 |
The company and the group are entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 August 2024. |
The members have not required the company and the group to obtain an audit of its financial statements for the year ended 31 August 2024 in accordance with Section 476 of the Companies Act 2006. |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the group keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company and the group as at the end of each financial year and of the group's profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company and the group. |
1ST QUALITY GROUP LTD (REGISTERED NUMBER: 10851721) |
CONSOLIDATED BALANCE SHEET - continued |
31 AUGUST 2024 |
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. |
The financial statements were approved by the Board of Directors and authorised for issue on 12 November 2024 and were signed on its behalf by: |
Mr P Pastou - Director |
1ST QUALITY GROUP LTD (REGISTERED NUMBER: 10851721) |
COMPANY BALANCE SHEET |
31 AUGUST 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Cash in hand |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital | 11 |
SHAREHOLDERS' FUNDS |
Company's profit for the financial year | - | - |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
1ST QUALITY GROUP LTD (REGISTERED NUMBER: 10851721) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 AUGUST 2024 |
1. | STATUTORY INFORMATION |
1st Quality Group Ltd is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss. |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Consolidated Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
Pension costs and other post-retirement benefits |
The group operates a defined contribution pension scheme. Contributions payable to the group's pension scheme are charged to profit or loss in the period to which they relate. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
1ST QUALITY GROUP LTD (REGISTERED NUMBER: 10851721) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
3. | EMPLOYEES AND DIRECTORS - continued |
The average number of employees by undertakings that were proportionately consolidated during the year was 1 (2023 - 1 ) . |
4. | INDIVIDUAL INCOME STATEMENT |
As permitted by Section 408 of the Companies Act 2006, the Income Statement of the parent company is not presented as part of these financial statements. |
5. | FIXED ASSET INVESTMENTS |
The group or the company's investments at the Balance Sheet date in the share capital of companies include the following: |
Subsidiaries |
1st Quality Residential Investments Limited |
Registered office: Unit 9, Netherhouse Farm, Sewardstone Road, London E4 7RJ |
Nature of business: Property Investment |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | 3,333 | 2,987 |
Profit for the year/period | 427 | 4,900 |
1st Quality Investments Limited |
Registered office: Unit 9, Netherhouse Farm, Sewardstone Road, London E4 7RJ |
Nature of business: Property Investment |
% |
Class of shares: | holding |
Ordinary | 100.00 |
2024 | 2023 |
£ | £ |
Aggregate capital and reserves | 1,480,705 | 1,427,206 |
Profit for the year/period | 72,188 | 57,187 |
1ST QUALITY GROUP LTD (REGISTERED NUMBER: 10851721) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
6. | INVESTMENT PROPERTY |
Group |
Total |
£ |
FAIR VALUE |
At 1 September 2023 |
and 31 August 2024 | 2,728,921 |
NET BOOK VALUE |
At 31 August 2024 | 2,728,921 |
At 31 August 2023 | 2,728,921 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Amounts owed by associates | 116,900 | 110,650 |
Prepayments | 4,464 | 4,464 |
121,364 | 115,114 |
8. | CURRENT ASSET INVESTMENTS |
Group |
2024 | 2023 |
£ | £ |
Unlisted investments | 228,744 | - |
9. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Other loans | 10,175 | 10,000 |
Trade creditors | - | 1 |
Amounts owed to associates | 30,425 | 21,250 |
Corporation tax payable | 15,461 | 11,543 |
Social security and other taxes | 43 | - |
VAT | - | 13,000 |
Directors' current accounts | 7,835 | 93,324 |
Accrued expenses | 1,800 | 1,800 |
65,739 | 150,918 |
1ST QUALITY GROUP LTD (REGISTERED NUMBER: 10851721) |
NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 AUGUST 2024 |
10. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
Group |
2024 | 2023 |
£ | £ |
Bank loans more 5 yr by instal | 1,595,711 | 1,287,921 |
Amounts falling due in more than five years: |
Group |
2024 | 2023 |
£ | £ |
Repayable by instalments |
Bank loans more 5 yr by instal | 1,595,711 | 1,287,921 |
11. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2024 | 2023 |
value: | £ | £ |
Ordinary | £1 | 300 | 300 |
12. | RESERVES |
Group |
Retained |
earnings |
£ |
At 1 September 2023 | 1,426,784 |
Profit for the year | 57,154 |
At 31 August 2024 | 1,483,938 |