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COMPANY REGISTRATION NUMBER: 05422761
Queline Investments Limited
Filleted Unaudited Financial Statements
For the year ended
30 September 2024
Queline Investments Limited
Statement of Financial Position
30 September 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
1,055,000
1,055,000
Current assets
Debtors
6
7,959
10,825
Cash at bank and in hand
21,677
13,110
--------
--------
29,636
23,935
Creditors: amounts falling due within one year
7
99,102
95,948
--------
--------
Net current liabilities
69,466
72,013
-------------
-------------
Total assets less current liabilities
985,534
982,987
Creditors: amounts falling due after more than one year
8
898,396
898,595
----------
----------
Net assets
87,138
84,392
----------
----------
Capital and reserves
Called up share capital
2
2
Profit and loss account
87,136
84,390
--------
--------
Shareholders funds
87,138
84,392
--------
--------
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 income statement has not been delivered.
For the year ending 30 September 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Queline Investments Limited
Statement of Financial Position (continued)
30 September 2024
These financial statements were approved by the board of directors and authorised for issue on 25 June 2025 , and are signed on behalf of the board by:
Mr D A Rose
Director
Company registration number: 05422761
Queline Investments Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The company is a private company limited by shares. The address of the registered office is 7 Brandon Court, Outwood, Wakefield, West Yorkshire, WF1 2EN.
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
(a) Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
(b) Going concern
The UK economy has recently been impacted by rising inflation, interest rates and energy costs, exacerbated by the war in Ukraine. All these matters have impacted the company's trading results to a greater or lesser extent. At the date of signing these financial statements, the directors have considered the effect of these matters on the company with the information available to it and do not believe that it will affect the ability of the company to continue to trade for the foreseeable future. On this basis, the directors have prepared these financial statements on a going concern basis.
(c) Revenue recognition
Income from rent received is recognised in accordance with terms and conditions of the relevant lease agreement.
(d) Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
(e) Current tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
(f) Operating leases
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
(g) Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
(h) Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
(i) Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
(j) Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Tangible assets
Land and buildings
£
Cost
At 1 October 2023 and 30 September 2024
1,055,000
-------------
Depreciation
At 1 October 2023 and 30 September 2024
-------------
Carrying amount
At 30 September 2024
1,055,000
-------------
At 30 September 2023
1,055,000
-------------
The investment property was valued in September 2024 by the director who has experience in the location and category of the investment properties being valued.
6. Debtors
2024
2023
£
£
Trade debtors
7,959
7,958
Other debtors
2,867
-------
--------
7,959
10,825
-------
--------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
695
695
Accruals
2,196
1,698
Directors loan account
40,070
36,714
Other creditors
56,141
56,841
--------
--------
99,102
95,948
--------
--------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans
898,396
898,595
----------
----------
The bank loans totalling £898,595 (2023: £898,595) are secured on the Company's freehold properties held in fixed assets.
9. Related party transactions
As at 30 September 2024 the Company owed the director £ 40,070 (2023: £ 36,714 ) on a directors loan account. There are no fixed repayment terms and no interest is charged on this balance.