The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

FQC Property Development Limited is a private company limited by shares incorporated in Scotland. The registered office is Johnstone House, 52-54 Rose Street, Aberdeen, AB10 1HA.

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.

At 31 October 2024 the company has net current liabilities. Included within these liabilities are amounts due to the parent company and the director. The financial statements are prepared on a going concern basis, which assumes that the company will continue to meet its liabilities as they fall due. The parent company and the director have confirmed that they shall not seek repayment of amounts until working capital is sufficient to permit repayment. Furthermore the parent company has confirmed that they shall continue to support the company to facilitate its ability to continue trading as a going concern for the foreseeable future.

Investment property, which is property held to earn rentals and/or for 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. 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 the Statement of comprehensive income.

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade debtors and creditors. These are measured at amortised cost and are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.

The average monthly number of persons (including directors) employed by the company during the year was:

The 2024 valuations were made on an open market value for existing use basis.

At the end of the year £5,922 (2023 - £5,922) was due to the director. The loan is unsecured and interest free with no fixed repayment terms in place.

As the company is a wholly owned subsidiary of MFW Property Development Limited, it has taken advantage of the exemption within FRS 102, Section 33 (Related Party Disclosure) which allows exemption from disclosure of related party transactions with group companies.true