Quay Properties (Torbay) Limited - Accounts to registrar (filleted)

REGISTERED NUMBER: 03492457 (England and Wales)

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

QUAY PROPERTIES (TORBAY) LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Mr A C Heard

Mr T P Jones

SECRETARY:

Mr A C Heard

REGISTERED OFFICE:

Moose Hall

Barewell Road

Torquay

Devon

TQ1 4PA

REGISTERED NUMBER:

03492457 (England and Wales)

ACCOUNTANTS:

Marsland Nash Associates

Chartered Tax Advisers, Accountants

and Business Consultants

Vantage Point House

Silverhills Road

Decoy Industrial Estate

Newton Abbot

Devon

TQ12 5ND

BANKERS:

Barclays Bank Plc

40 Courtenay Street

Newton Abbot

Devon

TQ12 2EA

FIXED ASSETS

Tangible assets

4

302

914

Investment property

5

700,000

700,302

700,914

CURRENT ASSETS

Debtors

6

461

373

Cash at bank

33,325

29,448

33,786

29,821

CREDITORS

Amounts falling due within one year

7

188,092

208,741

NET CURRENT LIABILITIES

(154,306

)

(178,920

)

TOTAL ASSETS LESS CURRENT LIABILITIES

545,996

521,994

PROVISIONS FOR LIABILITIES

24,353

24,470

NET ASSETS

521,643

497,524

CAPITAL AND RESERVES

Called up share capital

150

Revaluation reserve

8

204,153

Retained earnings

317,340

293,221

SHAREHOLDERS' FUNDS

521,643

497,524

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 9 September 2025 and were signed on its behalf by:

Mr T P Jones - Director

1.	STATUTORY INFORMATION

Quay Properties (Torbay) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

20% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

25% on cost

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 Statement of Income and Retained Earnings, 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4.	TANGIBLE FIXED ASSETS

Fixtures

Plant and

and

Computer

machinery

fittings

equipment

Totals

£

COST

At 1 January 2024

and 31 December 2024

250

15,960

3,379

19,589

DEPRECIATION

At 1 January 2024

50

15,960

2,665

18,675

Charge for year

40

-

572

612

At 31 December 2024

90

15,960

3,237

19,287

NET BOOK VALUE

At 31 December 2024

160

-

142

302

At 31 December 2023

200

-

714

914

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 January 2024

and 31 December 2024

700,000

NET BOOK VALUE

At 31 December 2024

700,000

At 31 December 2023

700,000

Fair value at 31 December 2024 is represented by:

£

Valuation in 2014

295,000

Valuation in 2019

305,441

Valuation in 2023

99,559

700,000

If the investment property had not been revalued it would have been included at the following historical cost:

2024

2023

£

Cost

471,551

The investment property was valued on an open market basis on 31 December 2024 by the directors .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Prepayments

461

373

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

Payments on account

290

-

Tax

5,774

6,525

VAT

668

886

Directors' current accounts

180,000

200,000

Accrued expenses

1,360

1,330

188,092

208,741

8.

RESERVES

Revaluation

reserve

£

At 1 January 2024

and 31 December 2024

204,153

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to directors subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

Mr A C Heard

Balance outstanding at start of year

(100,000

)

(103,790

)

Amounts advanced

10,000

3,790

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

(90,000

)

(100,000

)

Mr T P Jones

Balance outstanding at start of year

(100,000

)

(104,127

)

Amounts advanced

10,000

4,127

Amounts repaid

-

Amounts written off

-

Amounts waived

-

Balance outstanding at end of year

(90,000

)

(100,000

)

Loans are unsecured, interest free and repayable on demand.