Company No:
Contents
| Note | 2024 | 2023 | ||
| £ | £ | |||
| Current assets | ||||
| Debtors | 3 |
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| 6,339 | 21,422 | |||
| Creditors: amounts falling due within one year | 4 | (
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| Net current liabilities | (142,800) | (138,417) | ||
| Total assets less current liabilities | (142,800) | (138,417) | ||
| Net liabilities | (
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| Capital and reserves | ||||
| Called-up share capital | 5 |
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| Profit and loss account | (
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| Total shareholders' deficit | (
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Directors' responsibilities:
The financial statements of Victoria Quay Services Limited (registered number:
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M Ho
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated. The Company was inactive during the year.
Victoria Quay Services Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Fifth Floor, Cording House, 34-35 St James's Street, London, SW1A 1HD, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The Company will not continue business for the next 12 months and so the directors are winding down activities, and as a result, these financial statements have been prepared on a break-up basis. This means that all assets have been adjusted as necessary to reflect their immediate realisable value.
The directors made the decision that the company would cease trading. The directors have included in the financial statements any provision for future costs of terminating the business, which were committed to at the balance sheet date, and where appropriate the company's assets have been written down to their net realisable value.
The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities, like trade and other debtors and creditors and loans to and from related parties.
(i) Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Such assets are subsequently carried at amortised cost using the effective interest method.
At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Income and Retained Earnings.
Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors, accruals and loans from related parties are initially recognised at transaction price, unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
Financial liabilities are derecognised when the liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.
(iii) Offsetting
Financial assets and liabilities are offset and the net amounts presented in the financial statements when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
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| Number | Number | ||
| Monthly average number of persons employed by the company during the year, including directors |
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| £ | £ | ||
| Other debtors |
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| £ | £ | ||
| Trade creditors |
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| Other creditors |
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| £ | £ | ||
| Allotted, called-up and fully-paid | |||
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Other related party transactions
| 2024 | 2023 | ||
| £ | £ | ||
| Included within other debtors is the balance owed by a company with the common ultimate controlling party. The balance is repayable on demand and no interest is charged on the balance. | 6,339 | 20,422 | |
| Included within other creditors is the balance relating to another company with the common ultimate controlling party. The balance is repayable on demand and no interest is charged on the balance. | 1,340 | 12,000 |
The immediate parent undertaking is FE International Projects Limited. The ultimate controlling party is V Chu.