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Registration number: NI073970

Queens Quarter Housing Limited
Annual Report and Financial Statements
for the Year Ended 31 March 2025

Queens Quarter Housing Limited

Contents

Company Information | 1
Statement of Directors' Responsibilities | 2
Balance Sheet | 3
Notes to the Financial Statements | 4 to 8

Queens Quarter Housing Limited

Company Information

Directors | Mr Charles Paul Toland Mr Charles Oliver Toland

Registered office | 151 University Street Belfast BT7 1HR

Bankers | First Trust Bank (NI) Ormeau Road Branch 425 - 427 Ormeau Road Belfast County Antrim BT7 3GQ

Auditors | McKeague Morgan & Company Chartered Accountants & Statutory Auditors27 College Gardens Belfast BT9 6BS

Queens Quarter Housing Limited

Statement of Directors' Responsibilities

The directors acknowledge their responsibilities for preparing the Annual Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the directors are required to:

• | select suitable accounting policies and apply them consistently;

• | make judgements and accounting estimates that are reasonable and prudent;

• | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006 and in accordance with FRS 102. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Queens Quarter Housing Limited

(Registration number: NI073970)
Balance Sheet as at 31 March 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Tangible assets | 4 | 3,351,957 | 3,372,201
Current assets |  |  |
Debtors | 5 | 393,708 | 389,720
Cash at bank and in hand |  | 449,427 | 309,184
|  | 843,135 | 698,904
Creditors: Amounts falling due within one year | 6 | (229,510) | (673,918)
Net current assets |  | 613,625 | 24,986
Total assets less current liabilities |  | 3,965,582 | 3,397,187
Provisions for liabilities |  | - | (3,849)
Net assets |  | 3,965,582 | 3,393,338
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Capital redemption reserve |  | - | 100
Profit and loss account |  | 3,965,482 | 3,393,138
Total equity |  | 3,965,582 | 3,393,338

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 16 September 2025 and signed on its behalf by:

.........................................

Mr Charles Paul Toland
Director

Queens Quarter Housing Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

1 | General information

The company is a private company limited by share capital, incorporated in the United Kingdom.

The address of its registered office is:
151 University Street
Belfast
BT7 1HR

These financial statements were authorised for issue by the Board on 16 September 2025.

2 | Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

Audit report

The Independent Auditors' Report was unqualified. and the auditor did not draw attention to any matters by way of emphasis. The name of the Senior Statutory Auditor who signed the audit report on 16 September 2025 was Mr Terence Hollywood, who signed for and on behalf of McKeague Morgan & Company.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

Queens Quarter Housing Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

2 | Accounting policies (continued)

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class | Depreciation method and rate
Fixtures, fittings and equipment | 20% straight line p.a.
Motor vehicles | 20% straight line p.a.

Due to the nature of the business, it is company policy to invest substantially in ongoing repairs, the consequence of this is that the properties are maintained to a high standard. For this reason, it is considered that a depreciation charge on the properties is not necessary.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.
Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Queens Quarter Housing Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

2 | Accounting policies (continued)

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.
Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Provisions

Provisions are recognised when the company has an obligation at the reporting date as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 37 (2024 - 43).

Queens Quarter Housing Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

4 | Tangible assets

| Land and buildings £ | Furniture, fittings and equipment £ | Motor vehicles £ | Total £
Cost or valuation
At 1 April 2024 | 3,351,957 | 87,225 | 34,704 | 3,473,886
Disposals | - | - | (34,704) | (34,704)
At 31 March 2025 | 3,351,957 | 87,225 | - | 3,439,182
Depreciation
At 1 April 2024 | - | 87,225 | 14,460 | 101,685
Eliminated on disposal | - | - | (14,460) | (14,460)
At 31 March 2025 | - | 87,225 | - | 87,225
Carrying amount
At 31 March 2025 | 3,351,957 | - | - | 3,351,957
At 31 March 2024 | 3,351,957 | - | 20,244 | 3,372,201

Queens Quarter Housing Limited

Notes to the Financial Statements for the Year Ended 31 March 2025

5 | Debtors

| Note | 2025 £ | 2024 £
Amounts owed by related parties | 8 | 393,062 | 389,243
Other debtors |  | 646 | 477
|  | 393,708 | 389,720

6 | Creditors

| Note | 2025 £ | 2024 £
Due within one year |  |  |
Corporation tax liability |  | 194,599 | 244,630
Loans from directors |  | - | 400,000
Accruals and deferred income |  | 34,911 | 29,288
|  | 229,510 | 673,918

7 | Share capital

Allotted, called up and fully paid shares

| 2025 | 2024
| No. | £ | No. | £
Ordinary shares of £1 each | 100 | 100 | 100 | 100

8 | Related party transactions

Summary of transactions with other related parties

Queens Quarter Housing Limited and Queens Quarter Housing (Belfast) Limited are both managed by Charles Paul Toland as director.
Queens Quarter Housing Limited have the use of properties owned by Queens Quarter Housing (Belfast) Limited which are now provided rent free.
At the balance sheet date the amount due from Queens Quarter Housing (Belfast) Limited was £392,062 (2024 : £389,243)