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Registration number: 12218707

QN Street Limited
Financial Statements
for the Year Ended 31 January 2025

QN Street Limited

Contents

Balance Sheet | 1
Notes to the Financial Statements | 2 to 6

QN Street Limited

(Registration number: 12218707)
Balance Sheet as at 31 January 2025

| Note | 2025 £ | 2024 £
Fixed assets |  |  |
Investments | 4 | 292 | 292
Current assets |  |  |
Stocks | 5 | 499,949 | 1,148,361
Debtors | 6 | 1,183,314 | 1,285,434
Cash at bank and in hand |  | 53,856 | 28,818
|  | 1,737,119 | 2,462,613
Creditors: Amounts falling due within one year | 7 | (53,482) | (173,752)
Net current assets |  | 1,683,637 | 2,288,861
Total assets less current liabilities |  | 1,683,929 | 2,289,153
Provisions for liabilities |  | (7,840) | (7,840)
Net assets |  | 1,676,089 | 2,281,313
Capital and reserves |  |  |
Called up share capital |  | 100 | 100
Profit and loss account |  | 1,675,989 | 2,281,213
Shareholders' funds |  | 1,676,089 | 2,281,313

These financial statements have been prepared and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
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 directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 23 July 2025 and signed on its behalf by:

......................................... Mr S A Ismail Director

QN Street Limited

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

1 | General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Unit 2 Block C
14 Hulme Street
Salford
Greater Manchester
M5 4ZG
UK

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.
These financial statements are prepared in Sterling, which is the functional currency of the company. All monetary amounts are rounded to the nearest £.

Exemption from preparing group accounts

The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that it is a small sized group.

Audit report
The Independent Auditor's Report was unqualified. The name of the Senior Statutory Auditor who signed the audit report on 23 July 2025 was Mr Damian Wayne Riley FCCA, who signed for and on behalf of Alextra Audit Limited.

QN Street Limited

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

Judgements

In the application of the company's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where revision affects only that period, or in the period of revision and future periods where the revision affects both current and future periods.

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.

The current 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.

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Stocks

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

QN Street Limited

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

3 | Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2024 - 2).

4 | Investments

| 2025 £ | 2024 £
Investments in subsidiaries | 292 | 292

Subsidiaries | £
Cost or valuation
At 1 February 2024 | 292
Carrying amount
At 31 January 2025 | 292
At 31 January 2024 | 292

Details of undertakings

Details of the investments in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking | Registered office | Holding | Proportion of voting rights and shares held
|  |  | 2025 | 2024
Subsidiary undertakings
Bradley Manor Limited | Unit 2 Block C, 14 Hulme Street, Salford, Greater Manchester, M5 4ZG | Ordinary | 100% | 100%
Dyrham Park Limited | Unit 2 Block C, 14 Hulme Street, Salford, Greater Manchester, M5 4ZG | Ordinary | 100% | 100%
QN Street Fifty5ive Limited | Unit 2 Block C, 14 Hulme Street, Salford, Greater Manchester, M5 4ZG | Ordinary | 100% | 100%

All of the above companies are registered in England and Wales.

QN Street Limited

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

Subsidiary undertakings
Bradley Manor Limited The principal activity of Bradley Manor Limited is development of building projects.
Dyrham Park Limited The principal activity of Dyrham Park Limited is development of building projects.
QN Street Fifty5ive Limited The principal activity of QN Street Fifty5ive Limited is dormant.

5 | Stocks

| 2025 £ | 2024 £
Work in progress | 499,949 | 1,148,361

6 | Debtors

| 2025 £ | 2024 £
Trade debtors | 23,617 | 21,787
Amounts owed by group undertakings | 1,157,186 | 1,151,409
Prepayments | 140 | -
Other debtors | 2,371 | 112,238
| 1,183,314 | 1,285,434

QN Street Limited

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

7 | Creditors

Creditors: amounts falling due within one year

| 2025 £ | 2024 £
Due within one year |  |
Amounts owed to group undertakings | - | 80,000
Taxation and social security | - | 38,458
Accruals and deferred income | 53,382 | 55,194
Other creditors | 100 | 100
| 53,482 | 173,752

A fixed and floating charge has been registered dated 23 October 2020 over all the property or undertakings of the company and the freehold interest in the property known as 49 Queen Street together with other freehold interests and a leasehold interest in respect of a loan facility which is not being utilised at the year end date (2024: not utilised at the year end date).

8 | Parent and ultimate parent undertaking

The parent companies are Fred Done Property Trading Group Limited and Karpeediem Limited.
Fred Done Property Trading Group Limited is a company incorporated in England and Wales, company number 08830784, registered office The Spectrum, Benson Road, Birchwood, Warrington, WA3 7PQ.
Karpeediem Limited is a company incorporated in England and Wales, company number 12104578, registered office Unit 2 Block C, 14 Hulme Street, Salford, Greater Manchester, M5 4ZG.
These financial statements are consolidated within the group financial statements of Fred Done Property Trading Group Limited. Copies of the financial statements are available on request from The Spectrum, Benson Road, Birchwood, Warrington, WA3 7PQ.
The controlling party is Fred Done Property Trading Group Limited by virtue of its shareholding.