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Registered number: 10791122
QT PROPERTIES NE LTD
Unaudited Financial Statements
For the Period 29 May 2022 to 31 December 2022
Accounting SQL Limited t/a Spondoo Accountants
QT PROPERTIES NE LTD
Contents
Contents

| Page
--- | ---
Balance Sheet | 1—2
Notes to the Financial Statements | 3—5

Page 1
QT PROPERTIES NE LTD
Balance Sheet
As At 31 December 2022
Balance Sheet
Registered number: 10791122

| 31 December 2022 | 28 May 2022
--- | --- | ---
| Notes | £ | £ | £ | £
FIXED ASSETS
Tangible Assets | 4 |  | 3,599 |  | 3,599
Investment Properties | 5 |  | 5,885,844 |  | 5,981,833
|  |  | 5,889,443 |  | 5,985,432
CURRENT ASSETS
Stocks | 6 | - |  | 274,719 |
Debtors | 7 | 6,000 |  | 102,223 |
Cash at bank and in hand |  | 2,591 |  | 6,001 |
|  | 8,591 |  | 382,943 |
Creditors: Amounts Falling Due Within One Year | 8 | (478,376 ) |  | (1,897,135 ) |
NET CURRENT ASSETS (LIABILITIES) |  |  | (469,785 ) |  | (1,514,192 )
TOTAL ASSETS LESS CURRENT LIABILITIES |  |  | 5,419,658 |  | 4,471,240
Creditors: Amounts Falling Due After More Than One Year | 9 |  | (3,320,091 ) |  | (2,295,431 )
NET ASSETS |  |  | 2,099,567 |  | 2,175,809
CAPITAL AND RESERVES
Called up share capital | 10 |  | 2,000 |  | 2,000
Other reserves |  |  | 2,164,462 |  | 2,164,462
Profit and Loss Account |  |  | (66,895 ) |  | 9,347
SHAREHOLDERS' FUNDS |  |  | 2,099,567 |  | 2,175,809

Page 1
Page 2
QT PROPERTIES NE LTD
Balance Sheet (continued)
As At 31 December 2022
For the period ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board

Ms Iris Hall Director
10/05/2024

The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
QT PROPERTIES NE LTD
Notes to the Financial Statements
For the Period 29 May 2022 to 31 December 2022
Notes to the Financial Statements
1. General Information
QT PROPERTIES NE LTD is a private company, limited by shares, incorporated in England & Wales, registered number 10791122 . The registered office is 112 Spendmore Lane, Coppull, Chorley, PR7 5BX.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Motor Vehicles | 25%

2.4. Investment Properties
All investment properties are carried at fair value determined annually 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 for. Changes in fair value are recognised in the profit and loss account.
2.5. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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Page 4
QT PROPERTIES NE LTD
Notes to the Financial Statements (continued)
For the Period 29 May 2022 to 31 December 2022
2.6. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current and deferred tax are recognised in profit or loss for the period, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the period was: NIL (2022: 1)
- 1
4. Tangible Assets

| Motor Vehicles
--- | ---
| £
Cost or Valuation
As at 29 May 2022 | 3,700
As at 31 December 2022 | 3,700
Depreciation
As at 29 May 2022 | 101
As at 31 December 2022 | 101
Net Book Value
As at 31 December 2022 | 3,599
As at 29 May 2022 | 3,599

5. Investment Property

| 31 December 2022
--- | ---
| £
Fair Value
As at 29 May 2022 | 5,981,833
Fair value adjustments | (95,989 )
As at 31 December 2022 | 5,885,844

6. Stocks

| 31 December 2022 |  | 28 May 2022
--- | --- | --- | ---
| £ |  | £
Work in progress | - |  | 274,719

Page 4
Page 5
QT PROPERTIES NE LTD
Notes to the Financial Statements (continued)
For the Period 29 May 2022 to 31 December 2022
7. Debtors

| 31 December 2022 |  | 28 May 2022
--- | --- | --- | ---
| £ |  | £
Due within one year
Trade debtors | - |  | 65,000
Other debtors | 6,000 |  | 37,223
| 6,000 |  | 102,223

8. Creditors: Amounts Falling Due Within One Year

| 31 December 2022 |  | 28 May 2022
--- | --- | --- | ---
| £ |  | £
Trade creditors | 19,466 |  | 1,814,333
Other loans | 6,500 |  | -
Amounts owed to participating interests | 113,537 |  | -
Other creditors | 333,834 |  | 78,317
Taxation and social security | 5,039 |  | 4,485
| 478,376 |  | 1,897,135

9. Creditors: Amounts Falling Due After More Than One Year

| 31 December 2022 |  | 28 May 2022
--- | --- | --- | ---
| £ |  | £
Bank loans | 2,128,572 |  | 2,295,431
Other creditors | 1,191,519 |  | -
| 3,320,091 |  | 2,295,431

10. Share Capital

| 31 December 2022 |  | 28 May 2022
--- | --- | --- | ---
| £ |  | £
Allotted, Called up and fully paid | 2,000 |  | 2,000

11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:

| As at 29 May 2022 | Amounts advanced | Amounts repaid | Amounts written off | As at 31 December 2022
--- | --- | --- | --- | --- | ---
| £ | £ | £ | £ | £
Ms Iris Hall | 1 | 1 | 1 | 1 | 1

The above loan is unsecured, interest free and repayable on demand.
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