Queensway Services Limited - Filleted accounts

Registered number

06355178

Queensway Services Limited

Unaudited Filleted Accounts

31 October 2024

Queensway Services Limited
Registered number:		06355178
Balance Sheet
as at 31 October 2024

Notes			2024			2023
£				£
Fixed assets
Tangible assets	3		148			(39,852)
Investments	4		1,794,165			1,203,750
			1,794,313			1,163,898

Current assets
Debtors	5	-			10,000
Cash at bank and in hand		459			373
		459			10,373

Creditors: amounts falling due within one year	6	(95,921)			(435,801)

Net current liabilities			(95,462)			(425,428)

Total assets less current liabilities			1,698,851			738,470

Creditors: amounts falling due after more than one year	7		(400,108)			(524,900)



Net assets			1,298,743			213,570

Capital and reserves
Called up share capital			1,000,000			1
Profit and loss account			298,743			213,569

Shareholders' funds			1,298,743			213,570

The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




Habib Nazir
Director
Approved by the board on 31 October 2025

Queensway Services Limited
Notes to the Accounts
for the year ended 31 October 2024


1	Accounting policies

	Basis of preparation
	The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).

	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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Freehold buildings	over 50 years
	Leasehold land and buildings	over the lease term
	Plant and machinery	over 5 years
	Fixtures, fittings, tools and equipment	over 5 years

	Investments
	Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Provisions
	Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.

	Leased assets
	A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.


2	Employees		2024		2023
Number				Number

	Average number of persons employed by the company		2		2


3	Tangible fixed assets
					Plant and machinery etc
£
	Cost
	At 1 November 2023				590,413
	At 31 October 2024				590,413

	Depreciation
	At 1 November 2023				630,265
	Reinstated				(40,000)
	At 31 October 2024				590,265

	Net book value
	At 31 October 2024				148
	At 31 October 2023				(39,852)


4	Investments

Other
investments
£
	Cost
	At 1 November 2023				1,203,750
	Additions				590,415

	At 31 October 2024				1,794,165


5	Debtors		2024		2023
£				£

	Trade debtors		-		10,000


6	Creditors: amounts falling due within one year		2024		2023
£				£

	Bank loans and overdrafts		62,596		2,543
	Trade creditors		-		28,750
	Taxation and social security costs		3,779		6,984
	Other creditors		29,546		397,524
			95,921		435,801


7	Creditors: amounts falling due after one year		2024		2023
£				£

	Bank loans		400,108		524,900


8	Other information

	Queensway Services Limited is a private company limited by shares and incorporated in England. Its registered office is:
	35-41 Highfield Road
	Saltley
	Birmingham
	B8 3QD