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Registered number: 11094873
Q1 Cobham Limited
Unaudited Financial Statements
For The Year Ended 30 June 2025
Q1 Cobham Limited
Contents
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Q1 Cobham Limited
Balance Sheet
As At 30 June 2025
Balance Sheet
Registered number: 11094873
2025 2024
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 3,255,000 3,255,000
3,255,000 3,255,000
CURRENT ASSETS
Debtors 5 11,817 24,642
Cash at bank and in hand 46,638 10,997
58,455 35,639
Creditors: Amounts Falling Due Within One Year 6 (124,634 ) (91,671 )
NET CURRENT ASSETS (LIABILITIES) (66,179 ) (56,032 )
TOTAL ASSETS LESS CURRENT LIABILITIES 3,188,821 3,198,968
Creditors: Amounts Falling Due After More Than One Year 7 (2,531,666 ) (2,656,605 )
NET ASSETS 657,155 542,363
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 657,055 542,263
SHAREHOLDERS' FUNDS 657,155 542,363
Page 1
Page 2
Q1 Cobham Limited
Balance Sheet (continued)
As At 30 June 2025
For the year ending 30 June 2025 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
Ross Kemp
Director
18/05/2026
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Q1 Cobham Limited
Notes to the Financial Statements
For The Year Ended 30 June 2025
Notes to the Financial Statements
1. General Information
Q1 Cobham Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11094873 . The registered office is 249 Cranbrook Road, Ilford, Essex, IG1 4TG.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
2.2. Investment Properties
Investment properties are properties owned by the company that are held for long-term rental income or for capital appreciation or both.
Investment properties are initially recognised at cost, including transaction costs when ownership of the property is transferred. Where recognition criteria are met, the carrying value includes subsequent costs to add to or replace part of an investment property. Subsequent to initial recognition, investment properties are stated at fair value, which reflects market conditions at the reporting date.
Gains or losses arising from changes in the fair values of investment properties are included in profit or loss or the statement of comprehensive income in the period in which they arise.
2.3. Financial Instruments
The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section
12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with 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.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method 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. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable 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.
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Q1 Cobham Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
2.4. 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.
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 year, 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.
2.5. Equity Instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
2.6. Income Recognition
Rental income revenue is recognised to the extent that it is probable that the economic benefit will flow to the company and the revenue can be reliably measured.
Revenue comprising rental income is measured as the fair value of the consideration received and receivable, excluding discount rebates, value added tax and other sales taxes and is shown as 'Other operating income'.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2024: 2)
2 2
4. Investment Property
2025
£
Fair Value
As at 1 July 2024 and 30 June 2025 3,255,000
If investment property had been accounted for under historical cost accounting rules, the amounts would be:
2025 2024
£ £
Cost 3,453,850 3,453,850
Accumulated depreciation and impairment 198,850 198,850
Carrying amount 3,255,000 3,255,000
Page 4
Page 5
Q1 Cobham Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
5. Debtors
2025 2024
£ £
Due within one year
Trade debtors 3,843 19,642
Prepayments and accrued income 998 -
Other debtors 6,976 5,000
11,817 24,642
6. Creditors: Amounts Falling Due Within One Year
2025 2024
£ £
Trade creditors - 1,776
Bank loans and overdrafts 37,600 33,104
Corporation tax 40,278 32,173
VAT 16,972 14,933
Other creditors 9,032 -
Deposits repayable 12,163 -
Accruals and deferred income 8,589 9,685
124,634 91,671
7. Creditors: Amounts Falling Due After More Than One Year
2025 2024
£ £
Bank loans 1,511,314 1,553,276
Amounts owed to related parties 1,020,352 1,103,329
2,531,666 2,656,605
Of the creditors falling due after more than one year the following amounts are due after more than five years.
2025 2024
£ £
Bank loans 1,360,914 1,420,860
Other Creditors 1,020,352 1,103,329
8. Secured Creditors
Of the creditors the following amounts are secured.
The bank loans are secured by fixed and floating charges over all of the assets and undertaking of the company.
2025 2024
£ £
Bank loans and overdrafts 1,548,914 1,586,380
9. Share Capital
2025 2024
Allotted, called up and fully paid £ £
10,000 Ordinary Shares of £ 0.01 each 100 100
Page 5
Page 6
Q1 Cobham Limited
Notes to the Financial Statements (continued)
For The Year Ended 30 June 2025
10. Reserves
Profit and Loss Account
£
As at 1 July 2024 542,263
Profit for the year and total comprehensive income 114,792
As at 30 June 2025 657,055
11. Related Party Transactions
During the year, the company received an advance amounting to £1,020,352 from Queensbury Investments Limited, the company's parent undertaking. This amount remained outstanding at the year end and is was interest free, unsecured and repayable on demand.
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