Registration number: 11990751

Quay House Flats Ltd

Contents

Company Information	1
Balance Sheet	2
Notes to the Unaudited Financial Statements	3 to 7

Quay House Flats Ltd

Company Information

Directors

Mr T F Ellemann Mrs A M I Ellemann

Registered office

Waterside Court Falmouth Road Penryn Cornwall TR10 8AW

Accountants

GW&Co. Ltd Chartered Certified AccountantsWaterside Court Falmouth Road Penryn United Kingdom TR10 8AW

Quay House Flats Ltd

(Registration number: 11990751)
Balance Sheet as at 31 May 2025

	Note	2025 £	2024 £
Fixed assets
Tangible assets	4	9,251	14,115
Current assets
Debtors	5	49,263	35,718
Cash at bank and in hand		6,347	11,124
		55,610	46,842
Creditors: Amounts falling due within one year	6	(12,183)	(9,224)
Net current assets		43,427	37,618
Total assets less current liabilities		52,678	51,733
Creditors: Amounts falling due after more than one year	6	(2,844)	(8,752)
Provisions for liabilities		(2,021)	(2,021)
Net assets		47,813	40,960
Capital and reserves
Called up share capital	7	1	1
Retained earnings		47,812	40,959
Shareholders' funds		47,813	40,960

For the financial year ending 31 May 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

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 20 May 2026 and signed on its behalf by:
 

......................................... Mr T F Ellemann Director

Quay House Flats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 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:
Waterside Court Falmouth Road
Penryn
Cornwall
TR10 8AW
United Kingdom

These financial statements were authorised for issue by the Board on 20 May 2026.

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.

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 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.

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.

Quay House Flats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

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
Short leasehold	10% on cost
Plant and machinery	20% on Cost
Fixtures and fittings	20% on Cost

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2024 - 2).

Quay House Flats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

4	Tangible assets

	Short leasehold land and buildings £	Fixtures and fittings £	Plant and machinery £	Total £
Cost or valuation
At 1 June 2024	6,428	7,568	27,577	41,573
At 31 May 2025	6,428	7,568	27,577	41,573
Depreciation
At 1 June 2024	1,546	3,028	22,884	27,458
Charge for the year	642	1,514	2,708	4,864
At 31 May 2025	2,188	4,542	25,592	32,322
Carrying amount
At 31 May 2025	4,240	3,026	1,985	9,251
At 31 May 2024	4,882	4,540	4,693	14,115

Included within the net book value of land and buildings above is £4,239 (2024 - £4,882) in respect of short leasehold land and buildings.
 

5

Debtors

Current	Note	2025 £	2024 £
Trade debtors		46	-
Amounts owed by related parties	9	49,217	30,068
Other debtors		-	5,650
		49,263	35,718

Quay House Flats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

6

Creditors

Creditors: amounts falling due within one year

	Note	2025 £	2024 £
Due within one year
Loans and borrowings	8	5,924	5,924
Taxation and social security		1,458	-
Other creditors		4,801	3,300
		12,183	9,224

Creditors: amounts falling due after more than one year

	Note	2025 £	2024 £
Due after one year
Loans and borrowings	8	2,844	8,752

7	Share capital

Allotted, called up and fully paid shares

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

8	Loans and borrowings

Non-current loans and borrowings

	2025 £	2024 £
Bank borrowings	2,844	8,752

Current loans and borrowings

	2025 £	2024 £
Bank borrowings	5,924	5,924

Quay House Flats Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2025

9	Related party transactions

During the year the company leased a property from its parent company, Port Navas Yacht Club Ltd, for an amount of £12,000 (2024:£12,000).

Included in other debtors is an amount of £49,217 due from Port Navas Yacht Club a company that has the same directors and shareholders.