Quintessential Properties Limited Filleted accounts for Companies House (small and micro)

QUINTESSENTIAL PROPERTIES LTD - Company Information

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COMPANY REGISTRATION NUMBER: 10181782

Quintessential Properties Limited

Filleted Unaudited Abridged Financial Statements

31 May 2018

Quintessential Properties Limited

Abridged Financial Statements

Year Ended 31 May 2018

Contents	Pages

Abridged statement of financial position	1 to 2

Notes to the abridged financial statements	3 to 6

Quintessential Properties Limited

Abridged Statement of Financial Position

31 May 2018

	2018
Note	£	£

Fixed Assets

Tangible assets	4	8,575
Investment property	5	333,248
		---------
		341,823

Current Assets

Debtors	1,703
Cash at bank and in hand	5,287
	-------
	6,990

Creditors: amounts falling due within one year	14,313
	--------
Net Current Liabilities		7,323
		---------
Total Assets Less Current Liabilities		334,500

Creditors: amounts falling due after more than one year		331,577

Provisions

Taxation including deferred tax		1,629
		---------
Net Assets		1,294
		---------

Capital and Reserves

Called up share capital	6	2
Profit and loss account		1,292
		-------
Shareholders Funds		1,294
		-------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of comprehensive income has not been delivered.

For the year ending 31 May 2018 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 abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 May 2018 in accordance with Section 444(2A) of the Companies Act 2006.

Quintessential Properties Limited

Abridged Statement of Financial Position (continued)

31 May 2018

These abridged financial statements were approved by the board of directors and authorised for issue on 18 February 2019 , and are signed on behalf of the board by:

Mrs S Bilsland

Director

Company registration number: 10181782

Quintessential Properties Limited

Notes to the Abridged Financial Statements

Year Ended 31 May 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 16 Castlegate, Tickhill, Doncaster, South Yorkshire, DN11 9QU, England.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss. The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

The turnover shown in the profit and loss account represents rent earned during the year.

Income tax

Current tax represents the amount of tax payable or receivable in respect of the taxable profit (or loss) for the current or past reporting periods. It is measured at the amount expected to be paid or recovered using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

	Fixtures and fittings	-	25% reducing balance

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Investments in joint ventures

Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.

4. Tangible assets

	£
Cost
At 1 June 2017	–
Additions	11,433
	--------
At 31 May 2018	11,433
	--------
Depreciation
At 1 June 2017	–
Charge for the year	2,858
	--------
At 31 May 2018	2,858
	--------
Carrying amount
At 31 May 2018	8,575
	--------

5. Investment property

	£
Cost
At 1 June 2017	–
Additions	333,248
	---------
At 31 May 2018	333,248
	---------
Impairment
At 1 June 2017 and 31 May 2018	–
	---------
Carrying amount
At 31 May 2018	333,248
	---------

6. Called up share capital

Issued, called up and fully paid

	2018
	No.	£
Ordinary shares of £ 1 each	2	2
	----	----

7. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Amounts repaid	Balance outstanding
	£	£	£	£
Mrs S Bilsland	–	1,118	( 1,150)	( 32)
Mr F Bilsland	–	1,119	( 1,150)	( 31)
	----	-------	-------	----
	–	2,237	( 2,300)	( 63)
	----	-------	-------	----

8. Related party transactions

During the year the company entered into the following transactions with related parties:

	Transaction value
	2018
	£
Entities under common control - Rental income	35,525
	--------

The company has taken advantage of exemption conferred by FRS 102 S33.1A, removing the requirement to disclose transactions between group companies.