Queensgate Bracknell Ltd - Accounts to registrar (filleted) - small 18.2

Queensgate Bracknell Ltd - Accounts to registrar (filleted) - small 18.2

QUEENSGATE BRACKNELL LTD - Company Information

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REGISTERED NUMBER: 10481318 (England and Wales)











FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

QUEENSGATE BRACKNELL LTD
QUEENSGATE BRACKNELL LTD (REGISTERED NUMBER: 10481318)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


QUEENSGATE BRACKNELL LTD

COMPANY INFORMATION
FOR THE YEAR ENDED 31 DECEMBER 2020







DIRECTORS: A J Simpson
P Hamilton





REGISTERED OFFICE: 2-4 Packhorse Road
Gerrards Cross
Buckinghamshire
SL9 7QE





REGISTERED NUMBER: 10481318 (England and Wales)





ACCOUNTANTS: Nunn Hayward LLP
Chartered Accountants
2-4 Packhorse Road
Gerrards Cross
Buckinghamshire
SL9 7QE
1
QUEENSGATE BRACKNELL LTD (REGISTERED NUMBER: 10481318)

BALANCE SHEET
31 DECEMBER 2020

2020 2019
Notes £ £ £ £
FIXED ASSETS
Tangible assets 4 92,674 123,565
Investment property 5 2,459,695 2,200,000
2,552,369 2,323,565

CURRENT ASSETS
Stocks 600,000 -
Debtors 6 323,859 24,319
Cash at bank 42,178 2,040
966,037 26,359
CREDITORS
Amounts falling due within one year 7 40,590 19,673
NET CURRENT ASSETS 925,447 6,686
TOTAL ASSETS LESS CURRENT LIABILITIES 3,477,816 2,330,251

CREDITORS
Amounts falling due after more than one year 8 (3,027,818 ) (1,989,818 )

PROVISIONS FOR LIABILITIES (85,097 ) (64,280 )
NET ASSETS 364,901 276,153

CAPITAL AND RESERVES
Called up share capital 300 300
Fair value reserve 462,951 462,951
Retained earnings (98,350 ) (187,098 )
364,901 276,153

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 30 November 2021 and were signed on its behalf by:



P Hamilton - Director


The notes form part of these financial statements

2
QUEENSGATE BRACKNELL LTD (REGISTERED NUMBER: 10481318)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020


1. STATUTORY INFORMATION

Queensgate Bracknell Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

In 2018, the directors decided to change the company's reporting period for administrative convenience. The annual financial statements for the period ended 31 December 2018 were presented for a period of 13 months and therefore the prior year's comparative amounts are not entirely comparable.

Turnover
Turnover represents rents receivable from rental of a commercial property.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Improvements to property - 25% on reducing balance

Investment property
Investment property is included at fair value. Gains/losses on revaluation are recognised in the income
statement within other operating gains/losses. Deferred taxation is provided for on these revaluation gains/losses at the rate expected to apply when the property is sold.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2019 - NIL).

4. TANGIBLE FIXED ASSETS
Improvements
to property
£
COST
At 1 January 2020
and 31 December 2020 292,894
DEPRECIATION
At 1 January 2020 169,329
Charge for year 30,891
At 31 December 2020 200,220
NET BOOK VALUE
At 31 December 2020 92,674
At 31 December 2019 123,565

3 continued...
QUEENSGATE BRACKNELL LTD (REGISTERED NUMBER: 10481318)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31 DECEMBER 2020


5. INVESTMENT PROPERTY
Total
£
FAIR VALUE
At 1 January 2020 2,200,000
Additions 259,695
At 31 December 2020 2,459,695
NET BOOK VALUE
At 31 December 2020 2,459,695
At 31 December 2019 2,200,000

Fair value at 31 December 2020 is represented by:
£
Valuation in 2019 2,459,695

The property was valued by the directors who considered the value of the building by taking into account similar properties in the area, including a property that is for sale and located opposite the Queensgate House.

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£ £
Trade debtors 118,675 4,068
Other debtors 205,184 20,251
323,859 24,319

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2020 2019
£ £
Trade creditors 3,199 4,673
Other creditors 37,391 15,000
40,590 19,673

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
2020 2019
£ £
Other creditors 3,027,818 1,989,818

9. RELATED PARTY DISCLOSURES

The Directors provided an interest-free loan to the company which at the year ended 31 December 2020 amounted to £3,027,818 and was recognised at transaction price.

10. COVID-19

The Directors have assessed the potential impact of the Covid-19 pandemic on the business and believe that its impact will be limited. Its current tenant at Queensgate House did not request a payment holiday and the outlook for trading in that business is positive.

4