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 2021

Quintessential Properties Limited

Abridged Financial Statements

Year Ended 31 May 2021

Contents	Pages

Abridged statement of financial position	1 to 2

Notes to the abridged financial statements	3 to 5

Quintessential Properties Limited

Abridged Statement of Financial Position

31 May 2021

	2021		2020
Note	£	£	£

Fixed Assets

Tangible assets	4	34,960	11,615
Investment property	5	1,146,160	739,298
		------------	---------
		1,181,120	750,913

Current Assets

Debtors	15,508	32,137
Cash at bank and in hand	5,406	8,252
	--------	--------
	20,914	40,389

Creditors: amounts falling due within one year	263,135		73,981
	---------		--------
Net Current Liabilities		242,221	33,592
		------------	---------
Total Assets Less Current Liabilities		938,899	717,321

Creditors: amounts falling due after more than one year		863,172	677,946

Provisions

Taxation including deferred tax	6,643	2,207
	---------	---------
Net Assets	69,084	37,168
	---------	---------

Capital and Reserves

Called up share capital	7	2	2
Profit and loss account		69,082	37,166
		--------	--------
Shareholders Funds		69,084	37,168
		--------	--------

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 Section 1A of 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 income and retained earnings has not been delivered.

For the year ending 31 May 2021 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 .

Quintessential Properties Limited

Abridged Statement of Financial Position (continued)

31 May 2021

All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 May 2021 in accordance with Section 444(2A) of the Companies Act 2006.

These abridged financial statements were approved by the board of directors and authorised for issue on 27 January 2022 , 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 2021

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.

Going concern

During the year and subsequent to the year end the company has been affected by the impact of the global COVID-19 pandemic. The directors and management acted promptly at the outset of the pandemic and realigned their strategy and working practices to meet the demands arising from the ever-changing environment. The government, at both local and national level, have provided assistance in the form of grants throughout the year to ensure personal protective equipment and safe areas are in place to enable residents and staff are be protected as much as possible.

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.

4. Tangible assets

	£
Cost
At 1 June 2020	19,417
Additions	30,749
	--------
At 31 May 2021	50,166
	--------
Depreciation
At 1 June 2020	7,802
Charge for the year	7,404
	--------
At 31 May 2021	15,206
	--------
Carrying amount
At 31 May 2021	34,960
	--------
At 31 May 2020	11,615
	--------

5. Investment property

	£
Cost
At 1 June 2020	739,298
Additions	406,862
	------------
At 31 May 2021	1,146,160
	------------
Impairment
At 1 June 2020 and 31 May 2021	–
	------------
Carrying amount
At 31 May 2021	1,146,160
	------------
At 31 May 2020	739,298
	------------

6. Secured liabilities

The aggregate amount of secured liabilities, secured on the assets of the company at the yearend were £943,799.46 (2020: £740,584.48).

There is a first legal charge and an unlimited debenture incorporating a fixed and floating charge over the property and assets of the company in respect of bank borrowings.

7. Called up share capital

Issued, called up and fully paid

	2021		2020
	No.	£	No.	£
Ordinary shares of £ 1 each	2	2	2	2
	----	----	----	----

8. Related party transactions

The company has taken advantage of exemption conferred by FRS 102 S1A, removing the requirement to disclose transactions between wholly owned group members. During the year the company provided and received loans from related parties. The balance outstanding due from/(to) related parties at 31 May 2021 are as follows:

	2021	2020
	£	£
Amount owed to entities under common control	(68,721)	(5,431)

Outstanding balances with entities are unsecured, interest free and repayable on demand.

9. Controlling party

The directors consider the ultimate parent undertaking to be Mary Rush Care Homes Limited, a company incorporated in England and Wales.