Queensgate Homes Limited
Queensgate Homes Limited
Registered number: 760869
Unaudited Financial Statements
For The Year Ended
30 June 2021
Queensgate Homes Limited
Unaudited Financial Statements
For The Year Ended
30 June 2021
Unaudited Financial Statements
| Contents | |
| Page | |
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| Balance Sheet | 2—3 |
| Notes to the Financial Statements | 4—5 |
Queensgate Homes Limited
Balance Sheet
As at
30 June 2021
Balance Sheet
Registered number:
760869
For the year ending 30 June 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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| Notes | £ | £ | £ | £ | |
| CURRENT ASSETS | |||||
| Stocks | 5 |
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| Debtors | 6 |
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| Investments | 7 |
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| Cash at bank and in hand |
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| Creditors: Amounts Falling Due Within One Year | 8 |
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| NET CURRENT ASSETS (LIABILITIES) |
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| TOTAL ASSETS LESS CURRENT LIABILITIES |
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| NET ASSETS |
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| CAPITAL AND RESERVES | |||||
| Called up share capital | 9 |
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| Profit and Loss Account |
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| SHAREHOLDERS' FUNDS | 645,756 | 357,890 | |||
Queensgate Homes Limited
Balance Sheet (continued)
As at
30 June 2021
Director's responsibilities
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The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. -
The director acknowledges his 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
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Director
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The notes on pages 4 to 5 form part of these financial statements.
Queensgate Homes Limited
Notes to the Financial Statements
For The Year Ended
30 June 2021
Notes to the Financial Statements
1.
Accounting Policies
1.1.
Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
1.2.
Turnover
Turnover represents sales of properties where contracts have been exchanged and the relevant buildings are substantially complete, completed sales of land, plus amounts invoiced or received in the year for work done. Turnover is stated net of Value Added Tax. Gross profit is taken on the turnover defined above.
1.3.
Stocks and Work in Progress
Stocks, which comprise land held for development, and work in progress are valued at the lower of direct cost and net realisable value. Where applicable net realisable value is estimated by the directors as the price at which the asset could be sold on the open market for existing use less the related costs of marketing and selling. In respect of work in progress direct cost includes land, materials and other development costs but excludes central overheads and interest.
1.4.
Taxation
Income tax expense represents the sum of the tax currently payable or repayable.
The tax currently payable or repayable is based on taxable profit/loss 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.
2.
Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2020: 2)
5.
Stocks
| 2021 | 2020 | ||
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| £ | £ | ||
| Stock - materials |
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| Stock - work in progress |
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6.
Debtors
| 2021 | 2020 | ||
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| £ | £ | ||
| Due within one year | |||
| Corporation tax recoverable assets |
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| VAT |
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7.
Current Asset Investments
| 2021 | 2020 | ||
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| £ | £ | ||
| Shares in subsidiaries |
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Queensgate Homes Limited
Notes to the Financial Statements (continued)
For The Year Ended
30 June 2021
8.
Creditors: Amounts Falling Due Within One Year
| 2021 | 2020 | ||
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| £ | £ | ||
| Corporation tax |
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| Other taxes and social security |
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| VAT | - |
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| Other creditors |
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| Accruals and deferred income |
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| Director's loan account |
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| Amounts owed to group undertakings |
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10.
Related Party Transactions
During the year the Company repaid a net £1,122,000 to the Director, Mr P H Young, and £57,000 to relatives of the Director, leaving remaining loan balances at the balance sheet date totalling £306,000. It is anticipated that these balances will be repaid in full before 30 June 2022. Interest on the relatives' loans has been fixed at 5% pa while interest payable on the Director's loan is set at Bank of England base rate. Interest paid during the year on these loans totalled £18,979 and interest accrued at 30 June 2021 amounted to £7,959.
In the year to 30 June 2021 the Director purchased four new properties from the Company at a total cost of £1.3M. These transactions were completed at open market value.
11.
Ultimate Controlling Party
The company's ultimate controlling party is
Peter Young
by virtue of his ownership of 100% of the issued share capital in the company.
12.
General Information
Queensgate Homes Limited
is a private company, limited by shares, incorporated in England & Wales, registered number
760869
. The registered office is The Coppice Winter Hill, Cookham, Maidenhead, Berks, SL6 9TN.