ACCOUNTS - Final Accounts

KEQ DEVELOPMENTS LIMITED - Company Information

Caseware UK (AP4) 2022.0.179 2022.0.179 2022-07-072022-07-07true2021-07-08falsethe provision of student accommodation33trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 09294370 2021-07-08 2022-07-07 09294370 2020-07-08 2021-07-07 09294370 2022-07-07 09294370 2021-07-07 09294370 c:Director1 2021-07-08 2022-07-07 09294370 d:CurrentFinancialInstruments 2022-07-07 09294370 d:CurrentFinancialInstruments 2021-07-07 09294370 d:CurrentFinancialInstruments d:WithinOneYear 2022-07-07 09294370 d:CurrentFinancialInstruments d:WithinOneYear 2021-07-07 09294370 d:ShareCapital 2022-07-07 09294370 d:ShareCapital 2021-07-07 09294370 d:RetainedEarningsAccumulatedLosses 2022-07-07 09294370 d:RetainedEarningsAccumulatedLosses 2021-07-07 09294370 c:EntityNoLongerTradingButTradedInPast 2021-07-08 2022-07-07 09294370 c:FRS102 2021-07-08 2022-07-07 09294370 c:AuditExemptWithAccountantsReport 2021-07-08 2022-07-07 09294370 c:FullAccounts 2021-07-08 2022-07-07 09294370 c:PrivateLimitedCompanyLtd 2021-07-08 2022-07-07 09294370 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-07-08 2022-07-07 09294370 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2022-07-07 09294370 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2021-07-07 09294370 6 2021-07-08 2022-07-07 iso4217:GBP xbrli:pure

Registered number: 09294370

KEQ DEVELOPMENTS LTD

UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 7 JULY 2022

KEQ DEVELOPMENTS LTD

CONTENTS

	Page
Accountants' report	1
Balance sheet	2 - 3
Notes to the financial statements	4 - 6

KEQ DEVELOPMENTS LTD

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF KEQ DEVELOPMENTS LTD
FOR THE YEAR ENDED 7 JULY 2022

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of KEQ Developments Ltd for the year ended 7 July 2022 which comprise the Balance sheet and the related notes from the Company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of KEQ Developments Ltd, as a body, in accordance with the terms of our engagement letter dated 16 March 2023. Our work has been undertaken solely to prepare for your approval the financial statements of KEQ Developments Ltd and state those matters that we have agreed to state to the Board of directors of KEQ Developments Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than KEQ Developments Ltd and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that KEQ Developments Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of KEQ Developments Ltd. You consider that KEQ Developments Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of KEQ Developments Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

MA Partners LLP

7 The Close

Norwich

Norfolk

NR1 4DJ

29 March 2023

Page 1

KEQ DEVELOPMENTS LTD

REGISTERED NUMBER: 09294370

BALANCE SHEET

AS AT 7 JULY 2022

		2022		2021
Note		£		£

Fixed assets
Investments	5		3,333		3,333
			3,333		3,333
Current assets
Debtors: amounts falling due within one year	6	871,198		875,070
Cash at bank and in hand		705		1,120
		871,903		876,190
Creditors: amounts falling due within one year	7	(231,049)		(233,799)
Net current assets			640,854		642,391
Total assets less current liabilities			644,187		645,724

Net assets			644,187		645,724

Capital and reserves
Called up share capital	3,333	3,333
Profit and loss account	640,854	642,391
	644,187	645,724

Page 2

KEQ DEVELOPMENTS LTD

REGISTERED NUMBER: 09294370

BALANCE SHEET (CONTINUED)

AS AT 7 JULY 2022

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 29 March 2023.

D Edwards

Director

The notes on pages 4 to 6 form part of these financial statements.

Page 3

KEQ DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 7 JULY 2022

1.	General information

The entity is a Company limited by shares, incorporated in the United Kingdom. The registered office address of the Company is 7 The Close, Norwich, NR1 4DJ.
During the prior period, the principal activity of the company was the provision of student accommodation. Trading ceased 7 July 2017.

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Exemption from preparing consolidated financial statements

The Company, and the Group headed by it, qualify as small as set out in section 383 of the Companies Act 2006 and the parent and Group are considered eligible for the exemption to prepare consolidated accounts.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Revenue is recognised by the company in respect of rental income for the provision of student accommodation, from the company's investment property. Rental income is receivable under Assured Shorthold Tenancy Agreements is recognised on the accruals basis covering the period for which rent is due under the terms of the agreements. The company ceased trading on 7 July 2017. Any rent received after this date is post cessation income.

2.4

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.5

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Page 4

KEQ DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 7 JULY 2022

2.Accounting policies (continued)

2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

Provisions
The directors assess the need for provisions on an annual basis which require management to make judgements. The judgements, estimates and associated assumptions necessary to calculate these provisions are based on historical experience and other reasonable factors.

Employees

The average monthly number of employees, including directors, during the year was 3 (2021 - 3).

5.	Fixed asset investments

		Investments in subsidiary companies
		£
	Cost or valuation
	At 8 July 2021	3,333
	At 7 July 2022	3,333

Page 5

KEQ DEVELOPMENTS LTD

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 7 JULY 2022

Debtors

					2022	2021
					£	£


Amounts owed by group undertakings	871,198	873,791
Other debtors	-	1,279
	871,198	875,070

7.	Creditors: Amounts falling due within one year
		2022	2021
		£	£

Amounts owed to group undertakings	228,166	226,969
Accruals and deferred income	2,883	6,830
	231,049	233,799

8.	Related party transactions
	The balance due to a subsidiary at the year end was £4,349 (2021: £5,384). This is interest free and repayable on demand.

Page 6