| Quatro North Limited |
|
| Report to the directors on the preparation of the unaudited statutory accounts of Quatro North Limited for the year ended 31 March 2023 |
| In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Quatro North Limited for the year ended 31 March 2023 which comprise of the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at
http://rulebook.accaglobal.com/ |
| Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/factsheet163. |
| 1st Cloud Accountants |
| 1st Cloud Accountants |
| Chartered Certified Accountant |
| Analysis House |
| 117-119 Sea Road |
| Sunderland |
| Tyne and Wear |
| SR6 9EQ |
|
| 14 December 2023 |
|
| Quatro North Limited |
| Registered number: |
09302129 |
| Balance Sheet |
| as at 31 March 2023 |
|
| Notes |
|
|
2023 |
|
|
2022 |
| £ |
£ |
| Fixed assets |
| Investments |
3 |
|
|
1,070,000 |
|
|
887,921 |
|
| Current assets |
| Debtors |
4 |
|
3,568 |
|
|
3,845 |
| Cash at bank and in hand |
|
|
12,950 |
|
|
15,421 |
|
|
|
16,518 |
|
|
19,266 |
|
| Creditors: amounts falling due within one year |
5 |
|
(347,348) |
|
|
(342,206) |
|
| Net current liabilities |
|
|
|
(330,830) |
|
|
(322,940) |
|
| Total assets less current liabilities |
|
|
|
739,170 |
|
|
564,981 |
|
| Creditors: amounts falling due after more than one year |
6 |
|
|
(256,101) |
|
|
(207,520) |
|
| Provisions for liabilities |
|
|
|
(79,623) |
|
|
(62,128) |
|
|
| Net assets |
|
|
|
403,446 |
|
|
295,333 |
|
|
|
|
|
|
|
|
| Capital and reserves |
| Called up share capital |
|
|
|
100 |
|
|
100 |
| Profit and loss account |
|
|
|
403,346 |
|
|
295,233 |
|
| Shareholders' funds |
|
|
|
403,446 |
|
|
295,333 |
|
|
|
|
|
|
|
|
| The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
| The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
| The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
| The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
| Mr D Burnicle |
| Director |
| Approved by the board on 14 December 2023 |
|
| Quatro North Limited |
| Notes to the Accounts |
| for the year ended 31 March 2023 |
|
|
| 1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable. Turnover includes revenue earned from rental of investment properties. Turnover from the rental of investment properties is recognised when the rental income is falling due and not when it is paid. |
|
|
Investments |
|
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
| 2 |
Employees |
2023 |
|
2022 |
| Number |
Number |
|
|
Average number of persons employed by the company |
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
The company has 4 unpaid directors who do not deem themselves as employees for the disclosure purposes under FRS102a |
|
|
| 3 |
Investments |
|
| Other |
| investments |
| £ |
|
Cost |
|
At 1 April 2022 |
887,921 |
|
Additions |
90,000 |
|
Revaluation |
92,079 |
|
|
At 31 March 2023 |
1,070,000 |
|
|
|
|
|
|
|
|
|
|
Historical cost |
|
At 1 April 2022 |
565,411 |
|
At 31 March 2023 |
635,411 |
|
|
|
|
|
|
|
|
|
|
Readily available online valuations tools have been used for revluation of investment properties. Where these have not been available, the valuations of the properties have been carried out by the directors of the business as they have good knowledge of similar properties in the area. |
|
|
| 4 |
Debtors |
2023 |
|
2022 |
| £ |
£ |
|
|
Trade debtors |
- |
|
313 |
|
Other debtors |
3,568 |
|
3,532 |
|
|
|
|
|
|
3,568 |
|
3,845 |
|
|
|
|
|
|
|
|
|
|
| 5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Bank loans and overdrafts |
9,800 |
|
9,000 |
|
Directors' Loan Accounts |
185,862 |
|
168,500 |
|
Trade creditors |
5,614 |
|
5,266 |
|
Taxation and social security costs |
7,865 |
|
1,202 |
|
Other creditors |
138,207 |
|
158,238 |
|
|
|
|
|
|
347,348 |
|
342,206 |
|
|
|
|
|
|
|
|
|
|
| 6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
| £ |
£ |
|
|
Bank loans |
82,207 |
|
92,306 |
|
Other creditors |
173,894 |
|
115,214 |
|
|
|
|
|
|
256,101 |
|
207,520 |
|
|
|
|
|
|
|
|
|
|
| 7 |
Loans |
2023 |
|
2022 |
| £ |
£ |
|
Creditors include: |
|
|
Secured bank loans |
236,915 |
|
174,666 |
|
|
|
|
|
|
|
|
|
|
4 Charges currently outstanding on company. Natwest is a secured bank loan while there are also charges for Onesavings Bank PLC and Aldermore Bank Plc for mortgages provided on properites. Mr Harry Burnicle also provides the company with an interest free loan which is secured against one of the properties. |
|
|
| 8 |
Other information |
|
|
Quatro North Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
216 Hylton Road |
|
Sunderland |
|
Tyne & Wear |
|
SR4 7UZ |
