Company Registration No. 09642654 (England and Wales)
Queensbridge London Limited
Unaudited accounts
for the year ended 30 June 2017
Queensbridge London Limited
Unaudited accounts
Contents
Queensbridge London Limited
Company Information
for the year ended 30 June 2017
Company Number
09642654 (England and Wales)
Registered Office
Upper Floors
99 Clapton Common
London
E5 9AB
England
Accountants
Precision Ltd
30 Castlewood Road
London
N16 6DW
Queensbridge London Limited
Statement of financial position
as at 30 June 2017
Investment property
750,000
750,000
Creditors: amounts falling due within one year
(734,173)
(314,907)
Net current liabilities
(734,173)
(314,907)
Total assets less current liabilities
17,163
435,093
Creditors: amounts falling due after more than one year
-
(380,137)
Provisions for liabilities
Deferred tax
(12,928)
(17,251)
Called up share capital
1
1
Profit and loss account
4,234
37,704
Shareholders' funds
4,235
37,705
For the year ending 30 June 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have 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.
The members have agreed to the preparation of abridged accounts for the year in accordance with Section 444(2A).
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 28 March 2018.
Yisroel Kohn
Director
Company Registration No. 09642654
Queensbridge London Limited
Notes to the Accounts
for the year ended 30 June 2017
Queensbridge London Limited is a private company, limited by shares, registered in England and Wales, registration number 09642654. The registered office is Upper Floors, 99 Clapton Common, London, E5 9AB, England.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
These financial statements for the year ended
30 June 2017 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 16 June 2015.
The transition to FRS 102 Section 1A Small Entities has resulted in a small number of changes in accounting policies to those used previously.
The nature of these changes and their impact on opening equity and profit for the comparative period are explained in note
6 below.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investment property is included at market fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
25% reducing balance basis
Queensbridge London Limited
Notes to the Accounts
for the year ended 30 June 2017
4
Tangible fixed assets
Total
5
Average number of employees
During the year the average number of employees was 0 (2016: 0).
6
Reconciliations on adoption of FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 16 June 2015.
The following were changes in accounting policies arising from the transition to FRS 102:
(a) Investment properties
Previously, the company's investment properties were held at market value, with aggregate surplus or deficit being recorded in the revaluation reserve, with the exception of permanent diminutions in value which were written off through the profit and loss account. Under FRS 102, these properties are held at fair value, with changes in fair value being recorded in the profit and loss account.
(b) Deferred tax on unrealised gains and losses on investment properties
Previously, no deferred tax was recognised on the timing differences between the accounting and tax treatment of the revaluation of the company's investment properties. Under FRS 102, deferred tax is recognised on the difference between the cost for tax purposes and the fair value of the company's investment properties, with movements recorded in the profit and loss account.
