132 Queens Road Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08372815 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 JANUARY 2019

FOR

132 QUEENS ROAD LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N S Darke

REGISTERED OFFICE:

Griffins Court

24-32 London Road

NEWBURY

Berkshire

RG14 1JX

REGISTERED NUMBER:

08372815 (England and Wales)

ACCOUNTANTS:

Wilkins Kennedy

Accountants

Griffins Court

24-32 London Road

NEWBURY

Berkshire

RG14 1JX

FIXED ASSETS

Investment property

4

35,000

-

CURRENT ASSETS

Stocks

-

893,102

Debtors

5

347,257

7,541

Cash at bank

534

71,408

347,791

972,051

CREDITORS

Amounts falling due within one year

6

(241,754

)

(939,755

)

NET CURRENT ASSETS

106,037

32,296

TOTAL ASSETS LESS CURRENT LIABILITIES

141,037

32,296

CAPITAL AND RESERVES

Called up share capital

7

100

100

Retained earnings

140,937

32,196

SHAREHOLDERS' FUNDS

141,037

32,296

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 January 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 January 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 2 August 2019 and were signed by:

N S Darke - Director

1.	STATUTORY INFORMATION

132 Queens Road Limited is a private company, limited by shares, registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the

nearest £.

The significant accounting policies applied in the preparation of these financial statements are set out below. These policies

have been consistently applied to all years presented unless otherwise stated.

Significant judgements and estimates

The preparation of the financial statements requires management to make judgements, estimates and assumptions that

affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues

and expenses during the period. However, the nature of estimation means that actual outcomes could differ from those

estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts

recognised in the financial statements.

Revenue recognition

The key judgements made by management in respect of revenue is the point at which that revenue should be recognised.

Management consider the underlying contract terms and conclude upon the most appropriate point of the cycle at which

to recognise revenue based upon the these terms and in particular where the risks and rewards of ownership transfer.

Tangible fixed assets

Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The

actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. Residual

value assessment consider issues such as the remaining life of the asset and the projected disposal value.

Investment property

The directors have also made key assumptions in the determinations of the fair value of the investment property in respect

of the state of the property market in the location where the property is situated and in respect of the range of reasonable

fair value estimates of the asset.

Turnover

Turnover is measured at the fair value of the consideration received or receivable net of VAT and trade discounts.

Turnover relates to the sales within the UK market. The policies adopted for the recognition of turnover are as follows:

Rendering of services

When the outcome of a transaction can be estimated reliably, turnover from the rendering of services is recognised as the

service is performed.

Investment property

Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value

is recognised in profit or loss.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving

items.

Taxation

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

Deferred tax represents the future tax consequences of transactions and events recognised in the financial statements of

current and previous periods. It is recognised in respect of all timing differences, with certain exceptions. Timing

differences are differences between taxable profits and total comprehensive income as stated in the financial statements

that arise from the inclusion of income and expense in tax assessments in periods different from those in which they are

recognised in the financial statements. 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

profit.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the balance

sheet date that are expected to apply to the reversal of timing differences. Deferred tax on revalued non-depreciable

tangible fixed assets and investment properties is measured using the rates and allowances that apply to the sale of the

asset.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet

date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of

transaction. Exchange differences are taken into account in arriving at the operating result.

Operating lease commitments

Rentals paid under operating leases are charged to the profit and loss on a straight line basis over the period of the lease.

Debtors and creditors receivable/payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction

price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

Provisions

Provisions are recognised when the company has a legal or constructive obligation at the report date as a result of a past

event, it is probable that the company will be required to settle the obligation and the amount of the obligation can be

reliably estimated.

Provisions are recognised at the best estimate of the amount required to settle the obligation at the reporting date.

Impairments

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet

date. If such indication exists, the recoverable amount of the asset, or asset's cash generating unit, is estimated and

compared to its carrying amount. Where the carrying amount exceeds its recoverable amount, an impairment loss is

recognised in the profit and loss, unless it's carried at a revalued amount, where the impairment loss is a revaluation

decrease.

Short-term employees benefits

Short-term employees' benefits are recognised as an expense in the period in which they are incurred.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - 1 ).

4.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

Additions

35,000

At 31 January 2019

35,000

NET BOOK VALUE

At 31 January 2019

35,000

Investment properties were subject to valuation by the director who is not a professionally qualified valuer, but has recent

experience in the location and class of investment properties being revalued.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Amounts owed by group undertakings

340,000

-

Other debtors

-

7,423

VAT

6,058

118

Prepayments

1,199

-

347,257

7,541

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other loans

-

400,000

Trade creditors

-

243

Tax

24,573

-

Other creditors

190,231

512,562

Accrued expenses

26,950

26,950

241,754

939,755

7.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

100

Ordinary

£1

100

100

8.	RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial

Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly

owned subsidiaries within the group.

Amounts owed from related parties of which key management personnel have control at the year end were NIL (2017 -

£7,423).

Amounts owed to related parties of which key management personnel have control at the year end were £119,012 (2017 -

£NIL).