Quicksand Properties Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09988802 (England and Wales)

Financial Statements

for the Year Ended 28 February 2019

for

Quicksand Properties Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

B Burgess

REGISTERED OFFICE:

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

REGISTERED NUMBER:

09988802 (England and Wales)

ACCOUNTANTS:

Barnbrook Sinclair

Chartered Accountants

Chancery House

30 St Johns Road

Woking

Surrey

GU21 7SA

FIXED ASSETS

Investment property

4

6,155,000

1,345,000

CURRENT ASSETS

Debtors

5

226,804

486

Cash at bank

340,530

40,034

567,334

40,520

CREDITORS

Amounts falling due within one year

6

(419,775

)

(1,505,746

)

NET CURRENT ASSETS/(LIABILITIES)

147,559

(1,465,226

)

TOTAL ASSETS LESS CURRENT LIABILITIES

6,302,559

(120,226

)

CREDITORS

Amounts falling due after more than one year

7

(6,346,735

)

-

NET LIABILITIES

(44,176

)

(120,226

)

CAPITAL AND RESERVES

Called up share capital

4

4

Retained earnings

(44,180

)

(120,230

)

SHAREHOLDERS' FUNDS

(44,176

)

(120,226

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 28 February 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 28 February 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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director on 6 June 2019 and were signed by:

B Burgess - Director

1.	STATUTORY INFORMATION

Quicksand Properties Ltd 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

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.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The accounts have been prepared on a going concern basis, despite the net liability position at 28 February 2019,

as the director has confirmed that he will continue to provide financial support to the company to enable it to

meet its liabilities as they fall due for the foreseeable future.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Investment property

Investment properties are initially measured at cost and subsequently measured at fair value whilst a reliable

measure of fair value is available without undue cost or effort. Changes in fair value are recognised in profit or

loss.

The Companies Act 2006 requires all properties to be depreciated. However, this requirement conflicts with the

generally accepted accounting principle set out in FRS 102. The director considers that because investment

properties are not held for consumption but for their investment potential, to depreciate them would not give a

true and fair view.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to

the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or

substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the

statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from

those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that

have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the

timing difference.

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.

4.	INVESTMENT PROPERTY

Total

£

Fair value

At 1 March 2018

1,345,000

Additions

5,030,500

Revaluations

(220,500

)

At 28 February 2019

6,155,000

Net book value

At 28 February 2019

6,155,000

At 28 February 2018

1,345,000

Fair value at 28 February 2019 is represented by:

£

Valuation in 2018

(77,225

)

Valuation in 2019

(220,500

)

Cost

6,452,725

6,155,000

5.

DEBTORS

28/2/19

28/2/18

£

£

Amounts falling due within one year:

Trade debtors

7,370

-

Other debtors

210,834

486

218,204

486

Amounts falling due after more than one year:

Other debtors

8,600

-

Aggregate amounts

226,804

486

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

28/2/19

28/2/18

£

£

Bank loans and overdrafts

104,686

-

Taxation and social security

69,822

14,566

Other creditors

245,267

1,491,180

419,775

1,505,746

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

28/2/19

28/2/18

£

£

Bank loans

1,346,735

-

Other creditors

5,000,000

-

6,346,735

-

8.	RELATED PARTY DISCLOSURES

Other creditors include loans from the shareholders of £5,003,381 (2018: £1,479,883). No interest is charged on

the loans, and although they are repayable on demand, the shareholders have confirmed that repayment will not

be requested until such time as the company has sufficient resources to make any repayment.