Queensway Properties Limited - Limited company - abbreviated - 11.6

REGISTERED NUMBER: 02821333 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2015

FOR

QUEENSWAY PROPERTIES LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

3

DIRECTORS:

Mr N R Bishop

Mr N D Eaton

SECRETARY:

Mr N R Bishop

REGISTERED OFFICE:

Bridge House

41 Wincolmlee

KINGSTON UPON HULL

East Yorkshire

HU2 8AG

REGISTERED NUMBER:

02821333 (England and Wales)

BANKERS:

Bank of Scotland

Pentland House

8 Lochside Avenue

Edinburgh

EH12 9DJ

FIXED ASSETS

Investment property

2

2,890,000

4,905,000

CURRENT ASSETS

Debtors

124,435

88,792

Cash at bank

2,423

50,200

126,858

138,992

CREDITORS

Amounts falling due within one year

3

2,697,925

4,252,629

NET CURRENT LIABILITIES

(2,571,067

)

(4,113,637

)

TOTAL ASSETS LESS CURRENT LIABILITIES

318,933

791,363

CREDITORS

Amounts falling due after more than one year

3

2,226,333

553,300

NET (LIABILITIES)/ASSETS

(1,907,400

)

238,063

CAPITAL AND RESERVES

Called up share capital

4

100

100

Revaluation reserve

(1,560,968

)

454,032

Profit and loss account

(346,532

)

(216,069

)

SHAREHOLDERS' FUNDS

(1,907,400

)

238,063

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2015.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2015 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved and authorised for issue by the Board of Directors on 4 August 2015 and were signed on its behalf by:

Mr N D Eaton - Director

1.	ACCOUNTING POLICIES

Basis of preparing the financial statements

At the balance sheet date the company had net liabilities.

The directors are aware that in the current economic climate there are uncertainties surrounding banks and other financial

institutions such that the overdraft and loan facilities may be withdrawn.

The directors and other providers of funding are continuing to support the company and therefore the accounts have been

prepared on a going concern basis.

On this basis, the directors consider it appropriate to prepare the accounts on a going concern basis. However, should the

financial support mentioned above be withdrawn, the going concern basis used in preparing the Company's accounts may be

invalid and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any

further liabilities which might arise. The accounts do not include any adjustments to the Company's assets or liabilities that

might be necessary should this basis not continue to be appropriate.

Accounting convention

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

assets and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008).

Exemption from preparing a cash flow statement

Exemption has been taken from preparing a cash flow statement on the grounds that the company qualifies as a small

company.

Turnover

Turnover represents rents receivable from investment properties.

Investment property

Investment properties are revalued annually at their open market value in accordance with SSAP 19 Accounting for

investment properties. The surplus or deficit on revaluation is transferred to a revaluation reserve except where the deficit (or

its reversal) on an individual investment property is considered to be permanent, in which case it is taken to the profit and

loss account.

No depreciation is provided on investment properties, which is a departure from the requirements of the Companies Act

2006. In the opinion of the directors these properties are held primarily for their investment potential and so their current

value is of more significance than any measure of consumption and to depreciate them would not give a true and fair view.

The provisions of SSAP 19 in respect of investment properties have therefore been adopted in order to give a true and fair

view. If this departure from the Companies Act 2006 had not been made, the profit for the year would have been reduced by

depreciation. However, the amount of depreciation cannot reasonably be quantified.

Deferred tax

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 a right to pay less) tax at a future date, at the tax rates that are expected to apply when

the timing differences reverse, based on current tax rates and laws.

Deferred tax is not provided on timing differences arising from the revaluation of fixed assets where there is no commitment

to sell the asset.

Deferred tax assets are recognised to the extent that it is regarded as more likely than not that they will be recovered.

Deferred tax assets and liabilities are not discounted.

2.	INVESTMENT PROPERTY

Total

£

COST OR VALUATION

At 1 April 2014

4,905,000

Revaluations

(2,015,000

)

At 31 March 2015

2,890,000

NET BOOK VALUE

At 31 March 2015

2,890,000

At 31 March 2014

4,905,000

3.

CREDITORS

Creditors include an amount of £ 2,268,933 (2014 - £ 3,547,800 ) for which security has been given.

They also include the following debts falling due in more than five years:

2015

2014

£

£

Repayable by instalments

1,610,033

-

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2015

2014

value:

£

£

100

Ordinary

£1

100

100

5.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

At the year end the company owed Mr N R Bishop £689,391 and Mr N D Eaton £477,135.