Registered number: 10553092
QUANTA HOMES 6 LTD
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 JANUARY 2022
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QUANTA HOMES 6 LTD
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF QUANTA HOMES 6 LTD
FOR THE YEAR ENDED 31 JANUARY 2021
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Quanta Homes 6 Ltd for the year ended 31 January 2022 which comprise the Balance sheet
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 Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.
This report is made solely to the director of Quanta Homes 6 Ltd in accordance with the terms of our engagement letter. Our work has been undertaken solely
to prepare for your approval the financial statements of Quanta Homes 6 Ltd and state those matters that we have agreed to state to the director of Quanta Homes 6 Ltd in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quanta Homes 6 Ltd and its director for our work or for this report.
It is your duty to ensure that Quanta Homes 6 Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Quanta Homes 6 Ltd. You consider that Quanta Homes 6 Ltd is exempt from the statutory audit requirement for the year.
We
have not been instructed to carry out an audit or review of the financial statements of Quanta Homes 6 Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Wellden Turnbull Limited
Chartered Accounts
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
26 July 2022
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QUANTA HOMES 6 LTD
REGISTERED NUMBER:
10553092
BALANCE SHEET
AS AT
31 JANUARY 2022
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Creditors: amounts falling due after more than one year
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The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The
financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 3 to 6 form part of these financial statements.
Page 2
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QUANTA HOMES 6 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
Quanta Homes 6 Ltd is a private Company, limited by shares, incorporated in England and Wales, registration number
10553092
. The registered office is Uncommon, 126 New Kings Road, London, SW6 4LZ.
2.
Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of
Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
These financial statements are presented in sterling which is the functional currency of the Company and rounded to the nearest £.
The following principal accounting policies have been applied:
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Compliance with accounting standards
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The financial statements have been prepared under FRS102 Section 1A small entities. There were no material departures from that standard.
The Company has been loss-making in the year and is in a net liability position at the year end date. The Company has been set up as a special purpose vehicle for the purchase and sale of a property. In the year the Company has incurred professional fees. The director is comfortable that with the continued support of the Quanta Group, the Company will be able to meet its liabilities as they fall due for the foreseeable future. Accordingly, the accounts will be prepared on a going concern basis.
Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.
Interest income is recognised in profit or loss using the effective interest method.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
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QUANTA HOMES 6 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
2.
Accounting policies (continued)
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.
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The Company has no employees other than the director, who did not receive any remuneration (2021 - £NIL).
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Amounts owed by group undertakings
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Page 4
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QUANTA HOMES 6 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Amounts owed to group undertakings are interest free and repayable on demand.
Other creditors comprise third party investor loans. These amounts are interest free and repayable on demand.
During the prior year the Company received a Coronavirus Business Interruption loan. The amount received totalled £50,000 and is presented in bank loans. The loan attracts interest at 2.5% over the Bank of England base rate and matures in 2027.
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Creditors: Amounts falling due after more than one year
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Analysis of the maturity of loans is given below:
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Amounts falling due within one year
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Amounts falling due 2-5 years
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Amounts falling due after more than 5 years
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Page 5
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QUANTA HOMES 6 LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2022
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Allotted, called up and fully paid
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10,000
(2021 -
10,000
)
Ordinary
shares of £
0.01
each
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Profit and loss account
The profit and loss account represents cumulative profits and losses net of all adjustments.
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Related party transactions
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At the balance sheet date included within amounts due from group undertakings was £10,000 due from
Quanta Homes 3 Ltd
(2021 - £10,000), being an associated subsidiary. The amount is interest free and repayable on demand.
Included within amounts owed by group undertakings was £300 (2021 - £300) due from Quanta Homes Ltd, the controlling party. This amount is interest free and repayable on demand.
Included within other debtors was £
26,567
(2021 - £
50,000
) due from Fast Sale Today Ltd, a company under common control. This amount is interest free and repayable on demand.
At the balance sheet date Mr R N Du Toit, a director owed £
367
(2021 - £nil) to the Company. This loan is interest free and repayable on demand.
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The ultimate parent undertaking and controlling party of the Company is
Quanta Homes Limited
. The registered office and principal place of business of is
Uncommon, 126 New Kings Road, London, England, SW6 4LZ
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