Company Registration No. 10553092 (England and Wales)
Quanta Homes 6 Ltd
Unaudited accounts
for the period from 1 February 2022 to 31 December 2022
Quanta Homes 6 Ltd
Unaudited accounts
Contents
Quanta Homes 6 Ltd
Company Information
for the period from 1 February 2022 to 31 December 2022
Company Number
10553092 (England and Wales)
Registered Office
Uncommon
126 New Kings Road
London
SW6 4LZ
England
Accountants
Wellden Turnbull Limited
Albany House
Claremont Lane
Esher
Surrey
KT10 9FQ
Quanta Homes 6 Ltd
Statement of financial position
as at 31 December 2022
Cash at bank and in hand
1,096
307
Creditors: amounts falling due within one year
(226,377)
(219,654)
Net current liabilities
(216,981)
(174,062)
Total assets less current liabilities
(216,981)
(174,062)
Creditors: amounts falling due after more than one year
(39,569)
(39,268)
Net liabilities
(256,550)
(213,330)
Called up share capital
100
100
Profit and loss account
(256,650)
(213,430)
Shareholders' funds
(256,550)
(213,330)
For the period ending 31 December 2022 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.
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.
The financial statements were approved by the Board and authorised for issue on 13 December 2023 and were signed on its behalf by
R N Du Toit
Director
Company Registration No. 10553092
Quanta Homes 6 Ltd
Notes to the Accounts
for the period from 1 February 2022 to 31 December 2022
Quanta Homes 6 Ltd is a private company, limited by shares, registered in England and Wales, registration number 10553092. The registered office is Uncommon, 126 New Kings Road, London, SW6 4LZ, 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.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous period, and also have been consistently applied within the same accounts.
Basis of preparation of financial statements
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:
The accounts are presented in £ sterling.
Compliance with accounting standards
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.
Quanta Homes 6 Ltd
Notes to the Accounts
for the period from 1 February 2022 to 31 December 2022
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.
Cash and cash equivalents
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.
4
Debtors
31/12/2022
31/01/2022
Amounts falling due within one year
Amounts due from group undertakings etc.
8,300
10,300
Quanta Homes 6 Ltd
Notes to the Accounts
for the period from 1 February 2022 to 31 December 2022
5
Creditors: amounts falling due within one year
31/12/2022
31/01/2022
Bank loans and overdrafts
10,000
10,000
Trade creditors
2,340
1,800
Taxes and social security
(1,952)
-
Other creditors
214,504
206,504
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.
6
Creditors: amounts falling due after more than one year
31/12/2022
31/01/2022
7
Transactions with related parties
At the balance sheet date included within amounts due from group undertakings was £8,000 due from Quanta Homes 3 Ltd (2022 - £10,000), being an associated subsidiary. The amount is interest free and repayable on demand.
Included within amounts owed by group undertakings was £300 (2022 - £300) due from Quanta Homes Ltd, the controlling party. This amount is interest free and repayable on demand.
Included within other debtors was £NIL (2022 - £26,567) 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 £NIL (2021 - £367) to the Company. This loan was interest free and repayable on demand.
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.
9
Average number of employees
During the period the average number of employees was 1 (31/01/2022: 1).