Company Registration No. 01632036 (England and Wales)
QUEENSGATE CENTRE ASSOCIATION LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
QUEENSGATE CENTRE ASSOCIATION LIMITED
COMPANY INFORMATION
Directors
See page 4
Secretary
Mrs H A Lemmon
Company number
01632036
Registered office
Ruthlyn House
90 Lincoln Road
Peterborough
Cambridgeshire
United Kingdom
PE1 2SP
Auditor
Azets Audit Services
Ruthlyn House
90 Lincoln Road
Peterborough
United Kingdom
PE1 2SP
Bankers
NatWest PLC
Cathedral Square
Peterborough
United Kingdom
PE1 1XH
Solicitors
Buckles Solicitors LLP
Grant House
101 Bourges Boulevard
Peterborough
United Kingdom
PE1 1NG
QUEENSGATE CENTRE ASSOCIATION LIMITED
CONTENTS
Page
Directors' report
1 - 4
Directors' responsibilities statement
5
Independent auditor's report
6 - 8
Income and expenditure account
9
Balance sheet
10
Notes to the financial statements
11 - 15
QUEENSGATE CENTRE ASSOCIATION LIMITED
DIRECTORS' REPORT
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 1 -
The directors present their annual report and financial statements for the period ended 30 September 2021.
Principal activities
The Association’s primary objective is to promote the Queensgate Centre for the collective benefit of the members. This is mainly achieved through the Board of Directors which comprises seven elected members representing the smaller shops, or “Merchant Tenants”, six appointed by the major space users and one appointed by the Landlord.
Directors
The directors are as set out on page 4 of this report.
Review
The board met on 2 occasions during the period from 1 April to 30 September 2021.
Review of the year
The period of the report was full of optimism as the third lockdown had seen the announcement that all non-essential retail could reopen for trade from 12 April. Prior to that date the centre had focused on supporting essential retailers and interaction with our customers via social media. It was hoped this would see the removal of Covid restrictions due to the vaccination programme rollout and uptake. Little did we know that later in the year a new variant would once again see restrictions reimposed to prevent the spread, but this did not result in a further lockdown.
The pandemic was still a focus both locally and nationally, with our focus on instilling confidence in customers to return to the physical high street. The news of some stores ceasing trading for various reasons, still hung heavy over the centre, which many viewed as a negative for the city, but this picture was mirrored throughout the country. However, the loss of John Lewis had an initial detrimental effect as our performance in both sales and footfall was not comparable against 2019. The importance of John Lewis as a footfall driver was never underestimated, nor was the demographic of the customer the store attracted and, if anything, this reflected on the other premium brands in the centre. Local confidence remained low as the rate of Covid infection both in Peterborough and the Cambridgeshire region saw rates higher than the national level and this, coupled with a low rate for the uptake of vaccination, hindered the return of footfall throughout the city centre.
During the six-month period, new retailers were added to the line up and over time our footfall performance stabilised as we came into line with the national picture. Sales when compared like for like (with non-trading stores removed) also reflected the figure as reported by BRC month on month.
Progress on the Cinema development continued and despite Covid and the publicised construction industry issues relating to the supply of materials, this had in essence remained on track through April and May. As the supply chain issues continued and the onset of Omicron became more prevalent the progress to the original programme started to drift. This would see the project end date extended by approximately 2 months. The key interface with retailers during the period saw the introduction of the West Mall crash deck, to allow the demolition of the slab above for the creation of the new atrium. The program was originally due to end pre-Christmas 2021, but as mentioned above the issues within the construction industry resulted in this slipping to early 2022.
Centre Results
Total visitors were 3,579,268, which was a 74.7% increase on 2020. Sales were around £32m, a 55% increase on 2020. When the centre reopened on 12 April 2021, we were delighted to welcome the following new stores: TK Maxx and American Candy in May, Bubble in July, Cards Direct, Watch Hub and Holland and Barrett in August. Costa relocated in March. Regrettably, a few stores closed, namely Disney, WPMF and MAC. It was also announced that John Lewis would not reopen on 24 March 2021.
QUEENSGATE CENTRE ASSOCIATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 2 -
Commercialisation
Continued to struggle once the centre reopened on 12 April 2021, with many businesses still apprehensive booking experiential activity. We also saw a slow start to our advertising opportunities being booked again with many holding off on open events, especially in the leisure, education, and hospitality industries.
The focus during this time was to re-engage with local businesses and support where necessary. A new kiosk opened during this period, which despite the challenges, traded very well and continues to do so.
Marketing
The focus between April and September 2021 was to welcome customers back to the centre with Covid restrictions still in place and to promote Queensgate as a safe place to shop. The highlight in these 6 months was re-engaging with our families and delivering a ‘Roar and Seek' dinosaur event, which was held over the school summer holiday period. We also continued to focus on driving messages such as late-night shopping, Gift Cards and parking, which were all promoted via in-centre point of sale and paid for advertising.
PR
This period was difficult for the PR team, and this is shown in the PRV which was -52% compared to 2020, (-£286k). With restrictions still in place and a lack of event activity and new retailers coming to the centre, this had a significant impact on PRV which was unavoidable. The PR team continued to present opportunities throughout, including releases to encourage customers to return and they have done what they can within the guidelines to achieve some press presence locally, but we still finished the year –66% vs last year.
Advertising
During Q3 and Q4, advertising was used to promote the ‘Roar & Seek' event and we saw fantastic results from the Tabmo, GDN and Picnic outlets, as well as the digital and outdoor spots that were taken. We will continue to use these media platforms going forward.
Events
Our main and only real marketing activity in centre for this period fell into Q4 and was our Dino event, Roar & Seek. The event was adapted to be lead with AR to allow for people to take part individually as opposed to having to gather in groups. The event lasted for the whole 6 weeks summer holidays and overall, we had 3,000 people take part in the trail using our app.
Digital Activity
The Dino event was the highlight of Q4, with a combined reach of 72,000 across Instagram and Facebook and 17,386 engagements. Overall, the quarter was up vs last year for both Instagram and Facebook audience and we ended the year hitting 93% on Facebook vs KPI and 58% on Instagram vs KPI. Although only halfway to our target on Instagram, we set an overly ambitious target of 9,000 due to the speed it was growing in the previous year, pre Covid. Growth slowed but we still ended on 5,228. This will remain a focus moving forward.
Accounting policies
As the Association does not hold much in the way of assets, purchases of office equipment etc. are immediately expensed subject to a nominal value of £10 as shown in the Balance Sheet
Charitable Contributions
During the year the Company made no political donations. A donation of £1,000 was made to the Salvation Army in the prior year.
QUEENSGATE CENTRE ASSOCIATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 3 -
Thanks
During the year, 3 Directors resigned, and we thank them for their work with the Association. We also thank the staff of Queensgate Management team for their support during the year.
By order of the Board
P Stroffolino, Chair
29 April 2022
QUEENSGATE CENTRE ASSOCIATION LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 4 -
CURRENT DIRECTORS - AS AT APRIL 2022
Major Space Users
Paul Couchie
TK Maxx
Richard Watson
Marks & Spencer
Paula Oldfield
Primark
Patricia Stroffolino
Boots
Sinead Flynn
H & M
Angela Holmes
New Look
Landlord
Mark Broadhead
Merchant Tenants
Date first elected
Spencer Wrench
06.10.2011
Fleur
Emma Collins
27.04.2021
Tiger
Claire Carter
14.10.2021
Fat Face
Jake Giffen-Lee
14.10.2021
Krispy Kreme
Company Secretary
Date of appointment
Heather Lemmon
01.04.2003
Resignations during the year
Cherelle Ferdinand
Hotel Chocolat
Georgia Byng
Lush
Gary Rowntree
John Lewis
QUEENSGATE CENTRE ASSOCIATION LIMITED
DIRECTORS' RESPONSIBILITIES STATEMENT
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 5 -
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements, the directors are required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and accounting estimates that are reasonable and prudent;
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
QUEENSGATE CENTRE ASSOCIATION LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF QUEENSGATE CENTRE ASSOCIATION LIMITED
- 6 -
Opinion
We have audited the financial statements of Queensgate Centre Association Limited (the 'company') for the period ended 30 September 2021 which comprise the income and expenditure account, the balance sheet and notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102
The Financial Reporting Standard applicable in the UK and Republic of Ireland
(United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
-
give a true and fair view of the state of the company's affairs as at 30 September 2021 and of its deficit for the period then ended;
-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-
have been prepared in accordance with the requirements of the Companies Act 2006.
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the
Auditor's
responsibilities for the audit of the
financial statements
section of our report. We are independent of the
company
in accordance with the ethical requirements that are relevant to our audit of the
financial statements
in the UK, including the FRC’s Ethical Standard
, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit
:
-
the information given in the directors'
r
eport for the financial period for which the financial statements are prepared is consistent with the financial statements
; and
-
the directors' report has been prepared in accordance with applicable legal requirements.
QUEENSGATE CENTRE ASSOCIATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUEENSGATE CENTRE ASSOCIATION LIMITED
- 7 -
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identifie
d
material misstatements in the directors'
r
eport
.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
-
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
-
the financial statements are not in agreement with the accounting records and returns; or
-
certain disclosures of
remuneration specified by law are not made; or
-
we have not received all the information and explanations we require for our audit; or
-
the directors were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemption in preparing the directors' report and take advantage of the small companies exemption from the requirement to prepare a strategic report.
Responsibilities of directors
As explained more fully in the directors'
r
esponsibilities
s
tatement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of
financial statements
that are free from material misstatement, whether due to fraud or error. In preparing the
financial statements
, the
directors are
responsible for assessing the company
'
s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the
directors
either
intend
to liquidate the company or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the
financial statements
as a whole are free from material misstatement, whether due to fraud or error, and to issue an
auditor's
report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with
ISAs (UK)
will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these
financial statements
.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
QUEENSGATE CENTRE ASSOCIATION LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF QUEENSGATE CENTRE ASSOCIATION LIMITED
- 8 -
Extent to which the audit was considered capable of detecting irregularities, including fraud
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council’s website, to detect material misstatements in respect of irregularities, including fraud.
We obtain and update our understanding of the entity, its activities, its control environment, and likely future developments, including in relation to the legal and regulatory framework applicable and how the entity is complying with that framework. Based on this understanding, we identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. This includes consideration of the risk of acts by the entity that were contrary to applicable laws and regulations, including fraud.
In response to the risk of irregularities and non-compliance with laws and regulations, including fraud, we designed procedures which included:
-
Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud;
-
Reviewing minutes of meetings of those charged with governance;
-
Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the company through enquiry and inspection;
-
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations;
-
Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
Mr Mark Jackson FCA DChA (Senior Statutory Auditor)
For and on behalf of Azets Audit Services
3 May 2022
Chartered Accountants
Statutory Auditor
Ruthlyn House
90 Lincoln Road
Peterborough
United Kingdom
PE1 2SP
QUEENSGATE CENTRE ASSOCIATION LIMITED
INCOME AND EXPENDITURE ACCOUNT
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 9 -
Period
Year
ended
ended
30 September
31 March
2021
2021
Notes
£
£
Income
45,000
191,164
Publicity and administrative expenses
(45,718)
(200,538)
Operating deficit
(718)
(9,374)
Interest receivable and similar income
4
20
Deficit before taxation
(714)
(9,354)
Taxation
(1)
(4)
Deficit for the financial period
(715)
(9,358)
QUEENSGATE CENTRE ASSOCIATION LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2021
30 September 2021
- 10 -
2021
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
4
10
10
Current assets
Debtors
5
40,182
63,465
Cash at bank and in hand
67,078
119,781
107,260
183,246
Creditors: amounts falling due within one year
6
(73,782)
(149,053)
Net current assets
33,478
34,193
Net assets
33,488
34,203
Reserves
Income and expenditure account
33,488
34,203
Members' funds
33,488
34,203
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 29 April 2022 and are signed on its behalf by:
S Wrench
P Stroffolino
Director
Director
Company Registration No. 01632036
QUEENSGATE CENTRE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 11 -
1
Accounting policies
Company information
Queensgate Centre Association Limited is a
private
company
limited by guarantee
incorporated in
England and Wales
.
The registered office is
Ruthlyn House, 90 Lincoln Road, Peterborough, Cambridgeshire, United Kingdom, PE1 2SP.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
A
true
t the time of approving the financial statements
,
t
he directors have a reasonable expectation that the
company
has adequate resources to continue in operational existence for the foreseeable future. Thus
t
he directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Reporting period
FRS 102
3.10 An entity shall present a complete set of financial statements (including comparative
information as set out in paragraph 3.14) at least annually. When the end of an entity’s
reporting period changes and the annual financial statements are presented for a
period longer or shorter than one year, the entity shall disclose the following:
(a) that fact;
(b) the reason for using a longer or shorter period; and
(c) the fact that comparative amounts presented in the financial statements (including
the related notes) are not entirely comparable.
1.4
Income and expenditure
Income and expenses are included in the financial statements as they become receivable or due.
1.5
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Assets purchased in any year are fully depreciated subject to a nominal value as included on the balance sheet.
Fixtures, fittings & equipment
25% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to surplus or deficit
.
QUEENSGATE CENTRE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 12 -
1.6
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in
surplus
or
deficit
, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.
Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit)
in
prior years. A reversal of an impairment loss is recognised immediately in
surplus
or
deficit
, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
1.7
Cash at bank and in hand
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.8
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include
debtors
and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
QUEENSGATE CENTRE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
1
Accounting policies
(Continued)
- 13 -
Basic financial liabilities
Basic financial liabilities, including
creditors
, bank loans, loans from
fellow group companies and preference shares that are classified as debt, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
Trade creditors
are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.
1.9
Taxation
The company is exempt from corporation tax, it being a company not carrying on a business for the purposes of making a profit. Tax is payable on any interest income received.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or
fixed assets
.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Directors' emoluments
In accordance with the Memorandum and Articles of Association, the directors receive no salaries or fees from the Association.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
QUEENSGATE CENTRE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 14 -
3
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2021
2021
Number
Number
Total
1
1
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2021 and 30 September 2021
2,860
Depreciation and impairment
At 1 April 2021 and 30 September 2021
2,850
Carrying amount
At 30 September 2021
10
At 31 March 2021
10
5
Debtors
2021
2021
Amounts falling due within one year:
£
£
Service charges due
28,088
63,465
Other debtors
12,094
40,182
63,465
6
Creditors: amounts falling due within one year
2021
2021
£
£
Trade creditors
63,718
133,692
Corporation tax
5
4
Other taxation and social security
211
6,747
Other creditors
9,848
8,610
73,782
149,053
QUEENSGATE CENTRE ASSOCIATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 30 SEPTEMBER 2021
- 15 -
7
Members' liability
The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.
8
Related party transactions
A number of directors represent businesses that are tenants and therefore pay a levy to the Association. All transactions are on normal commercial terms.
2021-09-30
2021-04-01
false
CCH Software
CCH Accounts Production 2022.100
S Wrench
M Broadhead
P Oldfield
G Rowntree
E Collins
P Stroffolino
Richard Watson
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