Quickdraw Supplies Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05235888 (England and Wales)

QUICKDRAW SUPPLIES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

S W Jones

Mrs S M Milburn

SECRETARY:

Mrs A W Jones

REGISTERED OFFICE:

Highland House

Mayflower Close

Chandlers Ford

Eastleigh

Hampshire

SO53 4AR

BUSINESS ADDRESS:

Unit 26a

High Street

Totton

Southampton

Hampshire

SO40 9HN

REGISTERED NUMBER:

05235888 (England and Wales)

BANKERS:

Barclays Bank Plc

Leicester

LE87 2BB

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

16,900

22,650

16,900

22,650

CURRENT ASSETS

Stocks

6

205,662

219,516

Debtors

7

53,924

59,918

Cash at bank and in hand

156,623

137,772

416,209

417,206

CREDITORS

Amounts falling due within one year

8

(331,573

)

(348,438

)

NET CURRENT ASSETS

84,636

68,768

TOTAL ASSETS LESS CURRENT LIABILITIES

101,536

91,418

PROVISIONS FOR LIABILITIES

(2,048

)

(3,545

)

NET ASSETS

99,488

87,873

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

99,388

87,773

SHAREHOLDERS' FUNDS

99,488

87,873

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 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 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 Board of Directors on 10 July 2019 and were signed on its behalf by:

S W Jones - Director

1.	STATUTORY INFORMATION

Quickdraw Supplies Limited 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with FRS102 "The Financial Reporting Standards

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 FRS102 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

amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention, modified to include certain

financial instruments at fair value. The principal accounting policies adopted are set out below.

Turnover

Turnover represents sales of goods net of VAT and trade discounts. Turnover is recognised when the goods are

physically dispatched to the customer.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business in 2004, is now fully

amortised.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Short leasehold

-

10% Straight line

Plant and machinery

-

33% Reducing balance

Fixtures and fittings

-

20% Reducing balance

Motor vehicles

-

25% Reducing balance

Computer equipment

-

33% Straight line

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 recognised in the income statement.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow

moving items.

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 balance sheet date.

Deferred tax

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

sheet 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.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the

balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at

the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the

lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension

scheme are charged to profit or loss in the period to which they relate.

Financial assets

The Company has elected to apply the provision of Section 11 'Basic Financial Instruments' and Section 12

'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments.

Financial assets are recognised in the company's statement of financial position when the company becomes

party to the contractual provisions of the instrument.

Basic financial assets, which include trade and other receivables 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 financial transaction, where the transaction is

measured at the present value of the future receipts discounted at a market rate of interest.

Financial liabilities

Basic financial liabilities which include trade and other payables, are initially measured at transaction price and

subsequently measured at amortised cost, unless the arrangement constitutes a financing transaction where the

debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Equity instruments

Equity instruments issued by the company are recorded at the fair value of the proceeds received net of direct

issue costs. Dividend's payable on equity instruments are recognised as liabilities once they are no longer at the

discretion of the company.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 29 (2018 - 36 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

52,500

AMORTISATION

At 1 April 2018

and 31 March 2019

52,500

NET BOOK VALUE

At 31 March 2019

-

At 31 March 2018

-

5.	TANGIBLE FIXED ASSETS

Fixtures

Short

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 April 2018

8,520

28,101

66,799

At 31 March 2019

8,520

28,101

66,799

DEPRECIATION

At 1 April 2018

5,964

26,086

51,555

Charge for year

852

664

3,049

At 31 March 2019

6,816

26,750

54,604

NET BOOK VALUE

At 31 March 2019

1,704

1,351

12,195

At 31 March 2018

2,556

2,015

15,244

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 April 2018

7,050

17,543

128,013

Additions

-

700

700

At 31 March 2019

7,050

18,243

128,713

DEPRECIATION

At 1 April 2018

6,025

15,733

105,363

Charge for year

256

1,629

6,450

At 31 March 2019

6,281

17,362

111,813

NET BOOK VALUE

At 31 March 2019

769

881

16,900

At 31 March 2018

1,025

1,810

22,650

6.

STOCKS

2019

2018

£

£

Stocks

205,662

219,516

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

186

810

Other debtors

53,738

59,108

53,924

59,918

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

238,942

214,942

Taxation and social security

49,838

82,631

Other creditors

42,793

50,865

331,573

348,438

9.	LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

2019

2018

£

£

Within one year

9,728

51,200

Between one and five years

3,510

67,488

13,238

118,688

10.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year advances totalling £1,818 (2018: £403) were made to the Directors. The balance outstanding at

the year end was £21,817 (2018: £19,999).

No interest is payable and the advances are repayable on demand.