Quick Reach Powered Access Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 08985825 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2018

for

Quick Reach Powered Access Ltd

Page

Company Information

1

Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

7

DIRECTORS:

Mr J F Barnes

Mr J G T Barton

Mr D J Barton

Ms J Williams

SECRETARY:

Mr J G T Barton

REGISTERED OFFICE:

Unit 2D James Nasmyth Way

Green Lane

Eccles

Manchester

M30 0SF

REGISTERED NUMBER:

08985825 (England and Wales)

ACCOUNTANTS:

Harris & Co Limited

Chartered Accountants

Marland House

13 Huddersfield Road

Barnsley

South Yorkshire

S70 2LW

FIXED ASSETS

Tangible assets

5

17,670,023

15,740,541

CURRENT ASSETS

Stocks

23,202

-

Debtors

6

1,894,308

1,669,901

Cash at bank and in hand

44,920

39,805

1,962,430

1,709,706

CREDITORS

Amounts falling due within one year

7

7,814,404

7,014,525

NET CURRENT LIABILITIES

(5,851,974

)

(5,304,819

)

TOTAL ASSETS LESS CURRENT LIABILITIES

11,818,049

10,435,722

CREDITORS

Amounts falling due after more than one year

8

(8,129,550

)

(8,158,111

)

PROVISIONS FOR LIABILITIES

(731,513

)

(470,669

)

NET ASSETS

2,956,986

1,806,942

CAPITAL AND RESERVES

Called up share capital

11

100

100

Share premium

149,900

149,900

Retained earnings

2,806,986

1,656,942

SHAREHOLDERS' FUNDS

2,956,986

1,806,942

The Company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2018.

The members have not required the Company to obtain an audit of its financial statements for the year ended 31 July 2018 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 18 April 2019 and were signed on its behalf by:

Mr J G T Barton - Director

1.	STATUTORY INFORMATION

Quick Reach Powered Access Ltd 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.

The presentation and functional currency of the financial statements is the Pound Sterling (£).

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in compliance with FRS 102, 'The Financial Standard

Applicable in the UK and the Republic of Ireland' and the Companies Act 2006. The financial

statements have been prepared on a going concern basis under the historical cost convention.

Significant judgements and estimates

The principal accounting policies and significant judgements and estimates applied in the preparation

of these financial statements are set out below. These policies, judgements and estimates have been

consistently applied to all years presented unless otherwise stated.

Turnover

Turnover represents amounts earned on goods and services provided during the year and derives

from the provision of goods and services falling within the company's ordinary activities.

Tangible fixed assets

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

Long leasehold

-

Over the life of the lease straight line

Plant and machinery

-

Straight line over 12.5 years and with an estimated residual value

Fixtures and fittings

-

15% on reducing balance

Motor vehicles

-

25% on reducing balance

Computer equipment

-

Straight line over 3 years

All fixed assets are initially recorded at cost.

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 Profit and Loss

Account, 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.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet.

Those held under hire purchase contracts are depreciated over their estimated useful lives. Those

held under finance leases are depreciated over their estimated useful lives or the lease term,

whichever is the shorter.

The interest element of these obligations is charged to profit or loss over the relevant period. The

capital element of the future payments is treated as a liability.

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.

4.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 38 (2017 - 32 ) .

5.	TANGIBLE FIXED ASSETS

Fixtures

Long

Plant and

and

leasehold

machinery

fittings

£

£

£

COST

At 1 August 2017

24,000

16,971,786

1,053

Additions

16,904

3,152,601

-

Disposals

-

(80,450

)

-

At 31 July 2018

40,904

20,043,937

1,053

DEPRECIATION

At 1 August 2017

10,364

1,328,896

390

Charge for year

8,893

1,148,443

93

Eliminated on disposal

-

(14,259

)

-

At 31 July 2018

19,257

2,463,080

483

NET BOOK VALUE

At 31 July 2018

21,647

17,580,857

570

At 31 July 2017

13,636

15,642,890

663

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST

At 1 August 2017

108,747

28,349

17,133,935

Additions

-

6,834

3,176,339

Disposals

-

-

(80,450

)

At 31 July 2018

108,747

35,183

20,229,824

DEPRECIATION

At 1 August 2017

45,280

8,464

1,393,394

Charge for year

14,170

9,067

1,180,666

Eliminated on disposal

-

-

(14,259

)

At 31 July 2018

59,450

17,531

2,559,801

NET BOOK VALUE

At 31 July 2018

49,297

17,652

17,670,023

At 31 July 2017

63,467

19,885

15,740,541

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

1,847,479

1,603,431

Other debtors

46,829

66,470

1,894,308

1,669,901

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Bank loans and overdrafts

1,116,125

536,310

Hire purchase contracts (see note 9)

3,579,699

2,799,684

Trade creditors

2,306,726

3,247,458

Taxation and social security

154,355

27,177

Other creditors

657,499

403,896

7,814,404

7,014,525

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2018

2017

£

£

Hire purchase contracts (see note 9)

8,129,550

8,158,111

9.	LEASING AGREEMENTS

Minimum lease payments fall due as follows:

Hire purchase contracts

2018

2017

£

£

Net obligations repayable:

Within one year

3,579,699

2,799,684

Between one and five years

8,129,550

8,158,111

11,709,249

10,957,795

Non-cancellable

operating leases

2018

2017

£

£

Within one year

224,031

59,856

Between one and five years

646,126

152,001

870,157

211,857

10.	SECURED DEBTS

The following secured debts are included within creditors:

2018

2017

£

£

Hire purchase

11,709,249

10,957,795

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2018

2017

value:

£

£

34

Ordinary "A"

£1

34

34

33

Ordinary "B"

£1

33

33

33

Ordinary "C"

£1

33

33

100

100

12.	SUBSEQUENT EVENTS

Subsequent to the year-end, on 27 February 2019, the company sold the whole of its issued share

capital to Quick Reach Holdings Limited and entered into a deed to guarantee to Enterprise Ventures

Growth II LP all monies outstanding in connection with the issue of loan notes by Quick Reach

Holdings Limited to Enterprise Ventures Growth II LP.