QP Interiors Limited - Accounts to registrar (filleted) - small 18.2

Unaudited Financial Statements for the Year Ended 31 March 2019

for

QP Interiors Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTORS:

Mr R J Stacey

Mr S Stacey

SECRETARY:

Mr R J Stacey

REGISTERED OFFICE:

18 St Martins Way

Bedford

Bedfordshire

MK42 0LF

REGISTERED NUMBER:

04893028 (England and Wales)

FIXED ASSETS

Intangible assets

4

80,000

100,000

Tangible assets

5

31,967

36,518

111,967

136,518

CURRENT ASSETS

Stocks

34,500

34,500

Debtors

6

22,121

25,632

Cash at bank and in hand

251,532

231,448

308,153

291,580

CREDITORS

Amounts falling due within one year

7

109,691

119,042

NET CURRENT ASSETS

198,462

172,538

TOTAL ASSETS LESS CURRENT LIABILITIES

310,429

309,056

PROVISIONS FOR LIABILITIES

15

44

NET ASSETS

310,414

309,012

CAPITAL AND RESERVES

Called up share capital

100

100

Retained earnings

310,314

308,912

SHAREHOLDERS' FUNDS

310,414

309,012

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 2 August 2019 and were signed on its behalf by:

Mr R J Stacey - Director

1.	STATUTORY INFORMATION

QP Interiors 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 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. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover represents net invoiced sales of bathroom equipment, excluding value added tax.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured

at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets

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

Improvements to property

-

20 years

Fixtures and fittings

-

25% on reducing balance

Motor vehicles

-

25% on reducing balance

Stocks

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

obsolete and slow moving items. The directors review stock values on a regular basis, and at the

accounting year-end.

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 statement of financial position date.

Deferred tax

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

the statement of financial position 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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 3 (2018 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 April 2018

and 31 March 2019

400,000

AMORTISATION

At 1 April 2018

300,000

Charge for year

20,000

At 31 March 2019

320,000

NET BOOK VALUE

At 31 March 2019

80,000

At 31 March 2018

100,000

Goodwill arose on the acquisition of the retailing business from the partnership QP Interiors in the year

ended 31 March 2004. The valuation was based on a multiple of recognised recurring turnover. The

directors have made a reliable estimate that the goodwill has a useful life of twenty years and hence

the company is amortising goodwill over a period of twenty years as from the the date of acquisition.

5.	TANGIBLE FIXED ASSETS

Improvements

Fixtures

to

and

Motor

property

fittings

vehicles

Totals

£

£

£

£

COST

At 1 April 2018

and 31 March 2019

83,061

29,968

7,700

120,729

DEPRECIATION

At 1 April 2018

48,139

28,950

7,122

84,211

Charge for year

4,153

254

144

4,551

At 31 March 2019

52,292

29,204

7,266

88,762

NET BOOK VALUE

At 31 March 2019

30,769

764

434

31,967

At 31 March 2018

34,922

1,018

578

36,518

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Other debtors

22,121

25,632

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.3.19

31.3.18

£

£

Bank loans and overdrafts

-

27,619

Trade creditors

84,437

68,635

Taxation and social security

23,405

22,297

Other creditors

1,849

491

109,691

119,042

8.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

A director repaid £5,082 and was made an advance of £3,513 during the year.