Quicklogic Properties Limited - Period Ending 2018-11-30
Quicklogic Properties Limited - Period Ending 2018-11-30
Registration number:
for the Year Ended
Quicklogic Properties Limited
Contents
Balance Sheet |
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Notes to the Financial Statements |
Quicklogic Properties Limited
(Registration number: 09311028)
Balance Sheet as at 30 November 2018
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2018 |
2017 |
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Fixed assets |
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Tangible assets |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
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Net current liabilities |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 30 November 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
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The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
.........................................
Director
Page 1 |
Quicklogic Properties Limited
Notes to the Financial Statements for the Year Ended 30 November 2018
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
England
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the rents, service charges and insurance in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.
Tax
The tax expense for the period comprises current tax payable.
The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
Asset class |
Depreciation method and rate |
Office equipment |
25% reducing balance basis |
Furniture and fittings |
25% reducing balance basis |
Page 2 |
Quicklogic Properties Limited
Notes to the Financial Statements for the Year Ended 30 November 2018
Share capital
Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Tangible assets |
Land and buildings |
Fixtures and fittings |
Office equipment |
Total |
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Cost or valuation |
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At 1 December 2017 |
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Additions |
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At 30 November 2018 |
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Depreciation |
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At 1 December 2017 |
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Charge for the year |
- |
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At 30 November 2018 |
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Carrying amount |
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At 30 November 2018 |
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At 30 November 2017 |
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Included within the net book value of land and buildings above is £585,645 (2017 - £585,645) in respect of freehold land and buildings.
Debtors |
2018 |
2017 |
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Prepayments |
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Other debtors |
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Page 3 |
Quicklogic Properties Limited
Notes to the Financial Statements for the Year Ended 30 November 2018
Creditors |
Creditors: amounts falling due within one year
2018 |
2017 |
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Due within one year |
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Amounts owed to related undertakings and undertakings in which the company has a participating interest |
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Taxation and social security |
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Other creditors |
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Related party transactions |
Summary of transactions with other related parties
Page 4 |