ACCOUNTS - Final Accounts preparation

QUIRKY BUBBA (UK) LIMITED - Company Information

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Registered number: 10619394

QUIRKY BUBBA (UK) LIMITED

FILLETED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

QUIRKY BUBBA (UK) LIMITED

REGISTERED NUMBER: 10619394

STATEMENT OF FINANCIAL POSITION

AS AT 28 FEBRUARY 2019

		2019		2018
Note		£		£


Current assets
Debtors		3,410		-
Cash at bank and in hand	4	4,613		100
		8,023		100
Creditors: amounts falling due within one year	5	(24,574)		(458)
Net current liabilities			(16,551)		(358)
Total assets less current liabilities			(16,551)		(358)

Net liabilities			(16,551)		(358)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(16,651)	(458)
	(16,551)	(358)

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QUIRKY BUBBA (UK) LIMITED

REGISTERED NUMBER: 10619394

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 28 FEBRUARY 2019

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 26 February 2020.

A J Noble

Director

The notes on pages 3 to 6 form part of these financial statements.

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QUIRKY BUBBA (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

1.	General information

Quirky Bubba (UK) Limited is a private limited company incorporated in England.
Registered Office:
Unit 2
Merlin Court
Lancaster Way Business Park
Ely
Cambridgeshire
CB6 3GN

2.Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

2.2

Going concern

The accounts are prepared on a going concern basis which assumes the continued support of its
directors and shareholders.

2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:

∙the Company has transferred the significant risks and rewards of ownership to the buyer;

∙the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;

∙the amount of revenue can be measured reliably;

∙it is probable that the Company will receive the consideration due under the transaction; and

∙the costs incurred or to be incurred in respect of the transaction can be measured reliably.

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QUIRKY BUBBA (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

2.Accounting policies (continued)

2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of income and retained earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.6

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.7

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of income and retained earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

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QUIRKY BUBBA (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

2.Accounting policies (continued)

2.8

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 0 (2018 - 0).

4.	Cash and cash equivalents
		2019	2018
		£	£

Cash at bank and in hand	4,613	100
	4,613	100

5.	Creditors: Amounts falling due within one year
		2019	2018
		£	£

Taxation and social security	2,823	-
Other creditors	19,826	170
Accruals and deferred income	1,925	288
	24,574	458

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QUIRKY BUBBA (UK) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 28 FEBRUARY 2019

6.	Deferred taxation

		2019
		£

	Charged to profit or loss	3,410
	At end of year	3,410

The deferred tax asset is made up as follows:
	2019	2018
	£	£

	Tax losses carried forward	3,410	-
		3,410	-

7.	Related party transactions
	At the financial position date the company owed the director £Nil (2018 - £170) by way of an interest free loan.

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