Quickfit Safety Belt Services Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09215287 (England and Wales)

Unaudited Financial Statements

for the Period 30 June 2017 to 27 June 2018

for

Quickfit Safety Belt Services Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

4

DIRECTOR:

S G Quick

REGISTERED OFFICE:

2nd Floor

Hygeia House

66 College Road

Harrow

Middlesex

HA1 1BE

REGISTERED NUMBER:

09215287 (England and Wales)

ACCOUNTANTS:

Lawrence Grant

Chartered Accountants

and Reporting Accountants

2nd Floor

Hygeia House

66 College Road

Harrow

Middlesex

HA1 1BE

FIXED ASSETS

Tangible assets

4

844

-

CURRENT ASSETS

Stocks

60,000

60,000

Debtors

5

40,947

36,143

Cash at bank

6,616

11,727

107,563

107,870

CREDITORS

Amounts falling due within one year

6

181,352

117,430

NET CURRENT LIABILITIES

(73,789

)

(9,560

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(72,945

)

(9,560

)

PROVISIONS FOR LIABILITIES

160

-

NET LIABILITIES

(73,105

)

(9,560

)

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(73,106

)

(9,561

)

SHAREHOLDERS' FUNDS

(73,105

)

(9,560

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the period ended 27 June 2018.

The members have not required the company to obtain an audit of its financial statements for the period ended 27 June 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director on 24 March 2020 and were signed by:

S G Quick - Director

1.	STATUTORY INFORMATION

Quickfit Safety Belt Services 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 currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small

Entities"of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and

Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the

historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Tangible fixed assets

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

Fixtures and fittings

-

25% reducing balance

Stocks

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

for obsolete and slow moving items.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in

bringing stocks to their present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual

arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any

contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Taxation

Taxation for the period 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 period 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.

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.

Going concern

The financial statements have been prepared on a going concern basis, which is dependent upon the company's

director continuing to provide the necessary financial facilities, to enable the company to continue in operation

for the foreseeable future.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the period was 7 (2017 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

and

fittings

£

COST

Additions

1,125

At 27 June 2018

1,125

DEPRECIATION

Charge for period

281

At 27 June 2018

281

NET BOOK VALUE

At 27 June 2018

844

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade debtors

24,404

16,632

Other debtors

16,543

19,511

40,947

36,143

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2018

2017

£

£

Trade creditors

23,832

49,773

Taxation and social security

47,481

10,328

Other creditors

110,039

57,329

181,352

117,430

7.	RELATED PARTY DISCLOSURES

As at the year end date, the director Mr S G Quick had a credit balance of £9,437 (2017: £3,548 debit) on his

director's loan account. This is an interest free loan to the company and is shown within other creditors.

As at the year end date, the company owed £96,790 (2017: £54,329) to Quick Fit Safety Belt Service Limited

(The), a company under common control. This balance is included in other creditors falling due within one year.