ACCOUNTS - Final Accounts preparation

Company registration number: 10386454

	UNAUDITED FINANCIAL STATEMENTS
	FOR THE YEAR ENDED 30 SEPTEMBER 2020

	QUADRELOM LIMITED


QUADRELOM LIMITED REGISTERED NUMBER:10386454

STATEMENT OF FINANCIAL POSITION

AS AT 30 SEPTEMBER 2020

		2020		2019
Note		£		£


Current assets
Stocks		1,289,613		591,880
Cash at bank and in hand		2,496		72,661
		1,292,109		664,541
Creditors: amounts falling due within one year	4	(1,432,770)		(758,109)
Net current liabilities			(140,661)		(93,568)
Total assets less current liabilities			(140,661)		(93,568)

Net liabilities			(140,661)		(93,568)

Capital and reserves
Called up share capital	100	100
Profit and loss account	(140,761)	(93,668)
	(140,661)	(93,568)

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 profit and loss account 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 by:

J G Mole

Director

Date: 26 March 2021

The notes on pages 2 to 3 form part of these financial statements.

Page 1


QUADRELOM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

1.	General information

These financial statements have been prepared in compliance with FRS102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

Quadrelom Limited is a private company limited by shares, registered in England and Wales. The address of its registered office is disclosed on the company information page.

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 financial statements have been prepared on the Going Concern Basis which is appropriate only with the continuing support of loans from family companies.

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:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:

∙the amount of revenue can be measured reliably;

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

∙the stage of completion of the contract at the end of the reporting period can be measured reliably; and

∙the costs incurred and the costs to complete the contract can be measured reliably.

2.4

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.5

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a weighted averagebasis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

2.6

Financial instruments

Page 2


QUADRELOM LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

2.Accounting policies (continued)

2.6

Financial instruments (continued)

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 ordinary shares.

Employees

The average monthly number of employees, including directors, during the year was 4 (2019 - 4).

4.	Creditors: Amounts falling due within one year
		2020	2019
		£	£

Bank loans	649,997	-
Other taxation and social security	2,285	8,045
Other creditors	777,763	747,339
Accruals and deferred income	2,725	2,725
	1,432,770	758,109

5.	Related party transactions
	At the year end, the company owed £502,000 (2019 - £502,000) to Macestep Limited, a company in which the directors parents are officers and 54% shareholders and £269,600 (2019 - £242,814) owed to RG Mole & Co Limited, a company which has the same directors/shareholders.

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