Quicklogic Limited - Period Ending 2021-04-30

Quicklogic Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 7

Quicklogic Limited

(Registration number: 02025095)
Balance Sheet as at 30 April 2021

	Note	2021 £	2020 £
Fixed assets
Tangible assets	4	269,731	279,860
Investment property	5	2,248,534	2,248,534
		2,518,265	2,528,394
Current assets
Debtors	6	1,504,133	1,643,130
Cash at bank and in hand		2,303,477	1,973,191
		3,807,610	3,616,321
Creditors: Amounts falling due within one year	7	(484,400)	(279,932)
Net current assets		3,323,210	3,336,389
Net assets		5,841,475	5,864,783
Capital and reserves
Called up share capital		100	100
Share premium reserve		580,854	580,854
Profit and loss account		5,260,521	5,283,829
Shareholders' funds		5,841,475	5,864,783

For the financial year ending 30 April 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	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.

Quicklogic Limited

(Registration number: 02025095)
Balance Sheet as at 30 April 2021

Approved and authorised by the Board on 21 March 2022 and signed on its behalf by:
 

......................................... C Nepute Director

Quicklogic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

The principal place of business is:
Hillcrest
Stoney Lane
Ashmore Green
Thatcham
Berkshire
RG18 9HQ
England

2	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 represents the amounts chargeable in respect of the provision of services to customers.

Foreign currency transactions and balances

Profit and loss account transactions in foreign currencies are translated into sterling at the average rate for the period. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing rate at the balance sheet date and the exchange difference included in the profit and loss account in the period in which it arises.

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.

Quicklogic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses with the exception of other property, plant and equipment, which is included at a fair value which is measured annually within the company's investment portfolio.

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
Land and buildings	3% and 12.5% straight line basis
Office equipment	25% reducing balance basis
Plant and machinery	25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in bonds are measured at cost less any subsequent diminution in value as they provide a fixed return and offer a fixed percentage rate of interest.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2020 - 2).

Quicklogic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

5	Investment properties

	2021 £
At 1 May	2,248,534

The investment properties were valued by the director C Neputé on 30 April 2018. The basis of this valuation was fair value.

There has been no valuation of investment property by an independent valuer.

6

Debtors

	2021 £	2020 £
Other debtors	1,504,133	1,643,130
	1,504,133	1,643,130

7

Creditors

Creditors: amounts falling due within one year

	2021 £	2020 £
Due within one year
Loans and borrowings	360,103	236,343
Taxation and social security	57,057	6,349
Other creditors	67,240	37,240
	484,400	279,932

8	Loans and borrowings

	2021 £	2020 £
Current loans and borrowings
Other borrowings	360,103	236,343

Quicklogic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2021

9	Related party transactions

Other transactions with directors

During the period the company had interest free loans outstanding to the directors. At the year end the amounts due to the directors was £360,103 (2020: £236,342)

Summary of transactions with entities with joint control or significant interest

The company is controlled by Neputé Holdings Limited, a company registered in Jersey, Channel Islands, which owns 70% of the issued share capital. That company is controlled by the Trustees of the Neputé Jersey Settlement, a Jersey resident trust.

At the balance sheet date the intercompany loan due to Neputé Holdings Limited was £36,578 (2020: £6,578).
 

Summary of transactions with other related parties

During the period the company had interest free loans outstanding to companies owned by the directors. At the year end the amounts due from these companies was £1,499,106 (2020: £1,643,131).