Quicklogic Properties Limited - Period Ending 2022-11-30

Quicklogic Properties Limited

Contents

Balance Sheet	1 to 2
Notes to the Unaudited Financial Statements	3 to 5

Quicklogic Properties Limited

(Registration number: 09311028)
Balance Sheet as at 30 November 2022

	Note	2022 £	2021 £
Fixed assets
Tangible assets	4	589,826	590,020
Current assets
Debtors	5	4,198	12,829
Cash at bank and in hand		283,829	247,899
		288,027	260,728
Creditors: Amounts falling due within one year	6	(654,716)	(663,114)
Net current liabilities		(366,689)	(402,386)
Total assets less current liabilities		223,137	187,634
Provisions for liabilities		(110)	(147)
Net assets		223,027	187,487
Capital and reserves
Called up share capital		100	100
Retained earnings		222,927	187,387
Shareholders' funds		223,027	187,487

Quicklogic Properties Limited

(Registration number: 09311028)
Balance Sheet as at 30 November 2022

For the financial year ending 30 November 2022 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. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 18 May 2023 and signed on its behalf by:
 

......................................... Mr Carlo Nepute Director

Quicklogic Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

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

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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 balance sheet 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

Quicklogic Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

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 (2021 - 2).

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Office equipment £	Total £
Cost or valuation
At 1 December 2021	589,245	2,046	1,971	593,262
At 30 November 2022	589,245	2,046	1,971	593,262
Depreciation
At 1 December 2021	-	1,683	1,559	3,242
Charge for the year	-	91	103	194
At 30 November 2022	-	1,774	1,662	3,436
Carrying amount
At 30 November 2022	589,245	272	309	589,826
At 30 November 2021	589,245	363	412	590,020

Included within the net book value of land and buildings above is £589,245 (2021 - £589,245) in respect of freehold land and buildings.
 

Quicklogic Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2022

5

Debtors

Current	2022 £	2021 £
Trade debtors	74	74
Prepayments	298	375
Other debtors	3,826	12,380
	4,198	12,829

6

Creditors

Creditors: amounts falling due within one year

	2022 £	2021 £
Due within one year
Amounts owed to related undertakings and undertakings in which the company has a participating interest	630,865	639,874
Taxation and social security	9,837	9,484
Other creditors	14,014	13,756
	654,716	663,114

7	Related party transactions

Summary of transactions with other related parties

During the period the company had interest free loans from companies owned by the directors. At the year end the amounts due to these companies was £630,865 (2021: £639,874).