QUIETLYNN_LIMITED - Accounts

QUIETLYNN LIMITED - Company Information

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Company Registration No. 01608400 (England and Wales)

QUIETLYNN LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2015

QUIETLYNN LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

QUIETLYNN LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 JUNE 2015

- 1 -

2015

2014

Notes

Fixed assets

Tangible assets

24,176

39,005

Current assets

Stocks

36,837

65,719

Debtors

8,228

36,910

45,065

102,629

Creditors: amounts falling due within one year

(750,535)

(897,411)

Net current liabilities

(705,470)

(794,782)

Total assets less current liabilities

(681,294)

(755,777)

Capital and reserves

Called up share capital

100

Other reserves

14,078

Profit and loss account

(695,472)

(769,955)

Shareholders' funds

(681,294)

(755,777)

For the financial year ended 30 June 2015 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 26 October 2015

Mr G. Burns

Director

Company Registration No. 01608400

QUIETLYNN LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 JUNE 2015

- 2 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective April 2008) and United Kingdom Generally Accepted Accounting Practice for Smaller Entities.

The Accounts have been prepared on a going concern basis which assumes that the company will continue to trade. The validity of this assumption is dependent upon the continued support of the company's major creditors who have indicated that they intend to provide necessary facilities to enable the company to continue to trade for the foreseeable future. If the company were unable to continue to trade, adjustments would have to be made to reduce the value of assets to their recoverable amount, to provide for any further liabilities that might arise and to reclassify fixed assets and long term liabilities as current assets and liabilities.

1.2

Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

1.3

Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Improvements to shop premises

5% per annum on a straight line basis

Fixtures, fittings & equipment

10% per annum on a straight line basis

Motor vehicles

20% per annum on a straight line basis

1.4

Stock

Stock is valued at the lower of cost and net realisable value.

QUIETLYNN LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 JUNE 2015

- 3 -

Fixed assets

Tangible assets

Cost

At 1 July 2014

208,069

Disposals

(8,214)

At 30 June 2015

199,855

Depreciation

At 1 July 2014

169,063

On disposals

(5,508)

Charge for the year

12,124

At 30 June 2015

175,679

Net book value

At 30 June 2015

24,176

At 30 June 2014

39,005

Share capital

2015

2014

Allotted, called up and fully paid

100 Ordinary shares of £1 each

100

Ultimate parent company

The ultimate controlling party is the director, Mr.G.Burns, who owns the entire shareholding of the company.