NICOLA_QUILTER_LIMITED - Accounts

NICOLA QUILTER LIMITED - Company Information

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Company Registration No. 07365793 (England and Wales)

NICOLA QUILTER LIMITED

UNAUDITED ABBREVIATED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2015

NICOLA QUILTER LIMITED

CONTENTS

Page

Abbreviated balance sheet

Notes to the abbreviated accounts

2 - 3

NICOLA QUILTER LIMITED

ABBREVIATED BALANCE SHEET

AS AT

30 SEPTEMBER 2015

- 1 -

2015

2014

Notes

Fixed assets

Intangible assets

10,216

Tangible assets

1,114

1,087

1,114

11,303

Current assets

Stocks

32,148

39,117

Debtors

9,296

2,712

Cash at bank and in hand

9,054

11,736

50,498

53,565

Creditors: amounts falling due within one year

(14,106)

(20,047)

Net current assets

36,392

33,518

Total assets less current liabilities

37,506

44,821

Capital and reserves

Called up share capital

Share premium account

40,983

Profit and loss account

(3,479)

3,836

Shareholders' funds

37,506

44,821

For the financial year ended 30 September 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 members have 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 her 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 24 June 2016

Ms N Quilter

Director

Company Registration No. 07365793

NICOLA QUILTER LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 30 SEPTEMBER 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).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

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

1.4

Goodwill

Acquired goodwill is written off in equal annual installments over its estimated useful economic life, which is considered to be 5 years.

1.5

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:

Plant and machinery

25% on written down value

Fixtures, fittings & equipment

25% on written down value

1.6

Stock

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

1.7

Foreign currency translation

Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are recorded at the rate ruling at the date of the transaction. All differences are taken to profit and loss account.

NICOLA QUILTER LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 30 SEPTEMBER 2015

- 3 -

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 October 2014

51,083

2,870

53,953

Additions

399

At 30 September 2015

51,083

3,269

54,352

Depreciation

At 1 October 2014

40,867

1,783

42,650

Charge for the year

10,216

372

10,588

At 30 September 2015

51,083

2,155

53,238

Net book value

At 30 September 2015

1,114

At 30 September 2014

10,216

1,087

11,303

Share capital

2015

2014

Authorised

1,000 Ordinary shares of £1 each

1,000

Allotted, called up and fully paid

2 Ordinary shares of £1 each

Related party relationships and transactions

Loans to directors

Transactions in relation to loans with directors during the year are outlined in the table below:

Description

% Rate

Opening Balance

Amounts Advanced

Interest Charged

Amounts Repaid

Closing Balance

Ms N Quilter -

4.00

(1,284)

17,789

252

7,944

8,813

(1,284)

17,789

252

7,944

8,813