North Quay Trading Limited - Abbreviated accounts 16.1

REGISTERED NUMBER: 03185468 (England and Wales)

ABBREVIATED UNAUDITED ACCOUNTS FOR THE YEAR ENDED 30 APRIL 2016

FOR

NORTH QUAY TRADING LIMITED

Page

Company Information

1

Abbreviated Balance Sheet

2

Notes to the Abbreviated Accounts

4

DIRECTOR:

M H Lipson-Green

SECRETARY:

Mrs S J Lipson-Green

REGISTERED OFFICE:

Unit 47 Joseph Wilson Industrial Estate

Millstrood Road

Whitstable

Kent

CT5 3PS

REGISTERED NUMBER:

03185468 (England and Wales)

ACCOUNTANTS:

George & Co.

Chartered Accountants

Thornhill House

26 Fisher Street

Maidstone

Kent

ME14 2SU

FIXED ASSETS

Tangible assets

2

11,367

14,591

CURRENT ASSETS

Stocks

91,000

93,500

Debtors

97,423

87,574

Cash in hand

18

-

188,441

181,074

CREDITORS

Amounts falling due within one year

228,636

221,581

NET CURRENT LIABILITIES

(40,195

)

(40,507

)

TOTAL ASSETS LESS CURRENT
LIABILITIES

(28,828

)

(25,916

)

CREDITORS

Amounts falling due after more than one
year

3

42,244

46,604

NET LIABILITIES

(71,072

)

(72,520

)

CAPITAL AND RESERVES

Called up share capital

4

100

Profit and loss account

(71,172

)

(72,620

)

SHAREHOLDERS' FUNDS

(71,072

)

(72,520

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2016 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of
each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections
394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial
statements, so far as applicable to the company.

The abbreviated accounts have been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the director on 20 July 2016 and were signed by:

M H Lipson-Green - Director

1.	ACCOUNTING POLICIES

Accounting convention

The financial statements have been prepared under the historical cost convention and in accordance with the

Financial Reporting Standard for Smaller Entities (effective January 2015).

Turnover

Turnover represents the total value, excluding value added tax, of sales earned during the year.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Land and buildings

-

10% on cost

Plant and machinery etc

-

25% on reducing balance

Stocks

Stocks and work in progress are valued at the lower of cost and net realisable value, after making due allowance

for obsolete and slow moving items.

Cost includes all direct expenditure and an appropriate proportion of fixed and variable overheads.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

Hire purchase and leasing commitments

Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those held

under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases

are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The

capital element of the future payments is treated as a liability.

2.	TANGIBLE FIXED ASSETS

Total

£

COST

At 1 May 2015

159,997

Additions

734

At 30 April 2016

160,731

DEPRECIATION

At 1 May 2015

145,406

Charge for year

3,958

At 30 April 2016

149,364

NET BOOK VALUE

At 30 April 2016

11,367

At 30 April 2015

14,591

3.

CREDITORS

Creditors include the following debts falling due in more than five years:

2016

2015

£

Repayable by instalments

20,965

26,743

4.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2016

2015

value:

£

100

Ordinary

£1

100

5.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The bank borrowing is personally guaranteed by the director.

The directors' loan to the company at 30 April 2016 amounted to £80,413 (2015 - £82,513) and is included

under Creditors: Amounts falling due within one year on the balance sheet. The director pledges his continued

support to the company.

6.	GOING CONCERN

The accounts have been prepared on a going concern basis due to the continued support given by the director.