Quicklogic Properties Limited - Period Ending 2016-11-30

Registration number: 09311028

Quicklogic Properties Limited

Unaudited Abbreviated Accounts

for the Year Ended 30 November 2016
 

Quicklogic Properties Limited
Contents

Abbreviated Balance Sheet 1

Notes to the Abbreviated Accounts 2 to 3

Quicklogic Properties Limited
(Registration number: 09311028)
Abbreviated Balance Sheet at 30 November 2016

		Note			30 November 2016 £			30 November 2015 £
Fixed assets
Tangible fixed assets		2			588,332			584,628
Current assets
Debtors					36,717			6,163
Cash at bank and in hand					57,060			21,852
					93,777			28,015
Creditors: Amounts falling due within one year					(650,863)			(608,231)
Net current liabilities					(557,086)			(580,216)
Total assets less current liabilities					31,246			4,412
Capital and reserves
Called up share capital		3			100			100
Profit and loss account					31,146			4,312
Shareholders' funds					31,246			4,412

For the year ending 30 November 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 29 August 2017 and signed on its behalf by:

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

The notes on pages 2 to 3 form an integral part of these financial statements.
Page 1

Quicklogic Properties Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2016
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, 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 amounts chargeable, net of value added tax, in respect of the rental of property to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Office equipment	25% Reducing Balance
Fixtures and fittings	25% Reducing Balance

Investment properties

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRSSE, as follows: No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is transferred to the revaluation reserve unless a deficit below original cost, or its reversal, on an individual investment property is expected to be permanent, in which case it is recognised in the profit and loss account for the year. This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Page 2

Quicklogic Properties Limited
Notes to the Abbreviated Accounts for the Year Ended 30 November 2016
......... continued

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 December 2015		584,731			584,731
Additions		4,601			4,601
At 30 November 2016		589,332			589,332
Depreciation
At 1 December 2015		103			103
Charge for the year		897			897
At 30 November 2016		1,000			1,000
Net book value
At 30 November 2016		588,332			588,332
At 30 November 2015		584,628			584,628

3	Share capital

Allotted, called up and fully paid shares

	30 November 2016						30 November 2015
		No.			£			No.			£
Ordinary Share of £1 each		100			100			100			100

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