Quatro North Limited Small abridged accounts

QUATRO NORTH LIMITED - Company Information

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Statement of Consent to Prepare Abridged Financial Statements

All of the members of Quatro North Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 March 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 09302129

Quatro North Limited

Unaudited Abridged Financial Statements

31 March 2017

Quatro North Limited

Abridged Financial Statements

Year ended 31 March 2017

Contents	Page

Officers and professional advisers	1

Directors' report	2

Report to the board of directors on the preparation of the unaudited statutory abridged financial statements	3

Abridged statement of income and retained earnings	4

Abridged statement of financial position	5

Notes to the abridged financial statements	7

The following pages do not form part of the abridged financial statements

Detailed abridged income statement	12

Notes to the detailed abridged income statement	13

Quatro North Limited

Officers and Professional Advisers

The board of directors Mr D Burnicle

- Director

Mr C Burnicle

- Director

Mr M Burnicle

- Director

Mrs L A Hornsby

- Director

Registered office	216 Hylton Road
	Sunderland
	Tyne and Wear
	England
	SR4 7UZ

Accountants	1st Cloud Accountants

	Analysis House
	117 - 119 Sea Road
	Fulwell
	Sunderland
	Tyne and Wear
	SR6 9EQ

Quatro North Limited

Directors' Report

Year ended 31 March 2017

The directors present their report and the unaudited abridged financial statements of the company for the year ended 31 March 2017 .

Principal activities

The company's principal activity during the period continued to be of a property letting company.

Directors

The directors who served the company during the year were as follows:

Mr D Burnicle
Mr C Burnicle
Mr M Burnicle
Mrs L A Hornsby

Small company provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

This report was approved by the board of directors on 20 December 2017 and signed on behalf of the board by:

Mr D Burnicle

Director

Registered office:

216 Hylton Road

Sunderland

Tyne and Wear

England

SR4 7UZ

Quatro North Limited

Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Quatro North Limited

Year ended 31 March 2017

As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31 March 2017, which comprise the abridged statement of income and retained earnings, abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

1st Cloud Accountants

Analysis House 117 - 119 Sea Road Fulwell Sunderland Tyne and Wear SR6 9EQ

Quatro North Limited

Abridged Statement of Income and Retained Earnings

Year ended 31 March 2017

	2017	2016
Note	£	£
Gross profit	12,738	6,406

Administrative expenses	24,342	17,082
	--------	--------
Operating loss	( 11,604)	( 10,676)

Income from other fixed asset investments		123,000	25,195
Interest payable and similar expenses		16,304	–
		---------	--------
Profit before taxation	4	95,092	14,519

Tax on profit	19,298	–
	--------	--------
Profit for the financial year and total comprehensive income	75,794	14,519
	--------	--------

Retained earnings at the start of the year	14,519	–
	--------	--------
Retained earnings at the end of the year	90,313	14,519
	--------	--------

All the activities of the company are from continuing operations.

Quatro North Limited

Abridged Statement of Financial Position

31 March 2017

	2017	2016
Note	£	£

Fixed assets

Tangible assets	5	323,000	200,000

Current assets

Debtors	120	268
Cash at bank and in hand	1,422	2,018
	-------	-------
	1,542	2,286

Creditors: amounts falling due within one year	6	61,927	81,641
		--------	--------
Net current liabilities		60,385	79,355
		---------	---------
Total assets less current liabilities		262,615	120,645

Creditors: amounts falling due after more than one year	152,904	106,026

Provisions	19,298	–
	---------	---------
Net assets	90,413	14,619
	---------	---------

Capital and reserves

Called up share capital	100	100
Profit and loss account	90,313	14,519
	--------	--------
Shareholders funds	90,413	14,619
	--------	--------

These abridged financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

For the year ending 31 March 2017 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 abridged financial statements for the year in question in accordance with section 476 ;

- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

Quatro North Limited

Abridged Statement of Financial Position (continued)

31 March 2017

These abridged financial statements were approved by the board of directors and authorised for issue on 20 December 2017 , and are signed on behalf of the board by:

Mr D Burnicle

Director

Company registration number: 09302129

Quatro North Limited

Notes to the Abridged Financial Statements

Year ended 31 March 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 216 Hylton Road, Sunderland, Tyne and Wear, SR4 7UZ, England.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The abridged financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Profit before taxation

Profit before taxation is stated after crediting:

	2017	2016
	£	£
Fair value adjustments to other fixed asset investments	(123,000)	(25,195)
	---------	--------

5. Tangible assets

	£
Cost or valuation
At 1 April 2016	200,000
Revaluations	123,000
	---------
At 31 March 2017	323,000
	---------
Depreciation
At 1 April 2016 and 31 March 2017	–
	---------
Carrying amount
At 31 March 2017	323,000
	---------
At 31 March 2016	200,000
	---------

Included within the above is investment property as follows:

	£
At 1 April 2016	200,000
Fair value adjustments	123,000
	---------
At 31 March 2017	323,000
	---------

The properties were revalued at £323,000 on 31 March 2017 (having cost price of £174,805) by the directors. The revalued prices were 4 Rutland Street at £96,000, 6 Rutland Street at £76,000, 8 Rutland Street at £15,000, 10 Rutland Street at £48,000, 12 Rutland Street (Flat) at £48,000 and 12 Rutland Street (Car Park) at £40,000. The directors have good knowledge of the area and their estimates are based on improvement made to the properties and values of similar properties on the market.

6. Creditors: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	7,818	–
Trade creditors	–	51,036
Accruals and deferred income	14,304	1,500
Director loan accounts	3,223	289
Other creditors	36,582	28,816
	--------	--------
	61,927	81,641
	--------	--------

7. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr D Burnicle	( 73)	( 732)	( 805)
Mr C Burnicle	( 72)	( 734)	( 806)
Mr M Burnicle	( 72)	( 734)	( 806)
Mrs L A Hornsby	( 72)	( 734)	( 806)
	----	-------	-------
	( 289)	( 2,934)	( 3,223)
	----	-------	-------

	2016
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr D Burnicle	–	( 73)	( 73)
Mr C Burnicle	–	( 72)	( 72)
Mr M Burnicle	–	( 72)	( 72)
Mrs L A Hornsby	–	( 72)	( 72)
	----	----	----
	–	( 289)	( 289)
	----	----	----

Quatro North Limited

Management Information

Year ended 31 March 2017

The following pages do not form part of the abridged financial statements.

Quatro North Limited

Detailed Abridged Income Statement

Year ended 31 March 2017

	2017	2016
	£	£

Turnover

Sales	12,738	6,406

	--------	-------
Gross profit	12,738	6,406

Overheads

Administrative expenses	24,342	17,082

	--------	--------
Operating loss	( 11,604)	( 10,676)

Income from other fixed asset investments	123,000	25,195
Interest payable and similar expenses	(16,304)	–

	---------	--------
Profit before taxation	95,092	14,519
	---------	--------

Quatro North Limited

Notes to the Detailed Abridged Income Statement

Year ended 31 March 2017

	2017	2016
	£	£

Administrative expenses

Rates and water	131	5,566
Insurance	3,140	2,448
Repairs and maintenance (allowable)	14,382	1,087
Cleaning costs	20	–
Office expenses	80	–
Sundry expenses	61	408
Legal and professional fees (allowable)	5,098	5,943
Accountancy fees	769	1,500
Bank charges	661	130
	--------	--------
	24,342	17,082
	--------	--------

Income from other fixed asset investments

Gain/(loss) on fair value adjustment to other fixed asset investments	123,000	25,195
	---------	--------

Interest payable and similar expenses

Interest on bank loans and overdrafts	16,304	–
	--------	----