Quality Formations Limited - Accounts to registrar (filleted) - small 18.1
Quality Formations Limited - Accounts to registrar (filleted) - small 18.1
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 FEBRUARY 2016 TO 30 JUNE 2017 |
| FOR |
| QUALITY FORMATIONS LIMITED |
| QUALITY FORMATIONS LIMITED (REGISTERED NUMBER: 09010176) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 FEBRUARY 2016 TO 30 JUNE 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 3 |
| QUALITY FORMATIONS LIMITED |
| COMPANY INFORMATION |
| FOR THE PERIOD 1 FEBRUARY 2016 TO 30 JUNE 2017 |
| DIRECTORS: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Gordon Chambers |
| 90 Mitchell Street |
| Glasgow |
| Lanarkshire |
| G1 3NQ |
| QUALITY FORMATIONS LIMITED (REGISTERED NUMBER: 09010176) |
| BALANCE SHEET |
| 30 JUNE 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| CURRENT ASSETS |
| Debtors | 5 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 6 |
| NET CURRENT LIABILITIES | ( |
) | ( |
) |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CAPITAL AND RESERVES |
| Called up share capital |
| Retained earnings |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their 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. |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the Board of Directors on |
| QUALITY FORMATIONS LIMITED (REGISTERED NUMBER: 09010176) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 FEBRUARY 2016 TO 30 JUNE 2017 |
| 1. | STATUTORY INFORMATION |
| Quality Formations Limited is a |
| company's registered number and registered office address can be found on the Company Information page. |
| 2. | ACCOUNTING POLICIES |
| Basis of preparing the financial statements |
| Turnover |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| Intangible assets |
| Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost |
| less any accumulated amortisation and any accumulated impairment losses. |
| Development costs |
| During the first period of trading the company incurred intellectual property costs on product development. It is |
| the policy of the directors to amortise over a three year period, being the expected useful life of the asset. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to |
| the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or |
| substantively enacted by the balance sheet date. |
| Deferred tax |
| Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
| sheet date. |
| Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from |
| those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that |
| have been enacted or substantively enacted by the period end and that are expected to apply to the reversal of the |
| timing difference. |
| Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they |
| will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
| Hire purchase and leasing commitments |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| QUALITY FORMATIONS LIMITED (REGISTERED NUMBER: 09010176) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 FEBRUARY 2016 TO 30 JUNE 2017 |
| 4. | INTANGIBLE FIXED ASSETS |
| Development |
| costs |
| £ |
| COST |
| At 1 February 2016 |
| and 30 June 2017 |
| AMORTISATION |
| Amortisation for period |
| At 30 June 2017 |
| NET BOOK VALUE |
| At 30 June 2017 |
| At 31 January 2016 |
| 5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Other debtors |
| 6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| QUALITY FORMATIONS LIMITED (REGISTERED NUMBER: 09010176) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 FEBRUARY 2016 TO 30 JUNE 2017 |
| 7. | RELATED PARTY DISCLOSURES |
| The company is under the immediate and ultimate control of director Mr G Donnelly during the period ended 30 |
| June 2017. |
| As at 30 June 2017 the company also had outstanding loans to companies under the control of director G |
| Donnelly. The balance of these loans as at 30 June 2017 was as follows : |
| Amounts due from associated companies |
Amounts owed to associated companies |
| 2017 | 2016 | 2017 | 2016 |
| £ | £ | £ | £ |
| Blue Square Offices Ltd | - | - | 42,922 | 42,813 |
| 1st Formations Ltd | - | - | 24,600 | 15,819 |
| Rapid Formations Ltd | 27,282 | 15,744 | - | - |
| The Formations Factory Ltd | 4,942 | 1,442 | - | - |
| Total | 32,224 | 17,186 | 67,522 | 58,632 |
| It is the policy of the company to negotiate related party transactions on an arm's length basis. |
| 8. | FIRST YEAR ADOPTION |
| The financial statements of Quality Formations Ltd for the year ended 30 June 2017 are the first financial |
| statements prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and |
| Republic of Ireland. The date of transition to FRS 102 was 1 February 2015. The reported financial position and |
| financial performance for the previous period have not required any adjustments by the transition to FRS 102. |