Quicklogic Properties Limited - Period Ending 2017-11-30

Registration number: 09311028

Quicklogic Properties Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 November 2017

Quicklogic Properties Limited

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 4

Quicklogic Properties Limited

(Registration number: 09311028)
Balance Sheet as at 30 November 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	4	587,660	588,332
Current assets
Debtors	5	2,693	36,717
Cash at bank and in hand		117,620	57,060
		120,313	93,777
Creditors: Amounts falling due within one year	6	(648,703)	(650,863)
Net current liabilities		(528,390)	(557,086)
Net assets		59,270	31,246
Capital and reserves
Called up share capital		100	100
Profit and loss account		59,170	31,146
Total equity		59,270	31,246

For the financial year ending 30 November 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 29 August 2018 and signed on its behalf by:
 

.........................................

Mr Carlo Neputé

Director

The notes on pages 2 to 4 form an integral part of these financial statements.

Page 1

Quicklogic Properties Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

1	General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the rents, service charges and insurance in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	25% reducing balance basis
Furniture and fittings	25% reducing balance basis

Page 2

Quicklogic Properties Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2016 - 3).

4	Tangible assets

	Land and buildings £	Fixtures and fittings £	Office equipment £	Total £
Cost or valuation
At 1 December 2016	585,645	2,046	1,641	589,332
At 30 November 2017	585,645	2,046	1,641	589,332
Depreciation
At 1 December 2016	-	512	488	1,000
Charge for the year	-	384	288	672
At 30 November 2017	-	896	776	1,672
Carrying amount
At 30 November 2017	585,645	1,150	865	587,660
At 30 November 2016	585,645	1,534	1,153	588,332

Included within the net book value of land and buildings above is £585,645 (2016 - £585,645) in respect of freehold land and buildings.
 

5

Debtors

	2017 £	2016 £
Prepayments	699	1,112
Other debtors	1,994	35,605
	2,693	36,717

Page 3

Quicklogic Properties Limited

Notes to the Financial Statements for the Year Ended 30 November 2017

6

Creditors

Creditors: amounts falling due within one year

	2017 £	2016 £
Due within one year
Amounts owed to related undertakings and undertakings in which the company has a participating interest	630,865	639,874
Taxation and social security	7,580	3,389
Other creditors	10,258	7,600
	648,703	650,863

7	Related party transactions

Summary of transactions with other related parties

During the period the company had interest free loans from companies owned by the directors. At the year end the amounts due to these companies was £630,865 (2016: £639,874).
 

8	Transition to FRS 102

There were no changes required as a result of transition to FRS 102.

Page 4