QP Interiors Limited - Accounts to registrar (filleted) - small 18.2

QP Interiors Limited - Accounts to registrar (filleted) - small 18.2

QP INTERIORS LIMITED - Company Information

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Unaudited Financial Statements for the Year Ended 31 March 2018

for

QP Interiors Limited
BeyondProfit
Queens Chambers
Eleanors Cross
Dunstable
Bedfordshire
LU6 1SU








QP Interiors Limited (Registered number: 04893028)






Contents of the Financial Statements
for the Year Ended 31 March 2018




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


QP Interiors Limited

Company Information
for the Year Ended 31 March 2018







DIRECTORS: Mr R J Stacey
Mr S Stacey





SECRETARY: Mr R J Stacey





REGISTERED OFFICE: Queens Chambers
Eleanors Cross
Dunstable
Bedfordshire
LU6 1SU





REGISTERED NUMBER: 04893028 (England and Wales)





ACCOUNTANTS: BeyondProfit
Queens Chambers
Eleanors Cross
Dunstable
Bedfordshire
LU6 1SU
Page 1
QP Interiors Limited (Registered number: 04893028)

Statement of Financial Position
31 March 2018

31.3.18 31.3.17
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 100,000 120,000
Tangible assets 5 36,518 38,125
136,518 158,125

CURRENT ASSETS
Stocks 34,500 34,500
Debtors 6 25,632 45,133
Cash at bank and in hand 231,448 168,970
291,580 248,603
CREDITORS
Amounts falling due within one year 7 119,042 82,455
NET CURRENT ASSETS 172,538 166,148
TOTAL ASSETS LESS CURRENT
LIABILITIES
309,056
324,273

PROVISIONS FOR LIABILITIES 44 7,292
NET ASSETS 309,012 316,981

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 308,912 316,881
SHAREHOLDERS' FUNDS 309,012 316,981

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2018 in accordance with Section 476 of the Companies Act 2006.

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.

The notes form part of these financial statements

Page 2 continued...
QP Interiors Limited (Registered number: 04893028)

Statement of Financial Position - continued
31 March 2018


The financial statements have been prepared and delivered in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors on 13 September 2018 and were signed on
its behalf by:





Mr R J Stacey - Director


The notes form part of these financial statements

Page 3
QP Interiors Limited (Registered number: 04893028)

Notes to the Financial Statements
for the Year Ended 31 March 2018

1. STATUTORY INFORMATION

QP Interiors Limited is a private company, limited by shares , registered in England and Wales. The
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
These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover represents net invoiced sales of bathroom equipment, excluding value added tax.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2003, is being amortised evenly over its estimated useful life of twenty years.

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.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 25% on reducing balance and 20 years

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for
obsolete and slow moving items. The directors review stock values on a regular basis, and at the
accounting year-end.

Taxation
Taxation for the year 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at
the statement of financial position 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 year 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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2017 - 4 ) .

Page 4 continued...
QP Interiors Limited (Registered number: 04893028)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2017
and 31 March 2018 400,000
AMORTISATION
At 1 April 2017 280,000
Charge for year 20,000
At 31 March 2018 300,000
NET BOOK VALUE
At 31 March 2018 100,000
At 31 March 2017 120,000

Goodwill arose on the acquisition of the retailing business from the partnership QP Interiors in the year
ended 31 March 2004. The valuation was based on a multiple of recognised recurring turnover. The
directors have made a reliable estimate that the goodwill has a useful life of twenty years and hence
the company is amortising goodwill over a period of twenty years as from the the date of acquisition.

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 April 2017 117,649
Additions 3,080
At 31 March 2018 120,729
DEPRECIATION
At 1 April 2017 79,524
Charge for year 4,687
At 31 March 2018 84,211
NET BOOK VALUE
At 31 March 2018 36,518
At 31 March 2017 38,125

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.18 31.3.17
£    £   
Other debtors 25,632 45,133

Page 5 continued...
QP Interiors Limited (Registered number: 04893028)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2018

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.18 31.3.17
£    £   
Bank loans and overdrafts 27,619 -
Trade creditors 68,635 47,211
Taxation and social security 22,297 33,953
Other creditors 491 1,291
119,042 82,455

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

A director repaid £4,054 and was made an advance of £5,082 during the period.

Page 6