Quill International Chemicals Limited - Accounts to registrar (filleted) - small 18.2
Quill International Chemicals Limited - Accounts to registrar (filleted) - small 18.2
| REGISTERED NUMBER: |
| UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2017 |
| FOR |
| QUILL INTERNATIONAL CHEMICALS LIMITED |
| QUILL INTERNATIONAL CHEMICALS LIMITED (REGISTERED NUMBER: 04084959) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| QUILL INTERNATIONAL CHEMICALS LIMITED |
| COMPANY INFORMATION |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| DIRECTOR: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| ACCOUNTANTS: |
| Chartered Accountants |
| 10 Stadium Business Court |
| Millennium Way |
| Pride Park |
| Derby |
| DE24 8HP |
| QUILL INTERNATIONAL CHEMICALS LIMITED (REGISTERED NUMBER: 04084959) |
| BALANCE SHEET |
| 31 DECEMBER 2017 |
| 2017 | 2016 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Intangible assets | 4 |
| Tangible assets | 5 |
| CURRENT ASSETS |
| Stocks |
| Debtors | 6 |
| Cash at bank and in hand |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings | 13 |
| SHAREHOLDERS' FUNDS |
| The director acknowledges his 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. |
| QUILL INTERNATIONAL CHEMICALS LIMITED (REGISTERED NUMBER: 04084959) |
| BALANCE SHEET - continued |
| 31 DECEMBER 2017 |
| In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
| The financial statements were approved by the director on |
| QUILL INTERNATIONAL CHEMICALS LIMITED (REGISTERED NUMBER: 04084959) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| 1. | STATUTORY INFORMATION |
| Quill International Chemicals Limited is a |
| 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 |
| SIGNIFICANT JUDGEMENTS AND ESTIMATES |
| The preparation of the financial statements requires management to make judgements, estimates and |
| assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and |
| are based on experience and other factors, including expectations of future events that are believed to be |
| reasonable under the circumstances. |
| TURNOVER |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, |
| value added tax and other sales taxes. |
| GOODWILL |
| The goodwill arose upon the purchase of certain trade and assets of Quill International Group Limited. The |
| goodwill is to be written off on a straight line basis over 10 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 |
| Plant and machinery | - |
| Motor vehicles | - |
| Equipment | - |
| 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. |
| STOCKS |
| Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and |
| slow moving items. |
| 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 balance sheet date. |
| QUILL INTERNATIONAL CHEMICALS LIMITED (REGISTERED NUMBER: 04084959) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| 2. | ACCOUNTING POLICIES - continued |
| 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 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. |
| HIRE PURCHASE AND LEASING COMMITMENTS |
| Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. Those |
| held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance |
| leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter. |
| The interest element of these obligations is charged to profit or loss over the relevant period. The capital element |
| of the future payments is treated as a liability. |
| Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the |
| lease. |
| PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS |
| The company operates a defined contribution pension scheme. Contributions payable to the company's pension |
| scheme are charged to profit or loss in the period to which they relate. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the year was |
| 4. | INTANGIBLE FIXED ASSETS |
| Goodwill |
| £ |
| COST |
| At 1 January 2017 |
| and 31 December 2017 |
| AMORTISATION |
| At 1 January 2017 |
| Amortisation for year |
| At 31 December 2017 |
| NET BOOK VALUE |
| At 31 December 2017 |
| At 31 December 2016 |
| QUILL INTERNATIONAL CHEMICALS LIMITED (REGISTERED NUMBER: 04084959) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| 5. | TANGIBLE FIXED ASSETS |
| Plant and | Motor |
| machinery | vehicles | Equipment | Totals |
| £ | £ | £ | £ |
| COST |
| At 1 January 2017 |
| Additions |
| At 31 December 2017 |
| DEPRECIATION |
| At 1 January 2017 |
| Charge for year |
| At 31 December 2017 |
| NET BOOK VALUE |
| At 31 December 2017 |
| At 31 December 2016 |
| Fixed assets, included in the above, which are held under hire purchase contracts are as follows: |
| Plant and | Motor |
| machinery | vehicles | Totals |
| £ | £ | £ |
| COST |
| At 1 January 2017 |
| and 31 December 2017 |
| DEPRECIATION |
| At 1 January 2017 |
| Charge for year |
| At 31 December 2017 |
| NET BOOK VALUE |
| At 31 December 2017 |
| At 31 December 2016 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Trade debtors |
| Other debtors |
| Directors' loan accounts |
| VAT |
| Prepayments and accrued income |
| QUILL INTERNATIONAL CHEMICALS LIMITED (REGISTERED NUMBER: 04084959) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Bank loans |
| Hire purchase contracts (see note 9) |
| Trade creditors |
| Corporation tax |
| Social security and other taxes |
| Other creditors |
| Inter-company balances |
| Directors' current accounts |
| Accruals and deferred income |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 2017 | 2016 |
| £ | £ |
| Hire purchase contracts (see note 9) |
| 9. | LEASING AGREEMENTS |
| Minimum lease payments fall due as follows: |
| Hire purchase contracts |
| 2017 | 2016 |
| £ | £ |
| Net obligations repayable: |
| Within one year |
| Between one and five years |
| Non-cancellable |
| operating leases |
| 2017 | 2016 |
| £ | £ |
| Within one year |
| Between one and five years |
| 10. | SECURED DEBTS |
| The following secured debts are included within creditors: |
| 2017 | 2016 |
| £ | £ |
| Bank loans | 218,423 | 208,565 |
| Hire purchase | 11,333 | 20,852 |
| 11. | PROVISIONS FOR LIABILITIES |
| 2017 | 2016 |
| £ | £ |
| Deferred tax |
| QUILL INTERNATIONAL CHEMICALS LIMITED (REGISTERED NUMBER: 04084959) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| 11. | PROVISIONS FOR LIABILITIES - continued |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2017 |
| Charge to Income Statement during year |
| Balance at 31 December 2017 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 2017 | 2016 |
| value: | £ | £ |
| Ordinary | £1 | 100 | 100 |
| 13. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2017 |
| Profit for the year |
| Dividends | ( |
) |
| At 31 December 2017 |
| 14. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to a director subsisted during the years ended 31 December 2017 and |
| 31 December 2016: |
| 2017 | 2016 |
| £ | £ |
| Balance outstanding at start of year | ( |
) |
| Amounts advanced |
| Amounts repaid | ( |
) | ( |
) |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of year | ( |
) |
| It is company policy to charge interest on all overdrawn loan accounts at HMRC official rate of interest. The |
| amount owed at the year end in respect of the above loans was £634 (2016: £579) and is included in other |
| debtors. |
| Dividends totalling £92,711 (2016: £58,030) were paid during the year. |
| QUILL INTERNATIONAL CHEMICALS LIMITED (REGISTERED NUMBER: 04084959) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE YEAR ENDED 31 DECEMBER 2017 |
| 15. | RELATED PARTY DISCLOSURES |
| The company was under the control of Mr N Dore throughout the current and previous year. Mr N Dore is the |
| managing director and majority shareholder. |
| The following transactions took place with Quill International Group Limited, a related party by virtue of the |
| managing director and majority shareholder being a close family member of Mr N Dore. |
| 2017 | 2016 |
| £ | £ |
| Management charges payable to Quill International Group Limited | 249,751 | 222,142 |
| Recharges payable Quill International Chemicals Limited | 97,928 | 93,577 |
| Sales to Quill International Group Limited | 8,079 | 5,514 |
| Amounts owed from Quill International Group Limited | - | - |
| Debtor balance | - | - |
| Creditor balance | 64,727 | 1,394 |
| The following transactions took place with The Collated Nail Company Limited, a related party by virtue of the |
| managing director and majority shareholder being a close family member of Mr N Dore. |
| 2017 | 2016 |
| £ | £ |
| Amounts owed from/(to) The Collated Nail Company Limited | (192 | ) | 1,196 |
| Purchases from Quill International Chemicals Limited | - | 1,663 |
| Sales to Quill International Chemicals Limited | 1,068 | 533 |