Quicklogic Limited - Period Ending 2018-04-30

Registration number: 02025095

Quicklogic Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2018

Quicklogic Limited

Contents

Balance Sheet	1 to 2
Notes to the Financial Statements	3 to 8

Quicklogic Limited

(Registration number: 02025095)
Balance Sheet as at 30 April 2018

	Note	2018 £	2017 £
Fixed assets
Tangible assets	4	314,097	325,283
Investment property	5	2,016,000	1,806,284
		2,330,097	2,131,567
Current assets
Debtors	6	1,357,258	1,108,730
Investments	7	-	249,123
Cash at bank and in hand		2,088,855	1,870,119
		3,446,113	3,227,972
Creditors: Amounts falling due within one year	8	(136,313)	(157,088)
Net current assets		3,309,800	3,070,884
Net assets		5,639,897	5,202,451
Capital and reserves
Called up share capital		100	100
Share premium reserve		580,854	580,854
Profit and loss account		5,058,943	4,621,497
Total equity		5,639,897	5,202,451

For the financial year ending 30 April 2018 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.

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 1

Quicklogic Limited

(Registration number: 02025095)
Balance Sheet as at 30 April 2018

Approved and authorised by the Board on 31 January 2019 and signed on its behalf by:
 

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

C Nepute
Director

The notes on pages 3 to 8 form an integral part of these financial statements.

Page 2

Quicklogic Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

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

The principal place of business is:
Hillcrest
Stoney Lane
Ashmore Green
Thatcham
Berkshire
RG18 9HQ
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 represents the amounts chargeable in respect of the provision of services to customers.

Foreign currency transactions and balances

Profit and loss account transactions in foreign currencies are translated into sterling at the average rate for the period. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing rate at the balance sheet date and the exchange difference included in the profit and loss account in the period in which it arises.

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.

Page 3

Quicklogic Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses with the exception of other property, plant and equipment, which is included at a fair value which is measured annually within the company's investment portfolio.

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
Land and buildings	3% and 12.5% straight line basis
Office equipment	25% reducing balance basis
Plant and machinery	25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in bonds are measured at cost less any subsequent diminution in value as they provide a fixed return and offer a fixed percentage rate of interest.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2017 - 2).

Page 4

Quicklogic Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

4	Tangible assets

	Land and buildings £	Plant and machinery £	Office equipment £	Other tangible assets  £	Total £
Cost or valuation
At 1 May 2017	526,280	4,831	12,688	92,960	636,759
Revaluations	-	-	-	(1,465)	(1,465)
Additions	-	7,000	-	-	7,000
At 30 April 2018	526,280	11,831	12,688	91,495	642,294
Depreciation
At 1 May 2017	296,020	4,304	11,152	-	311,476
Charge for the year	15,788	599	334	-	16,721
At 30 April 2018	311,808	4,903	11,486	-	328,197
Carrying amount
At 30 April 2018	214,472	6,928	1,202	91,495	314,097
At 30 April 2017	230,260	527	1,536	92,960	325,283

Included within the net book value of land and buildings above is £74,301 (2017: £81,491) in respect of freehold land and buildings. Other property, plant and equipment category of assets is shown at fair value and has a historic cost of £98,488 (2017: £98,488).
 

Page 5

Quicklogic Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

5	Investment properties

	2018 £
At 1 May	1,806,284
Fair value adjustments	209,716
At 30 April	2,016,000

The investment properties were valued by the director Carlo Neputé on 30 April 2018. The basis of this valuation was fair value.

There has been no valuation of investment property by an independent valuer.

6

Debtors

	2018 £	2017 £
Other debtors	1,357,258	1,108,730
	1,357,258	1,108,730

7	Current asset investments

	2018 £	2017 £
Other investments	-	249,123

Page 6

Quicklogic Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

8

Creditors

Creditors: amounts falling due within one year

	2018 £	2017 £
Due within one year
Loans and borrowings	36,525	64,412
Taxation and social security	55,786	51,036
Other creditors	44,002	41,640
	136,313	157,088

9	Loans and borrowings

	2018 £	2017 £
Current loans and borrowings
Other borrowings	36,525	64,412

10	Related party transactions

Other transactions with directors

The directors have made an interest free loan to the company. At the year end the amount due to the directors was £36,525 (2017: £64,412).

During the period dividends totalling £5,000 (2017: £12,000) were paid to the directors.

Page 7

Quicklogic Limited

Notes to the Financial Statements for the Year Ended 30 April 2018

Summary of transactions with entities with joint control or significant interest

The company is controlled by Neputé Holdings Limited, a company registered in Jersey, Channel Islands, which owns 70% of the issued share capital. That company is controlled by the Trustees of the Neputé Jersey Settlement, a Jersey resident trust.

At the balance sheet date the intercompany loan due to Neputé Holdings Limited was £33,244 (2017: £34,437).
 

Summary of transactions with other related parties

During the period the company had interest free loans outstanding to companies owned by the directors. At the year end the amounts due from these companies was £1,342,446 (2017: £1,095,113).
 

Page 8