Company Registration No. 05150902 (England and Wales)
QUINN ESTATES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2016
QUINN ESTATES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
QUINN ESTATES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
31 MARCH 2016
31 March 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Tangible assets
2
19,603
22,135
Current assets
Stocks
1,383,085
775,690
Debtors
996,589
1,183,840
Cash at bank and in hand
756,441
373,123
3,136,115
2,332,653
Creditors: amounts falling due within one year
(2,572,765)
(1,814,798)
Net current assets
563,350
517,855
Total assets less current liabilities
582,953
539,990
Provisions for liabilities
(2,980)
-
579,973
539,990
Capital and reserves
Called up share capital
3
1
1
Profit and loss account
579,972
539,989
Shareholders' funds
579,973
539,990
For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
-
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
-
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
Approved by the Board and authorised for issue on 21 December 2016
M W Quinn
Director
Company Registration No. 05150902
QUINN ESTATES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 31 MARCH 2016
- 2 -
1
Accounting policies
1.1
Accounting convention
The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).
The accounts are prepared on a going concern basis. The use of the going concern basis of accounting is appropriate because there are no material uncertainties related to events or conditions that may cast significant doubt about the ability of the company to continue as a going concern
1.2
Compliance with accounting standards
The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).
1.3
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.4
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:
Plant and machinery
25% reducing balance
Computer equipment
25% reducing balance
Fixtures, fittings & equipment
25% reducing balance
Motor vehicles
25% straight line
2
Fixed assets
Tangible assets
£
Cost
At 1 April 2015
93,469
Additions
5,076
At 31 March 2016
98,545
Depreciation
At 1 April 2015
71,334
Charge for the year
7,608
At 31 March 2016
78,942
Net book value
At 31 March 2016
19,603
At 31 March 2015
22,135
QUINN ESTATES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2016
- 3 -
3
Share capital
2016
2015
£
£
Allotted, called up and fully paid
1 Ordinary share of £1 each
1
1
4
Ultimate parent company
The company is a wholly owned subsidiary of Quinn Investments Limited.
The ultimate controlling party is M W Quinn.