COMPANY REGISTRATION NO. 06034329 (England and Wales)
QUIRKE OPTICAL LIMITED
ABBREVIATED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
QUIRKE OPTICAL LIMITED
CONTENTS
Page
Abbreviated balance sheet
1 - 2
Notes to the abbreviated accounts
3 - 5
QUIRKE OPTICAL LIMITED
ABBREVIATED BALANCE SHEET
AS AT
30 SEPTEMBER 2016
30 September 2016
- 1 -
2016
2015
Notes
£
£
£
£
Fixed assets
Intangible assets
2
354,900
-
Tangible assets
2
315,759
219,318
Investments
2
38,783
38,783
709,442
258,101
Current assets
Stocks
104,301
56,008
Debtors
290,971
182,450
Cash at bank and in hand
47,219
39,755
442,491
278,213
Creditors: amounts falling due within one year
(628,253)
(319,138)
Net current liabilities
(185,762)
(40,925)
Total assets less current liabilities
523,680
217,176
Creditors: amounts falling due after more than one year
3
(527,376)
(196,357)
Provisions for liabilities
(19,210)
(20,287)
(22,906)
532
Capital and reserves
Called up share capital
4
100
100
Profit and loss account
(23,006)
432
Shareholders' funds
(22,906)
532
QUIRKE OPTICAL LIMITED
ABBREVIATED BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2016
30 September 2016
- 2 -
For the financial year ended 30 September 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 for issue on 30 June 2017
Mr D Quirke
Director
Company Registration No. 06034329
QUIRKE OPTICAL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 3 -
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 company meets its day-to-day working capital requirements through the ongoing support of its director. If this support is removed, it may not be appropriate for the financial statements to be prepared on a going concern basis and as such the company's assets and liabilities need to be restated.
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 provided in the normal cause of business, net of trade discounts, VAT and other sales related taxes. Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for goods and services provided.
provided in the normal cause of business, net of trade discounts, VAT and other sales related taxes.
Turnover is recognised as earned when, and to the extent that, the company obtains the right to consideration in exchange for goods and services provided.
1.4
Intangible fixed assets
A franchise is capitalised and included at cost and amortised in equal instalments over a period of 20 years which its estimated useful economic life. Provision is made for impairment
1.5
Tangible fixed assets and depreciation
Tangible fixed assets other than freehold land 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:
Land and buildings Freehold
Plant and machinery
15% on reducing balance
Fixtures, fittings & equipment
15% on reducing balance
1.6
Leasing and hire purchase commitments
Rentals paid under operating leases are charged to the profit and loss account on a straight line basis over the rental period.
1.7
Investments
Investments are stated at cost less any provision for any permanent diminution in value. Investments are reviewed for impairment. Income received from fixed asset investments are accounted for on a receipt basis.
1.8
Stock
Stocks are valued at the lower of cost and net realisable value, after making due allowances for obsolete and slow moving items
1.9
Pensions
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the profit and loss account in the year they are payable.
QUIRKE OPTICAL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
- 4 -
2
Fixed assets
Intangible assets
Tangible assets
Investments
Total
£
£
£
£
Cost
At 1 October 2015
90,000
235,482
38,783
364,265
Additions
364,000
137,295
-
501,295
Disposals
-
(13,710)
-
(13,710)
At 30 September 2016
454,000
359,067
38,783
851,850
Depreciation
At 1 October 2015
90,000
16,164
-
106,164
On disposals
-
(6,826)
-
(6,826)
Charge for the year
9,100
33,970
-
43,070
At 30 September 2016
99,100
43,308
-
142,408
Net book value
At 30 September 2016
354,900
315,759
38,783
709,442
At 30 September 2015
-
219,318
38,783
258,101
3
Creditors: amounts falling due after more than one year
2016
2015
£
£
Analysis of loans repayable in more than five years
Total not repayable by instalments and due in more than five years
19,715
-
4
Share capital
2016
2015
£
£
Allotted, called up and fully paid
100 Ordinary of £1 each
100
100
5
Related party relationships and transactions
QUIRKE OPTICAL LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2016
5
Related party relationships and transactions
(Continued)
- 5 -
The director operates a current loan account with the company, which is debited with payment made by the company on behalf of the director and credited with funds introduced and undrawn director's fees. At the year end, the total amount outstanding was £34,123 (2015; £Nil), this amount is included in creditors: falling due within one year.
During the year, Quirke Optical Limited paid £60 of expenses on behalf of Quirke Optical Holdings Limited. During the year, dividends of £Nil (2015; £28,000) were paid to Quirke Optical Holdings Limited. Quirke Optical Holdings Limited is the ultimate parent company of Quirke Optical Limited. Included within debtors; amounts due within one year are amounts totalling £108,521 (2015; £37,157) owed by Quirke Optical Holdings Limited at 30th September 2016.