Company Registration No. 09424001 (England and Wales)
QWILL WRITING SERVICES LIMITED
UNAUDITED ABBREVIATED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 FEBRUARY 2016
QWILL WRITING SERVICES LIMITED
CONTENTS
Page
Abbreviated balance sheet
1
Notes to the abbreviated accounts
2 - 3
QWILL WRITING SERVICES LIMITED
ABBREVIATED BALANCE SHEET
AS AT
29 FEBRUARY 2016
29 February 2016
- 1 -
2016
Notes
£
£
Fixed assets
Tangible assets
2
90
Current assets
Debtors
152,728
Cash at bank and in hand
638
153,366
Creditors: amounts falling due within one year
(298,823)
Net current liabilities
(145,457)
Total assets less current liabilities
(145,367)
Capital and reserves
Called up share capital
3
100
Profit and loss account
(145,467)
Shareholders' funds
(145,367)
For the financial period ended 29 February 2016 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 financial statements for the period in question in accordance with section 476;
-
The directors acknowledge their 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 16 June 2017
C O'Halloran
N O'Halloran
Director
Director
Company Registration No. 09424001
QWILL WRITING SERVICES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE PERIOD ENDED 29 FEBRUARY 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 financial statements have been prepared on a going concern basis even though at the Balance Sheet date the Company's current liabilities exceeded its current assets by £
145,457
and it made a loss for the
period
of £
145,467
.
The Directors consider the going concern basis to be appropriate because, in their opinion, the Company will continue to obtain sufficient funding to enable it to pay its debts as they fall due. If the Company were unable to obtain this funding, it would be unable to continue trading and adjustments would have to be made to reduce the value of assets to their realisable amount and to provide for any further liabilities which might arise.
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:
Fixtures, fittings & equipment
25% Reducing balance
2
Fixed assets
Tangible assets
£
Cost
At 5 February 2015
-
Additions
116
At 29 February 2016
116
Depreciation
At 5 February 2015
-
Charge for the period
26
At 29 February 2016
26
Net book value
At 29 February 2016
90
QWILL WRITING SERVICES LIMITED
NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)
FOR THE PERIOD ENDED 29 FEBRUARY 2016
- 3 -
3
Share capital
2016
£
Allotted, called up and fully paid
100 Ordinary shares of £1 each
100
During the year
100
ordinary shares of £
1
each were allotted and fully paid at par for cash consideration.
4
Related party relationships and transactions
Advances and credits granted to the directors during the period are outlined in the table below:
% Rate
Opening Balance
Amounts Advanced
Interest Charged
Amounts Repaid
Closing Balance
£
£
£
£
£
C O'Halloran - DIrector
3.00
-
135,941
473
20,185
116,229
-
135,941
473
20,185
116,229