REGISTERED NUMBER:
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QUAVAR LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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REGISTERED NUMBER:
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QUAVAR LTD |
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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QUAVAR LTD (REGISTERED NUMBER: 10378571) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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QUAVAR LTD |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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QUAVAR LTD (REGISTERED NUMBER: 10378571) |
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BALANCE SHEET |
30 SEPTEMBER 2019 |
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2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
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Investment property | 5 |
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CURRENT ASSETS |
Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 6 |
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NET CURRENT LIABILITIES | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one
year |
7 |
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NET (LIABILITIES)/ASSETS | ( |
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CAPITAL AND RESERVES |
Called up share capital | 9 |
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Retained earnings | 10 | ( |
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SHAREHOLDERS' FUNDS | ( |
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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. |
QUAVAR LTD (REGISTERED NUMBER: 10378571) |
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BALANCE SHEET - continued |
30 SEPTEMBER 2019 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the director and authorised for issue on
signed by: |
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QUAVAR LTD (REGISTERED NUMBER: 10378571) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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1. | STATUTORY INFORMATION |
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Quavar Ltd is a
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registered number and registered office address can be found on the Company Information page. |
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The presentation currency of the financial statements is the Pound Sterling (£). |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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The financial statements have been prepared on a going concern basis which assumes that the |
company will continue in operational existence for the foreseeable future. The validity of this |
assumption depends upon the continuing support of the directors to whom the company is indebted to |
the sum of £47,416, and the mortgage provided to whom the company is indebted £94,000. If the |
company were unable to continue in operational existence for the foreseeable future, adjustments |
would have to be made to reduce the balance sheet values of assets to their recoverable amounts and |
to provide for further liabilities that might arise, and to reclassify fixed assets and long term liabilities |
as current assets and liabilities. The directors believe that it is appropriate for the financial statements |
to be prepared on a going concern basis. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Investment property |
Investment properties for which fair value can be measured reliably without undue cost or effort are |
measured at fair value at each reporting date with changes in fair value measured through profit and |
loss. |
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The methods and significant assumptions used to ascertain the fair value at the balance sheet date and |
fair value movement in the profit for the year are as follows: |
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Properties are valued by the director using a yield calculation to ascertain a fair value. |
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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. |
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Current or deferred taxation assets and liabilities are not discounted. |
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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. |
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QUAVAR LTD (REGISTERED NUMBER: 10378571) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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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. |
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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. |
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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. |
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Turnover |
Turnover is measured at fair value of the consideration received or receivable net of VAT and |
discounts. The policies adopted for the recognition of turnover are as follows: |
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Rendering of Services: |
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Turnover relates to rental income and is usually billed monthly. |
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Provisions |
Provisions are recognised when the company has an obligation at the balance sheet date as a result of |
a past event, it is probable that an outflow of economic benefit will be required in settlement and the |
amount can be reliable estimated. |
QUAVAR LTD (REGISTERED NUMBER: 10378571) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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2. | ACCOUNTING POLICIES - continued |
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Cash and cash equivalents |
Cash and cash equivalents are basic financial instruments and include cash in hand and bank |
overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
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Financial instruments |
The company has elected to apply the provisions of Section 11 "Basic Financial Instruments". |
Financial instruments are recognised when the company becomes party to the contractual provisions |
of the instrument. |
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, |
when there is a legally enforceable right to set off the recognised amounts and there is an intention to |
settle on a net basis or to realise the asset and settle the liability simultaneously. |
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Basic financial assets |
Basic financial assets, which include trade and other debtors, and cash and bank balances, are initially |
measured at transaction price including transaction costs and are subsequently carried at amortised |
cost using the effective interest method unless the arrangement constitutes a financing transaction, |
where the financial asset is measured at the present value of the future receipts discounted at a market |
rate of interest. |
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Basic financial liabilities |
Basic financial liabilities, including trade and other creditors and bank loans are initially recognised at |
transaction price unless the arrangement constitutes a financial transaction, where the debt instrument |
is measured at the present value of the future payments discounted at a market rate of interest. |
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Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
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Impairment |
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at |
each balance sheet date. If such indication exists, the recoverable amount of the asset, or the assets |
cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount |
exceeds its recoverable amount, an impairment loss is recognised in profit or loss unless the asset is |
carried at a revalued amount where the impairment loss is a revaluation decrease. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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QUAVAR LTD (REGISTERED NUMBER: 10378571) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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4. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
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COST |
At 1 October 2018 |
and 30 September 2019 |
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DEPRECIATION |
At 1 October 2018 |
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Charge for year |
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At 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 October 2018 |
and 30 September 2019 |
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NET BOOK VALUE |
At 30 September 2019 |
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At 30 September 2018 |
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Properties are held for investment purposes and as such they are not depreciated. Such properties are |
not held for consumption but for investment and the directors consider that to depreciate them would |
not give a true and fair view. |
The value of the properties, which have been included at a fair value valuation and have been |
considered by the directors. |
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6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Tax |
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Directors' current accounts | 47,416 | 41,522 |
Accrued expenses |
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QUAVAR LTD (REGISTERED NUMBER: 10378571) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN
ONE YEAR |
2019 | 2018 |
£ | £ |
Mortgage loan | 94,000 | 97,500 |
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Amounts falling due in more than five years: |
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Repayable otherwise than by instalments |
Mortgage loan | 94,000 | 97,500 |
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8. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2019 | 2018 |
£ | £ |
Mortgage loan | 94,000 | 97,500 |
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The Mortgage Works (UK) plc hold a charge against the property with full title guarantee as |
containing security for the amount owed and all other debts. |
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9. | CALLED UP SHARE CAPITAL |
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Allotted and issued: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
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Share capital 1 | £1 | 100 | 100 |
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10. | RESERVES |
Retained |
earnings |
£ |
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At 1 October 2018 |
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Deficit for the year | ( |
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At 30 September 2019 | ( |
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QUAVAR LTD (REGISTERED NUMBER: 10378571) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2019 |
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11. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
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The following advances and credits to a director subsisted during the years ended 30 September 2019 |
and 30 September 2018: |
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2019 | 2018 |
£ | £ |
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Balance outstanding at start of year |
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Amounts advanced |
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Amounts repaid | ( |
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Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year |
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The directors loan is interest free and repayable on demand. |