Company No:
Contents
Note | 2021 | 2020 | ||
£ | £ | |||
Fixed assets | ||||
Tangible assets | 3 |
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45,435 | 56,794 | |||
Current assets | ||||
Stocks | 4 |
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Debtors | 5 |
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Cash at bank and in hand |
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288,723 | 280,520 | |||
Creditors | ||||
Amounts falling due within one year | 6 | (
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Net current assets | 8,074 | 62,804 | ||
Total assets less current liabilities | 53,509 | 119,598 | ||
Creditors | ||||
Amounts falling due after more than one year | 7 | (
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Provision for liabilities | (
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Net (liabilities)/assets | (
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Capital and reserves | ||||
Called-up share capital |
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Profit and loss account | (
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Total shareholders' (deficit)/funds | (
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Directors' responsibilities:
The financial statements of Qwikfast Trade and DIY Supplies Limited (registered number:
Mr G Taylor
Director |
The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.
Qwikfast Trade and DIY Supplies Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Leanne House, 6 Avon Close, Weymouth, DT4 9UX, United Kingdom.
The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.
The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.
The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.
Turnover from the sale of goods is recognised when the goods are physically delivered to the customer.
Turnover from the supply of services represents the value of services provided under contracts to the extent that there is a right to consideration and is recorded at the fair value of the consideration received or receivable.
Where a contract has only been partially completed at the Balance Sheet date turnover represents the fair value of the service provided to date based on the stage of completion of the contract activity at the Balance Sheet date.
Where payments are received from customers in advance of services provided, the amounts are recorded as deferred income and included as part of creditors due within one year.
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date. Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the tax rates and laws that have been enacted or substantively enacted by the Balance Sheet date that are expected to apply when the timing differences reverse. Deferred tax assets and liabilities are not discounted.
The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit. Deferred tax liabilities are presented within provisions for liabilities on the balance sheet.
Vehicles |
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Fixtures and fittings |
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Computer equipment |
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Assets held under finance leases, hire purchase contracts and other similar arrangements, which confer rights and obligations similar to those attached to owned assets, are capitalised as tangible fixed assets at the fair value of the leased asset (or, if lower, the present value of the minimum lease payments as determined at the inception of the lease) and are depreciated over the shorter of the lease terms and their useful lives. The capital elements of future lease obligations are recorded as liabilities, while the interest elements are charged to the Profit and Loss Account over the period of the leases to produce a constant periodic rate of interest on the remaining balance of the liability.
Rentals under operating leases are charged on a straight-line basis over the lease term, even if the payments are not made on such a basis. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).
When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.
2021 | 2020 | ||
Number | Number | ||
Monthly average number of persons employed by the Company during the year, including directors |
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Vehicles | Fixtures and fittings | Computer equipment | Total | ||||
£ | £ | £ | £ | ||||
Cost | |||||||
At 01 November 2020 |
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At 31 October 2021 |
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Accumulated depreciation | |||||||
At 01 November 2020 |
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Charge for the financial year |
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At 31 October 2021 |
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Net book value | |||||||
At 31 October 2021 |
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At 31 October 2020 |
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2021 | 2020 | ||
£ | £ | ||
Stocks |
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2021 | 2020 | ||
£ | £ | ||
Trade debtors |
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Other debtors |
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2021 | 2020 | ||
£ | £ | ||
Bank loans |
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Trade creditors |
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Taxation and social security |
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Obligations under finance leases and hire purchase contracts |
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Other creditors |
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2021 | 2020 | ||
£ | £ | ||
Bank loans |
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Obligations under finance leases and hire purchase contracts |
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Amounts repayable after more than 5 years are included in creditors falling due over one year:
2021 | 2020 | ||
£ | £ | ||
Bank loans (repayable by instalments) |
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Transactions with the entity's directors
Advances
The directors' loan accounts with the company are repayable on demand and interest is charged on overdrawn balances exceeding £10,000 at the official HMRC rates.
At 1 November 2020 the balance owed by Mr G Taylor was £1,200. During the year, £51,048 was advanced and £32,974 was repaid. The balance owed by Mr G Taylor as at 31 October 2021 was £19,274.
At 1 November 2019 the balance owed to Mr G Taylor was £1,787. During the year, £3,255 was advanced and £268 was repaid. The balance owed by Mr G Taylor as at 31 October 2020 was £1,200.