Silverfin false 31/10/2021 01/11/2020 31/10/2021 Mr S Taylor 04/05/2022 08/10/2019 Mr A Taylor 16/04/2013 Mr G Taylor 16/04/2013 24 September 2024 The principal activity of the Company during the financial year was the wholesale of trade and D.I.Y. supplies. 08490451 2021-10-31 08490451 bus:Director1 2021-10-31 08490451 bus:Director2 2021-10-31 08490451 bus:Director3 2021-10-31 08490451 2020-10-31 08490451 core:CurrentFinancialInstruments 2021-10-31 08490451 core:CurrentFinancialInstruments 2020-10-31 08490451 core:Non-currentFinancialInstruments 2021-10-31 08490451 core:Non-currentFinancialInstruments 2020-10-31 08490451 core:ShareCapital 2021-10-31 08490451 core:ShareCapital 2020-10-31 08490451 core:RetainedEarningsAccumulatedLosses 2021-10-31 08490451 core:RetainedEarningsAccumulatedLosses 2020-10-31 08490451 core:Vehicles 2020-10-31 08490451 core:FurnitureFittings 2020-10-31 08490451 core:ComputerEquipment 2020-10-31 08490451 core:Vehicles 2021-10-31 08490451 core:FurnitureFittings 2021-10-31 08490451 core:ComputerEquipment 2021-10-31 08490451 core:MoreThanFiveYears 2021-10-31 08490451 core:MoreThanFiveYears 2020-10-31 08490451 2020-11-01 2021-10-31 08490451 bus:FullAccounts 2020-11-01 2021-10-31 08490451 bus:SmallEntities 2020-11-01 2021-10-31 08490451 bus:AuditExemptWithAccountantsReport 2020-11-01 2021-10-31 08490451 bus:PrivateLimitedCompanyLtd 2020-11-01 2021-10-31 08490451 bus:Director1 2020-11-01 2021-10-31 08490451 bus:Director2 2020-11-01 2021-10-31 08490451 bus:Director3 2020-11-01 2021-10-31 08490451 core:Vehicles 2020-11-01 2021-10-31 08490451 core:FurnitureFittings 2020-11-01 2021-10-31 08490451 core:ComputerEquipment 2020-11-01 2021-10-31 08490451 2019-11-01 2020-10-31 08490451 core:Non-currentFinancialInstruments 2020-11-01 2021-10-31 iso4217:GBP xbrli:pure

Company No: 08490451 (England and Wales)

QWIKFAST TRADE AND DIY SUPPLIES LIMITED

Unaudited Financial Statements
For the financial year ended 31 October 2021
Pages for filing with the registrar

QWIKFAST TRADE AND DIY SUPPLIES LIMITED

Unaudited Financial Statements

For the financial year ended 31 October 2021

Contents

QWIKFAST TRADE AND DIY SUPPLIES LIMITED

BALANCE SHEET

As at 31 October 2021
QWIKFAST TRADE AND DIY SUPPLIES LIMITED

BALANCE SHEET (continued)

As at 31 October 2021
Note 2021 2020
£ £
Fixed assets
Tangible assets 3 45,435 56,794
45,435 56,794
Current assets
Stocks 4 50,000 50,000
Debtors 5 117,490 89,884
Cash at bank and in hand 121,233 140,636
288,723 280,520
Creditors
Amounts falling due within one year 6 ( 280,649) ( 217,716)
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 ( 78,576) ( 96,857)
Provision for liabilities ( 8,633) ( 10,790)
Net (liabilities)/assets ( 33,700) 11,951
Capital and reserves
Called-up share capital 1,200 1,200
Profit and loss account ( 34,900 ) 10,751
Total shareholders' (deficit)/funds ( 33,700) 11,951

For the financial year ending 31 October 2021 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Qwikfast Trade and DIY Supplies Limited (registered number: 08490451) were approved and authorised for issue by the Board of Directors on 24 September 2024. They were signed on its behalf by:

Mr G Taylor
Director
QWIKFAST TRADE AND DIY SUPPLIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2021
QWIKFAST TRADE AND DIY SUPPLIES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 October 2021
1. Accounting policies

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.

General information and basis of accounting

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 £.

Going concern

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

Turnover is stated net of VAT and trade discounts and is recognised when the significant risks and rewards are considered to have been transferred to the buyer.

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.

Taxation

Current tax
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.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Vehicles 20 % reducing balance
Fixtures and fittings 20 % reducing balance
Computer equipment 20 % reducing balance
Leases

The Company as lessee
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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

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.

2. Employees

2021 2020
Number Number
Monthly average number of persons employed by the Company during the year, including directors 9 9

3. Tangible assets

Vehicles Fixtures and fittings Computer equipment Total
£ £ £ £
Cost
At 01 November 2020 10,950 84,550 19,356 114,856
At 31 October 2021 10,950 84,550 19,356 114,856
Accumulated depreciation
At 01 November 2020 8,654 36,700 12,708 58,062
Charge for the financial year 459 9,570 1,330 11,359
At 31 October 2021 9,113 46,270 14,038 69,421
Net book value
At 31 October 2021 1,837 38,280 5,318 45,435
At 31 October 2020 2,296 47,850 6,648 56,794

4. Stocks

2021 2020
£ £
Stocks 50,000 50,000

5. Debtors

2021 2020
£ £
Trade debtors 88,484 84,240
Other debtors 29,006 5,644
117,490 89,884

6. Creditors: amounts falling due within one year

2021 2020
£ £
Bank loans 11,935 6,385
Trade creditors 149,536 80,923
Taxation and social security 90,952 83,390
Obligations under finance leases and hire purchase contracts 4,270 4,270
Other creditors 23,956 42,748
280,649 217,716

7. Creditors: amounts falling due after more than one year

2021 2020
£ £
Bank loans 70,036 84,047
Obligations under finance leases and hire purchase contracts 8,540 12,810
78,576 96,857

There are no amounts included above in respect of which any security has been given by the small entity.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2021 2020
£ £
Bank loans (repayable by instalments) 21,263 50,000

8. Related party transactions

Transactions with the entity's directors

Advances

During the year two of the directors maintained interest free loan accounts with the company. At the balance sheet date the company owed £13,492 (2020 - £5,276) to those directors.

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.