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Registration number: 02025095

Quicklogic Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

Quicklogic Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 8

 

Quicklogic Limited

(Registration number: 02025095)
Balance Sheet as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

96,189

97,754

Investment property

6

4,642,686

4,350,000

 

4,738,875

4,447,754

Current assets

 

Debtors

7

1,094,899

1,347,280

Cash at bank and in hand

 

2,723,906

2,610,143

 

3,818,805

3,957,423

Creditors: Amounts falling due within one year

8

(590,303)

(629,340)

Net current assets

 

3,228,502

3,328,083

Total assets less current liabilities

 

7,967,377

7,775,837

Provisions for liabilities

(446,227)

(446,227)

Net assets

 

7,521,150

7,329,610

Capital and reserves

 

Called up share capital

100

100

Share premium reserve

580,854

580,854

Other reserves

1,338,679

1,338,679

Retained earnings

5,601,517

5,409,977

Shareholders' funds

 

7,521,150

7,329,610

For the financial year ending 30 April 2024 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Quicklogic Limited

(Registration number: 02025095)
Balance Sheet as at 30 April 2024

Approved and authorised by the Board on 22 January 2025 and signed on its behalf by:
 

.........................................
C Nepute
Director

 

Quicklogic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2 Old Bath Road
Newbury
Berkshire
RG14 1QL
England

The principal place of business is:
Hillcrest
Stoney Lane
Ashmore Green
Thatcham
Berkshire
RG18 9HQ
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover represents the amounts chargeable in respect of the provision of services to customers.

Foreign currency transactions and balances

Profit and loss account transactions in foreign currencies are translated into sterling at the average rate for the period. Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the closing rate at the balance sheet date and the exchange difference included in the profit and loss account in the period in which it arises.

Tax

The tax expense for the period comprises current tax payable.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Quicklogic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses with the exception of other property, plant and equipment, which is included at a fair value which is measured annually within the company's investment portfolio.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Land and buildings

3% and 12.5% straight line basis

Office equipment

25% reducing balance basis

Plant and machinery

25% reducing balance basis

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Investments

Investments in bonds are measured at cost less any subsequent diminution in value as they provide a fixed return and offer a fixed percentage rate of interest.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

Quicklogic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

3

Taxation

2024

2023

£

£

Corporation tax

65,947

31,912

Deferred tax

-

446,227

65,947

478,139

4

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 3 (2023 - 2).

 

Quicklogic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

5

Tangible assets

Plant and machinery
£

Office equipment
£

Other tangible assets
 £

Total
£

Cost or valuation

At 1 May 2023

20,726

12,688

91,495

124,909

At 30 April 2024

20,726

12,688

91,495

124,909

Depreciation

At 1 May 2023

14,906

12,249

-

27,155

Charge for the year

1,506

59

-

1,565

At 30 April 2024

16,412

12,308

-

28,720

Carrying amount

At 30 April 2024

4,314

380

91,495

96,189

At 30 April 2023

5,820

439

91,495

97,754

 

Quicklogic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

6

Investment properties

2024
£

At 1 May

4,350,000

Additions

292,686

At 30 April

4,642,686

The investment properties were valued by the director C Neputé on 30 April 2023. The basis of this valuation was fair value.

There has been no valuation of investment property by an independent valuer.

7

Debtors

Current

2024
£

2023
£

Other debtors

1,094,899

1,347,280

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Loans and borrowings

357,202

431,372

Taxation and social security

65,042

30,728

Other creditors

168,059

167,240

590,303

629,340

9

Loans and borrowings

2024
£

2023
£

Current loans and borrowings

Other borrowings

357,202

431,372

 

Quicklogic Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

10

Related party transactions

Summary of transactions with entities with joint control or significant interest

The company is controlled by Neputé Holdings Limited, a company registered in Jersey, Channel Islands, which owns 70% of the issued share capital. That company is controlled by the Trustees of the Neputé Jersey Settlement, a Jersey resident trust.

At the balance sheet date the intercompany loan due to Neputé Holdings Limited was £137,327 (2023: £136,758).

 

Summary of transactions with other related parties

During the period the company had interest free loans outstanding to companies owned by the directors. At the year end the amounts due from these companies was £1,089,872 (2023: £1,341,561).