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Registration number: 09311028

Quicklogic Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2024

 

Quicklogic Properties Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 5

 

Quicklogic Properties Limited

(Registration number: 09311028)
Balance Sheet as at 30 November 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

596,382

596,491

Current assets

 

Debtors

5

9,397

4,759

Cash at bank and in hand

 

85,890

57,720

 

95,287

62,479

Creditors: Amounts falling due within one year

6

(401,589)

(403,434)

Net current liabilities

 

(306,302)

(340,955)

Total assets less current liabilities

 

290,080

255,536

Provisions for liabilities

(46)

(46)

Net assets

 

290,034

255,490

Capital and reserves

 

Called up share capital

100

100

Retained earnings

289,934

255,390

Shareholders' funds

 

290,034

255,490

 

Quicklogic Properties Limited

(Registration number: 09311028)
Balance Sheet as at 30 November 2024

For the financial year ending 30 November 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.

Approved and authorised by the Board on 12 February 2025 and signed on its behalf by:
 

.........................................
Mr Carlo Nepute
Director

 

Quicklogic Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 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

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 comprises the fair value of the consideration received or receivable for the rents, service charges and insurance in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

Tax

The tax expense for the period comprises current tax payable and deferred tax.

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.

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 balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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:

 

Quicklogic Properties Limited

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

Asset class

Depreciation method and rate

Office equipment

25% reducing balance basis

Furniture and fittings

25% reducing balance basis

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.

3

Staff numbers

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

4

Tangible assets

Land and buildings
£

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 December 2023

596,055

2,046

1,971

600,072

At 30 November 2024

596,055

2,046

1,971

600,072

Depreciation

At 1 December 2023

-

1,842

1,739

3,581

Charge for the year

-

51

58

109

At 30 November 2024

-

1,893

1,797

3,690

Carrying amount

At 30 November 2024

596,055

153

174

596,382

At 30 November 2023

596,055

204

232

596,491

Included within the net book value of land and buildings above is £596,055 (2023 - £596,055) in respect of freehold land and buildings.
 

 

Quicklogic Properties Limited

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

5

Debtors

Current

2024
£

2023
£

Trade debtors

76

75

Prepayments

732

405

Other debtors

8,589

4,279

 

9,397

4,759

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Amounts owed to related undertakings and undertakings in which the company has a participating interest

380,865

380,865

Taxation and social security

8,664

8,935

Other creditors

12,060

13,634

401,589

403,434

7

Related party transactions

Summary of transactions with other related parties

During the period the company had interest free loans from companies owned by the directors. At the year end the amounts due to these companies was £380,865 (2022: £630,865).