Registered number
06410749
QUICKPURCHASE LIMITED
Unaudited Filleted Accounts
31 October 2024
TEMPLETONS (HOLDINGS) LIMITED
CHARTERED ACCOUNTANTS
309 HOE STREET
WALTHAMSTOW
LONDON E17 9BG
QUICKPURCHASE LIMITED
Registered number: 06410749
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 - 16,132
Current assets
Stocks 943,480 946,334
Cash at bank and in hand 2,890 5,986
946,370 952,320
Creditors: amounts falling due within one year 4 (854,614) (809,203)
Net current assets 91,756 143,117
Net assets 91,756 159,249
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 90,756 158,249
Shareholders' funds 91,756 159,249
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Manish Somani
Director
Approved by the board on 16 July 2025
QUICKPURCHASE LIMITED
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 2 2
3 Intangible fixed assets £
Other Intangible :
Cost
At 1 November 2023 16,132
Disposals (16,132)
At 31 October 2024 -
Amortisation
At 31 October 2024 -
Net book value
At 31 October 2024 -
At 31 October 2023 16,132
Amortisation is calculated so as to write off the cost of an asset , less its estimated residual value, over its estimated economic life of that asset.
4 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loan 835,285 800,000
Taxation and social security costs 5,279 841
Other creditors 14,050 8,362
854,614 809,203
The bank loan is secured by a mortgage over the company's assets.
5 Controlling party
Mr S Martin held 50% and Mr M Somani held 50% of the issued share capital of the company and had equal control of the company during the year.
6 Other information
QUICKPURCHASE LIMITED is a private company limited by shares and incorporated in England. Its registered office is:
1 The Spiney
121 Main Road
Danbury
Essex
CM3 4DL
QUICKPURCHASE LIMITED 06410749 false 2023-11-01 2024-10-31 2024-10-31 VT Final Accounts July 2024 Manish Somani No description of principal activity 06410749 2022-11-01 2023-10-31 06410749 core:WithinOneYear 2023-10-31 06410749 core:ShareCapital 2023-10-31 06410749 core:RetainedEarningsAccumulatedLosses 2023-10-31 06410749 2023-11-01 2024-10-31 06410749 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 06410749 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 06410749 bus:Director40 2023-11-01 2024-10-31 06410749 1 2023-11-01 2024-10-31 06410749 2 2023-11-01 2024-10-31 06410749 core:Goodwill 2023-11-01 2024-10-31 06410749 countries:England 2023-11-01 2024-10-31 06410749 bus:FRS102 2023-11-01 2024-10-31 06410749 bus:FilletedAccounts 2023-11-01 2024-10-31 06410749 2024-10-31 06410749 core:WithinOneYear 2024-10-31 06410749 core:ShareCapital 2024-10-31 06410749 core:RetainedEarningsAccumulatedLosses 2024-10-31 06410749 core:Goodwill 2024-10-31 06410749 2023-10-31 06410749 core:Goodwill 2023-10-31 iso4217:GBP xbrli:pure