Abbreviated Company Accounts - QUILTERS LEISURE LIMITED

QUILTERS LEISURE LIMITED - Company Information

Registered Number 02624699

QUILTERS LEISURE LIMITED

Abbreviated Accounts

30 September 2016

QUILTERS LEISURE LIMITED Registered Number 02624699

Abbreviated Balance Sheet as at 30 September 2016

	Notes	2016	2015
		£	£
Fixed assets
Tangible assets	2	3,420,822	2,674,473
		3,420,822	2,674,473
Current assets
Stocks		115,000	110,000
Debtors		833,469	1,037,432
		948,469	1,147,432
Creditors: amounts falling due within one year		(1,334,550)	(1,666,590)
Net current assets (liabilities)		(386,081)	(519,158)
Total assets less current liabilities		3,034,741	2,155,315
Creditors: amounts falling due after more than one year		(928,762)	(957,978)
Total net assets (liabilities)		2,105,979	1,197,337
Capital and reserves
Called up share capital		100	100
Revaluation reserve		1,997,000	1,297,000
Profit and loss account		108,879	(99,763)
Shareholders' funds		2,105,979	1,197,337

For the year ending 30 September 2016 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

Approved by the Board on 16 June 2017

And signed on their behalf by:
Mr B A Reid, Director

QUILTERS LEISURE LIMITED Registered Number 02624699

Notes to the Abbreviated Accounts for the period ended 30 September 2016

1Accounting Policies

Basis of measurement and preparation of accounts
The accounts have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities effective April 2008.

Turnover policy
The turnover shown in the profit and loss account represents amounts invoiced during the year.

Tangible assets depreciation policy
Tangible fixed assets are recorded at cost less depreciation.

Depreciation is calculated as follows:
Plant & Machinery: 15% Reducing Balance Method
Fixtures and Fittings: 15% Reducing Balance Method
Motor Vehicles: 15% Reducing Balance Method
Equipment: 15% Reducing Balance Method

No provision has been made in the accounts for the depreciation of freehold properties as the properties are kept in very good condition.

2Tangible fixed assets

	£
Cost
At 1 October 2015	4,256,819
Additions	139,173
Disposals	-
Revaluations	700,000
Transfers	-
At 30 September 2016	5,095,992
Depreciation
At 1 October 2015	1,582,346
Charge for the year	92,824
On disposals	-
At 30 September 2016	1,675,170
Net book values
At 30 September 2016	3,420,822
At 30 September 2015	2,674,473

The freehold properties have been revalued by the director at £2.5 million on 30 September 2016. In view of the fact that there are lot of money spent on the maintenance of freehold properties, no provision has been made in the accounts for depreciation.