Registration number:
Quadbest Ltd
for the Year Ended 31 December 2016
Chartered Accountants
Arthur House
Chorlton Street
Manchester
M1 3FH
Quadbest Ltd
Contents
Company Information |
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Accountants' Report |
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Statement of Financial Position |
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Notes to the Financial Statements |
Quadbest Ltd
Company Information
Directors |
Mr Simon Alexander Wanderer Mrs Sarah Eve Lopian |
Registered office |
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Accountants |
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Page 1 |
Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Quadbest Ltd
for the Year Ended 31 December 2016
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Quadbest Ltd for the year ended 31 December 2016 as set out on pages 3 to 8 from the company's accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/en/members/regulations-standards-and-guidance/.
This report is made solely to the Board of Directors of Quadbest Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Quadbest Ltd and state those matters that we have agreed to state to the Board of Directors of Quadbest Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Quadbest Ltd and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Quadbest Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Quadbest Ltd. You consider that Quadbest Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Quadbest Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
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Arthur House
Chorlton Street
Manchester
M1 3FH
Page 2 |
Quadbest Ltd
(Registration number: 08810419)
Statement of Financial Position as at 31 December 2016
Note |
2016 |
(As restated) |
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Fixed assets |
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Investment property |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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- |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current (liabilities)/assets |
( |
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Total assets less current liabilities |
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Creditors: Amounts falling due after more than one year |
- |
( |
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Net assets |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Total equity |
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For the financial year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
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 and the option not to file the Income Statement has been taken.
Page 3 |
Quadbest Ltd
(Registration number: 08810419)
Statement of Financial Position as at 31 December 2016
Approved and authorised by the
.........................................
Mr Simon Alexander Wanderer
Director
Page 4 |
Quadbest Ltd
Notes to the Financial Statements for the Year Ended 31 December 2016
General information |
The company is a private company limited by share capital incorporated in England and Wales.
The address of its registered office is:
These financial statements were authorised for issue by the
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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
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.
Prior period errors
The accounts have been restated to incorporate the impact of a misclassification of rent arrears, of £16,800, as part of the cost of the property capitalised as an investment property. The error resulted in an overstatement of income by £16,239 in the periods prior to the current year, when the receipts for the arrears were accounted as income. The correction has resulted in the profit and loss reserve decreasing after tax by £12,991 in the restated prior period presented.
Relating to the prior periods disclosed in the restated comparative period |
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(Decrease) in fixed assets - Investment property |
(16,800) |
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Increase in debtors - Arrears receivable |
561 |
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Increase in debtors - Corporation tax repayable |
2,033 |
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Decrease in creditors - Corporation tax payable |
1,215 |
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Prior year adjustment - (Decrease) in p&l reserve |
(12,991) |
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Investment property
Page 5 |
Quadbest Ltd
Notes to the Financial Statements for the Year Ended 31 December 2016
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Income Statement over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
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.
Investment properties |
2016 |
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At 1 January |
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The director, Simon Wanderer, considered the fair value of investment property and was satisfied to leave it unchanged.
There has been no valuation of investment property by an independent valuer.
Debtors |
2016 |
(As restated) |
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Other debtors |
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Total current trade and other debtors |
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Creditors |
Page 6 |
Quadbest Ltd
Notes to the Financial Statements for the Year Ended 31 December 2016
Note |
2016 |
(As restated) |
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Due within one year |
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Amounts owed to group undertakings and undertakings in which the company has a participating interest |
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- |
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Other creditors |
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Due after one year |
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Loans and borrowings |
- |
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Loans and borrowings |
2016 |
2015 |
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Non-current loans and borrowings |
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Other borrowings |
- |
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Related party transactions |
Summary of transactions with parent
Loans from related parties
2016 |
Parent |
At start of period |
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Repaid |
( |
At end of period |
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2015 |
Parent |
At start of period |
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Repaid |
( |
At end of period |
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Terms of loans from related parties
Page 7 |
Quadbest Ltd
Notes to the Financial Statements for the Year Ended 31 December 2016
Parent and ultimate parent undertaking |
The company's immediate parent is
The ultimate controlling party is
Page 8 |