DEBRO LIMITED Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 04631092

DEBRO LIMITED

Filleted Unaudited Financial Statements

31 May 2018

DEBRO LIMITED

Statement of Financial Position

31 May 2018

	2018		2017
Note	£	£	£

Fixed assets

Tangible assets	5		876	1,499

Current assets

Stocks		713,980	687,500
Debtors	6	113,954	110,680
Cash at bank and in hand		1,315	1,034
		---------	---------
		829,249	799,214

Creditors: amounts falling due within one year	7	482,744		390,047
		---------		---------
Net current assets			346,505	409,167
			---------	---------
Total assets less current liabilities			347,381	410,666

Creditors: amounts falling due after more than one year	8	340,369	397,849
		---------	---------
Net assets		7,012	12,817
		---------	---------

Capital and reserves

Called up share capital	50,000	50,000
Profit and loss account	( 42,988)	( 37,183)
	--------	--------
Shareholders funds	7,012	12,817
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.

For the year ending 31 May 2018 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 financial statements for the year in question in accordance with section 476 ;

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

DEBRO LIMITED

Statement of Financial Position (continued)

31 May 2018

These financial statements were approved by the board of directors and authorised for issue on 6 March 2019 , and are signed on behalf of the board by:

R Deblinger

Director

Company registration number: 04631092

DEBRO LIMITED

Notes to the Financial Statements

Year ended 31 May 2018

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hallswelle House, 1 Hallswelle Road, London, NW11 0DH.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	33% straight line
Equipment	-	25% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 8 (2017: 7 ).

5. Tangible assets

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 June 2017	4,929	5,395	10,324
Additions	159	–	159
	-------	-------	--------
At 31 May 2018	5,088	5,395	10,483
	-------	-------	--------
Depreciation
At 1 June 2017	4,929	3,896	8,825
Charge for the year	–	782	782
	-------	-------	--------
At 31 May 2018	4,929	4,678	9,607
	-------	-------	--------
Carrying amount
At 31 May 2018	159	717	876
	-------	-------	--------
At 31 May 2017	–	1,499	1,499
	-------	-------	--------

6. Debtors

	2018	2017
	£	£
Trade debtors	92,089	100,691
Other debtors	21,865	9,989
	---------	---------
	113,954	110,680
	---------	---------

7. Creditors: amounts falling due within one year

	2018	2017
	£	£
Bank loans and overdrafts	85,693	80,383
Trade creditors	128,807	164,784
Corporation tax	4,198	3,979
Social security and other taxes	7,164	4,232
Other creditors	34,087	–
Other creditors	222,795	136,669
	---------	---------
	482,744	390,047
	---------	---------

8. Creditors: amounts falling due after more than one year

	2018	2017
	£	£
Bank loans and overdrafts	115,869	173,349
Other creditors	224,500	224,500
	---------	---------
	340,369	397,849
	---------	---------

9. Financial instruments at fair value

For financial instruments measured at fair value, the basis for determining fair value must be disclosed. When a valuation technique is used, the assumptions applied in determining fair value for each class of financial assets or financial liabilities must be disclosed. If a reliable measure of fair value is no longer available for ordinary or preference shares measured at fair value through profit or loss, this must also be disclosed.

10. Directors' advances, credits and guarantees

During the year the directors entered into the following advances and credits with the company:

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
R Deblinger	( 130,832)	( 80,519)	( 211,351)
	---------	--------	---------

	2017
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
R Deblinger	( 119,746)	( 11,086)	( 130,832)
	---------	--------	---------