Drabwell Wholesale Limited 31/10/2018 iXBRL

DRABWELL WHOLESALE LIMITED - Company Information

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Company registration number: 07051341

Drabwell Wholesale Limited

Unaudited filleted financial statements

31 October 2018

Drabwell Wholesale Limited

Contents

Directors and other information

Accountants report

Statement of financial position

Notes to the financial statements

Drabwell Wholesale Limited

Directors and other information


	Director	Mr G S Drabwell


	Company number	07051341


	Registered office	Vaughan Chambers
		Vaughan Road
		Harpenden
		Hertfordshire
		AL5 4EE


	Accountants	Hicks and Company
		Chartered Accountants
		Vaughan Chambers
		Vaughan Road
		Harpenden
		Hertfordshire
		AL5 4EE

Drabwell Wholesale Limited

Chartered accountants report to the director on the preparation of the

unaudited statutory financial statements of Drabwell Wholesale Limited

Year ended 31 October 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Drabwell Wholesale Limited for the year ended 31 October 2018 which comprise the statement of financial position and related notes 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, 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 director of Drabwell Wholesale Limited, as a body, in accordance with the terms of our engagement letter dated 13 July 2018. Our work has been undertaken solely to prepare for your approval the financial statements of Drabwell Wholesale Limited and state those matters that we have agreed to state to them, as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Drabwell Wholesale Limited and its director as a body for our work or for this report.

It is your duty to ensure that Drabwell Wholesale Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Drabwell Wholesale Limited. You consider that Drabwell Wholesale Limited 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 financial statements of Drabwell Wholesale Limited. 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 financial statements.

Hicks and Company

Chartered Accountants

Vaughan Chambers

Vaughan Road

Harpenden

Hertfordshire

AL5 4EE

30 July 2019

Drabwell Wholesale Limited

Statement of financial position

31 October 2018

		2018		2017
	Note	£	£	£	£

Fixed assets
Tangible assets	5	369		1
		_______		_______
			369		1

Current assets
Debtors	6	52,537		57,693
Cash at bank and in hand		14,905		683
		_______		_______
		67,442		58,376
Creditors: amounts falling due
within one year	7	( 48,315)		( 58,083)
		_______		_______
Net current assets			19,127		293
			_______		_______
Total assets less current liabilities			19,496		294

			_______		_______
Net assets			19,496		294
			_______		_______

Capital and reserves
Called up share capital			100		100
Profit and loss account			19,396		194
			_______		_______
Shareholders funds			19,496		294
			_______		_______

For the year ending 31 October 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

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 income and retained earnings has not been delivered.

These financial statements were approved by the board of directors and authorised for issue on 30 July 2019 , and are signed on behalf of the board by:

Mr G S Drabwell

Director

Company registration number: 07051341

Drabwell Wholesale Limited

Notes to the financial statements

Year ended 31 October 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 Vaughan Chambers, Vaughan Road, Harpenden, Hertfordshire, AL5 4EE.

2. Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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 measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

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.

Taxation

The taxation expense represents the aggregate amount of current tax and deferred tax recognised in the reporting period. Tax is recognised in the Income Statement, 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.Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and any accumulated impairment losses.Any tangible assets carried at revalued amounts is 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:


Computer equipment	-	Straight line over 3 years

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised retrospectively to reflect the new estimates.

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2017: 1 ).

5. Tangible assets

	Computer equipment	Total
	£	£
Cost
At 1 November 2017	753	753
Additions	553	553
	_______	_______
At 31 October 2018	1,306	1,306
	_______	_______
Depreciation
At 1 November 2017	752	752
Charge for the year	185	185
	_______	_______
At 31 October 2018	937	937
	_______	_______
Carrying amount
At 31 October 2018	369	369
	_______	_______
At 31 October 2017	1	1
	_______	_______

6. Debtors

	2018	2017
	£	£

Trade debtors	52,537	57,693
	_______	_______

7. Creditors: amounts falling due within one year

	2018	2017
	£	£

Trade creditors	19,619	36,217
Corporation tax	22,373	13,932
Social security and other taxes	2,331	2,673
Other creditors	3,992	5,261
	_______	_______
	48,315	58,083
	_______	_______

8. Directors advances, credits and guarantees

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

2018
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£

	Mr G S Drabwell	( 2,360)	1,721	( 639)
		_______	_______	_______

2017
		Balance brought forward	Advances /(credits) to the director	Balance o/standing
		£	£	£

	Mr G S Drabwell	( 17,559)	15,199	( 2,360)
		_______	_______	_______