DLM Direct Limited Filleted accounts for Companies House (small and micro)

DLM DIRECT LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 10830299

DLM Direct Limited

Filleted Unaudited Financial Statements

30 June 2019

DLM Direct Limited

Statement of Financial Position

30 June 2019

	2019	2018
Note	£	£

Current assets

Stocks	5	256,935	65,150
Debtors	6	121,624	43,590
Cash at bank and in hand		117,402	7,643
		---------	---------
		495,961	116,383

Creditors: amounts falling due within one year	7	424,208	62,055
		---------	---------
Net current assets		71,753	54,328
		--------	--------
Total assets less current liabilities		71,753	54,328
		--------	--------
Net assets		71,753	54,328
		--------	--------

Capital and reserves

Called up share capital	100	100
Profit and loss account	71,653	54,228
	--------	--------
Shareholders funds	71,753	54,328
	--------	--------

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 30 June 2019 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 .

These financial statements were approved by the board of directors and authorised for issue on 1 August 2019 , and are signed on behalf of the board by:

Mr M S Dallaway	Mr S Dallaway
Director	Director

Company registration number: 10830299

DLM Direct Limited

Notes to the Financial Statements

Year ended 30 June 2019

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 483 Birmingham Road, Marlbrook, Bromsgrove, Worcestershire, B61 0HZ.

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 for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

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. 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.

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

A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 2 (2018: 2 ).

5. Stocks

	2019	2018
	£	£
Raw materials and consumables	256,935	65,150
	---------	--------

6. Debtors

	2019	2018
	£	£
Trade debtors	91,141	43,490
Other debtors	30,483	100
	---------	--------
	121,624	43,590
	---------	--------

7. Creditors: amounts falling due within one year

	2019	2018
	£	£
Bank loans and overdrafts	174,626	–
Trade creditors	128,152	36,580
Corporation tax	23,094	15,436
Social security and other taxes	–	39
Other creditors	98,336	10,000
	---------	--------
	424,208	62,055
	---------	--------

8. Directors' advances, credits and guarantees

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

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr M S Dallaway	–	( 25,000)	( 25,000)
Mr S Dallaway	–	( 25,000)	( 25,000)
	----	--------	--------
	–	( 50,000)	( 50,000)
	----	--------	--------

	2018
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
Mr M S Dallaway	–	–	–
Mr S Dallaway	–	–	–
	----	----	----
	–	–	–
	----	----	----

9. Related party transactions

The company was under the control of Mr S and Mr M Dallaway throughout the current and previous year. At the year end the company owed £23,426 (2018 - £5,000) as a loan to UK Leaflet Distribution Ltd, a company in which Mr S and Mr M Dallaway are shareholders. The company also owed £15,000 to DLM Distribution Ltd, a company in which Mr S and Mr M Dallaway asre shareholders.