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 2020

DEBRO LIMITED

Statement of Financial Position

31 May 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		1,572	2,857

Current assets

Stocks		713,540	763,540
Debtors	6	31,749	101,778
Cash at bank and in hand		4,701	513
		---------	---------
		749,990	865,831

Creditors: amounts falling due within one year	7	447,777		541,604
		---------		---------
Net current assets			302,213	324,227
			---------	---------
Total assets less current liabilities			303,785	327,084

Creditors: amounts falling due after more than one year	8	405,018	307,778
		---------	---------
Net (liabilities)/assets		( 101,233)	19,306
		---------	---------

Capital and reserves

Called up share capital	50,000	50,000
Profit and loss account	( 151,233)	( 30,694)
	---------	--------
Shareholders (deficit)/funds	( 101,233)	19,306
	---------	--------

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 Section 1A of 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.

For the year ending 31 May 2020 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 2020

These financial statements were approved by the board of directors and authorised for issue on 30 April 2021 , 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 2020

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.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

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 3 (2019: 4 ).

5. Tangible assets

	Plant and machinery	Equipment	Total
	£	£	£
Cost
At 1 June 2019 and 31 May 2020	8,097	6,065	14,162
	-------	-------	--------
Depreciation
At 1 June 2019	5,985	5,320	11,305
Charge for the year	1,057	228	1,285
	-------	-------	--------
At 31 May 2020	7,042	5,548	12,590
	-------	-------	--------
Carrying amount
At 31 May 2020	1,055	517	1,572
	-------	-------	--------
At 31 May 2019	2,112	745	2,857
	-------	-------	--------

6. Debtors

	2020	2019
	£	£
Trade debtors	26,863	71,967
Other debtors	4,886	29,811
	--------	---------
	31,749	101,778
	--------	---------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Bank loans and overdrafts	86,775	128,552
Trade creditors	81,153	160,846
Corporation tax	34	5,960
Other creditors	–	33,042
Other creditors	279,815	213,204
	---------	---------
	447,777	541,604
	---------	---------

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

	2020	2019
	£	£
Bank loans and overdrafts	180,518	83,278
Other creditors	224,500	224,500
	---------	---------
	405,018	307,778
	---------	---------

9. Financial instruments

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:

	2020
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
R Deblinger	( 205,742)	( 68,978)	( 274,720)
	---------	--------	---------

	2019
	Balance brought forward	Advances/ (credits) to the directors	Balance outstanding
	£	£	£
R Deblinger	( 211,351)	5,609	( 205,742)
	---------	-------	---------