Company Registration No. 10192893 (England and Wales)
Drench Europe Limited
Unaudited accounts
for the year ended 30 September 2022
Drench Europe Limited
Unaudited accounts
Contents
Drench Europe Limited
Company Information
for the year ended 30 September 2022
Directors
Mr Wayne Lyons
Mr Stephen Middleton
Mr Guillermo Rubio
Company Number
10192893 (England and Wales)
Registered Office
107 Kirkgate
Leeds
LS1 6DP
Accountants
Sleek Accounting Ltd
107 Kirkgate
Leeds
West Yorkshire
LS1 6DP
Drench Europe Limited
Statement of financial position
as at 30 September 2022
Intangible assets
204
4,535
Tangible assets
169,015
155,909
Inventories
315,802
223,396
Cash at bank and in hand
405,805
102,360
Creditors: amounts falling due within one year
(345,218)
(464,279)
Net current assets
773,432
488,082
Total assets less current liabilities
942,651
648,526
Creditors: amounts falling due after more than one year
(313,031)
(310,179)
Net assets
629,620
338,347
Called up share capital
107
107
Share premium
94,959
94,959
Profit and loss account
534,554
243,281
Shareholders' funds
629,620
338,347
For the year ending 30 September 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 24 June 2023 and were signed on its behalf by
Mr Stephen Middleton
Director
Company Registration No. 10192893
Drench Europe Limited
Notes to the Accounts
for the year ended 30 September 2022
Drench Europe Limited is a private company, limited by shares, registered in England and Wales, registration number 10192893. The registered office is 107 Kirkgate, Leeds, LS1 6DP.
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Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Plant & machinery
15% straight line
Motor vehicles
25% straight line
Fixtures & fittings
20% straight line
Computer equipment
25% straight line
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Patents & licences - 20% straight line
Development costs - 20% straight line
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Drench Europe Limited
Notes to the Accounts
for the year ended 30 September 2022
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term.
Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.
Expenditure on research and development is written off in the year in which it is incurred.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Government grants in relation to tangible fixed assets are credited to profit and loss account over the useful lives of the related assets, whereas those in relation to expenditure are credited when the expenditure is charged to profit and loss.
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
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Intangible fixed assets
Other
At 30 September 2022
32,544
At 30 September 2022
32,340
At 30 September 2021
4,535
Drench Europe Limited
Notes to the Accounts
for the year ended 30 September 2022
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Tangible fixed assets
Land & buildings
Plant & machinery
Motor vehicles
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At cost
At cost
At cost
At 1 October 2021
31,838
170,255
16,388
69,491
8,436
296,408
Additions
18,610
19,763
20,700
-
1,953
61,026
At 30 September 2022
50,448
190,018
37,088
69,491
10,389
357,434
At 1 October 2021
17,787
49,031
15,862
53,285
4,534
140,499
Charge for the year
4,534
26,880
882
13,898
1,726
47,920
At 30 September 2022
22,321
75,911
16,744
67,183
6,260
188,419
At 30 September 2022
28,127
114,107
20,344
2,308
4,129
169,015
At 30 September 2021
14,051
121,224
526
16,206
3,902
155,909
Amounts falling due within one year
Trade debtors
341,553
605,048
Accrued income and prepayments
9,475
10,652
Other debtors
46,015
10,905
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Creditors: amounts falling due within one year
2022
2021
Bank loans and overdrafts
41,523
9,999
Obligations under finance leases and hire purchase contracts
28,543
18,298
Trade creditors
160,095
167,179
Taxes and social security
109,152
78,105
Other creditors
2,186
178,810
8
Creditors: amounts falling due after more than one year
2022
2021
Obligations under finance leases and hire purchase contracts
53,974
62,330
Drench Europe Limited
Notes to the Accounts
for the year ended 30 September 2022
Allotted, called up and fully paid:
107 Ordinary shares of £1 each
107
107
10
Operating lease commitments
2022
2021
At 30 September 2022 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
2,590
80,442
Later than one year and not later than five years
11,700
26,360
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Average number of employees
During the year the average number of employees was 18 (2021: 14).
