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Registered number: 07685267
ADD DISTRIBUTION LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
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ADD DISTRIBUTION LIMITED
REGISTERED NUMBER: 07685267
BALANCE SHEET
AS AT 30 JUNE 2017
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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TOTAL ASSETS LESS CURRENT LIABILITIES
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Creditors: amounts falling due after more than one year
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The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.
Page 1
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ADD DISTRIBUTION LIMITED
REGISTERED NUMBER: 07685267
BALANCE SHEET (CONTINUED)
AS AT 30 JUNE 2017
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 4 October 2017.
The notes on pages 3 to 6 form part of these financial statements.
Page 2
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ADD DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
ADD Distribution Limited is a private company limited by shares, incorporated in England and Wales, with a company registration number of 07685267. The address of the registered office is given on the company information page of these financial statements.
2.ACCOUNTING POLICIES
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The following principal accounting policies have been applied:
The company meets its day to day working capital requirements with the support of the holding company. In the opinion of the director, this support will continue to be available and adequate for the forseeable future. On this basis the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the support of the holding company.
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.
The estimated useful lives range as follows:
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25% reducing balance basis
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The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Profit and Loss Account.
Page 3
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ADD DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
2.ACCOUNTING POLICIES (CONTINUED)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase.
At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
Short term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.
Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
All borrowing costs are recognised in the Profit and Loss Account in the year in which they are incurred.
The average monthly number of employees, including directors, during the year was 3 (2016 - 3).
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FACTORS THAT MAY AFFECT FUTURE TAX CHARGES
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The company has tax losses of £84,537 (2016 - £84,537) available for carry forward against future trading profits.
Page 4
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ADD DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
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Charge for the year on owned assets
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Prepayments and accrued income
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Page 5
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ADD DISTRIBUTION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2017
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CASH AND CASH EQUIVALENTS
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CREDITORS: Amounts falling due within one year
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Amount due to holding company
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Accruals and deferred income
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CREDITORS: Amounts falling due after more than one year
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Amount due to holding company
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COMMITMENTS UNDER OPERATING LEASES
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At 30 June 2017 the Company had future minimum lease payments under non-cancellable operating leases as follows:
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Later than 1 year and not later than 5 years
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FIRST TIME ADOPTION OF FRS 102
The policies applied under the entity's previous accounting framework are not materially different to
FRS 102 and have not impacted on equity or profit or loss.
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Page 6
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