Drabwell Wholesale Limited 31/10/2017 iXBRL

Drabwell Wholesale Limited 31/10/2017 iXBRL

DRABWELL WHOLESALE LIMITED - Company Information

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Company registration number: 07051341
Drabwell Wholesale Limited
Unaudited filleted financial statements
31 October 2017
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 2017
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 2017 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 25 July 2017. 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
13 July 2018
Drabwell Wholesale Limited
Statement of financial position
31 October 2017
2017 2016
Note £ £ £ £
Fixed assets
Tangible assets 5 1 204
_______ _______
1 204
Current assets
Debtors 6 57,693 69,948
Cash at bank and in hand 683 1,325
_______ _______
58,376 71,273
Creditors: amounts falling due
within one year 7 ( 58,083) ( 64,537)
_______ _______
Net current assets 293 6,736
_______ _______
Total assets less current liabilities 294 6,940
_______ _______
Net assets 294 6,940
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 194 6,840
_______ _______
Shareholders funds 294 6,940
_______ _______
For the year ending 31 October 2017 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 13 July 2018 , 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 2017
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.
Transition to FRS 102
The entity transitioned from previous UK GAAP to FRS 102 as at 1 November 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 9.
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.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.
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. Staff costs
The average number of persons employed by the company during the year amounted to 1 (2016: 1 ).
5. Tangible assets
Computer equipment Total
£ £
Cost
At 1 November 2016 and 31 October 2017 753 753
_______ _______
Depreciation
At 1 November 2016 549 549
Charge for the year 203 203
_______ _______
At 31 October 2017 752 752
_______ _______
Carrying amount
At 31 October 2017 1 1
_______ _______
At 31 October 2016 204 204
_______ _______
6. Debtors
2017 2016
£ £
Trade debtors 57,693 69,948
_______ _______
7. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 36,217 27,447
Corporation tax 13,932 11,459
Social security and other taxes 2,673 6,243
Other creditors 5,261 19,388
_______ _______
58,083 64,537
_______ _______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2017
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr G S Drabwell ( 17,559) 15,199 ( 2,360)
_______ _______ _______
2016
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr G S Drabwell 4,320 ( 21,879) ( 17,559)
_______ _______ _______
9. Transition to FRS 102
These are the first financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 November 2015.
Reconciliation of equity
No transitional adjustments were required.
Reconciliation of profit or loss for the year
No transitional adjustments were required.