Company Registration No. 02574168 (England and Wales)
D.R.S. TRADING LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
30 SEPTEMBER 2019
PAGES FOR FILING WITH REGISTRAR
Abbey House
Hickleys Court
South Street
Farnham
Surrey
GU9 7QQ
D.R.S. TRADING LIMITED
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
D.R.S. TRADING LIMITED
BALANCE SHEET
AS AT
30 SEPTEMBER 2019
30 September 2019
- 2 -
2019
2018
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,591
14,169
Current assets
Stocks
12,873
25,923
Debtors
4
30,516
44,856
Cash at bank and in hand
20,220
15,656
63,609
86,435
Creditors: amounts falling due within one year
5
(28,860)
(41,092)
Net current assets
34,749
45,343
Total assets less current liabilities
45,340
59,512
Provisions for liabilities
6
(81)
(105)
Net assets
45,259
59,407
Capital and reserves
Called up share capital
7
80
80
Profit and loss reserves
45,179
59,327
Total equity
45,259
59,407
D.R.S. TRADING LIMITED
BALANCE SHEET (CONTINUED)
AS AT
30 SEPTEMBER 2019
30 September 2019
- 3 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 30 September 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 28 April 2020
Mr R. Mackridge
Director
Company Registration No. 02574168
The notes on pages 4 to 9 form part of these financial statements
D.R.S. TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 4 -
1
Accounting policies
Company information
D.R.S. Trading Limited
(02574168)
is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
45 Eastwick Drive, Great Bookham, Leatherhead, Surrey, KT23 3PU.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation 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:
Leasehold property
- 33% straight line
Fixtures, fittings and equipment
- 25% on reducing balance
Computer equipment
- 25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Stocks
Stocks are valued at the lower of cost and net realisable value, a
ft
er making due allowance for obsolete and
slow moving items.
D.R.S. TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 5 -
1.6
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future
paymen
ts discounted at a market rate of interest.
Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade creditors
are obligations to pay for goods or services that have been acquired
in the ordinary course of business from suppliers. A
m
ounts payable are classified as
current liabilities if payment is due within one year or less. If not, they are presented
as non-current liabilities.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
D.R.S. TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
1
Accounting policies
(Continued)
- 6 -
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.12
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation are included in the profit and loss account for the period.
1.13
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.
2
Taxation
2019
2018
£
£
Current tax
UK corporation tax on profits for the current period
203
-
D.R.S. TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
2
Taxation
(Continued)
- 7 -
Deferred tax
Origination and reversal of timing differences
(24)
(52)
Total tax charge/(credit)
179
(52)
3
Tangible fixed assets
Fixtures, fittings and equipment
Computer equipment
Total
£
£
£
Cost
At 1 October 2018
32,118
3,939
36,057
Disposals
-
(317)
(317)
At 30 September 2019
32,118
3,622
35,740
Depreciation and impairment
At 1 October 2018
18,568
3,318
21,886
Depreciation charged in the year
3,387
143
3,530
Eliminated in respect of disposals
-
(267)
(267)
At 30 September 2019
21,955
3,194
25,149
Carrying amount
At 30 September 2019
10,163
428
10,591
At 30 September 2018
13,549
620
14,169
4
Debtors
2019
2018
Amounts falling due within one year:
£
£
Trade debtors
23,945
39,885
Amounts owed by group undertakings
1,591
-
Other debtors
4,980
4,971
30,516
44,856
D.R.S. TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 8 -
5
Creditors: amounts falling due within one year
2019
2018
£
£
Trade creditors
11,086
24,393
Amounts owed to group undertakings
14,331
9,428
Corporation tax
203
-
Other taxation and social security
1,634
4,397
Other creditors
1,606
2,874
28,860
41,092
6
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2019
2018
Balances:
£
£
Accelerated capital allowances
81
105
2019
Movements in the year:
£
Liability at 1 October 2018
105
Credit to profit or loss
(24)
Liability at 30 September 2019
81
The deferred tax liability set out above is expected to reverse within 12 months and relates to accelerated capital allowances that are expected to mature within the same period.
7
Called up share capital
2019
2018
£
£
Ordinary share capital
Issued and fully paid
80 Ordinary shares of £1 each
80
80
D.R.S. TRADING LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2019
- 9 -
8
Directors' transactions
During the current and previous financial year the company was under the control of the director.
The director maintains a loan account with the company. At the balance sheet date the company owed the director £2 (2018 - £68).