REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
Report of the Director and |
|
Financial Statements |
|
for the Period 1 April 2013 to 28 February 2014 |
|
for |
|
DRACCO UK LTD |
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
Report of the Director and |
|
Financial Statements |
|
for the Period 1 April 2013 to 28 February 2014 |
|
for |
|
DRACCO UK LTD |
DRACCO UK LTD (REGISTERED NUMBER: 05804422) |
|
|
|
|
|
|
Contents of the Financial Statements |
for the Period 1 April 2013 to 28 February 2014 |
|
|
|
|
Page |
|
Company Information | 1 |
|
Report of the Director | 2 |
|
Report of the Independent Auditors | 3 |
|
Profit and Loss Account | 5 |
|
Balance Sheet | 6 |
|
Notes to the Financial Statements | 7 |
|
DRACCO UK LTD |
|
Company Information |
for the Period 1 April 2013 to 28 February 2014 |
|
|
|
|
|
|
|
DIRECTOR: |
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
SENIOR STATUTORY AUDITOR: |
|
|
|
|
AUDITORS: |
|
Statutory Auditor |
Chartered Accountants |
|
|
|
|
|
DRACCO UK LTD (REGISTERED NUMBER: 05804422) |
|
Report of the Director |
for the Period 1 April 2013 to 28 February 2014 |
|
The director presents his report with the financial statements of the company for the period 1 April 2013 to 28 February 2014. |
|
EVENTS SINCE THE END OF THE PERIOD |
Information relating to events since the end of the period is given in the notes to the financial statements. |
|
DIRECTOR |
|
|
STATEMENT OF DIRECTOR'S RESPONSIBILITIES |
The director is responsible for preparing the Report of the Director and the financial statements in accordance with |
applicable law and regulations. |
|
Company law requires the director to prepare financial statements for each financial year. Under that law the director |
has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting |
Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve |
the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and |
of the profit or loss of the company for that period. In preparing these financial statements, the director is required to: |
|
- | select suitable accounting policies and then apply them consistently; |
- | make judgements and accounting estimates that are reasonable and prudent; |
- |
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will
continue in business. |
|
The director is responsible for keeping adequate accounting records that are sufficient to show and explain the |
company's transactions and disclose with reasonable accuracy at any time the financial position of the company and |
enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for |
safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud |
and other irregularities. |
|
STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS |
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act |
2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a |
director in order to make himself aware of any relevant audit information and to establish that the company's auditors are |
aware of that information. |
|
AUDITORS |
The auditors, Haworths Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting. |
|
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating |
to small companies. |
|
ON BEHALF OF THE BOARD: |
|
|
|
|
|
|
|
|
|
Report of the Independent Auditors to the Members of |
Dracco UK Ltd |
|
We have audited the financial statements of Dracco UK Ltd for the period ended 28 February 2014 on pages five to |
nine. The financial reporting framework that has been applied in their preparation is applicable law and the Financial |
Reporting Standard for Smaller Entities (effective April 2008) (United Kingdom Generally Accepted Accounting |
Practice applicable to Smaller Entities). |
|
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the |
Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those |
matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent |
permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's |
members as a body, for our audit work, for this report, or for the opinions we have formed. |
|
Respective responsibilities of director and auditors |
As explained more fully in the Statement of Director's Responsibilities set out on page two, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view. Our responsibility is to audit and express an opinion on the financial statements in accordance with applicable law and International Standards on Auditing (UK and Ireland). Those standards require us to comply with the Auditing Practices Board's Ethical Standards for Auditors. |
|
Scope of the audit of the financial statements |
An audit involves obtaining evidence about the amounts and disclosures in the financial statements sufficient to give |
reasonable assurance that the financial statements are free from material misstatement, whether caused by fraud or error. |
This includes an assessment of: whether the accounting policies are appropriate to the company's circumstances and |
have been consistently applied and adequately disclosed; the reasonableness of significant accounting estimates made by |
the director; and the overall presentation of the financial statements. In addition, we read all the financial and |
non-financial information in the Report of the Director to identify material inconsistencies with the audited financial |
statements and to identify any information that is apparently materially incorrect based on, or materially inconsistent |
with, the knowledge acquired by us in the course of performing the audit. If we become aware of any apparent material |
misstatements or inconsistencies we consider the implications for our report. |
|
|
Opinion on financial statements |
In our opinion the financial statements: |
- |
give a true and fair view of the state of the company's affairs as at 28 February 2014 and of its loss for the period then
ended; |
- |
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice
applicable to Smaller Entities; and |
- | have been prepared in accordance with the requirements of the Companies Act 2006. |
|
Opinion on other matter prescribed by the Companies Act 2006 |
In our opinion the information given in the Report of the Director for the financial year for which the financial |
statements are prepared is consistent with the financial statements. |
Report of the Independent Auditors to the Members of |
Dracco UK Ltd |
|
|
Matters on which we are required to report by exception |
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you |
if, in our opinion: |
- |
adequate accounting records have not been kept, or returns adequate for our audit have not been received from
branches not visited by us; or |
- | the financial statements are not in agreement with the accounting records and returns; or |
- | certain disclosures of director's remuneration specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit; or |
- |
the director was not entitled to prepare the financial statements in accordance with the small companies regime and
take advantage of the small companies' exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Director. |
|
|
|
|
|
for and on behalf of
|
Statutory Auditor |
Chartered Accountants |
|
|
|
|
|
|
|
DRACCO UK LTD (REGISTERED NUMBER: 05804422) |
|
Profit and Loss Account |
for the Period 1 April 2013 to 28 February 2014 |
|
Period |
1.4.13 |
to | Year Ended |
28.2.14 | 31.3.13 |
Notes | £ | £ |
|
TURNOVER |
|
|
|
Cost of sales |
|
( |
) |
GROSS PROFIT |
|
|
|
Administrative expenses |
|
|
OPERATING (LOSS)/PROFIT and |
(LOSS)/PROFIT ON ORDINARY
ACTIVITIES BEFORE TAXATION |
2 |
( |
) |
|
|
Tax on (loss)/profit on ordinary activities | 3 |
|
|
(LOSS)/PROFIT FOR THE FINANCIAL
PERIOD |
( |
) |
|
DRACCO UK LTD (REGISTERED NUMBER: 05804422) |
|
Balance Sheet |
28 February 2014 |
|
2014 | 2013 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
|
CURRENT ASSETS |
Debtors | 5 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 6 |
|
|
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
) |
|
|
CREDITORS |
Amounts falling due after more than one
year |
7 |
|
|
NET LIABILITIES | ( |
) | ( |
) |
|
CAPITAL AND RESERVES |
Called up share capital | 8 |
|
|
Profit and loss account | 9 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
|
|
|
|
The financial statements were approved by the director on
|
|
|
|
|
|
|
|
DRACCO UK LTD (REGISTERED NUMBER: 05804422) |
|
Notes to the Financial Statements |
for the Period 1 April 2013 to 28 February 2014 |
|
1. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
During the period the company met its day to day working capital requirements by way of the financial support |
of its parent company. The parent company has agreed to continue to support the company by way of loans to the |
company but has reserved the right to call on these loans when sufficient funds are available in the company. |
|
On this basis, the director considers it appropriate to prepare the accounts on the going concern basis. The |
financial statements do not include any adjustments that would result from a withdrawal of this support. |
|
Accounting convention |
The financial statements have been prepared under the historical cost convention and in accordance with the |
Financial Reporting Standard for Smaller Entities (effective April 2008). |
|
Turnover |
Turnover represents net invoiced sales of goods, excluding value added tax. |
|
Tangible fixed assets |
|
|
Computer equipment | - |
|
|
Deferred tax |
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by |
the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that the company |
anticipates to make sufficient taxable profits in the future to absorb the reversal of the underlying timing |
differences. |
|
2. | OPERATING (LOSS)/PROFIT |
|
The operating loss (2013 - operating profit) is stated after charging: |
|
Period |
1.4.13 |
to | Year Ended |
28.2.14 | 31.3.13 |
£ | £ |
Depreciation - owned assets |
|
|
Loss on disposal of fixed assets |
|
|
|
Director's remuneration and other benefits etc |
|
|
|
3. | TAXATION |
|
Analysis of the tax charge |
No liability to UK corporation tax arose on ordinary activities for the period ended 28 February 2014 nor for the |
year ended 31 March 2013. |
DRACCO UK LTD (REGISTERED NUMBER: 05804422) |
|
Notes to the Financial Statements - continued |
for the Period 1 April 2013 to 28 February 2014 |
|
4. | TANGIBLE FIXED ASSETS |
Computer |
equipment |
£ |
COST |
At 1 April 2013 |
|
Disposals | ( |
) |
At 28 February 2014 |
|
DEPRECIATION |
At 1 April 2013 |
|
Charge for period |
|
Eliminated on disposal | ( |
) |
At 28 February 2014 |
|
NET BOOK VALUE |
At 28 February 2014 |
|
At 31 March 2013 |
|
|
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2014 | 2013 |
£ | £ |
Trade debtors | - | 62,554 |
|
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2014 | 2013 |
£ | £ |
Taxation and social security |
|
|
Other creditors |
|
|
|
|
|
7. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2014 | 2013 |
£ | £ |
Amounts owed to group undertakings |
|
|
|
8. | CALLED UP SHARE CAPITAL |
|
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2014 | 2013 |
value: | £ | £ |
|
Ordinary | £1 |
|
|
DRACCO UK LTD (REGISTERED NUMBER: 05804422) |
|
Notes to the Financial Statements - continued |
for the Period 1 April 2013 to 28 February 2014 |
|
9. | RESERVES |
Profit |
and loss |
account |
£ |
|
At 1 April 2013 | ( |
) |
Deficit for the period | ( |
) |
At 28 February 2014 | ( |
) |
|
|
10. | ULTIMATE PARENT COMPANY |
|
|
the company's ultimate parent company. |
|
11. | RELATED PARTY DISCLOSURES |
|
Home Focus Development Limited |
|
Parent company |
|
|
2014 | 2013 |
£ | £ |
Amount due to related party at the balance sheet date |
|
|
|
P & C Distribution Limited |
|
Fellow Group Company |
|
|
Trade debtors of £62,554 were written off during the year. |
|
2014 | 2013 |
£ | £ |
Amount due from related party at the balance sheet date |
|
|
Amounts written off during the period |
|
|
|
12. | POST BALANCE SHEET EVENTS |
|
On 3 March 2014 the company acquired the business and certain assets of P & C Distribution Limited (In |
administration) for a consideration of £48,684. The company began to trade following this acquisition. |
|
13. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling party is
|
|