Diesels Direct Limited Filleted accounts for Companies House (small and micro)
Diesels Direct Limited Filleted accounts for Companies House (small and micro)
COMPANY REGISTRATION NUMBER:
03665097
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STATEMENT OF FINANCIAL POSITION |
2018 |
2017 |
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Note |
£ |
£ |
£ |
FIXED ASSETS
Intangible assets |
6 |
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Tangible assets |
7 |
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CURRENT ASSETS
Stocks |
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Debtors |
8 |
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Cash at bank and in hand |
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CREDITORS: amounts falling due within one year |
9 |
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------------ |
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NET CURRENT ASSETS |
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TOTAL ASSETS LESS CURRENT LIABILITIES |
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CREDITORS: amounts falling due after more than one year |
10 |
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PROVISIONS
Taxation including deferred tax |
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--------------- |
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NET ASSETS |
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STATEMENT OF FINANCIAL POSITION (continued) |
2018 |
2017 |
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Note |
£ |
£ |
£ |
CAPITAL AND RESERVES
Called up share capital |
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Profit and loss account |
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SHAREHOLDERS FUNDS |
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In accordance with section 444 of the Companies Act 2006, the income statement has not been delivered.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements
.
These financial statements were approved by the
board of directors
and authorised for issue on
22 March 2019
, and are signed on behalf of the board by:
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Director |
Company registration number:
03665097
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NOTES TO THE FINANCIAL STATEMENTS |
YEAR ENDED 30 NOVEMBER 2018
1.
GENERAL INFORMATION
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Onega House, 112 Main Road, Sidcup, Kent, DA14 6NE, United Kingdom.
2.
STATEMENT OF COMPLIANCE
3.
ACCOUNTING POLICIES
Basis of preparation
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Taxation
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill |
- |
Over 20 years |
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If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
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:
Leasehold Property |
- |
15 years |
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Plant & Machinery |
- |
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Furniture & Fixtures |
- |
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Other Assets |
- |
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Office Equipment |
- |
25% straight line |
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Impairment of fixed assets
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Finance leases and hire purchase contracts
Provisions
Financial instruments
Defined contribution plans
4.
EMPLOYEE NUMBERS
The average number of persons employed by the company during the year amounted to
15
(2017:
22
).
5.
TAX ON PROFIT
Major components of tax expense
2018 |
2017 |
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£ |
£ |
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Current tax:
UK current tax expense |
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Deferred tax:
Origination and reversal of timing differences |
(
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(
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---------- |
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Tax on profit |
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---------- |
---------- |
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6.
INTANGIBLE ASSETS
Goodwill |
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£ |
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Cost |
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At 1 December 2017 and 30 November 2018 |
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---------- |
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Amortisation |
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At 1 December 2017 |
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Charge for the year |
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---------- |
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At 30 November 2018 |
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---------- |
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Carrying amount |
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At 30 November 2018 |
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---------- |
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At 30 November 2017 |
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---------- |
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7.
TANGIBLE ASSETS
Freehold property |
Short leasehold property |
Plant and machinery |
Fixtures, fittings |
Other assets |
Total |
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£ |
£ |
£ |
£ |
£ |
£ |
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Cost |
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At 1 Dec 2017 |
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Additions |
– |
– |
– |
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– |
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Disposals |
– |
– |
– |
– |
(
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(
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-------------- |
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-------------- |
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At 30 Nov 2018 |
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Depreciation |
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At 1 Dec 2017 |
– |
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Charge for the year |
– |
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– |
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Disposals |
– |
– |
– |
– |
(
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(
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-------------- |
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At 30 Nov 2018 |
– |
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Carrying amount |
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At 30 Nov 2018 |
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– |
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-------------- |
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At 30 Nov 2017 |
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Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Other assets |
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£ |
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At 30 November 2018 |
– |
----- |
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At 30 November 2017 |
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8.
DEBTORS
2018 |
2017 |
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£ |
£ |
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Other debtors |
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------------ |
------------ |
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9.
CREDITORS:
amounts falling due within one year
2018 |
2017 |
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£ |
£ |
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Bank loans and overdrafts |
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Trade creditors |
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Accruals and deferred income |
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Corporation tax |
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Social security and other taxes |
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Obligations under finance leases and hire purchase contracts |
– |
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Director loan accounts |
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– |
Other creditors |
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------------ |
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10.
CREDITORS:
amounts falling due after more than one year
2018 |
2017 |
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£ |
£ |
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Bank loans and overdrafts |
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Obligations under finance leases and hire purchase contracts |
– |
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The bank loan included within creditors due more than one year is secured by a legal charge over the freehold property owned by the company.
11.
FINANCE LEASES AND HIRE PURCHASE CONTRACTS
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2018 |
2017 |
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£ |
£ |
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Not later than 1 year |
– |
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Later than 1 year and not later than 5 years |
– |
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– |
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12.
OPERATING LEASES
The total future minimum lease payments under non-cancellable operating leases are as follows:
2018 |
2017 |
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£ |
£ |
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Not later than 1 year |
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Later than 1 year and not later than 5 years |
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Later than 5 years |
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------------ |
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13.
DIRECTORS' ADVANCES, CREDITS AND GUARANTEES
During the year the directors did not enter into any advances, credits or guarantees with the company.