Drummotors And More Limited 31/07/2019 iXBRL

Drummotors And More Limited 31/07/2019 iXBRL

DRUMMOTORS AND MORE LIMITED - Company Information

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Company registration number: 4824759
Drummotors And More Limited
Trading as Drummotors And More Limited
Unaudited filleted financial statements
31 July 2019
Drummotors And More Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Notes to the financial statements
Drummotors And More Limited
Directors and other information
Directors Mr Richard Howard Bradford
Mr David Donoghue
Company number 4824759
Registered office Stables End Court
Main Street
Market Bosworth
Nuneaton
CV13 0JN
Business address Unit 48 Hayhill Industrial Estate
Barrow Upon Soar
Leicestershire
LE12 8LD
Accountants Hames Partnership Limited
Stables End Court
Main Street
Market Bosworth
Wariwckshire
CV13 0JN
Bankers Natwest Bank
Drummotors And More Limited
Report to the board of directors on the preparation of the
unaudited statutory financial statements of Drummotors And More Limited
Year ended 31 July 2019
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Drummotors And More Limited for the year ended 31 July 2019 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 Chartered Institute of Management Accountants, we are subject to its ethical and other professional requirements which are detailed at www.cimaglobal.com.
Our work has been undertaken in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at www.cimaglobal.com.
Hames Partnership Limited
Accountants and Management Consultants
Stables End Court
Main Street
Market Bosworth
Wariwckshire
CV13 0JN
19 November 2019
Drummotors And More Limited
Statement of financial position
31 July 2019
2019 2018
Note £ £ £ £
Fixed assets
Tangible assets 4 9,772 6,170
_______ _______
9,772 6,170
Current assets
Stocks 146,004 177,878
Debtors 5 310,964 308,677
Cash at bank and in hand 25,752 3,742
_______ _______
482,720 490,297
Creditors: amounts falling due
within one year 6 ( 385,601) ( 442,515)
_______ _______
Net current assets 97,119 47,782
_______ _______
Total assets less current liabilities 106,891 53,952
Creditors: amounts falling due
after more than one year 7 ( 70,333) -
Provisions for liabilities ( 781) ( 1,041)
_______ _______
Net assets 35,777 52,911
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 35,677 52,811
_______ _______
Shareholders funds 35,777 52,911
_______ _______
For the year ending 31 July 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 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 19 November 2019 , and are signed on behalf of the board by:
Mr David Donoghue
Director
Company registration number: 4824759
Drummotors And More Limited
Notes to the financial statements
Year ended 31 July 2019
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Hames Partnership Limited, Stables End Court, Main Street, Market Bosworth, Nuneaton, CV13 0JN.
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 and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
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 prospectively to reflect the new estimates.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company 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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 August 2018 41,598 41,598
Additions 6,859 6,859
_______ _______
At 31 July 2019 48,457 48,457
_______ _______
Depreciation
At 1 August 2018 35,428 35,428
Charge for the year 3,257 3,257
_______ _______
At 31 July 2019 38,685 38,685
_______ _______
Carrying amount
At 31 July 2019 9,772 9,772
_______ _______
At 31 July 2018 6,170 6,170
_______ _______
5. Debtors
2019 2018
£ £
Trade debtors 300,789 296,347
Other debtors 10,175 12,330
_______ _______
310,964 308,677
_______ _______
6. Creditors: amounts falling due within one year
2019 2018
£ £
Bank loans and overdrafts 27,210 25,582
Trade creditors 298,248 310,285
Corporation tax 3,374 3,799
Social security and other taxes 33,129 40,521
Other creditors 23,640 62,328
_______ _______
385,601 442,515
_______ _______
7. Creditors: amounts falling due after more than one year
2019 2018
£ £
Other creditors 70,333 -
_______ _______