Debts-In Limited - Period Ending 2019-12-31

Company Registration number: 07884710

Debts-In Limited

Annual Report and Unaudited
Financial Statements

for the Year Ended
31 December 2019

Debts-In Limited

Contents

Pages

Balance sheet	1 to 2
Notes to the financial statements	3 to 6

Debts-In Limited

Balance Sheet as at 31 December 2019

	Note	2019 £	2018 £
Fixed assets
Tangible assets	4	1,140	-
Current assets
Stocks	5	55,765	57,823
Debtors	6	10,447	80,650
Cash at bank and in hand		173,371	73,121
		239,583	211,594
Creditors: Amounts falling due within one year	7	(185,673)	(158,720)
Net current assets		53,910	52,874
Net assets		55,050	52,874
Capital and reserves
Called up share capital		100	100
Profit and loss account		54,950	52,774
Shareholders' funds		55,050	52,874

The notes on pages 3 to 6 form an integral part of these financial statements.

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Debts-In Limited

Balance Sheet as at 31 December 2019 (continued)

For the financial year ending 31 December 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 accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 16 June 2020 and signed on its behalf by:
 

.........................................

Mr S D Allen
Director

Company registration number: 07884710

The notes on pages 3 to 6 form an integral part of these financial statements.

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Debts-In Limited

Notes to the financial statements for the Year Ended 31 December 2019

1	GENERAL INFORMATION

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
Dalmar House
Barras Lane Estate
Carlisle
CA5 7NY

These financial statements were authorised for issue by the Board on 16 June 2020.

2	ACCOUNTING POLICIES

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.

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. Actual results may differ from these estimates.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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Debts-In Limited

Notes to the financial statements for the Year Ended 31 December 2019 (continued)

2	ACCOUNTING POLICIES (continued)

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
 

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Office equipment	33% straight line

Financial instruments

Classification
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
 Recognition and measurement
Basic financial instruments are initially recognised at the transaction price.
 Impairment
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.

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.

 

3	STAFF NUMBERS

The average number of persons employed by the company (including directors) during the year, was 3 (2018 - 3).

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Debts-In Limited

Notes to the financial statements for the Year Ended 31 December 2019 (continued)

4	TANGIBLE ASSETS

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 January 2019	1,140	1,140
At 31 December 2019	1,140	1,140
Depreciation
Carrying amount
At 31 December 2019	1,140	1,140

5

STOCKS

	2019 £	2018 £
Work in progress	55,765	57,823

6

DEBTORS

	2019 £	2018 £
Trade debtors	9,377	19,285
Prepayments	1,070	61,062
Other debtors	-	303
	10,447	80,650

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Debts-In Limited

Notes to the financial statements for the Year Ended 31 December 2019 (continued)

7

CREDITORS

Creditors: amounts falling due within one year

	2019 £	2018 £
Due within one year
Trade creditors	8,671	8,056
Taxation and social security	7,562	1,482
Accruals and deferred income	2,843	2,721
Other creditors	166,597	146,461
	185,673	158,720

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