Watercoolers Direct.com Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05072220 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2020

FOR

WATERCOOLERS DIRECT.COM LTD

Page

Company Information

1

Abridged Statement of Financial Position

2

Notes to the Financial Statements

4

Chartered Accountants' Report

8

DIRECTORS:

F K Cairns Palmer

P N Glanville

C J Way

REGISTERED OFFICE:

Clearview House

Unit 24, Bamel Way

Gloucester Business Park, Brockworth

Gloucester

Gloucestershire

GL3 4BH

REGISTERED NUMBER:

05072220 (England and Wales)

ACCOUNTANTS:

Andorran Limited

6 Manor Park Business Centre

Mackenzie Way

Cheltenham

Gloucestershire

GL51 9TX

FIXED ASSETS

Intangible assets

4

16,220

41,410

Tangible assets

5

229,618

211,469

Investments

6

1

1

245,839

252,880

CURRENT ASSETS

Stocks

976,609

806,860

Debtors

1,388,132

1,168,719

Cash at bank and in hand

71,628

64,996

2,436,369

2,040,575

CREDITORS

Amounts falling due within one year

(2,063,831

)

(1,720,585

)

NET CURRENT ASSETS

372,538

319,990

TOTAL ASSETS LESS CURRENT LIABILITIES

618,377

572,870

CREDITORS

Amounts falling due after more than one year

(71,126

)

(81,752

)

PROVISIONS FOR LIABILITIES

(42,360

)

(46,682

)

NET ASSETS

504,891

444,436

CAPITAL AND RESERVES

Called up share capital

8

2,500

2,500

Share premium

4,500

4,500

Retained earnings

497,891

437,436

SHAREHOLDERS' FUNDS

504,891

444,436

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2020 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Statement of Financial Position for the year ended 31 March 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 3 February 2021 and were signed on its behalf by:

F K Cairns Palmer - Director

P N Glanville - Director

1.	STATUTORY INFORMATION

Watercoolers Direct.com Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of ten years.

Development costs are being amortised evenly over their estimated useful life of three years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

33% on reducing balance

Fixtures and fittings

-

15% on reducing balance

Computer equipment

-

33% on reducing balance

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost.

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Foreign currencies

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 57 (2019 - 53 ) .

4.	INTANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

83,472

Additions

1,192

At 31 March 2020

84,664

AMORTISATION

At 1 April 2019

42,062

Amortisation for year

26,382

At 31 March 2020

68,444

NET BOOK VALUE

At 31 March 2020

16,220

At 31 March 2019

41,410

5.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1 April 2019

534,787

Additions

84,095

At 31 March 2020

618,882

DEPRECIATION

At 1 April 2019

323,318

Charge for year

65,946

At 31 March 2020

389,264

NET BOOK VALUE

At 31 March 2020

229,618

At 31 March 2019

211,469

6.	FIXED ASSET INVESTMENTS

Information on investments other than loans is as follows:

Totals

£

COST

At 1 April 2019

and 31 March 2020

1

NET BOOK VALUE

At 31 March 2020

1

At 31 March 2019

1

7.	SECURED DEBTS

The following secured debts are included within creditors:

31.3.20

31.3.19

£

£

Bank overdraft

146,038

-

The company's bank has a fixed and floating charge over the assets of the company including all undertakings, property, book debts and goodwill.

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

31.3.20

31.3.19

value:

£

£

2,500

Ordinary

£1

2,500

2,500

9.	OTHER FINANCIAL COMMITMENTS

There is a lease on one of the properties used by the company which is for 10 years with a potential break after 5 years. The annual rent is £62,000 per annum.

10.	RELATED PARTY DISCLOSURES

F K Cairns-Palmer and P N Glanville

Company directors and shareholders

At 31 March 2020 the following amounts were due to directors - F K Cairns-Palmer £nil (2019: £3,867) and P N Glanville £20,922 (2019: £11,553). These amounts are repayable on demand and bear no interest.

At 31 March 2020 the following amounts were due by the directors to the company - F K Cairns-Palmer £2,092 (2019: £nil).

Water Coolers Direct.com Holdings Limited

Ultimate parent company

At the year end the amount due from the holding company, Water Coolers Direct.com Holdings Limited, was £49,091 (2019: £23,341). During the year the company was charged rent on a commercial basis of £62,000 (2019: £45,333) by the holding company for the use of its business premises.

Routes Direct Limited

Fellow subsidiary company

Routes Direct Limited, reimbursed expenses and sold goods to the company on an arms' length basis to the value of £nil (2019: £4,358) and £66,263 (2019: £56,227) respectively. At the year end £936 (2019: £nil) was outstanding to the related party.

11.	POST BALANCE SHEET EVENTS

On 2 June 2020 Watercoolers Direct.com Ltd entered into a charge with the group's bankers as a result of taking out a Coronavirus Business Interruption Loan (CBIL). The charge is a fixed and floating charge which covers all of the property and undertakings of the company.

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Statement of Financial Position. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Watercoolers Direct.com Ltd for the year ended 31 March 2020 on pages to from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Watercoolers Direct.com Ltd, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Watercoolers Direct.com Ltd and state those matters that we have agreed to state to the Board of Directors of Watercoolers Direct.com Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Watercoolers Direct.com Ltd and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Watercoolers Direct.com Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Watercoolers Direct.com Ltd. You consider that Watercoolers Direct.com Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Watercoolers Direct.com Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Andorran Limited

6 Manor Park Business Centre

Mackenzie Way

Cheltenham

Gloucestershire

GL51 9TX

3 February 2021