DRUGSDIRECT_LIMITED - Accounts

DRUGSDIRECT LIMITED - Company Information

Print Friendly Version

Company Registration No. 03744459 (England and Wales)

DRUGSDIRECT LIMITED

UNAUDITED ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

DRUGSDIRECT LIMITED

CONTENTS

Page

Abbreviated balance sheet

1 - 2

Notes to the abbreviated accounts

3 - 4

DRUGSDIRECT LIMITED

ABBREVIATED BALANCE SHEET

AS AT

31 MARCH 2016

- 1 -

2016

2015

Notes

Fixed assets

Intangible assets

560

1,120

Tangible assets

26,526

28,911

27,086

30,031

Current assets

Stocks

6,373

1,800

Debtors

130,072

47,833

Cash at bank and in hand

249

164,714

136,694

214,347

Creditors: amounts falling due within one year

(189,193)

(180,810)

Net current liabilities/(assets)

(52,499)

33,537

Total assets less current liabilities

(25,413)

63,568

Capital and reserves

Called up share capital

9,000

Share premium account

18,000

Other reserves

1,000

Profit and loss account

(53,413)

35,568

Shareholders' funds

(25,413)

63,568

DRUGSDIRECT LIMITED

ABBREVIATED BALANCE SHEET (CONTINUED)

AS AT

31 MARCH 2016

- 2 -

For the financial year ended 31 March 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

These abbreviated financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.

Approved by the Board for issue on 21 December 2016

Ms A Courtney

Director

Company Registration No. 03744459

DRUGSDIRECT LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 31 MARCH 2016

- 3 -

Accounting policies

1.1

Accounting convention

The financial statements are prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2

Compliance with accounting standards

The financial statements are prepared in accordance with applicable United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), which have been applied consistently (except as otherwise stated).

1.3

Turnover

Turnover is the amount receivable by the company for goods supplied and services provided, excluding VAT and trade discounts.

Revenue is recognised when goods are made available to the customer.

In the opinion of the directors, 7% (2015 - 25%) of the turnover is attributable to geographical markets outside the UK.

1.4

Tangible fixed assets and depreciation

Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life, as follows:

Improvements to leasehold property

Over the period of the lease

Office equipment

33% Straight line

Warehouse assets

33% Reducing balance

Furniture and fixtures

25% Reducing balance

Website

20% Straight line

1.5

Leasing

Rentals payable under operating leases are charged against income on a straight line basis over the lease term.

1.6

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

1.7

Amortisation

Amortisation is provided on intangible fixed assets so as to write off the cost, less any estimated residual value, over their expected useful economic life as follows:

Trademarks 20% Straight line

1.8

Going concern

The director acknowledges that the company is in a net liabilities position at the year end, but agrees to support the company as necessary. For this reason, the director considers it appropriate to prepare the accounts under the going concern basis.

DRUGSDIRECT LIMITED

NOTES TO THE ABBREVIATED ACCOUNTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2016

Accounting policies

(Continued)

- 4 -

1.9

Group accounts

In the opinion of the Director, the company and its parent company comprise a small group. The company has therefore taken advantage of the exemption provided by Section 398 of the Companies Act 2006 not to prepare group accounts.

Fixed assets

Intangible assets

Tangible assets

Total

Cost

At 1 April 2015

2,800

54,844

57,644

Additions

10,797

Disposals

(1,441)

At 31 March 2016

2,800

64,200

67,000

Depreciation

At 1 April 2015

1,680

25,933

27,613

On disposals

(40)

Charge for the year

560

11,781

12,341

At 31 March 2016

2,240

37,674

39,914

Net book value

At 31 March 2016

560

26,526

27,086

At 31 March 2015

1,120

28,911

30,031

Creditors: amounts falling due within one year

The aggregate amount of creditors for which security has been given amounted to £20,060 (2015 - £0).

Share capital

2016

2015

Allotted, called up and fully paid

900,000 Ordinary shares of 1p each

9,000