Diesels Direct Limited Small abridged accounts

DIESELS DIRECT LIMITED - Company Information

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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS

All of the members of Diesels Direct Limited have consented to the preparation of the abridged income statement and the abridged statement of financial position for the year ending 30 November 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 03665097

DIESELS DIRECT LIMITED

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

30 November 2017

DIESELS DIRECT LIMITED

ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 30 NOVEMBER 2017

CONTENTS	PAGE

Chartered accountants report to the board of directors on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

DIESELS DIRECT LIMITED

CHARTERED ACCOUNTANTS REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY ABRIDGED FINANCIAL STATEMENTS OF DIESELS DIRECT LIMITED

YEAR ENDED 30 NOVEMBER 2017

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the abridged financial statements of Diesels Direct Limited for the year ended 30 November 2017, which comprise the abridged statement of financial position and the related notes 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 at www.icaew.com/en/membership/regulations-standards-and-guidance. This report is made solely to the Board of Directors of Diesels Direct Limited, as a body, in accordance with the terms of our engagement letter dated 6 April 2017. Our work has been undertaken solely to prepare for your approval the abridged financial statements of Diesels Direct Limited and state those matters that we have agreed to state to you, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF as detailed at www.icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Diesels Direct Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Diesels Direct Limited has kept adequate accounting records and to prepare statutory abridged financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Diesels Direct Limited. You consider that Diesels Direct Limited 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 abridged financial statements of Diesels Direct Limited. 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 abridged financial statements.

DYER & CO Chartered Accountants

Onega House 112 Main Road Sidcup Kent DA14 6NE

22 March 2018

DIESELS DIRECT LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

30 November 2017

	2017		2016
Note	£	£	£

FIXED ASSETS

Intangible assets	6	11,250	12,500
Tangible assets	7	1,216,979	1,234,317
		---------------	---------------
		1,228,229	1,246,817

CURRENT ASSETS

Stocks	7,000	7,000
Debtors	429,982	410,178
Cash at bank and in hand	52,791	57,388
	------------	------------
	489,773	474,566

CREDITORS: amounts falling due within one year	8	196,997		154,703
		------------		------------
NET CURRENT ASSETS			292,776	319,863
			---------------	---------------
TOTAL ASSETS LESS CURRENT LIABILITIES			1,521,005	1,566,680

CREDITORS: amounts falling due after more than one year	9		349,301	405,899

PROVISIONS

Taxation including deferred tax	7,301	10,716
	---------------	---------------
NET ASSETS	1,164,403	1,150,065
	---------------	---------------

DIESELS DIRECT LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

30 November 2017

	2017		2016
Note	£	£	£

CAPITAL AND RESERVES

Called up share capital	140,004	140,004
Profit and loss account	1,024,399	1,010,061
	---------------	---------------
MEMBERS FUNDS	1,164,403	1,150,065
	---------------	---------------

These abridged 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 abridged income statement has not been delivered.

For the year ending 30 November 2017 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 abridged 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 abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 22 March 2018 , and are signed on behalf of the board by:

R P Galvin

Director

Company registration number: 03665097

DIESELS DIRECT LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 30 NOVEMBER 2017

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

These abridged financial statements have been prepared in compliance with the provisions of FRS 102 Section 1A, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The abridged 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 abridged financial statements are prepared in sterling, which is the functional currency of the entity.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 December 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 14.

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

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 profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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.

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

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

Tangible assets are initially recorded at cost, and 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 equity, 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 equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity 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:

Leasehold Property	-	15 years
Plant & Machinery	-	25% straight line
Furniture & Fixtures	-	25% straight line
Other Assets	-	25% straight line

	Office Equipment	-	25% straight line

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

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 stock to its present location and condition.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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 abridged 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 as a finance cost 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 are 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.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year, including the directors, amounted to 22 (2016: 23 ).

5. TAX ON PROFIT

Major components of tax expense

	2017	2016
	£	£

Current tax:

UK current tax expense	39,669	32,831

Deferred tax:

Origination and reversal of timing differences	( 3,415)	( 5,402)
	----------	----------
Tax on profit	36,254	27,429
	----------	----------

6. INTANGIBLE ASSETS

	£
Cost
At 1 December 2016 and 30 November 2017	25,000
	----------
Amortisation
At 1 December 2016	12,500
Charge for the year	1,250
	----------
At 30 November 2017	13,750
	----------
Carrying amount
At 30 November 2017	11,250
	----------
At 30 November 2016	12,500
	----------

7. TANGIBLE ASSETS

	£
Cost
At 1 December 2016	1,360,219
Additions	25,573
	---------------
At 30 November 2017	1,385,792
	---------------
Depreciation
At 1 December 2016	125,902
Charge for the year	42,911
	---------------
At 30 November 2017	168,813
	---------------
Carrying amount
At 30 November 2017	1,216,979
	---------------
At 30 November 2016	1,234,317
	---------------

8. CREDITORS: amounts falling due within one year

	2017	2016
	£	£
Bank loans and overdrafts	43,820	38,653
Trade creditors	79,445	43,090
Accruals and deferred income	4,896	3,950
Corporation tax	39,669	32,831
Social security and other taxes	14,987	16,756
Obligations under finance leases and hire purchase contracts	10,466	13,321
Director loan accounts	–	1,827
Other creditors	3,714	4,275
	------------	------------
	196,997	154,703
	------------	------------

9. CREDITORS: amounts falling due after more than one year

	2017	2016
	£	£
Bank loans and overdrafts	304,321	353,308
Obligations under finance leases and hire purchase contracts	44,980	52,591
	------------	------------
	349,301	405,899
	------------	------------

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.

10. FINANCE LEASES AND HIRE PURCHASE CONTRACTS

The total future minimum lease payments under finance leases and hire purchase contracts are as follows:

	2017	2016
	£	£
Not later than 1 year	10,466	13,321
Later than 1 year and not later than 5 years	44,980	52,591
	----------	----------
	55,446	65,912
	----------	----------

11. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2017	2016
	£	£
Not later than 1 year	77,250	77,250
Later than 1 year and not later than 5 years	253,750	292,750
Later than 5 years	344,250	382,500
	------------	------------
	675,250	752,500
	------------	------------

12. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the year to 30 November 2017 advances amounting to £3,725 were made to the directors by the company (2016: £1,828 advanced from the directors). There are no terms attached to the loan provided to the directors and it has been provided by the company interest free. The whole amount remains outstanding at the balance sheet date.

13. RELATED PARTY TRANSACTIONS

The company was under the control of R P Galvin & R Galvin throughout the current and previous year. R P Galvin & R Galvin are the managing directors and majority shareholders.

14. TRANSITION TO FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 December 2015.

No transitional adjustments were required in equity or profit or loss for the year.