Caseware UK (AP4) 2016.0.181 2016.0.181 2018-03-31 2018-03-31 true 2017-04-01 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. No description of principal activity true false 10085496 2017-04-01 2018-03-31 10085496 2016-12-31 2017-03-31 10085496 2018-03-31 10085496 2017-03-31 10085496 c:Director1 2017-04-01 2018-03-31 10085496 d:CurrentFinancialInstruments 2018-03-31 10085496 d:CurrentFinancialInstruments 2017-03-31 10085496 d:CurrentFinancialInstruments d:WithinOneYear 2018-03-31 10085496 d:ShareCapital 2018-03-31 10085496 d:ShareCapital 2017-03-31 10085496 d:RetainedEarningsAccumulatedLosses 2018-03-31 10085496 c:FRS102 2017-04-01 2018-03-31 10085496 c:AuditExempt-NoAccountantsReport 2017-04-01 2018-03-31 10085496 c:FullAccounts 2017-04-01 2018-03-31 10085496 c:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 iso4217:GBP xbrli:pure

Registered number:  10085496










DIRECT CELLARS LTD








UNAUDITED

FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 MARCH 2018

 
DIRECT CELLARS LTD
REGISTERED NUMBER: 10085496

STATEMENT OF FINANCIAL POSITION
AS AT  31 MARCH 2018

2018
2017
Note
£
£
   

Current assets
   

Debtors
 4 
54,097
1

Cash at bank and in hand
   
4,104
-

   
58,201
1

Creditors: amounts falling due within one year
 5 
(165,250 )
-

Net current (liabilities)/assets
   
 
 
(107,049 )
 
 
1

Total assets less current liabilities
   
(107,049 )
1

   

Net (liabilities)/assets
   
(107,049 )
1

Capital and reserves
   

Called up share capital 
   
1
1

Profit and loss account
   
(107,050 )
-

   
(107,049 )
1


Page 1

 
DIRECT CELLARS LTD
REGISTERED NUMBER: 10085496
    
STATEMENT OF FINANCIAL POSITION  (CONTINUED)
AS AT  31 MARCH 2018

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The  financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by : 




Director

Date:  13 December 2018

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

Page 2

 
DIRECT CELLARS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

General information

Direct Cellars Ltd is a private limited company by shares and incorporated in England and Wales, registration number 10085496. The registered office is 71-75 Shelton Street, Covent Gardens, London, England, WC2H 9JQ.  

2. Accounting policies

2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of  Financial Reporting Standard 102, the Financial Reporting Standard applicable in  the UK and the Republic of Ireland and the Companies Act 2006 .

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £. 
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.

2.2

Going concern

At the year end the company had a shareholders' deficit. The director is confident that with the support of the US parent company, it will be able to meet it's obligations as and when they fall due and therefore the accounts are completed on a going concern basis.

2.3

Turnover

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Sale of goods

Turnover from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Page 3

 
DIRECT CELLARS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2. Accounting policies (continued)

2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the Income statement, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

2.5

Debtors

Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.7

Creditors

Short term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 4

 
DIRECT CELLARS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018

2. Accounting policies (continued)

2.8

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Income statement in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

2.9

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

The average monthly number of employees, including directors, during the year was  1  (2017 -  1 ) .

2018
2017
£
£

Trade debtors
16,761
-

Other debtors
-
1

Prepayments and accrued income
15,627
-

Deferred taxation
21,709
-

54,097
1



Page 5

 
DIRECT CELLARS LTD
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2018
2018
2017
£
£

Trade creditors
28,884
-

Other taxation and social security
1,293
-

Other creditors
133,817
-

Accruals and deferred income
1,256
-

165,250
-


At the year end Direct Cellars Ltd owed £133,817 (2017: £Nil) to its US parent company Direct Cellars LLC. 

Direct Cellars Ltd is wholly owned subsidiary of Direct Cellars LLC, a limited liability company registered in the United States.

 
Page 6