Company Registration No. 11486639 (England and Wales)
Direct2u Group Limited
Unaudited accounts
for the year ended 31 March 2020
Direct2u Group Limited
Unaudited accounts
Contents
Direct2u Group Limited
Company Information
for the year ended 31 March 2020
Directors
Mr I J Craggs
Mrs A Craggs
Company Number
11486639 (England and Wales)
Registered Office
Unit 4 Enterprise Court
Queens Meadow Business Park
Hartlepool
TS25 2FE
Accountants
My Tax Point
12 Nicholas Street
Chester
Cheshire
CH1 2NX
Direct2u Group Limited
Statement of financial position
as at
31 March 2020
Tangible assets
2,127
542
Inventories
74,392
26,731
Cash at bank and in hand
12,716
1,968
Creditors: amounts falling due within one year
(137,520)
(34,787)
Net current liabilities
(50,412)
(5,885)
Total assets less current liabilities
(48,085)
(5,343)
Provisions for liabilities
Net liabilities
(48,489)
(5,394)
Called up share capital
800
600
Profit and loss account
(49,289)
(5,994)
Shareholders' funds
(48,489)
(5,394)
For the year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered 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 profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 26 March 2021 and were signed on its behalf by
Mr I J Craggs
Director
Company Registration No. 11486639
Direct2u Group Limited
Notes to the Accounts
for the year ended 31 March 2020
Direct2u Group Limited is a private company, limited by shares, registered in England and Wales, registration number 11486639. The registered office is Unit 4 Enterprise Court, Queens Meadow Business Park, Hartlepool, TS25 2FE.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from the sale of goods is recognised when goods have been delivered to customers such that risks and rewards of ownership have transferred to them.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% on reducing balance
Computer equipment
33% on cost
Inventories have been valued at the lower of cost and estimated selling price less costs to complete and sell. In respect of work in progress and finished goods, cost includes a relevant proportion of overheads according to the stage of manufacturing/completion.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws.
Deferred tax assets and liabilities are not discounted.
At the year end the company's liabilities exceeded its assets by £48,489 and as such the company's ability to continue to operate depends on the support of its' Directors. The Financial Statements have been prepared on a going concern basis as the Directors intend to give their support for the foreseeable future.
Direct2u Group Limited
Notes to the Accounts
for the year ended 31 March 2020
Intangible fixed assets (including purchased goodwill and patents) are included at cost less accumulated amortisation.
4
Intangible fixed assets
Other
5
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 April 2019
-
813
813
Additions
1,652
926
2,578
At 31 March 2020
1,652
1,739
3,391
At 1 April 2019
-
271
271
Charge for the year
413
580
993
At 31 March 2020
413
851
1,264
At 31 March 2020
1,239
888
2,127
At 31 March 2019
-
542
542
Accrued income and prepayments
-
203
Direct2u Group Limited
Notes to the Accounts
for the year ended 31 March 2020
7
Creditors: amounts falling due within one year
2020
2019
Loans from directors
135,060
33,677
8
Operating lease commitments
2020
2019
At 31 March 2020 the company has total minimum future payment commitments under non-cancellable operating leases as follows:
Operating leases expiring:
9
Transactions with related parties
The directors loaned to the company a total of £102,827 and were repaid a total of £1,444 in the period. The balance owing to the directors at 31.03.2020 is £135,060 and is repayable on demand.
10
Average number of employees
During the year the average number of employees was 0 (2019: 0).