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REGISTERED NUMBER: 12325552 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 November 2021

for

Accessories Direct UK Ltd

Accessories Direct UK Ltd (Registered number: 12325552)






Contents of the Financial Statements
for the Year Ended 30 November 2021




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Accessories Direct UK Ltd

Company Information
for the Year Ended 30 November 2021







DIRECTOR: Ewan Fraser





REGISTERED OFFICE: Unit 3 Merchant
Evegate Business Park
Ashford
Kent
TN25 6SX





REGISTERED NUMBER: 12325552 (England and Wales)





ACCOUNTANTS: The Collins Partnership
Chartered Accountants
Westburn Business Centre
McNee Road
Prestwick
Ayrshire
KA9 2PB

Accessories Direct UK Ltd (Registered number: 12325552)

Balance Sheet
30 November 2021

2021 2020
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 3,923 4,903

CURRENT ASSETS
Stocks 1,500 1,251
Debtors 5 1,354 -
Cash at bank and in hand 8,007 18,081
10,861 19,332
CREDITORS
Amounts falling due within one year 6 10,469 11,932
NET CURRENT ASSETS 392 7,400
TOTAL ASSETS LESS CURRENT
LIABILITIES

4,315

12,303

PROVISIONS FOR LIABILITIES 222 277
NET ASSETS 4,093 12,026

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 3,993 11,926
SHAREHOLDERS' FUNDS 4,093 12,026

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2021 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

Accessories Direct UK Ltd (Registered number: 12325552)

Balance Sheet - continued
30 November 2021


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

In accordance with Section 444 of the Companies Act 2006, the Profit and Loss has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 August 2022 and were signed by:





Ewan Fraser - Director


Accessories Direct UK Ltd (Registered number: 12325552)

Notes to the Financial Statements
for the Year Ended 30 November 2021

1. STATUTORY INFORMATION

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

Going concern
The director considers the ongoing working capital requirements of the company on a regular basis to ensure that there are sufficient resources to meet requirements as they fall due. Having carried out this review taking account of current resources and trading levels of the business the director is of the view that commitments can be met as the fall due over the next year and as such the accounts have been prepared on a going concern basis.

COVID-19
At the date of signing these financial statements the Coronavirus Pandemic is still having a Global impact. The company continues to operate in a restricted way during this period. Whilst the overall impact still remains uncertain for the UK economy the Director believes that with the steps which have been taken, ongoing Government support and the commitment of all staff and the loyalty of customers, that the business will be in a position to come through this period and continue in operation for the next year and beyond.

Turnover/revenue recognition
Sales comprise the fair value of the consideration received or receivable for the sale of goods and rendering of services in the ordinary course of the Company's activities.

Sales are presented, net of value-added tax, rebates and discounts.

The Company recognises revenue when the amount of revenue and related cost can be reliably measured, it is probable that the collectability of the related receivables is reasonably assured and when the specific criteria for each of the Company's activities are met.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Home office - 20% on cost
Office equipment - 15% on reducing balance

Tangible fixed assets are stated at cost less depreciation.

Stocks
Stocks are valued at the lower of cost and net realisable value. Cost is based on the cost of purchase on a first in, first out basis. Net realisable value is based on estimated selling price less additional costs to completion and disposal.


Accessories Direct UK Ltd (Registered number: 12325552)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2021

2. ACCOUNTING POLICIES - continued
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss, 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 balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet 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.

Cash and cash equivalents
Cash and cash equivalents comprise cash held by the company and short term bank deposits with an original maturity of three months or less from inception and are subject to insignificant risk of changes in value.

Impairment of fixed assets
At each reporting date, the company reviews the carrying amounts of its tangible and intangible fixed assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the amount of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Financial instruments
Financial assets and liabilities are recognised when the company becomes a party to the contractual provisions of the instrument and are classified in accordance with their underlying economic reality.

The company has two main categories of financial instruments, which are loans and other receivables and other financial liabilities:

Loans and other receivables
Loans and other receivables are non-derivative financial assets with fixed or determinable payments that are not quoted in an active market. Upon recognition, these assets are measured at fair value less directly related transaction expenses. In successive periods these are measured at amortised cost, and any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value less any allowance for credit losses.

Other financial liabilities
Other financial liabilities are recognised initially at fair value, net of transaction costs incurred. In successive periods these are measured at amortised cost. Any differences between acquisition cost and redemption value is accounted for over the borrowing period by using the effective interest method. If transaction costs are immaterial and the credit period is short, amortised cost is equal to the nominal value.

Impairment of financial instruments
A provision for impairment is established when there is objective evidence that, as a result of one or more events that occurred after the initial recognition, the estimated future cash flows have been impacted.

Accessories Direct UK Ltd (Registered number: 12325552)

Notes to the Financial Statements - continued
for the Year Ended 30 November 2021

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2020 - 1 ) .

4. TANGIBLE FIXED ASSETS
Home Office
office equipment Totals
£    £    £   
COST
At 1 December 2020
and 30 November 2021 5,382 895 6,277
DEPRECIATION
At 1 December 2020 1,076 298 1,374
Charge for year 861 119 980
At 30 November 2021 1,937 417 2,354
NET BOOK VALUE
At 30 November 2021 3,445 478 3,923
At 30 November 2020 4,306 597 4,903

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Other debtors 1,354 -

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2021 2020
£    £   
Taxation and social security 4,114 9,157
Other creditors 6,355 2,775
10,469 11,932