1 January 2022 v2023.25.1 limited_company_frs_102_section_1a_v1_1_0 companies_houseSoftwarefalsetruetruetrueNo description of principal activitytruexbrli:purexbrli:sharesiso4217:GBP072085742022-01-012022-12-31072085742022-12-31072085742021-12-3107208574core:WithinOneYear2022-12-3107208574core:WithinOneYear2021-12-3107208574core:ShareCapital2022-12-3107208574core:ShareCapital2021-12-3107208574core:RetainedEarningsAccumulatedLosses2022-12-3107208574core:RetainedEarningsAccumulatedLosses2021-12-3107208574bus:Director12022-01-012022-12-3107208574bus:RegisteredOffice2022-01-012022-12-3107208574core:PlantMachinery2022-01-012022-12-3107208574core:OfficeEquipment2022-01-012022-12-3107208574core:FurnitureFittingsToolsEquipment2022-01-012022-12-31072085742021-01-012021-12-3107208574core:PlantMachinery2022-12-3107208574core:PlantMachinery2022-01-0107208574core:PlantMachinery2021-12-310720857412022-01-012022-12-3107208574countries:EnglandWales2022-01-012022-12-3107208574bus:AuditExempt-NoAccountantsReport2022-01-012022-12-3107208574bus:PrivateLimitedCompanyLtd2022-01-012022-12-3107208574bus:SmallEntities2022-01-012022-12-3107208574bus:FullAccounts2022-01-012022-12-31
Company registration number:
07208574
Direct Wholesale And Investment Group Limited
Unaudited Filleted Financial Statements for the year ended
31 December 2022
CBS Associates UK Ltd
Chartered Certified Accountants
Ace House, 22 Chester Road, Sutton Coldfield, B73 5DA, United Kingdom
Direct Wholesale And Investment Group Limited
Report to the board of directors on the preparation of the unaudited statutory financial statements of Direct Wholesale And Investment Group Limited
Year ended
31 December 2022
As described on the statement of financial position, the Board of Directors of
Direct Wholesale And Investment Group Limited
are responsible for the preparation of the
financial statements
for the year ended
31 December 2022
, which comprise the income statement, statement of income and retained earnings, statement of financial position and related notes.
You consider that the company is exempt from an audit under the Companies Act 2006.
In accordance with your instructions we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.
CBS Associates UK Ltd
Chartered Certified Accountants
Ace House, 22 Chester Road
Sutton Coldfield
B73 5DA
United Kingdom
Direct Wholesale And Investment Group Limited
Statement of Financial Position
31 December 2022
20222021
Note££
Fixed assets    
Tangible assets 5
103,822
 
122,144
 
Current assets    
Debtors 6
860,291
 
689,521
 
Cash at bank and in hand
6,549
 
(24,578
)
866,840
 
664,943
 
Creditors: amounts falling due within one year 7
(560,013
)
(482,456
)
Net current assets
306,827
 
182,487
 
Total assets less current liabilities 410,649   304,631  
Capital and reserves    
Called up share capital
1
 
1
 
Profit and loss account
410,648
 
304,630
 
Shareholders funds
410,649
 
304,631
 
For the year ending
31 December 2022
, 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 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 financial statements.
These
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 income statement has not been delivered.
These
financial statements
were approved by the board of directors and authorised for issue on
26 October 2023
, and are signed on behalf of the board by:
Mr. Faheem Badur
Director
Company registration number:
07208574
Direct Wholesale And Investment Group Limited
Notes to the Financial Statements
Year ended
31 December 2022

1 General information

The company is a private company limited by shares and is registered in England and Wales. The address of the registered office is
Ace House
,
22 Chester Road
,
Sutton Coldfield
,
West Midlands
,
B73 5DA
, England.

2 Statement of compliance

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

3 Accounting policies

Basis of preparation

The
financial statements
have been prepared on the historical cost basis, as modified by the revaluation of certain assets.
The
financial statements
are prepared in sterling, which is the functional currency of the company.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied, 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.

Current tax

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.

Research and development

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when It is technically feasible to complete the intangible asset so that it will be available for use or sale; there is the intention to complete the intangible asset and use or sell it; there is the ability to use or sell the intangible asset; the use or sale of the intangible asset will generate probable future economic benefits; there are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and the expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Tangible assets

Tangible assets are initially measured at cost, and are subsequently measured at cost less any accumulated depreciation and accumulated impairment losses or at a revalued amount.
Any tangible assets carried at a revalued amount 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 capital and reserves. However, the increase is recognised in profit or loss to the extent that 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 capital and reserves. If a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess is recognised in profit or loss.
Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful economic life of that asset as follows:
Plant and machinery
15% reducing balance
Office equipment
15% reducing balance
Fixtures, fittings and equipment
15% reducing balance

Impairment

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.

Finance leases and hire purchase contracts

Assets held under finance leases are recognised in the 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.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price and are subsequently measured as follows: Debt instruments are subsequently measured at amortised cost and commitments to receive a loan and to make a loan to another entity 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.
All other financial instruments, including derivatives, are initially recognised at fair value, which is normally the transaction price and are subsequently measured at fair value, with any changes recognised in profit or loss.
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.
All equity instruments regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. Other financial assets or 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 Average number of employees

The average number of persons employed by the company during the year was
3
(2021:
4
).

5 Tangible assets

Plant and machinery etc.
£
Cost  
At
1 January 2022
and
31 December 2022
253,710
 
Depreciation  
At
1 January 2022
131,566
 
Charge
18,322
 
At
31 December 2022
149,888
 
Carrying amount  
At
31 December 2022
103,822
 
At 31 December 2021
122,144
 

6 Debtors

20222021
££
Trade debtors
680,807
 
555,729
 
Amounts owed by group undertakings and undertakings in which the company has a participating interest
99,886
 
86,718
 
Other debtors
79,598
 
47,074
 
860,291
 
689,521
 

7 Creditors: amounts falling due within one year

20222021
££
Bank loans and overdrafts
116,889
 
97,444
 
Trade creditors
411,586
 
365,558
 
Taxation and social security
11,121
 
23,084
 
Other creditors
20,417
 
(3,630
)
560,013
 
482,456