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REGISTERED NUMBER: 06314543 (England and Wales)



















Unaudited Financial Statements

for the Year Ended 31 March 2023

for

Direct Finance Solutions Limited

Direct Finance Solutions Limited (Registered number: 06314543)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Direct Finance Solutions Limited

Company Information
for the Year Ended 31 March 2023







DIRECTORS: A M DaSilva
Mrs S E D Gatt





SECRETARY: Mrs S E DaSilva





REGISTERED OFFICE: 20 Victoria Way
Pride Park
Derby
Derbyshire
DE24 8AN





REGISTERED NUMBER: 06314543 (England and Wales)





ACCOUNTANTS: Bates Weston LLP
Chartered Accountants
The Mills
Canal Street
Derby
DE1 2RJ

Direct Finance Solutions Limited (Registered number: 06314543)

Balance Sheet
31 March 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 27,060 36,314
Investments 6 20,252 13,805
47,312 50,119

CURRENT ASSETS
Debtors 7 53,742 72,562
Cash at bank 34,200 45,466
87,942 118,028
CREDITORS
Amounts falling due within one year 8 97,607 103,882
NET CURRENT (LIABILITIES)/ASSETS (9,665 ) 14,146
TOTAL ASSETS LESS CURRENT
LIABILITIES

37,647

64,265

CREDITORS
Amounts falling due after more than one
year

9

(31,101

)

(55,309

)

PROVISIONS FOR LIABILITIES (5,200 ) (7,000 )
NET ASSETS 1,346 1,956

CAPITAL AND RESERVES
Called up share capital 126 126
Retained earnings 1,220 1,830
SHAREHOLDERS' FUNDS 1,346 1,956

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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.

Direct Finance Solutions Limited (Registered number: 06314543)

Balance Sheet - continued
31 March 2023


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 Account has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 14 November 2023 and were signed on its behalf by:





A M DaSilva - Director


Direct Finance Solutions Limited (Registered number: 06314543)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Direct Finance Solutions Limited 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.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover represents the value of commissions earned during the year.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Fixtures and fittings - 15% on reducing balance
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Deferred tax
Deferred tax is recognised in respect of all material timing differences, including provisions made for potential tax arising on assets which have been revalued.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Hire purchase
Those held under hire purchase contracts are depreciated over their estimated useful lives. Those held under finance leases are depreciated over their estimated useful lives or the lease term, whichever is the shorter.

The interest element of these obligations is charged to the profit and loss account over the relevant period. The capital element of the future payments is treated as liability.

Fixed asset investments
Fixed asset investments are revalued annually to their fair value. Any aggregate surplus or deficit arising from changes in fair value is recognised in the profit and loss account and transferred to a fair value reserve.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2022 - 2 ) .

Direct Finance Solutions Limited (Registered number: 06314543)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 April 2022
and 31 March 2023 17,322
AMORTISATION
At 1 April 2022
and 31 March 2023 17,322
NET BOOK VALUE
At 31 March 2023 -
At 31 March 2022 -

5. TANGIBLE FIXED ASSETS
Fixtures
and Motor Computer
fittings vehicles equipment Totals
£    £    £    £   
COST
At 1 April 2022 2,152 83,000 4,593 89,745
Additions - - 749 749
Disposals (2,152 ) - - (2,152 )
At 31 March 2023 - 83,000 5,342 88,342
DEPRECIATION
At 1 April 2022 1,706 47,985 3,740 53,431
Charge for year - 8,754 803 9,557
Eliminated on disposal (1,706 ) - - (1,706 )
At 31 March 2023 - 56,739 4,543 61,282
NET BOOK VALUE
At 31 March 2023 - 26,261 799 27,060
At 31 March 2022 446 35,015 853 36,314

Direct Finance Solutions Limited (Registered number: 06314543)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

6. FIXED ASSET INVESTMENTS
Other
investments
£   
COST OR VALUATION
At 1 April 2022 13,805
Additions 12,838
Disposals (6,090 )
Revaluations (301 )
At 31 March 2023 20,252
NET BOOK VALUE
At 31 March 2023 20,252
At 31 March 2022 13,805

Cost or valuation at 31 March 2023 is represented by:

Other
investments
£   
Valuation in 2023 20,252

If fixed asset investments had not been revalued they would have been included at the following historical cost:

2023 2022
£    £   
Cost 40,593 32,893

7. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Prepayments and accrued income 53,742 72,562

8. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts 9,953 9,693
Hire purchase contracts 14,242 13,436
Tax 16,852 16,488
Social security and other taxes 2,253 2,178
Directors' current account 50,408 57,795
Accruals and deferred income 3,899 4,292
97,607 103,882

Direct Finance Solutions Limited (Registered number: 06314543)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

9. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loan 22,421 32,387
Hire purchase contracts 8,680 22,922
31,101 55,309

10. SECURED DEBTS

The following secured debts are included within creditors:

2023 2022
£    £   
Hire purchase contracts 22,922 36,358

Hire purchase contracts are secured on the assets to which they relate.