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REGISTERED NUMBER: 07071175 (England and Wales)















UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022

FOR

WHAT DIRECT LIMITED

WHAT DIRECT LIMITED (REGISTERED NUMBER: 07071175)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022










Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


WHAT DIRECT LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 30 JUNE 2022







DIRECTORS: N M Harkin
A Robinson
M C Ward





SECRETARY: M C Ward





REGISTERED OFFICE: Bio Centre Innovation Way
Heslington
York
YO10 5NY





REGISTERED NUMBER: 07071175 (England and Wales)





ACCOUNTANTS: Sedulo Leeds Limited
St Paul's House
23 Park Square
Leeds
West Yorkshire
LS1 2ND

WHAT DIRECT LIMITED (REGISTERED NUMBER: 07071175)

BALANCE SHEET
30 JUNE 2022

30.6.22 30.6.21
Notes £    £   
CURRENT ASSETS
Debtors 4 232,341 308,530

CREDITORS
Amounts falling due within one year 5 153,077 200,492
NET CURRENT ASSETS 79,264 108,038
TOTAL ASSETS LESS CURRENT LIABILITIES 79,264 108,038

CREDITORS
Amounts falling due after more than one year 6 381,152 413,893
NET LIABILITIES (301,888 ) (305,855 )

CAPITAL AND RESERVES
Called up share capital 8 436 436
Share premium 199,565 199,565
Retained earnings (501,889 ) (505,856 )
SHAREHOLDERS' FUNDS (301,888 ) (305,855 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 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.

WHAT DIRECT LIMITED (REGISTERED NUMBER: 07071175)

BALANCE SHEET - continued
30 JUNE 2022


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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 31 January 2024 and were signed on its behalf by:





N M Harkin - Director


WHAT DIRECT LIMITED (REGISTERED NUMBER: 07071175)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022


1. STATUTORY INFORMATION

What Direct 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.

The principal activity of the company in the period under review was that of mortgage and insurance brokers

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.

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.

The presentation currency of the financial statements is the Pound Sterling, which is the functional currency of the company, rounded to the nearest £1.

These Financial Statements have been prepared on the Going Concern basis.This is due to the company entering into a Compulsory Voluntary Arrangement with its creditors on 19 October 2023.

Turnover
Turnover is recognised when it is probable that economic benefits will flow to the company from services provided and the amounts can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


WHAT DIRECT LIMITED (REGISTERED NUMBER: 07071175)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2022


2. ACCOUNTING POLICIES - continued
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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2021 - 4 ) .

4. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.22 30.6.21
£    £   
Trade debtors 1,606 8,269
Amounts owed by group undertakings 25,500 25,500
Amounts recoverable on contract 96,401 165,427
Other debtors 108,834 109,334
232,341 308,530

Amounts recoverable on contracts represents accrued income on services provided.

5. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.22 30.6.21
£    £   
Bank loans and overdrafts 34,982 27,336
Trade creditors 19,849 19,926
Taxation and social security 15,235 7,583
Other creditors 83,011 145,647
153,077 200,492

WHAT DIRECT LIMITED (REGISTERED NUMBER: 07071175)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 30 JUNE 2022


6. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.22 30.6.21
£    £   
Bank loans 66,652 73,893
Other creditors 314,500 340,000
381,152 413,893

7. SECURED DEBTS

The following secured debts are included within creditors:

30.6.22 30.6.21
£    £   
Bank loans 77,632 84,873

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 30.6.22 30.6.21
value: £    £   
1 Ordinary £1 1 1
435 Ordinary B £1 435 435
436 436

9. RELATED PARTY DISCLOSURES

As at 30 June 2022 there was an amount of £25,500 (2021: £25,500) owed by Ascension Finance Ltd, the parent company.

Included in Other creditors are loans totalling £338,000 (2021: £363,500) with a significant commercial partner of the company.

10. POST BALANCE SHEET EVENTS

Following year end but prior to the date of this set of financial statements the company entered into a Company Voluntary Arrangement (CVA) with its creditors on 19 October 2023.