REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 JUNE 2022 |
FOR |
WHAT DIRECT LIMITED |
REGISTERED NUMBER: |
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: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
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 |
CREDITORS |
Amounts falling due within one year | 5 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 6 |
NET LIABILITIES | ( |
) | ( |
) |
CAPITAL AND RESERVES |
Called up share capital | 8 |
Share premium |
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS | ( |
) | ( |
) |
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 |
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 |
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 |
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. |
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. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
30.6.22 | 30.6.21 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Amounts recoverable on contract |
Other debtors |
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 |
Trade creditors |
Taxation and social security |
Other creditors |
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 |
Other creditors |
7. | SECURED DEBTS |
The following secured debts are included within creditors: |
30.6.22 | 30.6.21 |
£ | £ |
Bank loans |
8. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 30.6.22 | 30.6.21 |
value: | £ | £ |
Ordinary | £1 | 1 | 1 |
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. |