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Direct Publicity Limited
Filleted accounts
30 September 2023
Company registration number: 04692237
Direct Publicity Limited
Directors and other information
Director M G Burt
Company number 04692237
Registered office The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Accountants Cox Hinkins & Co. Limited
Accountants and Taxation Advisors
The Old Dairy
12 Stephen Road
Headington
Oxford
OX3 9AY
Direct Publicity Limited
Balance sheet
30th September 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 - -
Tangible assets 6 47,183 48,379
_______ _______
47,183 48,379
Current assets
Debtors 7 150,409 102,131
Cash at bank and in hand 69,746 35,902
_______ _______
220,155 138,033
Creditors: amounts falling due
within one year 8 ( 171,235) ( 113,462)
_______ _______
Net current assets 48,920 24,571
_______ _______
Total assets less current liabilities 96,103 72,950
Creditors: amounts falling due
after more than one year 9 ( 33,770) ( 39,729)
Provisions for liabilities 10 ( 6,976) ( 5,522)
_______ _______
Net assets 55,357 27,699
_______ _______
Capital and reserves
Called up share capital 12 100 100
Profit and loss account 55,257 27,599
_______ _______
Shareholder funds 55,357 27,699
_______ _______
For the year ending 30 September 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the Profit & loss account has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 04 March 2024 , and are signed on behalf of the board by:
M G Burt
Director
Company registration number: 04692237
Direct Publicity Limited
Notes to the financial statements
Year ended 30th September 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is The Old Dairy, 12 Stephen Road, Headington, Oxford, OX3 9AY. There was no significant change in the company's principal activity during the year which continued to be the provision of marketing consultancy services .
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The principal accounting policies are set out below. The financial statements are prepared in sterling which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, 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. Revenue from the rendering of services is measured by reference to the stage of completion of the service transaction at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably estimated, revenue is recognised only to the extent that expenses recognised are recoverable.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. 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. Deferred tax is recognised in respect of all timing differences at the reporting date. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost of an asset, less its residual value, over the useful economic life of that asset as follows:
Leasehold property - Straight line basis over 10 years
Equipment - Straight line basis over between 2-4 years
Motor vehicles - Straight line basis over 4 years
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the Balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractualarrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the asset of the company after deducting all of its liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 8 (2022: 6 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1st October 2022 and 30th September 2023 150,000 150,000
_______ _______
Amortisation
At 1st October 2022 and 30th September 2023 150,000 150,000
_______ _______
Carrying amount
At 30th September 2023 - -
_______ _______
At 30th September 2022 - -
_______ _______
6. Tangible assets
Short leasehold property Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1st October 2022 16,709 72,161 42,119 130,989
Additions - 17,912 - 17,912
Disposals - ( 22,414) - ( 22,414)
_______ _______ _______ _______
At 30th September 2023 16,709 67,659 42,119 126,487
_______ _______ _______ _______
Depreciation
At 1st October 2022 1,947 43,577 37,086 82,610
Charge for the year 1,917 13,165 4,026 19,108
Disposals - ( 22,414) - ( 22,414)
_______ _______ _______ _______
At 30th September 2023 3,864 34,328 41,112 79,304
_______ _______ _______ _______
Carrying amount
At 30th September 2023 12,845 33,331 1,007 47,183
_______ _______ _______ _______
At 30th September 2022 14,762 28,584 5,033 48,379
_______ _______ _______ _______
7. Debtors
2023 2022
£ £
Trade debtors 107,245 63,368
Other debtors 43,164 38,763
_______ _______
150,409 102,131
_______ _______
8. Creditors: amounts falling due within one year
2023 2022
£ £
Bank loan 5,959 5,959
Trade creditors 12,009 1,261
Social security and other taxes 37,436 23,695
Other creditors 115,831 82,547
_______ _______
171,235 113,462
_______ _______
9. Creditors: amounts falling due after more than one year
2023 2022
£ £
Bank loan 33,770 39,729
_______ _______
10. Provisions
Deferred tax (note 11)
£
At 1st October 2022 5,522
Additions 1,454
_______
At 30th September 2023 6,976
_______
11. Deferred tax
The deferred tax included in the Balance sheet is as follows:
2023 2022
£ £
Included in provisions (note 10) 6,976 5,522
_______ _______
The deferred tax account consists of the tax effect of timing differences in respect of:
2023 2022
£ £
Accelerated capital allowances 6,976 7,138
Unused tax losses - ( 1,616)
_______ _______
6,976 5,522
_______ _______
12. Called up share capital
Issued, called up and fully paid
2023 2022
No £ No £
Ordinary shares shares of £ 1.00 each 100 100 100 100
_______ _______ _______ _______
13. Controlling party
The company is under the control of Forester MacLean Limited, a company incorporated in England and Wales, which owns 100% of the issued shares.