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REGISTERED NUMBER: 05587123 (England and Wales)












Unaudited Financial Statements

for the Year Ended 31 October 2023

for

Machinesdirect (UK) Limited

Machinesdirect (UK) Limited (Registered number: 05587123)






Contents of the Financial Statements
for the year ended 31 October 2023




Page

Balance Sheet 1

Notes to the Financial Statements 2

Accountants' Report 6

Machinesdirect (UK) Limited (Registered number: 05587123)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 67,601 85,700

CURRENT ASSETS
Stocks 36,404 94,450
Debtors 5 823,060 88,201
Cash at bank and in hand 115,903 64,758
975,367 247,409
CREDITORS
Amounts falling due within one year 6 941,630 206,183
NET CURRENT ASSETS 33,737 41,226
TOTAL ASSETS LESS CURRENT
LIABILITIES

101,338

126,926

CREDITORS
Amounts falling due after more than one
year

7

(37,991

)

(62,225

)

PROVISIONS FOR LIABILITIES (16,900 ) (21,350 )
NET ASSETS 46,447 43,351

CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 46,347 43,251
SHAREHOLDERS' FUNDS 46,447 43,351

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

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 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.

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 15 April 2024 and were signed on its behalf by:





S A Lamb - Director


Machinesdirect (UK) Limited (Registered number: 05587123)

Notes to the Financial Statements
for the year ended 31 October 2023

1. STATUTORY INFORMATION

Machinesdirect (UK) Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address are as below:

Registered number: 05587123

Registered office: Thornes Lane Wharf
Wakefield
West Yorkshire
WF1 5RF

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.

Turnover
Turnover represents the sale of printing machinery net of value added tax.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life or, if held under a finance lease, over the lease term, whichever is the shorter.
Improvements to property - 10% on cost
Plant and machinery - 20% on cost
Fixtures and fittings - 20% on cost
Motor vehicles - 25% on reducing balance
Computer equipment - 33% on cost

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

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.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Machinesdirect (UK) Limited (Registered number: 05587123)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

2. ACCOUNTING POLICIES - continued

Hire purchase and leasing commitments
Assets obtained under hire purchase contracts or finance leases are capitalised in the balance sheet. 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 profit or loss over the relevant period. The capital element of the future payments is treated as a liability.

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.

Government grants
Government grants of a revenue nature which do not have performance conditions attached are recognised as income in full in the period in which entitlement has been satisfied.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2022 - 6 ) .

4. TANGIBLE FIXED ASSETS
Improvements Fixtures
to Plant and and
property machinery fittings
£    £    £   
COST
At 1 November 2022 1,200 11,226 17,314
Additions - 3,738 2,711
Disposals - - (1,004 )
At 31 October 2023 1,200 14,964 19,021
DEPRECIATION
At 1 November 2022 785 4,487 11,235
Charge for year 120 2,132 2,059
Eliminated on disposal - - (368 )
At 31 October 2023 905 6,619 12,926
NET BOOK VALUE
At 31 October 2023 295 8,345 6,095
At 31 October 2022 415 6,739 6,079

Machinesdirect (UK) Limited (Registered number: 05587123)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

4. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST
At 1 November 2022 75,719 10,622 116,081
Additions 333 - 6,782
Disposals - - (1,004 )
At 31 October 2023 76,052 10,622 121,859
DEPRECIATION
At 1 November 2022 5,565 8,309 30,381
Charge for year 17,621 2,313 24,245
Eliminated on disposal - - (368 )
At 31 October 2023 23,186 10,622 54,258
NET BOOK VALUE
At 31 October 2023 52,866 - 67,601
At 31 October 2022 70,154 2,313 85,700


5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 665,260 39,433
Other debtors 157,800 48,768
823,060 88,201

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 9,849 9,851
Hire purchase contracts 9,796 11,549
Trade creditors 143,166 20,410
Taxation and social security 16,960 6,092
Other creditors 761,859 158,281
941,630 206,183

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans 16,767 26,614
Hire purchase contracts 21,224 35,611
37,991 62,225

8. SECURED DEBTS

The following secured debts are included within creditors:

31.10.23 31.10.22
£    £   
Hire purchase contracts 31,020 47,160

Hire purchase is secured over the asset being financed.

Machinesdirect (UK) Limited (Registered number: 05587123)

Notes to the Financial Statements - continued
for the year ended 31 October 2023

9. OTHER FINANCIAL COMMITMENTS

The total financial commitments, guarantees and contingencies which are not included in the balance sheet amount to £13,355 (2022 - £25,682).

Accountants' Report to the Board of Directors
on the Unaudited Financial Statements of
Machinesdirect (UK) Limited

The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Machinesdirect (UK) Limited for the year ended 31 October 2023 which comprise the Income Statement, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Machinesdirect (UK) Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Machinesdirect (UK) Limited and state those matters that we have agreed to state to the Board of Directors of Machinesdirect (UK) Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Machinesdirect (UK) Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Machinesdirect (UK) Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Machinesdirect (UK) Limited. You consider that Machinesdirect (UK) Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Machinesdirect (UK) Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.






Beaumonts
8 Navigation Court
Calder Park
Wakefield
West Yorkshire
WF2 7BJ


15 April 2024