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REGISTERED NUMBER: 07435718 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 October 2023

for

Direct Savings Ltd

Direct Savings Ltd (Registered number: 07435718)






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




Page

Balance Sheet 1

Notes to the Financial Statements 3


Direct Savings Ltd (Registered number: 07435718)

Balance Sheet
31 October 2023

31.10.23 31.10.22
Notes £    £   
FIXED ASSETS
Tangible assets 4 9,211 18,726

CURRENT ASSETS
Stocks 19,880 21,285
Debtors 5 175,708 283,211
Cash at bank 35,944 1,072
231,532 305,568
CREDITORS
Amounts falling due within one year 6 (996,159 ) (567,918 )
NET CURRENT LIABILITIES (764,627 ) (262,350 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(755,416

)

(243,624

)

CREDITORS
Amounts falling due after more than one
year

7

(25,553

)

(28,169

)
NET LIABILITIES (780,969 ) (271,793 )

CAPITAL AND RESERVES
Called up share capital 100 100
Share premium 139,960 139,960
Retained earnings (921,029 ) (411,853 )
(780,969 ) (271,793 )

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 director acknowledges his 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 Savings Ltd (Registered number: 07435718)

Balance Sheet - continued
31 October 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 Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 25 July 2024 and were signed by:





Mr G A Smith - Director


Direct Savings Ltd (Registered number: 07435718)

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

1. STATUTORY INFORMATION

Direct Savings Ltd is a private company limited by shares, domiciled in Scotland, registration number 07435718. The registered office is Union House, 111 New Union Street, Coventry, CV1 2NT.

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.

Going concern
The financial statements of the company have been prepared on the assumption that the company will continue as a going concern. The application of the going concern basis is based on the assumption that the company will be able to realise its assets and settle its liabilities in the normal course of business.

The ability for the business to trade profitably is directly impacted by initiatives of both the Government and utility companies in relation to the goods and services provided. A number of such initiatives have been announced recently and the director anticipates strong demand for their goods and services over the next 12 months and beyond. The director is committed to supporting the business through the interim period until the impact of the new initiatives takes effect and is reflected in the financial results of the business going forward.

The director of the company is of the opinion that the preparation of the financial statements of the company on a going concern basis remain appropriate given that the impact of the above can be reasonably expected to mitigate the existence of possible material uncertainty on going concern and ability to meet its obligations falling due within the next 12 months.

Turnover
Turnover represents net invoiced sales of goods and services in respect of energy efficiency heating and insulation products, excluding value added tax. Sales are recognised at the point at which the company has delivered the goods to the customer, or the service is complete.

Tangible fixed assets and depreciation
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery etc - 33% on cost and 25% on reducing balance

Tangible fixed assets are stated at cost less depreciation. Cost represent purchase price together with any incidental costs of acquisition.

The directors have considered the residual value of all tangible fixed assets to be immaterial and therefore all tangible fixed assets are depreciated to nil value.

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. Cost is represented by purchase price.

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.


Direct Savings Ltd (Registered number: 07435718)

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

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.

Provisions
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions are not recognised for future operating losses. Provisions are discounted where the time value of money is material.

Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2022 - 17 ) .

4. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£   
COST
At 1 November 2022
and 31 October 2023 44,641
DEPRECIATION
At 1 November 2022 25,915
Charge for year 9,515
At 31 October 2023 35,430
NET BOOK VALUE
At 31 October 2023 9,211
At 31 October 2022 18,726

Direct Savings Ltd (Registered number: 07435718)

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

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Trade debtors 59,776 89,272
Amounts owed by related parties 5,234 5,234
Other debtors 110,698 188,705
175,708 283,211

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.10.23 31.10.22
£    £   
Bank loans and overdrafts 20,540 10,837
Trade creditors 316,795 308,589
Amounts owed to related parties 14,734 14,734
Taxation and social security 242,988 115,721
Other creditors 401,102 118,037
996,159 567,918

7. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.10.23 31.10.22
£    £   
Bank loans 25,553 28,169

8. DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 October 2023 and 31 October 2022:

31.10.23 31.10.22
£    £   
Mr G A Smith
Balance outstanding at start of year - 7,186
Amounts repaid - (7,186 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year - -