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Registered number: 13525145
Buys Direct Ltd
Unaudited Financial Statements
For The Year Ended 31 December 2023
Elementary Accountancy Services Limited
Unaudited Financial Statements
Contents
Page
Accountants' Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—6
Page 1
Accountants' Report
Chartered Accountants' report to the directors on the preparation of the unaudited statutory accounts of Buys Direct Ltd for the year ended 31 December 2023
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Buys Direct Ltd for the year ended 31 December 2023 which comprise the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given to 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 at http://www.icaew.com/en/membership/regulations-standards-and-guidance.
This report is made solely to the directors of Buys Direct Ltd , as a body, in accordance with the terms of our engagement letter dated 28 April 2022. Our work has been undertaken solely to prepare for your approval the accounts of Buys Direct Ltd and state those matters that we have agreed to state to the directors of Buys Direct Ltd , as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Buys Direct Ltd and its directors, as a body, for our work or for this report.
It is your duty to ensure that Buys Direct Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Buys Direct Ltd . You consider that Buys Direct Ltd is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit of the accounts of Buys Direct Ltd . 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 financial statements.
Signed
18/04/2024
Elementary Accountancy Services Limited
36 Dearne Hall Lane
Barnsley
S751FX
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Balance Sheet
Registered number: 13525145
31 December 2023 31 December 2022
Notes £ £ £ £
FIXED ASSETS
Investments 4 4,373,600 4,173,600
4,373,600 4,173,600
CURRENT ASSETS
Debtors 5 - 1,254,001
- 1,254,001
Creditors: Amounts Falling Due Within One Year 6 (6,974,442 ) (5,389,935 )
NET CURRENT ASSETS (LIABILITIES) (6,974,442 ) (4,135,934 )
TOTAL ASSETS LESS CURRENT LIABILITIES (2,600,842 ) 37,666
NET (LIABILITIES)/ASSETS (2,600,842 ) 37,666
CAPITAL AND RESERVES
Called up share capital 8 100 100
Profit and Loss Account (2,600,942 ) 37,566
SHAREHOLDERS' FUNDS (2,600,842) 37,666
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For the year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Nathan Winch
Director
18/04/2024
The notes on pages 4 to 6 form part of these financial statements.
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Page 4
Notes to the Financial Statements
1. General Information
Buys Direct Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 13525145 . The registered office is 15 Queen Square, Leeds, LS2 8AJ.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The director has not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern. The director notes that the company shows net liabilities however, in his opinion this is due to the investment being held at historical cost which is considered likely to be less than its current realisable value. 
2.3. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.4. Investments
Investments are held at historical cost. 
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2022: 2)
2 2
4. Investments
Unlisted
£
Cost
As at 1 January 2023 4,173,600
Additions 200,000
As at 31 December 2023 4,373,600
Provision
As at 1 January 2023 -
As at 31 December 2023 -
...CONTINUED
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Net Book Value
As at 31 December 2023 4,373,600
As at 1 January 2023 4,173,600
The investment above is in relation to the subsidary Dedicated Transport Solutions Limited which is a wholly owned subsidary and has net assets at 31st December 2023 of £7,483,623.
5. Debtors
31 December 2023 31 December 2022
£ £
Due within one year
Amounts owed by group undertakings - 1,254,001
- 1,254,001
6. Creditors: Amounts Falling Due Within One Year
31 December 2023 31 December 2022
£ £
Trade creditors 600 -
Bank loans and overdrafts 6,966,317 5,300,000
Accruals and deferred income 660 -
Amounts owed to parent undertaking 6,865 89,935
6,974,442 5,389,935
7. Secured Creditors
Of the creditors the following amounts are secured.TFG Capital holds a fixed and floating charge over the assets of the company. 
31 December 2023 31 December 2022
£ £
Bank loans and overdrafts 6,966,317 5,300,000
8. Share Capital
31 December 2023 31 December 2022
£ £
Allotted, Called up and fully paid 100 100
9. Related Party Transactions
An amount of £6,865 (2022: £89,935) is owed to an entity which controls this entity. 
An amount of Nil (2022: £1,254,001) is owed by an entity which is controlled by this entity. 
No interest is payable on these loans and there are no set payment terms. 
Group relief was surrendered by this entity to an entity controlled by this entity which reduced the tax liability of that entity by £205,840  (2022: £75,601.27).
A debt of £837,684 (2022: Nil) was written off from an entity which controlled this entity.  
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10. Exceptional Items
The exceptional item during the year relates to a debt which was forgiven from an entity controlled by this entity. 
Page 6