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REGISTERED NUMBER: SC489385 (Scotland)















UNAUDITED FINANCIAL STATEMENTS

FOR THE PERIOD 1 APRIL 2023 TO 31 DECEMBER 2023

FOR

ML DIRECT LIMITED

ML DIRECT LIMITED (REGISTERED NUMBER: SC489385)






CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2023 TO 31 DECEMBER 2023




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


ML DIRECT LIMITED

COMPANY INFORMATION
FOR THE PERIOD 1 APRIL 2023 TO 31 DECEMBER 2023







DIRECTOR: L Ewing





REGISTERED OFFICE: Federation House
224 Queensferry Road
Edinburgh
EH4 2BN





REGISTERED NUMBER: SC489385 (Scotland)





ACCOUNTANTS: MacDonald Morton Ltd
Chartered Accountants
67 March Road
Edinburgh
EH4 3SU

ML DIRECT LIMITED (REGISTERED NUMBER: SC489385)

STATEMENT OF FINANCIAL POSITION
31 DECEMBER 2023

31.12.23 31.3.23
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 457 644
Investments 5 445 445
902 1,089

CURRENT ASSETS
Stocks 423,001 646,064
Debtors 6 294,383 380,434
Cash at bank and in hand 209,873 131,728
927,257 1,158,226
CREDITORS
Amounts falling due within one year 7 590,075 642,219
NET CURRENT ASSETS 337,182 516,007
TOTAL ASSETS LESS CURRENT
LIABILITIES

338,084

517,096

CREDITORS
Amounts falling due after more than one year 8 60,000 90,000
NET ASSETS 278,084 427,096

CAPITAL AND RESERVES
Called up share capital 132 132
Share premium 41,968 41,968
Retained earnings 235,984 384,996
SHAREHOLDERS' FUNDS 278,084 427,096

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

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

ML DIRECT LIMITED (REGISTERED NUMBER: SC489385)

STATEMENT OF FINANCIAL POSITION - continued
31 DECEMBER 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 3 September 2024 and were signed by:





L Ewing - Director


ML DIRECT LIMITED (REGISTERED NUMBER: SC489385)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD 1 APRIL 2023 TO 31 DECEMBER 2023

1. STATUTORY INFORMATION

ML Direct Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


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.

Preparation of consolidated financial statements
The financial statements contain information about ML Direct Limited as an individual company and do not contain consolidated financial information as the parent of a group. The company is exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare consolidated financial statements.

Turnover
Revenue comprises the fair value of the sale of goods net of value added tax, rebates and discount, as appropriate.

Sales of goods to customers under FOB agreements are recognised when the goods are loaded on board at the port of shipment and collectability of the related receivables is fairly assured.

All other sales of goods are recognised when the company has delivered products to the customer, the customer has accepted the products and collectability of the related receivables is fairly assured.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Computer equipment - 33% on cost

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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

An estimate of freight costs is apportioned to the carrying value of stock, with respect to the extent that the costs are incurred in bringing the stock to its present location and condition.

ML DIRECT LIMITED (REGISTERED NUMBER: SC489385)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 31 DECEMBER 2023

2. ACCOUNTING POLICIES - continued

Financial instruments
Financial assets and liabilities are recognised when the company becomes party to the contractual provisions of the financial instrument. The company holds the following basic financial instruments.

Financial assets
Cash and cash equivalents - comprise cash in hand and deposits held with banks.

Trade and other debtors - are initially measured at the undiscounted amounts receivable from a customer, which is normally the invoiced price. Trade and other debtors are assessed at the end of each reporting period for objective evidence of impairment. If such evidence is found an impairment loss is recognised.

Financial liabilities
Trade and other creditors - are initially measured at the transaction price, including any transaction costs, and are subsequently measured at amortised cost using the effective interest method. Amounts that are payable within one year are measured at the undiscounted amount expected to be payable. Where a financial liability constitutes a financing transaction it is initially and subsequently measured at the present value of the future payments, discounted at a market rate of interest.

Taxation
Taxation for the period 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 statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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 period 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 statement of financial position 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.

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.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the period was 2 (2023 - 2 ) .

ML DIRECT LIMITED (REGISTERED NUMBER: SC489385)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 31 DECEMBER 2023

4. TANGIBLE FIXED ASSETS
Computer
equipment
£   
COST
At 1 April 2023
and 31 December 2023 748
DEPRECIATION
At 1 April 2023 104
Charge for period 187
At 31 December 2023 291
NET BOOK VALUE
At 31 December 2023 457
At 31 March 2023 644

5. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 April 2023
and 31 December 2023 445
NET BOOK VALUE
At 31 December 2023 445
At 31 March 2023 445

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.3.23
£    £   
Trade debtors 272,892 303,383
Other debtors 21,491 77,051
294,383 380,434

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.12.23 31.3.23
£    £   
Bank loans and overdrafts 40,000 40,000
Trade creditors 116,400 198,882
Taxation and social security 672 9,938
Other creditors 433,003 393,399
590,075 642,219

ML DIRECT LIMITED (REGISTERED NUMBER: SC489385)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE PERIOD 1 APRIL 2023 TO 31 DECEMBER 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
31.12.23 31.3.23
£    £   
Bank loans 60,000 90,000

9. RELATED PARTY DISCLOSURES

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Brand 7 Ltd - a company in which L Ewing director and shareholder has a controlling interest.

During the year the company was charged rent from Brand 7 Limited in the sum of £2,700 (March 2023: £3,600).

During the year the company was charged interest of £8,215 (March 2023: £14,019) with respect to the outstanding loan balance.

As at 31 December 2023 the company was due Brand 7 Ltd £158,920 (March 2023: £298,005).