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Registered number: 10524991









DIRECT EFFICIENCY LIMITED







UNAUDITED

DIRECTOR'S REPORT AND FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2023

 
DIRECT EFFICIENCY LIMITED
 
 
COMPANY INFORMATION


Director
Paul Raymond Thorn 




Company secretary
Paul Raymond Thorn



Registered number
10524991



Registered office
38 Slonk Hill Rd

Shoreham By Sea

West Sussex

BN43 6HY




Accountants
Gibson Appleby
Chartered Accountants

1-3 Ship Street

Shoreham by Sea

West Sussex

BN43 5DH





 
DIRECT EFFICIENCY LIMITED
 

CONTENTS



Page
Director's report
1
Accountants' report
2
Statement of financial position
3 - 4
Statement of changes in equity
5
Notes to the financial statements
6 - 10


 
DIRECT EFFICIENCY LIMITED
 
 
 
DIRECTOR'S REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Principal activity

The principal activity of the company is that of facilities and energy consultancy.

Director

The director who served during the year was:

Paul Raymond Thorn 

Director's responsibilities statement

The director is responsible for preparing the Director's report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the director is required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable him to ensure that the financial statements comply with the Companies Act 2006He is also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Small companies note

In preparing this report, the director has taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 


................................................
Paul Raymond Thorn
Director

Date: 18 September 2024

Page 1

 
DIRECT EFFICIENCY LIMITED
 
 
  
CHARTERED ACCOUNTANTS' REPORT TO THE DIRECTOR ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF DIRECT EFFICIENCY LIMITED
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 financial statements of Direct Efficiency Limited for the year ended 31 December 2023 which comprise  the Statement of financial position, the Statement of changes in equity 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 at https://www.icaew.com /regulation.

This report is made solely to the director of Direct Efficiency Limited in accordance with the terms of our engagement letter dated 2 February 2017Our work has been undertaken solely to prepare for your approval the financial statements of Direct Efficiency Limited and state those matters that we have agreed to state to the director of Direct Efficiency Limited in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Direct Efficiency Limited and its director for our work or for this report. 

It is your duty to ensure that Direct Efficiency 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 Direct Efficiency Limited. You consider that Direct Efficiency Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Direct Efficiency 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.

  


Gibson Appleby
 
Chartered Accountants
  
1-3 Ship Street
Shoreham by Sea
West Sussex
BN43 5DH
19 September 2024
Page 2

 
DIRECT EFFICIENCY LIMITED
REGISTERED NUMBER: 10524991

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
950
-

  
950
-

Current assets
  

Debtors: amounts falling due within one year
 5 
2,726
13,259

Cash at bank and in hand
 6 
50,343
36,350

  
53,069
49,609

Creditors: amounts falling due within one year
 7 
(15,237)
(21,210)

Net current assets
  
 
 
37,832
 
 
28,399

Total assets less current liabilities
  
38,782
28,399

  

Net assets
  
38,782
28,399


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
38,682
28,299

  
38,782
28,399


Page 3

 
DIRECT EFFICIENCY LIMITED
REGISTERED NUMBER: 10524991
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the income statement in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 18 September 2024.




Paul Raymond Thorn
Director

The notes on pages 6 to 10 form part of these financial statements.

Page 4

 
DIRECT EFFICIENCY LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2023
100
28,299
28,399


Comprehensive income for the year

Profit for the year
-
10,383
10,383

Other movement type 3
-
-
-


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
10,383
10,383


Total transactions with owners
-
-
-


At 31 December 2023
100
38,682
38,782


The notes on pages 6 to 10 form part of these financial statements.


STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2022


Called up share capital
Profit and loss account
Total equity

£
£
£

At 1 January 2022
100
28,970
29,070


Comprehensive income for the year

Profit for the year
-
3,029
3,029


Other comprehensive income for the year
-
-
-


Total comprehensive income for the year
-
3,029
3,029


Contributions by and distributions to owners

Dividends: Equity capital
-
(3,700)
(3,700)


Total transactions with owners
-
(3,700)
(3,700)


At 31 December 2022
100
28,299
28,399


The notes on pages 6 to 10 form part of these financial statements.

Page 5

 
DIRECT EFFICIENCY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

Direct Efficiency Limited is a private company limited by shares and incorporated in England. Its registered office is 38 Slonk Hill Rd, Shoreham-by-Sea, West Sussex, BN43 6HY.
The financial statements are presented in Sterling, which is the functional currency of the company, and rounded to the nearest pound.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 6

 
DIRECT EFFICIENCY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

At each reporting date the Company assesses whether there is any indication of impairment. If such indication exists, the recoverable amount of the asset is determined which is the higher of its fair value less costs to sell and its value in use. An impairment loss is recognised where the carrying amount exceeds the recoverable amount.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Office equipment
-
25%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.5

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.6

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.7

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 7

 
DIRECT EFFICIENCY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Taxation

Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.


3.


Employees

2023
2022
£
£

Wages and salaries
44,457
36,230

Social security costs
4,263
3,561

Cost of defined contribution scheme
11,000
6,000

59,720
45,791


The average monthly number of employees, including directors, during the year was 2 (2022 - 2).

Page 8

 
DIRECT EFFICIENCY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Tangible fixed assets





Office equipment

£



Cost or valuation


At 1 January 2023
15,441


Additions
1,267



At 31 December 2023

16,708



Depreciation


At 1 January 2023
15,441


Charge for the year on owned assets
317



At 31 December 2023

15,758



Net book value



At 31 December 2023
950



At 31 December 2022
-


5.


Debtors

2023
2022
£
£


Trade debtors
-
13,259

Other debtors
5
-

Prepayments and accrued income
2,721
-

2,726
13,259



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
50,343
36,350

50,343
36,350


Page 9

 
DIRECT EFFICIENCY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
545
-

Corporation tax
2,530
1,176

Other taxation and social security
9,620
11,043

Other creditors
1,012
8,991

Accruals and deferred income
1,530
-

15,237
21,210



8.


Pension commitments

The company offers a defined contribution pension scheme. The assets of the scheme are held
separately from those of the company in an independently administered fund. The pension cost charge
represents contributions payable by the company to the fund and amounted to £11,000, 2022: £6,000.

 
Page 10