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Registration number: 06401434

Mediterranean Direct Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2023

 

Mediterranean Direct Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Mediterranean Direct Ltd

Company Information

Directors

Mr Graham Ditchfield

Mr Barry Cotgrave

Registered office

Unit 2 St Ives Business Park
St Ives Road
Blackburn
Lancashire
BB1 2BX

Accountants

C W W Ltd
B3 Clover House
Harvey Drive
John Wilson Business Park
Whitstable
Kent
CT5 3QZ

 

Mediterranean Direct Ltd

(Registration number: 06401434)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

14,347

17,533

Current assets

 

Stocks

5

60,000

60,000

Debtors

6

86,779

128,779

Cash at bank and in hand

 

35,937

20,285

 

182,716

209,064

Creditors: Amounts falling due within one year

7

(163,249)

(177,250)

Net current assets

 

19,467

31,814

Total assets less current liabilities

 

33,814

49,347

Creditors: Amounts falling due after more than one year

7

(437)

(805)

Net assets

 

33,377

48,542

Capital and reserves

 

Called up share capital

8

48,275

48,275

Share premium reserve

12,872

12,872

Retained earnings

(27,770)

(12,605)

Shareholders' funds

 

33,377

48,542

For the financial 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.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 25 September 2024 and signed on its behalf by:
 

 

Mediterranean Direct Ltd

(Registration number: 06401434)
Balance Sheet as at 31 December 2023

.........................................
Mr Graham Ditchfield
Director

.........................................
Mr Barry Cotgrave
Director

 

Mediterranean Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

1

General information

The company is a private company limited by share capital, incorporated in United Kingdom.

The address of its registered office is:
Unit 2 St Ives Business Park
St Ives Road
Blackburn
Lancashire
BB1 2BX

These financial statements were authorised for issue by the Board on 25 September 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

 

Mediterranean Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Computer equipment

25% RB

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

 

Mediterranean Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 8 (2022 - 8).

 

Mediterranean Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Tangible assets

Improvements to property
 £

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Cost or valuation

At 1 January 2023

18,853

8,717

10,707

13,138

Additions

-

-

-

725

At 31 December 2023

18,853

8,717

10,707

13,863

Depreciation

At 1 January 2023

11,318

4,967

4,802

12,795

Charge for the year

1,507

750

1,181

473

At 31 December 2023

12,825

5,717

5,983

13,268

Carrying amount

At 31 December 2023

6,028

3,000

4,724

595

At 31 December 2022

7,535

3,750

5,905

343

Total
£

Cost or valuation

At 1 January 2023

51,415

Additions

725

At 31 December 2023

52,140

Depreciation

At 1 January 2023

33,882

Charge for the year

3,911

At 31 December 2023

37,793

Carrying amount

At 31 December 2023

14,347

At 31 December 2022

17,533

5

Stocks

2023
£

2022
£

Other inventories

60,000

60,000

 

Mediterranean Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

6

Debtors

Current

2023
£

2022
£

Trade debtors

53,339

93,255

Other debtors

33,440

35,524

 

86,779

128,779

 

Mediterranean Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

144,926

156,550

Taxation and social security

11,343

14,202

Accruals and deferred income

1,650

1,662

Other creditors

5,330

4,836

163,249

177,250

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

437

805

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

200

200

200

200

Ordinary A of £1 each

48,000

48,000

48,000

48,000

Ordinary B of £1 each

75

75

75

75

48,275

48,275

48,275

48,275

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

437

805

10

Dividends

 

Mediterranean Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

2023

2022

£

£

Interim dividend of £Nil (2022 - £281.00) per ordinary share

-

281

 

 

11

Related party transactions

 

Mediterranean Direct Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

Directors' remuneration

The directors' remuneration for the year was as follows:

2023
£

2022
£

Remuneration

22,207

25,959