Company Registration No. 07477689 (England and Wales)
Oriental Direct Limited
Unaudited accounts
for the year ended 31 December 2023
Oriental Direct Limited
Unaudited accounts
Contents
Oriental Direct Limited
Company Information
for the year ended 31 December 2023
Directors
Chunyu Cai
Minghao Cui
Company Number
07477689 (England and Wales)
Registered Office
Unit 5 Brookfoot Business Park
Brighouse
West Yorkshire
HD6 2SD
Accountants
LOVEaccounting
17 Wakefield Road
Hipperholme
Halifax
HX3 8AA
Oriental Direct Limited
Statement of financial position
as at 31 December 2023
Tangible assets
3,661
4,150
Cash at bank and in hand
306,222
350,379
Creditors: amounts falling due within one year
(50,743)
(73,859)
Net current assets
619,772
558,413
Total assets less current liabilities
623,433
562,674
Provisions for liabilities
Net assets
623,082
562,298
Called up share capital
10
10
Profit and loss account
623,072
562,288
Shareholders' funds
623,082
562,298
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 and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 September 2024 and were signed on its behalf by
Chunyu Cai
Director
Company Registration No. 07477689
Oriental Direct Limited
Notes to the Accounts
for the year ended 31 December 2023
Oriental Direct Limited is a private company, limited by shares, registered in England and Wales, registration number 07477689. The registered office is Unit 5 Brookfoot Business Park, Brighouse, West Yorkshire, HD6 2SD.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Intangible fixed assets are included at cost less accumulated amortisation. They are being amortised over their useful life of 5 years.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
15% reducing balance
Computer equipment
33.33% straight line
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rates of exchange ruling at the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax assets and liabilities are not discounted.
Oriental Direct Limited
Notes to the Accounts
for the year ended 31 December 2023
4
Intangible fixed assets
Other
5
Tangible fixed assets
Fixtures & fittings
Computer equipment
Total
Cost or valuation
At cost
At cost
At 1 January 2023
6,166
10,441
16,607
At 31 December 2023
7,086
10,627
17,713
At 1 January 2023
3,468
8,989
12,457
Charge for the year
620
975
1,595
At 31 December 2023
4,088
9,964
14,052
At 31 December 2023
2,998
663
3,661
At 31 December 2022
2,698
1,452
4,150
Finished goods
55,000
45,000
Inventories have been valued at the lower of cost and estimated selling price less costs to sell.
Oriental Direct Limited
Notes to the Accounts
for the year ended 31 December 2023
Amounts falling due within one year
Accrued income and prepayments
4,313
6,778
Other debtors
299,000
214,855
Amounts falling due after more than one year
8
Creditors: amounts falling due within one year
2023
2022
Trade creditors
577
10,429
Taxes and social security
39,883
57,735
Other creditors
3,696
2,192
Loans from directors
1,101
-
9
Operating lease commitments
2023
2022
At 31 December 2023 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Not later than one year
21,825
13,500
Later than one year and not later than five years
26,738
7,875
Brought
Forward
Advance/
credit
Repaid
Carried
Forward
Loans to the director are interest-free and repayable upon demand
36,703
-
36,703
-
Loans to the director are interest-free and repayable upon demand
33,119
-
33,119
-
Oriental Direct Limited
Notes to the Accounts
for the year ended 31 December 2023
11
Transactions with related parties
During the year the company received a partial repayment of a loan leaving an outstanding balance of £123,011 (2022:£143,932) due from Ming Crystals Ltd, a company under common control. The loan is interest-free and repayable upon demand.
During the year the company loaned £173,112 (2022:£1,000) to Magic Bean Properties Ltd, a company under common control. The loan is interest-free and repayable upon demand.
12
Average number of employees
During the year the average number of employees was 5 (2022: 5).