Registered number
06554019
MENA DIRECT LTD
Report and Unaudited Accounts
30 April 2024
MENA DIRECT LTD
Chartered Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of MENA DIRECT LTD for the year ended 30 April 2024
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of MENA DIRECT LTD for the year ended 30 April 2024 which comprise of the Profit and Loss Account, the Statement of Comprehensive Income, the Balance Sheet, 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, we are subject to its ethical and other professional requirements which are detailed at
www.icaew.com/en/members/regulations-standards-and-guidance
Our work has been undertaken in accordance with ICAEW Technical Release 07/16 AAF.
Weber & Associates
Chartered Accountants
5 St John's Lane
London
EC1M 4BH
15 November 2024
MENA DIRECT LTD
Registered number: 06554019
Balance Sheet
as at 30 April 2024
Notes 2024 2023
£ £
Fixed assets
Intangible assets 3 1 1
Tangible assets 4 618 23
619 24
Current assets
Debtors 5 1,533 1,533
Cash at bank 2,867 21,091
4,400 22,624
Creditors: amounts falling due within one year 6 (2,337) (11,095)
Net current assets 2,063 11,529
Total assets less current liabilities 2,682 11,553
Provisions for liabilities (118) (196)
Net assets 2,564 11,357
Capital and reserves
Called up share capital 2 2
Profit and loss account 2,562 11,355
Shareholder's funds 2,564 11,357
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr T. Alwan
Director
Approved by the board on 15 November 2024
MENA DIRECT LTD
Notes to the Accounts
for the year ended 30 April 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Going concern
The director, having assessed the available information and after making appropriate enquiries, has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus, he continue to adopt the going concern basis of accounting in preparing the annual financial statements.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures, fittings, tools and equipment 25% straight line
Android equipment 50% straight line
Computer equipment 33.33% straight line
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Government grants
Government grants are recognised based on the accrual model and are measured at the fair value of the asset received or receivable. Grants relating to revenue are recognised as income on a systematic basis over the periods in which the Company recognises the related costs for which the grant is intended to compensate.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 2
3 Intangible fixed assets £
Copyrights:
At 1 May 2023 70
At 30 April 2024 70
Amortisation
At 1 May 2023 69
At 30 April 2024 69
Net book value
At 30 April 2024 1
At 30 April 2023 1
Domain names are being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Fixtures, fittings and equipment Computer equipment Total
£ £ £
Cost
At 1 May 2023 3,773 4,480 8,253
Additions 1,199 - 1,199
At 30 April 2024 4,972 4,480 9,452
Depreciation
At 1 May 2023 3,764 4,466 8,230
Charge for the year 604 - 604
At 30 April 2024 4,368 4,466 8,834
Net book value
At 30 April 2024 604 14 618
At 30 April 2023 9 14 23
5 Debtors 2024 2023
£ £
Trade debtors 1,533 1,533
6 Creditors: amounts falling due within one year 2024 2023
£ £
Other creditors 2,337 11,095
7 Related party transactions
At the balance sheet date, the Company owed Mr T. Alwan a sum of £134 (2023: £2,518).
8 Ultimate controlling party
Mr T. Alwan, a director of the Company, control the Company as a result of controlling, directly or indirectly, 100 per cent of the issued share capital of the Company.
9 Other information
MENA DIRECT LTD is a private company limited by shares and incorporated in England. Its registered office is:
Suite 121
30 Red Lion Street
Richmond
TW9 1RB
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