1 01/04/2023 31/03/2024 2024-03-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 06563241 2023-04-01 2024-03-31 06563241 2024-03-31 06563241 2023-03-31 06563241 2022-04-01 2023-03-31 06563241 2023-03-31 06563241 2022-03-31 06563241 core:NetGoodwill 2023-04-01 2024-03-31 06563241 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 06563241 bus:Director2 2023-04-01 2024-03-31 06563241 core:NetGoodwill 2024-03-31 06563241 core:FurnitureFittingsToolsEquipment 2024-03-31 06563241 core:WithinOneYear 2024-03-31 06563241 core:WithinOneYear 2023-03-31 06563241 core:AfterOneYear 2024-03-31 06563241 core:AfterOneYear 2023-03-31 06563241 core:ShareCapital 2024-03-31 06563241 core:ShareCapital 2023-03-31 06563241 core:RetainedEarningsAccumulatedLosses 2024-03-31 06563241 core:RetainedEarningsAccumulatedLosses 2023-03-31 06563241 core:NetGoodwill 2023-03-31 06563241 bus:SmallEntities 2023-04-01 2024-03-31 06563241 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 06563241 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 06563241 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 06563241 bus:FullAccounts 2023-04-01 2024-03-31 06563241 1 2023-04-01 2024-03-31
Company registration number: 06563241
Direct-2U Footwear Limited
Trading as Direct-2U Footwear Limited
Unaudited filleted financial statements
31 March 2024
Direct-2U Footwear Limited
Contents
Statement of financial position
Notes to the financial statements
Direct-2U Footwear Limited
Statement of financial position
31 March 2024
2024 2023
Note £ £ £ £
Fixed assets
Intangible assets 5 3,500 3,500
_______ _______
3,500 3,500
Current assets
Stocks 4,950 4,950
Debtors 26,254 33,291
Cash at bank and in hand 466 367
_______ _______
31,670 38,608
Creditors: amounts falling due
within one year ( 19,937) ( 20,232)
_______ _______
Net current assets 11,733 18,376
_______ _______
Total assets less current liabilities 15,233 21,876
Creditors: amounts falling due
after more than one year ( 27,351) ( 33,177)
_______ _______
Net liabilities ( 12,118) ( 11,301)
_______ _______
Capital and reserves
Called up share capital 2,000 2,000
Profit and loss account ( 14,118) ( 13,301)
_______ _______
Shareholders deficit ( 12,118) ( 11,301)
_______ _______
For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 16 November 2024 , and are signed on behalf of the board by:
Mr Sukhwinder Singh
Director
Company registration number: 06563241
Direct-2U Footwear Limited
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Direct-2U Footwear Limited, 184 Wellington Road, Bilston, West Midlands, WV14 6BE.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5% % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 15% % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 1 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 April 2023 and 31 March 2024 3,500 3,500
_______ _______
Amortisation
At 1 April 2023 and 31 March 2024 - -
_______ _______
Carrying amount
At 31 March 2024 3,500 3,500
_______ _______
At 31 March 2023 3,500 3,500
_______ _______
6. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2023 and 31 March 2024 2,274 2,274
_______ _______
Depreciation
At 1 April 2023 and 31 March 2024 2,274 2,274
_______ _______
Carrying amount
At 31 March 2024 - -
_______ _______
At 31 March 2023 - -
_______ _______
7. Controlling party
During the year the company was under the complete control of Mr Singh.