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Registration number: 09659041

Direct Air Supplies (Southern) Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2024

 

Direct Air Supplies (Southern) Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 8

 

Direct Air Supplies (Southern) Ltd

Company Information

Director

R A Newton

Registered office

12 Dickens Way
Romford
Essex
RM1 4GQ

 

Direct Air Supplies (Southern) Ltd

(Registration number: 09659041)
Balance Sheet as at 30 June 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

52,793

60,794

Current assets

 

Stocks

15,000

20,000

Debtors

5

1,175,800

1,496,916

Cash at bank and in hand

 

1,277,257

532,173

 

2,468,057

2,049,089

Creditors: Amounts falling due within one year

6

(340,807)

(212,940)

Net current assets

 

2,127,250

1,836,149

Total assets less current liabilities

 

2,180,043

1,896,943

Provisions for liabilities

(9,750)

(11,530)

Net assets

 

2,170,293

1,885,413

Capital and reserves

 

Called up share capital

2

2

Share premium reserve

947,468

947,468

Retained earnings

1,222,823

937,943

Shareholders' funds

 

2,170,293

1,885,413

 

Direct Air Supplies (Southern) Ltd

(Registration number: 09659041)
Balance Sheet as at 30 June 2024 (continued)

For the financial year ending 30 June 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 accounts for the year in question in accordance with section 476; and

The director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director on 5 March 2025
 

R A Newton
Director

   
     
 

Direct Air Supplies (Southern) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
12 Dickens Way
Romford
Essex
RM1 4GQ

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.

Turnover is recognised when the goods have been delivered such that the risks and rewards of ownership have been transferred to the customer.

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

Direct Air Supplies (Southern) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

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.

Depreciation

Depreciation is charged so as to write off the cost of assets less their residual value over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Plant and machinery

25% on reducing balance

Fixtures and fittings

25% on cost

Motor vehicles

25% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

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 net realisable value, after making due allowance for obsolete and slow moving items. Cost is determined using the first-in, first-out (FIFO) method.

 

Direct Air Supplies (Southern) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

2

Accounting policies (continued)

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.

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 the director) during the year, was 3 (2023 - 4).

 

Direct Air Supplies (Southern) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

4

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 July 2023

1,906

21

92,047

93,974

At 30 June 2024

1,906

21

92,047

93,974

Depreciation

At 1 July 2023

1,307

18

31,855

33,180

Charge for the year

370

1

7,630

8,001

At 30 June 2024

1,677

19

39,485

41,181

Carrying amount

At 30 June 2024

229

2

52,562

52,793

At 30 June 2023

599

3

60,192

60,794

5

Debtors

2024
£

2023
£

Trade debtors

285,906

209,634

Prepayments

9,705

2,330

Other debtors

880,189

1,284,952

1,175,800

1,496,916

Other debtors includes an interest free loan of £880,000 (2023 - £885,778) repayable on demand, to a company in which the director is both a director and has a participating interest.

 

Direct Air Supplies (Southern) Ltd

Notes to the Unaudited Financial Statements for the Year Ended 30 June 2024 (continued)

6

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

202,404

155,843

Taxation and social security

118,657

50,855

Accruals and deferred income

3,990

3,620

Other creditors

15,756

2,622

340,807

212,940

7

Financial commitments, guarantees and contingencies

Amounts not provided for in the balance sheet

The total amount of financial commitments not included in the balance sheet is £75,833 (2023 - £Nil).

The company operates an auto enrolment pension scheme with NEST. Employer pension contributions charged in the period amounted to £308 (2023 - £1,079). A commitment exists but it is not deemed practicable to quantify.

8

Related party transactions

Loans to related parties

2024

Key management
£

At start of period

399,173

Repaid

(399,173)

At end of period

-

2023

Key management
£

Advanced

399,173

At end of period

399,173

Terms of loans to related parties

The loan to the director is interest free and repayable on demand. It was repaid in full in March 2024.