Company registration number 02635683 (England and Wales)
DIRECTIVE OFFICE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
DIRECTIVE OFFICE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DIRECTIVE OFFICE LIMITED (REGISTERED NUMBER: 02635683)
BALANCE SHEET
AS AT 29 JUNE 2024
29 June 2024
- 1 -
29 June 2024
30 June 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
7,604
10,204
Current assets
Stocks
170,775
160,775
Debtors
4
286,544
247,637
Cash at bank and in hand
36,068
212,348
493,387
620,760
Creditors: amounts falling due within one year
5
(622,743)
(600,798)
Net current (liabilities)/assets
(129,356)
19,962
Total assets less current liabilities
(121,752)
30,166
Creditors: amounts falling due after more than one year
6
(30,977)
(100,233)
Provisions for liabilities
(1,322)
(2,552)
Net liabilities
(154,051)
(72,619)
Capital and reserves
Called up share capital
7
121
121
Profit and loss reserves
(154,172)
(72,740)
Total equity
(154,051)
(72,619)
DIRECTIVE OFFICE LIMITED (REGISTERED NUMBER: 02635683)
BALANCE SHEET (CONTINUED)
AS AT 29 JUNE 2024
29 June 2024
- 2 -
For the financial period ended 29 June 2024 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 of its financial statements for the period in question in accordance with section 476.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 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.
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
The financial statements were approved by the board of directors and authorised for issue on 20 June 2025 and are signed on its behalf by:
Mr S M Brunton
Mr A J Finn
Director
Director
DIRECTIVE OFFICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 29 JUNE 2024
- 3 -
1
Accounting policies
Company information
Directive Office Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 399-401 Strand, London, England, WC2R 0LT.
1.1
Reporting period
The company accounts are presented for a period shorter than a year, covering the period from the 1st of July 2023 to the 29th of June 2024.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
Atruet the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
1.4
Turnover
Revenue comprises sales of goods and services provided to customers net of value added tax and other sales taxes. Revenue is recognised when performance obligations are satisfied and the control of goods or services is transferred to the buyer. Where the performance obligation is satisfied over time, revenue is recognised in accordance with its progress towards complete satisfaction of that performance obligation.
The following criteria also must be met before turnover is recognised.
Turnover for the sale of goods is recognised when all of the following conditions are met:
The company has transferred the significant risks and rewards of ownership to the buyer;
The amount of turnover can be recognised reliably and;
It is probable that the company will receive the consideration due under the transaction.
DIRECTIVE OFFICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
The amount of turnover can be measured reliably;
It is probable that the company will receive the consideration due under the contract;
The stage of completion of the contract at the end of the reporting period can be measured reliably and;
The costs incurred and the costs to complete the contract can be measured reliably
1.5
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
- 25% on reducing balance
Computers
- 33% on straight-line
Motor vehicles
- 25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.6
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
DIRECTIVE OFFICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024
1
Accounting policies
(Continued)
- 5 -
1.8
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.9
Leases
As lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.10
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was:
2024
2023
Number
Number
Total
6
6
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
Cost
At 1 July 2023
53,181
16,348
30,065
99,594
Additions
654
654
At 29 June 2024
53,181
17,002
30,065
100,248
Depreciation and impairment
At 1 July 2023
45,135
14,664
29,591
89,390
Depreciation charged in the period
2,012
1,123
119
3,254
At 29 June 2024
47,147
15,787
29,710
92,644
DIRECTIVE OFFICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024
3
Tangible fixed assets
Fixtures and fittings
Computers
Motor vehicles
Total
£
£
£
£
(Continued)
- 6 -
Carrying amount
At 29 June 2024
6,034
1,215
355
7,604
At 30 June 2023
8,046
1,684
474
10,204
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
281,933
210,586
Other debtors
4,611
37,051
286,544
247,637
5
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
69,256
62,630
Trade creditors
415,567
443,222
Taxation and social security
43,339
45,331
Other creditors
94,581
49,615
622,743
600,798
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
30,977
100,233
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
100
100
100
100
Ordinary Non-Voting of £1 each
21
21
21
21
121
121
121
121
DIRECTIVE OFFICE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 29 JUNE 2024
- 7 -
8
Financial commitments, guarantees and contingent liabilities
During the 2020 accounting period, the company borrowed £250,000 from its bankers under the Coronavirus Business Interruption Loan Scheme. As part of this loan scheme, the UK government guaranteed the advance and paid the interest and fees due for the first 12 months. At the balance sheet date, the outstanding amount of the loan was £100,233 (2023: £162,862). This amount is shown within creditors within one year and over one year on the balance sheet. The interest rate on this loan is 2.50% per annum.
9
Operating lease commitments
As lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2024
2023
£
£
Total commitments
17,600
10
Directors' transactions
Included within other debtors is an overdrawn directors’ loan account of £nil (2023: £6,000). No interest was being charged on this balance. This balance was repaid during the current year.