REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2024 |
for |
DIRECT CONVERSION LTD |
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 30 September 2024 |
for |
DIRECT CONVERSION LTD |
DIRECT CONVERSION LTD (REGISTERED NUMBER: 09313012) |
Contents of the Financial Statements |
for the year ended 30 September 2024 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 3 |
DIRECT CONVERSION LTD |
Company Information |
for the year ended 30 September 2024 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
DIRECT CONVERSION LTD (REGISTERED NUMBER: 09313012) |
Statement of Financial Position |
30 September 2024 |
2024 | 2023 |
£ | £ |
CURRENT ASSETS |
Cash at bank |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the Board of Directors and authorised for issue on |
DIRECT CONVERSION LTD (REGISTERED NUMBER: 09313012) |
Notes to the Financial Statements |
for the year ended 30 September 2024 |
1. | STATUTORY INFORMATION |
Direct Conversion Limited is a private company limited by shares and is incorporated in England and Wales. The address of the company's principal place of business is 3 Skylines Village, Limeharbour, London, E14 9TS. The company's principal activities are as disclosed in the Report of the Directors. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
DIRECT CONVERSION LTD (REGISTERED NUMBER: 09313012) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Financial instruments |
The company has chosen to adopt Section 11 of FRS 102 in respect of financial instruments as it has only basic financial instruments. |
a) Basic financial assets |
Trade and other debtors, loans to fellow group companies, loans to related companies, other debtors and bank balances, which are due within one year are initially recognised at transaction price and subsequently carried at amortised cost being the transaction price less any amounts settled and any impairment losses. |
At the end of each reporting period basic financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. |
If there is decrease in the impairment loss arising from an event occurring after the impairment was recognised the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss. |
A financial asset is derecognised only when the contractual rights to cash flows expire or are settled, or substantially all the risks and rewards of ownership are transferred to another party, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to seel the asset in its entirety to an unrelated third party. |
b) Basic financial liabilities and equity |
Financial liabilities are classified as liabilities and equity instruments according to the substance of the contractual arrangements entered into. an equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. |
Trade creditors, other creditors and loans from fellow group and related companies are initially recognised at transaction price and subsequently carried at amortised cost, being transaction price less any amounts settled. |
Other loans are initially recognised at the transaction price, including transaction costs and subsequently measured at amortised cost using the effective interest method. Interest expense is recognised on the basis of the effective interest method and is included in interest payable and other similar charges. |
Basic financial liabilities are decolonised when the contractual obligation is discharged, cancelled or expired. |
c) Equity instruments |
The ordinary share capital of the company is classified as equity and recorded at fair value of the cash or other resources received pr receivable, net of direct costs of issuing the equity instruments. |
DIRECT CONVERSION LTD (REGISTERED NUMBER: 09313012) |
Notes to the Financial Statements - continued |
for the year ended 30 September 2024 |
2. | ACCOUNTING POLICIES - continued |
Foreign currencies |
The financial statements are presented in sterling which is also the the functional currency of the company. |
Transactions in currencies other than the functional currency (foreign currencies) are initially recorded at the standard exchange rate ruling for the period. |
Monetary assets and liabilities denominated in foreign currencies are translated into sterling at the rates of exchange ruling at the reporting date. |
Non-monetary assets and liabilities denominated in foreign currencies are translated at the rate ruling at the date of the transaction or, if the asset or liability is measured at fair value, the rate when that fair value was determined. |
All translation differences are taken to profit or loss, except to the extent that they relate to gains or losses on non-monetary items recognised in other comprehensive income, when the related translation gain or loss is also recognised in other comprehensive income. |
Cash and cash equivalents |
Cash and cash equivalents in the balance sheet comprise cash at banks and in hand and short term deposits with an original maturity date of three months or less. |
3. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was NIL (2023 - NIL). |
4. | RELATED PARTY DISCLOSURES |
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group. |
5. | ULTIMATE CONTROLLING PARTY |
The ultimate parent company and controlling party is Varex Imaging Corporation, a company incorporated in the USA. The smallest and largest group of which Direct Conversion Ltd is a member and for which consolidated financial statements are prepared is Varex Imaging Corporation. |
Consolidated financial statements for Varex Imaging Corporation are available from 1678 S Pioneer Road, Salt Lake City, UT84104, USA. |