Company registration number 08649655 (England and Wales)
DIRECT INDEPENDENT IMPORTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
PAGES FOR FILING WITH REGISTRAR
DIRECT INDEPENDENT IMPORTS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 7
DIRECT INDEPENDENT IMPORTS LIMITED
BALANCE SHEET
AS AT
31 AUGUST 2025
31 August 2025
- 1 -
2025
2024
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
4
78,829
93,135
Current assets
Stocks
2,449,254
2,201,383
Debtors
5
2,810,764
2,415,162
Cash at bank and in hand
1,174,831
841,641
6,434,849
5,458,186
Creditors: amounts falling due within one year
6
(901,933)
(623,606)
Net current assets
5,532,916
4,834,580
Total assets less current liabilities
5,611,745
4,927,715
Creditors: amounts falling due after more than one year
7
-
0
(1,038)
Provisions for liabilities
(19,500)
(32,142)
Net assets
5,592,245
4,894,535
Capital and reserves
Called up share capital
2
2
Profit and loss reserves
5,592,243
4,894,533
Total equity
5,592,245
4,894,535
DIRECT INDEPENDENT IMPORTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 AUGUST 2025
31 August 2025
- 2 -

For the financial year ended 31 August 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he 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 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 18 March 2026 and are signed on its behalf by:
Director
Company registration number 08649655 (England and Wales)
DIRECT INDEPENDENT IMPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2025
- 3 -
1
Accounting policies
Company information

Direct Independent Imports Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Block 23, Amber Business Centre, Greenhill Lane Riddings, Alfreton, Derbyshire, DE55 4BR. The company registration number is 08649655.

1.1
Basis of preparation

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 a mounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Revenue

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

The nature, timing of satisfaction of performance obligations and significant payment terms of the company's major sources of revenue are as follows:

Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.3
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:

Plant and equipment
20% on cost
Fixtures and fittings
20% on cost
Computers
25% on cost
Motor vehicles
25% on cost

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.

DIRECT INDEPENDENT IMPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 4 -
1.4
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.

1.5
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
Financial instruments
Basic financial assets

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account.

Basic financial liabilities

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest method. Loans and borrowings that are receivable within one year are not discounted. If an arrangement constitutes a finance transaction it is measured at present value of future payments discounted at a market rate of interest for a similar loan.

1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
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.

DIRECT INDEPENDENT IMPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
1
Accounting policies
(Continued)
- 5 -

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases
As lessee

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2025
2024
Number
Number
Total
17
16
DIRECT INDEPENDENT IMPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 6 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 September 2024
576,429
Additions
28,241
At 31 August 2025
604,670
Depreciation and impairment
At 1 September 2024
483,294
Depreciation charged in the year
42,547
At 31 August 2025
525,841
Carrying amount
At 31 August 2025
78,829
At 31 August 2024
93,135
5
Debtors
2025
2024
Amounts falling due within one year:
£
£
Trade debtors
900,676
787,180
Other debtors
1,910,088
1,627,982
2,810,764
2,415,162
6
Creditors: amounts falling due within one year
2025
2024
£
£
Trade creditors
570,538
394,107
Corporation tax
281,705
206,626
Other taxation and social security
23,511
11,173
Other creditors
26,179
11,700
901,933
623,606
7
Creditors: amounts falling due after more than one year
2025
2024
£
£
Other creditors
-
0
1,038
DIRECT INDEPENDENT IMPORTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 AUGUST 2025
- 7 -
8
Prior period adjustment

During the year, an error was identified in relation to historical input VAT not being reclaimed in the prior financial period resulting in the gross profit previously reported being understated.

A prior period adjustment has been made during the financial period to reduce the cost of sales reported. This correction has been processed through the VAT control account and the amounts relating to the period prior to the previous year have been processed through retained earnings brought forward.

An adjustment has been made during the financial period to increase the corporation tax charge previously reported. This correction has been processed through the corporation tax control account and the amounts relating to the period prior to the previous year have been processed through retained earnings brought forward.

The impact of the adjustment is as follows:

Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Aug 2024
£
£
£
Current assets
Debtors due within one year
2,202,716
212,446
2,415,162
Creditors due within one year
Taxation
(173,005)
(44,794)
(217,799)
Net assets
4,726,883
167,652
4,894,535
Capital and reserves
Profit and loss reserves
4,726,881
167,652
4,894,533
Reconciliation of changes in equity
1 September
31 August
2023
2024
£
£
Adjustments to prior year
Late VAT Claim on Import Duty
-
55,289
Adjustment to Reflect Re-Calculated Tax
-
(13,822)
Late VAT Claim on Import Duty in the Period Prior to the Previous Year
-
157,157
Adjustment to Reflect Re-Calculated Tax in the Period Prior to the Previous Year
-
(30,972)
Total adjustments
-
167,652
Equity as previously reported
4,268,795
4,726,883
Equity as adjusted
4,268,795
4,894,535
Analysis of the effect upon equity
Profit and loss reserves
-
167,652
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