Direct Socks Limited - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 03774115 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 OCTOBER 2021

FOR

DIRECT SOCKS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

Ms T K Petken

Mrs J M Petken

SECRETARY:

Mrs J M Petken

REGISTERED OFFICE:

Wellington House

273-275 High Street

London Colney

Hertfordshire

AL2 1HA

REGISTERED NUMBER:

03774115 (England and Wales)

ACCOUNTANTS:

Newman Morris Limited

Chartered Accountants

Wellington House

273-275 High Street

London Colney

Hertfordshire

AL2 1HA

FIXED ASSETS

Tangible assets

4

23,172

5,918

CURRENT ASSETS

Stocks

8,200

27,200

Debtors

5

15,616

9,386

Cash at bank

49,292

34,078

73,108

70,664

CREDITORS

Amounts falling due within one year

6

(45,943

)

(51,686

)

NET CURRENT ASSETS

27,165

18,978

TOTAL ASSETS LESS CURRENT LIABILITIES

50,337

24,896

CREDITORS

Amounts falling due after more than one year

7

(22,955

)

(16,000

)

PROVISIONS FOR LIABILITIES

(1,760

)

(1,760

)

NET ASSETS

25,622

7,136

CAPITAL AND RESERVES

Called up share capital

1,000

1,000

Retained earnings

24,622

6,136

25,622

7,136

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 October 2021.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 October 2021 in accordance with Section 476 of the Companies Act 2006.

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 have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 19 October 2022 and were signed on its behalf by:

Mrs J M Petken - Director

1.	STATUTORY INFORMATION

Direct Socks Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

TANGIBLE FIXED ASSETS

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

STOCKS

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

TAXATION

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2020 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 November 2020

30,683

Additions

24,978

At 31 October 2021

55,661

DEPRECIATION

At 1 November 2020

24,765

Charge for year

7,724

At 31 October 2021

32,489

NET BOOK VALUE

At 31 October 2021

23,172

At 31 October 2020

5,918

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Trade debtors

15,616

9,386

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2021

2020

£

£

Bank loans and overdrafts

4,000

4,000

Hire purchase contracts

6,631

-

Trade creditors

20,340

15,467

Taxation and social security

9,251

5,687

Other creditors

5,721

26,532

45,943

51,686

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2021

2020

£

£

Bank loans

14,667

16,000

Hire purchase contracts

8,288

-

22,955

16,000