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Registration number: 07634516

Digital Control Room Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2021

 

Digital Control Room Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Digital Control Room Limited

Company Information

Director

Stephen Hickey

Registered Number:

07634516

Registered office

71 - 75 Shelton Street
Covent Garden
London
WC2H 9JQ

Accountants

Ashton Allsop
Chartered Accountants
Thorncroft Manor
Thorncroft Drive
Leatherhead
Surrey
KT22 8JB

 

Digital Control Room Limited

(Registration number: 07634516)
Balance Sheet as at 31 December 2021

Note

2021
£

2020
£

Fixed assets

 

Intangible assets

4

637,628

503,827

Tangible assets

5

5,296

2,689

 

642,924

506,516

Current assets

 

Debtors

957,623

111,235

Cash at bank and in hand

 

145,552

397,134

 

1,103,175

508,369

Creditors: Amounts falling due within one year

(1,047,548)

(437,020)

Net current assets

 

55,627

71,349

Total assets less current liabilities

 

698,551

577,865

Provisions for liabilities

(106,778)

(80,861)

Net assets

 

591,773

497,004

Capital and reserves

 

Called up share capital

8

1,000

1,000

Retained earnings

590,773

496,004

Shareholders' funds

 

591,773

497,004

For the financial year ending 31 December 2021 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 their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

 

Digital Control Room Limited

(Registration number: 07634516)
Balance Sheet as at 31 December 2021

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.

Approved and authorised by the director on 12 September 2022
 

.........................................
Stephen Hickey
Director

 

Digital Control Room Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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:
71 - 75 Shelton Street
Covent Garden
London
WC2H 9JQ
United Kingdom

These financial statements were authorised for issue by the director on 12 September 2022.

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.

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.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

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.

 

Digital Control Room Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% straight line

Development costs

Effective 2018, costs relating to commercialised software development are recognised as an intangible asset in order to evenly match them against anticipated future revenue streams. Development costs are only capitalised if:

a) it is probable that the expected future economic benefits that are attributable to the development costs will flow to the company, and
b) costs can be measured reliably

Research costs are written off in the period in which they are incurred.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Development costs

Between 5 and 10 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

 

Digital Control Room Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

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. 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.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 9 (2020 - 7).

 

Digital Control Room Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2021

661,898

661,898

Additions internally developed

244,907

244,907

At 31 December 2021

906,805

906,805

Amortisation

At 1 January 2021

158,071

158,071

Amortisation charge

111,106

111,106

At 31 December 2021

269,177

269,177

Carrying amount

At 31 December 2021

637,628

637,628

At 31 December 2020

503,827

503,827

 

Digital Control Room Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

5

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 January 2021

13,298

13,298

Additions

4,164

4,164

At 31 December 2021

17,462

17,462

Depreciation

At 1 January 2021

10,609

10,609

Charge for the year

1,557

1,557

At 31 December 2021

12,166

12,166

Carrying amount

At 31 December 2021

5,296

5,296

At 31 December 2020

2,689

2,689

6

Debtors

2021
£

2020
£

Trade debtors

914,522

58,044

Prepayments

5,673

29,134

Other debtors

37,428

24,057

957,623

111,235

 

Digital Control Room Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2021

7

Creditors

Creditors: amounts falling due within one year

2021
£

2020
£

Due within one year

Trade creditors

15,643

10,312

Other related parties

324

1,613

PAYE and NIC

33,948

22,564

VAT

143,909

69,346

Accruals and deferred income

853,431

333,050

Other creditors

293

135

1,047,548

437,020

8

Share capital

Allotted, called up and fully paid shares

 

2021

2020

 

No.

£

No.

£

Ordinary Shares of £1 each

1,000

1,000

1,000

1,000