LAUNCH DIGITAL LTD - Filleted accounts

Registered number

SC416748

LAUNCH DIGITAL LTD

Filleted Accounts

28 February 2023

LAUNCH DIGITAL LTD
Registered number:		SC416748
Balance Sheet
as at 28 February 2023

Notes			2023			2022
£				£
Fixed assets
Tangible assets	3		14,693			14,905

Current assets
Stocks		108			2,161
Debtors	4	43,365			27,199
Cash at bank and in hand		53,798			76,798
		97,271			106,158

Creditors: amounts falling due within one year	5	(45,699)			(52,827)

Net current assets			51,572			53,331

Total assets less current liabilities			66,265			68,236

Creditors: amounts falling due after more than one year	6		(22,535)			(32,846)



Net assets			43,730			35,390

Capital and reserves
Called up share capital			100			100
Profit and loss account			43,630			35,290

Shareholders' funds			43,730			35,390

The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.




D Wilkinson
Director
Approved by the board on 28 September 2023

LAUNCH DIGITAL LTD
Notes to the Accounts
for the year ended 28 February 2023


1	Accounting policies

	Turnover
	Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services.Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.

	Tangible fixed assets
	Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:

	Office equipment	20% reducing balance
	Furniture & fittings	25% reducing balance

	Stocks
	Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.

	Debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Taxation
	A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.

	Pensions
	Contributions to defined contribution plans are expensed in the period to which they relate.


2	Employees			2023		2022
Number					Number

	Average number of persons employed by the company			4		6


3	Tangible fixed assets
		Office Equipment		Plant and machinery etc		Total
£			£		£
	Cost
	At 1 March 2022	44,954		5,681		50,635
	Additions	-		3,799		3,799
	At 28 February 2023	44,954		9,480		54,434

	Depreciation
	At 1 March 2022	31,667		4,063		35,730
	Charge for the year	2,657		1,354		4,011
	At 28 February 2023	34,324		5,417		39,741

	Net book value
	At 28 February 2023	10,630		4,063		14,693
	At 28 February 2022	13,287		1,618		14,905


4	Debtors			2023		2022
£					£

	Trade debtors			43,365		27,199


5	Creditors: amounts falling due within one year			2023		2022
£					£

	Bank loans and overdrafts			8,000		8,000
	Trade creditors			6,401		19,238
	Taxation and social security costs			13,173		9,643
	Other creditors			18,125		15,946
				45,699		52,827


6	Creditors: amounts falling due after one year			2023		2022
£					£

	Bank loans			22,535		32,846


7	Other information

	LAUNCH DIGITAL LTD is a private company limited by shares and incorporated in Scotland. Its registered office is:
	1 Wellington Square
	Ayr
	KA7 1EN