2 30/04/2023 2023-04-30 false false false false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2022-05-01 Sage Accounts Production 21.0 - FRS102_2021 xbrli:pure xbrli:shares iso4217:GBP 09786622 2022-05-01 2023-04-30 09786622 2023-04-30 09786622 2022-04-30 09786622 2021-05-01 2022-04-30 09786622 2022-04-30 09786622 core:NetGoodwill 2022-05-01 2023-04-30 09786622 bus:Director1 2022-05-01 2023-04-30 09786622 core:WithinOneYear 2023-04-30 09786622 core:WithinOneYear 2022-04-30 09786622 core:NetGoodwill 2022-04-30 09786622 core:NetGoodwill 2023-04-30 09786622 core:ShareCapital 2023-04-30 09786622 core:ShareCapital 2022-04-30 09786622 core:RetainedEarningsAccumulatedLosses 2023-04-30 09786622 core:RetainedEarningsAccumulatedLosses 2022-04-30 09786622 core:NetGoodwill 2022-04-30 09786622 bus:SmallEntities 2022-05-01 2023-04-30 09786622 bus:AuditExemptWithAccountantsReport 2022-05-01 2023-04-30 09786622 bus:FullAccounts 2022-05-01 2023-04-30 09786622 bus:SmallCompaniesRegimeForAccounts 2022-05-01 2023-04-30 09786622 bus:PrivateLimitedCompanyLtd 2022-05-01 2023-04-30
Company registration number: 09786622
2020 Digital Media Limited
Unaudited filleted financial statements
30 April 2023
2020 DIGITAL MEDIA LIMITED
STATEMENT OF FINANCIAL POSITION
30 APRIL 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 5 2,000 3,000
_______ _______
2,000 3,000
Current assets
Debtors 6 3,611 6,179
Cash at bank and in hand 270,244 246,483
_______ _______
273,855 252,662
Creditors: amounts falling due
within one year 7 ( 7,955) ( 8,509)
_______ _______
Net current assets 265,900 244,153
_______ _______
Total assets less current liabilities 267,900 247,153
_______ _______
Net assets 267,900 247,153
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 8 267,800 247,053
_______ _______
Shareholders funds 267,900 247,153
_______ _______
For the year ending 30 April 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The 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 Act 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 and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 03 October 2023 , and are signed on behalf of the board by:
J P George
Director
Company registration number: 09786622
2020 DIGITAL MEDIA LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 30 APRIL 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/o Jgbm Barn Close, Langage Business Park, Plympton, Plymouth, PL7 5HQ.
Principal activity
The principal activity of the company is that of business and domestic software development.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis.The financial statements are prepared in sterling, which is the functional currency of the entity.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.
Turnover
Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 10 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Intangible assets
Goodwill Total
£ £
Cost
At 1 May 2022 and 30 April 2023 10,000 10,000
_______ _______
Amortisation
At 1 May 2022 7,000 7,000
Charge for the year 1,000 1,000
_______ _______
At 30 April 2023 8,000 8,000
_______ _______
Carrying amount
At 30 April 2023 2,000 2,000
_______ _______
At 30 April 2022 3,000 3,000
_______ _______
6. Debtors
2023 2022
£ £
Trade debtors 3,332 5,895
Other debtors 279 284
_______ _______
3,611 6,179
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Trade creditors 12 29
Accruals and deferred income 1,134 847
Social security and other taxes 6,809 7,633
_______ _______
7,955 8,509
_______ _______
8. Reserves
Profit and loss account:This reserve records retained earnings and accumulated losses.