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COMPANY REGISTRATION NUMBER: 04595312
Extra Digital Limited
Filleted Unaudited Financial Statements
31 March 2023
Extra Digital Limited
Financial Statements
Year ended 31 March 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
Extra Digital Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Intangible assets
5
71,593
35,300
Tangible assets
6
15,692
15,769
--------
--------
87,285
51,069
Current assets
Debtors
7
265,840
212,854
Cash at bank and in hand
106,673
92,740
---------
---------
372,513
305,594
Creditors: amounts falling due within one year
8
189,475
160,660
---------
---------
Net current assets
183,038
144,934
---------
---------
Total assets less current liabilities
270,323
196,003
Provisions
Taxation including deferred tax
( 48,748)
( 21,142)
---------
---------
Net assets
319,071
217,145
---------
---------
Capital and reserves
Called up share capital
100
100
Profit and loss account
318,971
217,045
---------
---------
Shareholders funds
319,071
217,145
---------
---------
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.
For the year ending 31 March 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 .
Extra Digital Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 4 October 2023 , and are signed on behalf of the board by:
Dr R E Cornish
Mrs E J Frewin
Director
Director
Mr P J Frewin
Director
Company registration number: 04595312
Extra Digital Limited
Notes to the Financial Statements
Year ended 31 March 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 Camburgh House, 27 New Dover Road, Canterbury, Kent, CT1 3DN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the 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. Revenue recognition Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the services is recognised when; the service has been performed, by reference to stage of completion where appropriate; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transaction can be measured reliably. Income tax The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, 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. Foreign currencies Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account. Intangible assets All intangible assets are initially recorded at cost, and amortised over their useful economic lives.
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:
Development costs
-
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.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred on clearly defined projects whose outcome can be assessed with reasonable certainty is carried forward and amortisation is charged from that time over the life of the project.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Plant and machinery
-
20% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
Government grants
Government grants are recognised using the accrual model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.
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.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 18 (2022: 17 ).
5. Intangible assets
Development costs
£
Cost
At 1 April 2022
89,000
Additions
50,214
---------
At 31 March 2023
139,214
---------
Amortisation
At 1 April 2022
53,700
Charge for the year
13,921
---------
At 31 March 2023
67,621
---------
Carrying amount
At 31 March 2023
71,593
---------
At 31 March 2022
35,300
---------
6. Tangible assets
Plant and machinery
Total
£
£
Cost
At 1 April 2022
32,330
32,330
Additions
7,993
7,993
Disposals
( 10,076)
( 10,076)
--------
--------
At 31 March 2023
30,247
30,247
--------
--------
Depreciation
At 1 April 2022
16,561
16,561
Charge for the year
5,608
5,608
Disposals
( 7,614)
( 7,614)
--------
--------
At 31 March 2023
14,555
14,555
--------
--------
Carrying amount
At 31 March 2023
15,692
15,692
--------
--------
At 31 March 2022
15,769
15,769
--------
--------
7. Debtors
2023
2022
£
£
Trade debtors
143,876
148,828
Other debtors
121,964
64,026
---------
---------
265,840
212,854
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
4,116
8,749
Social security and other taxes
79,078
74,743
Other creditors
106,281
77,168
---------
---------
189,475
160,660
---------
---------
9. Operating leases
The total future minimum lease payments under non-cancellable operating leases are as follows:
2023
2022
£
£
Not later than 1 year
6,509
6,509
Later than 1 year and not later than 5 years
1,085
7,593
-------
--------
7,594
14,102
-------
--------
10. Related party transactions
At the balance sheet date, the company owed the directors £8,133 (2022: £15,214).