Company registration number 13222551 (England and Wales)
DIGILAB LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED
28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
30-31 St.James Place
Mangotsfield
Bristol
United Kingdom
BS16 9JB
DIGILAB LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 9
DIGILAB LTD
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 2 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
4
30,931
28,274
Tangible assets
5
3,100
1,068
Investments
6
7,805
16,283
41,836
45,625
Current assets
Stocks
5,200
-
Debtors
7
89,349
17,432
Cash at bank and in hand
16,788
29,931
111,337
47,363
Creditors: amounts falling due within one year
8
(39,996)
(61,242)
Net current assets/(liabilities)
71,341
(13,879)
Total assets less current liabilities
113,177
31,746
Provisions for liabilities
1,772
1,755
Net assets
114,949
33,501
Capital and reserves
Called up share capital
1
1
Revaluation reserve
(3,885)
(6,167)
Profit and loss reserves
9
118,833
39,667
Total equity
114,949
33,501
DIGILAB LTD
BALANCE SHEET (CONTINUED)
AS AT
28 FEBRUARY 2023
28 February 2023
- 3 -
The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 28 February 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and signed by the director and authorised for issue on 15 September 2023
Mr W T O Rees
Director
Company Registration No. 13222551
DIGILAB LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
1
Accounting policies
Company information
Digilab Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 43 Grovelands Road, Reading, Berkshire, RG30 2PN.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
1.3
Intangible fixed assets other than goodwill
Intangible assets acquired separately from a business are recognised at cost and subsequently fair value using the revaluation model where the fair value can be reliably measured using an active market. Otherwise intangible assets are measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Ethereum
Revaluation model
1.4
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
DIGILAB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 5 -
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures and fittings
25% on reducing balance
Computers
25% on reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
1.5
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
DIGILAB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 6 -
1.7
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.
1.8
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
In the opinion of the directors there are no significant judgements or areas of estimation uncertainty.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
1
1
DIGILAB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 7 -
4
Intangible fixed assets
Ethereum
£
Cost or valuation
At 1 March 2022
28,274
Additions
150
Revaluation
2,507
At 28 February 2023
30,931
Amortisation and impairment
At 1 March 2022 and 28 February 2023
Carrying amount
At 28 February 2023
30,931
At 28 February 2022
28,274
5
Tangible fixed assets
Fixtures and fittings
Computers
Total
£
£
£
Cost
At 1 March 2022
573
532
1,105
Additions
451
2,452
2,903
At 28 February 2023
1,024
2,984
4,008
Depreciation and impairment
At 1 March 2022
12
25
37
Depreciation charged in the year
247
624
871
At 28 February 2023
259
649
908
Carrying amount
At 28 February 2023
765
2,335
3,100
At 28 February 2022
561
507
1,068
DIGILAB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 8 -
6
Fixed asset investments
2023
2022
£
£
Other investments other than loans
7,805
16,283
Movements in fixed asset investments
Investments
£
Cost or valuation
At 1 March 2022
16,283
Valuation changes
(3,049)
Disposals
(5,429)
At 28 February 2023
7,805
Carrying amount
At 28 February 2023
7,805
At 28 February 2022
16,283
Fair value at 28 February 2023is represented by:
Valuation in 2022 £(2,697)
Valuation in 2023 £(2,706)
Cost £13,208
Valuation £7,805
Fixed asset investments have been revalued by using quoted prices at the balance sheet date.
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
43,056
3,600
Other debtors
46,293
13,832
89,349
17,432
Included within other debtors is a balance of £13,351 (2022, £13,676) due from Glass Components UK Limited, a company under common control.
DIGILAB LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 9 -
8
Creditors: amounts falling due within one year
2023
2022
£
£
Taxation and social security
39,020
35,636
Other creditors
976
25,606
39,996
61,242
9
Profit and loss reserves
Included within profit loss reserves are non-distributable profits of (£4,110).
10
Directors' transactions
Description
% Rate
Opening balance
Amounts advanced
Closing balance
£
£
£
Mr W T O Rees - Directors' loan
-
(24,705)
57,647
32,942
(24,705)
57,647
32,942
The outstanding balance was repaid within 9 months of the year-end.