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COMPANY REGISTRATION NUMBER: 03551792
Digital March Limited
Filleted Unaudited Financial Statements
30 April 2023
Digital March Limited
Financial Statements
Year ended 30 April 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
2
Digital March Limited
Statement of Financial Position
30 April 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,532
6,709
Current assets
Debtors
6
16,718
16,473
Cash at bank and in hand
4,402
36,785
--------
--------
21,120
53,258
Creditors: amounts falling due within one year
7
998
16,634
--------
--------
Net current assets
20,122
36,624
--------
--------
Total assets less current liabilities
23,654
43,333
--------
--------
Net assets
23,654
43,333
--------
--------
Capital and reserves
Called up share capital
8
2
2
Profit and loss account
23,652
43,331
--------
--------
Shareholders funds
23,654
43,333
--------
--------
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 30 April 2023 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 13 October 2023 , and are signed on behalf of the board by:
J P Colbert
Director
Company registration number: 03551792
Digital March 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 146 New London Road, Chelmsford, Essex, CM2 0AW.
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.
Revenue recognition
Turnover represents amounts invoiced in the year net of Value Added Tax.
Income tax
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.
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:
Equipment
-
33% 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.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance 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. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Equipment
Total
£
£
Cost
At 1 May 2022
20,335
20,335
Additions
1,515
1,515
--------
--------
At 30 April 2023
21,850
21,850
--------
--------
Depreciation
At 1 May 2022
13,626
13,626
Charge for the year
4,692
4,692
--------
--------
At 30 April 2023
18,318
18,318
--------
--------
Carrying amount
At 30 April 2023
3,532
3,532
--------
--------
At 30 April 2022
6,709
6,709
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
4,800
Director's loan account
4,717
2,989
Other debtors
12,001
8,684
--------
--------
16,718
16,473
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Accruals and deferred income
960
915
Corporation tax
4,551
Social security and other taxes
38
7,666
Other creditors
3,502
----
--------
998
16,634
----
--------
8. Called up share capital
Issued, called up and fully paid
2023
2022
No.
£
No.
£
Ordinary shares of £ 1 each
2
2
2
2
----
----
----
----
9. Director's advances, credits and guarantees
At the year end date the director owed the company £4,717 (2022 - £2,989) which is shown amongst debtors. This has been repaid within 9 months of the year end.