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COMPANY REGISTRATION NUMBER: 5095945
Complete Digital Design Solutions Ltd
Filleted Unaudited Financial Statements
For the year ended
31 March 2023
Complete Digital Design Solutions Ltd
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
200,469
200,627
Current assets
Debtors
6
1,713
6,606
Cash at bank and in hand
21,934
11,461
--------
--------
23,647
18,067
Creditors: amounts falling due within one year
7
5,487
798
--------
--------
Net current assets
18,160
17,269
---------
---------
Total assets less current liabilities
218,629
217,896
Creditors: amounts falling due after more than one year
8
( 128,634)
( 126,509)
Provisions
Taxation including deferred tax
89
119
---------
---------
Net assets
89,906
91,268
---------
---------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
24,762
24,762
Profit and loss account
65,044
66,406
--------
--------
Shareholders funds
89,906
91,268
--------
--------
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 comprehensive income 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.
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 .
Complete Digital Design Solutions Ltd
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 26 October 2023 , and are signed on behalf of the board by:
Mr G L Williams
Director
Company registration number: 5095945
Complete Digital Design Solutions Ltd
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 Ty Newydd, Waunfawr, Caernarfon, Gwynedd, LL54 7BQ.
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, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
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 goods supplied and services rendered, stated net of discounts and of Value Added Tax.
Taxation
Taxation represents the sum of tax currently payable and deferred tax. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax is recognised on all timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's accounts. Deferred tax is provided in full on timing differences which result in an obligation to pay more (or less) tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current rates and laws.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fixtures & Fittings
-
25% reducing balance
Equipment
-
25% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss.
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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to Nil (2022: 1 ).
5. Tangible assets
Land and buildings
Fixtures and fittings
Equipment
Total
£
£
£
£
Cost
At 1 April 2022 and 31 March 2023
200,000
5,411
3,408
208,819
---------
-------
-------
---------
Depreciation
At 1 April 2022
5,055
3,137
8,192
Charge for the year
90
68
158
---------
-------
-------
---------
At 31 March 2023
5,145
3,205
8,350
---------
-------
-------
---------
Carrying amount
At 31 March 2023
200,000
266
203
200,469
---------
-------
-------
---------
At 31 March 2022
200,000
356
271
200,627
---------
-------
-------
---------
Included within the above is investment property as follows:
£
---------
At 1 April 2022 and 31 March 2023
200,000
---------
The investment property was valued by the Director having compared this property to other similar properties on the market as at 31 March 2023.
6. Debtors
2023
2022
£
£
Other debtors
1,713
6,606
-------
-------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
749
798
Other creditors
4,738
-------
----
5,487
798
-------
----
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
128,634
126,509
---------
---------
Included within creditors: amounts falling due after more than one year is an amount of £128,634 (2022: £126,509) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.
The amounts due by the company of £128,634 (2022 £126,509), is a bank loan secured against company assets.
9. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr G L Williams
5,493
( 9,196)
( 3,703)
-------
-------
-------
2022
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr G L Williams
708
4,785
5,493
----
-------
-------