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Alban Digital Limited

Annual Report and Financial Statements

for the Year Ended 28 February 2023

 

Alban Digital Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 9

 

Alban Digital Limited

Company Information

Directors

Mr M Nunney

Ms N Stibbe

Registered office

Alexander & Co Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB

Registered number

03515282 (England & Wales)

Accountants

Alexander & Co
AAT Licenced Accountant
Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB

 

Alban Digital Limited

(Registration number: 03515282)
Balance Sheet as at 28 February 2023

Note

2023

2022

   

£

£

£

£

fixed assets

   

 

tangible assets

5

 

14,453

 

15,053

Current assets

   

 

Debtors

6

343,357

 

383,377

 

Cash at bank and in hand

 

1,036,701

 

830,718

 

 

1,380,058

 

1,214,095

 

Creditors: Amounts falling due within one year

7

(178,744)

 

(166,572)

 

Net current assets

   

1,201,314

 

1,047,523

Total assets less current liabilities

   

1,215,767

 

1,062,576

Provisions for liabilities

9

 

(2,746)

 

(2,860)

Net assets

   

1,213,021

 

1,059,716

capital and reserves

   

 

Called up share capital

8

100

 

100

 

Profit and loss account

1,212,921

 

1,059,616

 

Total equity

   

1,213,021

 

1,059,716

For the financial year ending 28 February 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

 

Alban Digital Limited

(Registration number: 03515282)
Balance Sheet as at 28 February 2023

Approved and authorised by the Board on 26 October 2023

and signed on its behalf by:
 

.........................................

Mr M Nunney
Director

 

Alban Digital Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is:
Alexander & Co Schooners Business Park
Bess Park Road
Wadebridge
Cornwall
PL27 6HB
United Kingdom

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

Alban Digital Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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 and that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

15% on reducing balance

Computer equipment

20% on cost

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Alban Digital Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 12 (2022 - 11).

4

Taxation

Tax charged/(credited) in the income statement

2023
 £

2022
 £

Current taxation

UK corporation tax

64,149

63,401

UK corporation tax adjustment to prior periods

-

(74)

64,149

63,327

Deferred taxation

Arising from changes in tax rates and laws

(114)

660

Tax expense in the income statement

64,035

63,987

 

Alban Digital Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

5

Tangible assets

Fixtures and fittings
£

Office equipment
£

Total
£

Cost or valuation

At 1 March 2022

5,220

66,986

72,206

Additions

-

5,705

5,705

At 28 February 2023

5,220

72,691

77,911

Depreciation

At 1 March 2022

3,610

53,543

57,153

Charge for the year

241

6,064

6,305

At 28 February 2023

3,851

59,607

63,458

Carrying amount

At 28 February 2023

1,369

13,084

14,453

At 28 February 2022

1,610

13,443

15,053

 

Alban Digital Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

6

debtors

Current

2023
£

2022
£

Trade debtors

224,906

301,839

Prepayments

2,396

1,743

Other debtors

116,055

79,795

 

343,357

383,377

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

5,769

16,705

Taxation and social security

148,098

145,722

Accruals and deferred income

2,883

2,778

Other creditors

21,994

1,367

178,744

166,572

8

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary A of £1 each

70

70

70

70

Ordinary B of £1 each

30

30

30

30

 

100

100

100

100

9

Deferred tax and other provisions

Deferred tax
£

Total
£

At 1 March 2022

2,860

2,860

Increase (decrease) in existing provisions

(114)

(114)

At 28 February 2023

2,746

2,746

 

Alban Digital Limited

Notes to the Unaudited Financial Statements for the Year Ended 28 February 2023

10

Dividends

Interim dividends paid

   

2023
£

 

2022
£

An interim dividend of £950.00 (2022 - £1,285.7142) was paid per each Ordinary A share

 

66,500

 

90,000

An interim dividend of £1,830.00 (2022 - £3,000.00) was paid per each Ordinary B share

 

54,900

 

90,000

   

121,400

 

180,000

11

Related party transactions

Alban Digital Limited is owed £51,003.99 (2022 £51,195) from Heller Management Limited, a company which has common directors.