Caseware UK (AP4) 2022.0.179 2022.0.179 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.10true2022-03-01falsecomputer graphic and reprographic design, print and illistration10true 03512388 2022-03-01 2023-02-28 03512388 2021-03-01 2022-02-28 03512388 2023-02-28 03512388 2022-02-28 03512388 c:Director1 2022-03-01 2023-02-28 03512388 d:Buildings d:LongLeaseholdAssets 2022-03-01 2023-02-28 03512388 d:Buildings d:LongLeaseholdAssets 2023-02-28 03512388 d:Buildings d:LongLeaseholdAssets 2022-02-28 03512388 d:LandBuildings 2023-02-28 03512388 d:LandBuildings 2022-02-28 03512388 d:PlantMachinery 2022-03-01 2023-02-28 03512388 d:PlantMachinery 2023-02-28 03512388 d:PlantMachinery 2022-02-28 03512388 d:PlantMachinery d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03512388 d:MotorVehicles 2022-03-01 2023-02-28 03512388 d:MotorVehicles 2023-02-28 03512388 d:MotorVehicles 2022-02-28 03512388 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03512388 d:FurnitureFittings 2022-03-01 2023-02-28 03512388 d:FurnitureFittings 2023-02-28 03512388 d:FurnitureFittings 2022-02-28 03512388 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03512388 d:OfficeEquipment 2022-03-01 2023-02-28 03512388 d:OfficeEquipment 2023-02-28 03512388 d:OfficeEquipment 2022-02-28 03512388 d:OfficeEquipment d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03512388 d:OwnedOrFreeholdAssets 2022-03-01 2023-02-28 03512388 d:CurrentFinancialInstruments 2023-02-28 03512388 d:CurrentFinancialInstruments 2022-02-28 03512388 d:Non-currentFinancialInstruments 2023-02-28 03512388 d:Non-currentFinancialInstruments 2022-02-28 03512388 d:CurrentFinancialInstruments d:WithinOneYear 2023-02-28 03512388 d:CurrentFinancialInstruments d:WithinOneYear 2022-02-28 03512388 d:Non-currentFinancialInstruments d:AfterOneYear 2023-02-28 03512388 d:Non-currentFinancialInstruments d:AfterOneYear 2022-02-28 03512388 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-02-28 03512388 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-02-28 03512388 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-02-28 03512388 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-02-28 03512388 d:ShareCapital 2023-02-28 03512388 d:ShareCapital 2022-02-28 03512388 d:RetainedEarningsAccumulatedLosses 2023-02-28 03512388 d:RetainedEarningsAccumulatedLosses 2022-02-28 03512388 c:FRS102 2022-03-01 2023-02-28 03512388 c:AuditExempt-NoAccountantsReport 2022-03-01 2023-02-28 03512388 c:FullAccounts 2022-03-01 2023-02-28 03512388 c:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 03512388 d:HirePurchaseContracts d:WithinOneYear 2023-02-28 03512388 d:HirePurchaseContracts d:WithinOneYear 2022-02-28 03512388 d:HirePurchaseContracts d:BetweenOneFiveYears 2023-02-28 03512388 d:HirePurchaseContracts d:BetweenOneFiveYears 2022-02-28 03512388 2 2022-03-01 2023-02-28 03512388 d:AcceleratedTaxDepreciationDeferredTax 2023-02-28 03512388 d:AcceleratedTaxDepreciationDeferredTax 2022-02-28 03512388 d:TaxLossesCarry-forwardsDeferredTax 2023-02-28 03512388 d:TaxLossesCarry-forwardsDeferredTax 2022-02-28 03512388 d:OtherDeferredTax 2023-02-28 03512388 d:OtherDeferredTax 2022-02-28 iso4217:GBP xbrli:pure

Registered number: 03512388










DIGITAL FACTORY LIMITED








UNAUDITED

FINANCIAL STATEMENTS

For the Year Ended 28 February 2023

 
DIGITAL FACTORY LIMITED
Registered number: 03512388

STATEMENT OF FINANCIAL POSITION
As at 28 February 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
390,695
406,817

  
390,695
406,817

Current assets
  

Stocks
  
11,000
49,000

Debtors: amounts falling due within one year
 5 
295,919
277,052

Cash at bank and in hand
 6 
216,732
222,736

  
523,651
548,788

Creditors: amounts falling due within one year
 7 
(449,180)
(363,708)

Net current assets
  
 
 
74,471
 
 
185,080

Total assets less current liabilities
  
465,166
591,897

Creditors: amounts falling due after more than one year
 8 
(162,957)
(299,041)

Provisions for liabilities
  

Deferred tax
  
(47,260)
(34,438)

  
 
 
(47,260)
 
 
(34,438)

Net assets
  
254,949
258,418


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
254,849
258,318

  
254,949
258,418


Page 1

 
DIGITAL FACTORY LIMITED
Registered number: 03512388
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
As at 28 February 2023

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
C J Norton
Director

Date: 28 November 2023

The notes on pages 3 to 13 form part of these financial statements.

Page 2

 
DIGITAL FACTORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 28 February 2023

1.


General information

The company, which was incorporated and registered in England and Wales (registered number 3512388), is a privately owned company limited by shares.  The registered office address is Wey Court West, Union Road, Farnham , Surrey, GU9 7PT.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

 
2.3

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 3

 
DIGITAL FACTORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 28 February 2023

2.Accounting policies (continued)


2.3
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, as detailed below..

Depreciation is provided on the following basis:

L/Term Leasehold Property
-
10% on cost
Plant & machinery
-
15-25% reducing balance
Motor vehicles
-
20% reducing balance
Fixtures & fittings
-
25% reducing balance
Office equipment
-
33% on cost

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.4

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in first out basis. Work in progress and finished goods include labour and attributable overheads.

 
2.5

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.6

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash
Page 4

 
DIGITAL FACTORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 28 February 2023

2.Accounting policies (continued)


2.7
Financial instruments (continued)

equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.10

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Page 5

 
DIGITAL FACTORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 28 February 2023

2.Accounting policies (continued)

 
2.11

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.12

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

 
2.13

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. Grants relating to expenditure on tangible fixed assets are credited to profit or loss at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Statement of income and retained earnings in the same period as the related expenditure.

 
2.14

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.15

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 6

 
DIGITAL FACTORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 28 February 2023

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Statement of financial position.

 
2.17

Current and deferred taxation

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

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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.


3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2022 - 10).

Page 7

 
DIGITAL FACTORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 28 February 2023

4.


Tangible fixed assets





L/Term Leasehold Property
Plant & machinery
Motor vehicles
Fixtures & fittings
Office equipment

£
£
£
£
£



Cost or valuation


At 1 March 2022
104,083
890,399
36,545
6,087
33,543


Additions
-
85,103
-
5,837
7,398



At 28 February 2023

104,083
975,502
36,545
11,924
40,941



Depreciation


At 1 March 2022
62,450
539,062
28,027
4,760
29,541


Charge for the year on owned assets
10,408
96,870
2,130
461
4,591



At 28 February 2023

72,858
635,932
30,157
5,221
34,132



Net book value



At 28 February 2023
31,225
339,570
6,388
6,703
6,809



At 28 February 2022
41,633
351,337
8,518
1,327
4,002
Page 8

 
DIGITAL FACTORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 28 February 2023

           4.Tangible fixed assets (continued)


Total

£



Cost or valuation


At 1 March 2022
1,070,657


Additions
98,338



At 28 February 2023

1,168,995



Depreciation


At 1 March 2022
663,840


Charge for the year on owned assets
114,460



At 28 February 2023

778,300



Net book value



At 28 February 2023
390,695



At 28 February 2022
406,817

Page 9

 
DIGITAL FACTORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 28 February 2023

           4.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Long leasehold
31,225
41,633

31,225
41,633



5.


Debtors

2023
2022
£
£


Trade debtors
241,386
226,968

Other debtors
37,401
38,546

Prepayments and accrued income
17,132
11,538

295,919
277,052



6.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
216,732
222,736

216,732
222,736


Page 10

 
DIGITAL FACTORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 28 February 2023

7.


Creditors: Amounts falling due within one year

2023
2022
£
£

Other loans
162,423
111,186

Trade creditors
200,087
160,892

Amounts owed to group undertakings
33,987
33,987

Other taxation and social security
26,765
47,892

Obligations under finance lease and hire purchase contracts
14,367
-

Other creditors
6,105
4,610

Accruals and deferred income
5,446
5,141

449,180
363,708



8.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
136,618
299,041

Net obligations under finance leases and hire purchase contracts
26,339
-

162,957
299,041


Page 11

 
DIGITAL FACTORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 28 February 2023

9.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Other loans
162,423
111,186


162,423
111,186

Amounts falling due 1-2 years

Other loans
86,393
142,488


86,393
142,488

Amounts falling due 2-5 years

Other loans
50,225
156,554


50,225
156,554


299,041
410,228



10.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
14,367
-

Between 1-5 years
26,339
-

40,706
-

Page 12

 
DIGITAL FACTORY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
For the Year Ended 28 February 2023

11.


Deferred taxation




2023


£






At beginning of year
(34,438)


Charged to profit or loss
(12,822)



At end of year
(47,260)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(64,879)
(46,902)

Tax losses carried forward
17,415
12,384

Short term timing differences
204
80

(47,260)
(34,438)


12.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £8,511 (2022 - £8,008). Contributions of £815 were payable at the year end (2022 - £421). 


13.


Controlling party

The ultimate parent undertaking is DFL Holdings Limited who owns 100% of the share capital.
DFL Holdings Limited is 100% owned by Mr C J Norton, director of Digital Factory Limited.

 
Page 13