Datamaxis Ltd 08414053 false 2022-03-01 2023-02-28 2023-02-28 The principal activity of the company is that of the provision of office space and support services. Digita Accounts Production Advanced 6.30.9574.0 true 08414053 2022-03-01 2023-02-28 08414053 2023-02-28 08414053 core:CurrentFinancialInstruments core:WithinOneYear 2023-02-28 08414053 core:Non-currentFinancialInstruments core:AfterOneYear 2023-02-28 08414053 core:MoreThanFiveYears 1 2023-02-28 08414053 core:FurnitureFittingsToolsEquipment 2023-02-28 08414053 bus:SmallEntities 2022-03-01 2023-02-28 08414053 bus:AuditExemptWithAccountantsReport 2022-03-01 2023-02-28 08414053 bus:FullAccounts 2022-03-01 2023-02-28 08414053 bus:SmallCompaniesRegimeForAccounts 2022-03-01 2023-02-28 08414053 bus:RegisteredOffice 2022-03-01 2023-02-28 08414053 bus:Director1 2022-03-01 2023-02-28 08414053 bus:PrivateLimitedCompanyLtd 2022-03-01 2023-02-28 08414053 core:FurnitureFittings 2022-03-01 2023-02-28 08414053 core:FurnitureFittingsToolsEquipment 2022-03-01 2023-02-28 08414053 core:OfficeEquipment 2022-03-01 2023-02-28 08414053 countries:England 2022-03-01 2023-02-28 08414053 2022-02-28 08414053 core:FurnitureFittingsToolsEquipment 2022-02-28 08414053 2021-03-01 2022-02-28 08414053 2022-02-28 08414053 core:CurrentFinancialInstruments core:WithinOneYear 2022-02-28 08414053 core:Non-currentFinancialInstruments core:AfterOneYear 2022-02-28 08414053 core:MoreThanFiveYears 1 2022-02-28 08414053 core:FurnitureFittingsToolsEquipment 2022-02-28 iso4217:GBP xbrli:pure

Registration number: 08414053

Datamaxis Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 28 February 2023

 

Datamaxis Ltd

(Registration number: 08414053)
Balance Sheet as at 28 February 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

20,296

24,479

Investment property

5

354,860

452,757

 

375,156

477,236

Current assets

 

Cash at bank and in hand

 

178,738

37,347

Creditors: Amounts falling due within one year

6

(300,565)

(296,260)

Net current liabilities

 

(121,827)

(258,913)

Total assets less current liabilities

 

253,329

218,323

Creditors: Amounts falling due after more than one year

6

-

(147,179)

Provisions for liabilities

(4,651)

(4,651)

Net assets

 

248,678

66,493

Capital and reserves

 

Called up share capital

1

1

Retained earnings

248,677

66,492

Shareholders' funds

 

248,678

66,493

 

Datamaxis Ltd

(Registration number: 08414053)
Balance Sheet as at 28 February 2023

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.

Director's 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 director acknowledges his 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the director for issue on 29 November 2023
 

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

P Nicholson

Director

 

Datamaxis Ltd

Notes to the 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.

The address of its registered office is:
Stamford Osteopathic Clinic
Main Street
Great Casterton
Stamford
Lincolnshire
PE9 4AA

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.

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.

Tax

The tax expense for the period comprises current 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.

 

Datamaxis Ltd

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

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

Office equipment

25% reducing balance

Integral features and fixtures

10% on cost

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

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 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.

 

Datamaxis Ltd

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

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 0 (2022 - 0).

 

Datamaxis Ltd

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

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

At 1 March 2022

45,414

45,414

Additions

250

250

At 28 February 2023

45,664

45,664

Depreciation

At 1 March 2022

20,935

20,935

Charge for the year

4,433

4,433

At 28 February 2023

25,368

25,368

Carrying amount

At 28 February 2023

20,296

20,296

At 28 February 2022

24,479

24,479

5

Investment properties

2023
£

At 1 March

452,757

Disposals

(97,897)

At 28 February

354,860

The directors consider the investment property to be at a fair value at the year end.

There has been no valuation of investment property by an independent valuer.

 

Datamaxis Ltd

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

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

-

12,265

Amounts owed to related parties

237,488

272,511

Taxation and social security

 

12,230

2,984

Other creditors

 

50,847

8,500

 

300,565

296,260

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £NIL (2022 - £12,265).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

-

147,179

2023
£

2022
£

Due after more than five years

After more than five years by instalments

-

98,120

-

-

Creditors include bank loans and overdrafts and net obligations under finance lease and hire purchase contracts which are secured of £NIL (2022 - £147,179).