REGISTERED NUMBER: |
Report of the Director and |
Unaudited Financial Statements for the Year Ended 31 May 2023 |
for |
Digitech Solutions Global Limited |
REGISTERED NUMBER: |
Report of the Director and |
Unaudited Financial Statements for the Year Ended 31 May 2023 |
for |
Digitech Solutions Global Limited |
Digitech Solutions Global Limited (Registered number: 05821246) |
Contents of the Financial Statements |
for the Year Ended 31 May 2023 |
Page |
Company Information | 1 |
Report of the Director | 2 |
Income Statement | 3 |
Other Comprehensive Income | 4 |
Balance Sheet | 5 |
Statement of Changes in Equity | 7 |
Notes to the Financial Statements | 8 |
Digitech Solutions Global Limited |
Company Information |
for the Year Ended 31 May 2023 |
DIRECTOR: |
SECRETARY: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
Digitech Solutions Global Limited (Registered number: 05821246) |
Report of the Director |
for the Year Ended 31 May 2023 |
The director presents his report with the financial statements of the company for the year ended 31 May 2023. |
DIRECTOR |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Digitech Solutions Global Limited (Registered number: 05821246) |
Income Statement |
for the Year Ended 31 May 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ | £ | £ |
TURNOVER |
Cost of sales |
GROSS PROFIT/(LOSS) | ( |
) |
Distribution costs |
Administrative expenses |
185,191 | 36,933 |
OPERATING LOSS | ( |
) | ( |
) |
Interest payable and similar expenses |
4 |
LOSS BEFORE TAXATION | 5 | ( |
) | ( |
) |
Tax on loss | 6 |
LOSS FOR THE FINANCIAL YEAR | ( |
) | ( |
) |
Digitech Solutions Global Limited (Registered number: 05821246) |
Other Comprehensive Income |
for the Year Ended 31 May 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ |
LOSS FOR THE YEAR | ( |
) | ( |
) |
OTHER COMPREHENSIVE INCOME | - | - |
TOTAL COMPREHENSIVE INCOME FOR THE YEAR |
( |
) |
( |
) |
Digitech Solutions Global Limited (Registered number: 05821246) |
Balance Sheet |
31 May 2023 |
31.5.23 | 31.5.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 7 |
Tangible assets | 8 |
CURRENT ASSETS |
Debtors | 9 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 10 |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year |
11 |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 13 |
Retained earnings | 14 | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
Digitech Solutions Global Limited (Registered number: 05821246) |
Balance Sheet - continued |
31 May 2023 |
The financial statements were approved by the director and authorised for issue on |
Digitech Solutions Global Limited (Registered number: 05821246) |
Statement of Changes in Equity |
for the Year Ended 31 May 2023 |
Called up |
share | Retained | Total |
capital | earnings | equity |
£ | £ | £ |
Balance at 1 June 2021 | ( |
) |
Changes in equity |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 May 2022 | (454,510 | ) |
Changes in equity |
Issue of share capital | - |
Total comprehensive income | - | ( |
) | ( |
) |
Balance at 31 May 2023 | ( |
) |
Digitech Solutions Global Limited (Registered number: 05821246) |
Notes to the Financial Statements |
for the Year Ended 31 May 2023 |
1. | STATUTORY INFORMATION |
Digitech Solutions Global Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparation |
The company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by FRS 101 "Reduced Disclosure Framework": |
• | the requirements of paragraphs 45(b) and 46 to 52 of IFRS 2 Share-based Payment; |
• | the requirements of paragraphs 62, B64(d), B64(e), B64(g), B64(h), B64(j) to B64(m), B64(n)(ii), B64(o)(ii), B64(p), B64(q)(ii), B66 and B67 of IFRS 3 Business Combinations; |
• | the requirements of paragraph 33(c) of IFRS 5 Non Current Assets Held for Sale and Discontinued Operations; |
• | the requirements of paragraph 24(6) of IFRS 6 Exploration for and Evaluation of Mineral Resources; |
• | the requirements of IFRS 7 Financial Instruments: Disclosures; |
• | the requirements of paragraphs 91 to 99 of IFRS 13 Fair Value Measurement; |
• | the requirements of paragraph 52, the second sentence of paragraph 89, and paragraphs 90, 91 and 93 of IFRS 16 Leases; |
the requirements of paragraph 58 of IFRS 16; |
• | the requirements of the second sentence of paragraph 110 and paragraphs 113(a), 114, 115, 118, 119(a) to (c), 120 to 127 and 129 of IFRS 15 Revenue from Contracts with Customers; |
• | the requirement in paragraph 38 of IAS 1 Presentation of Financial Statements to present comparative information in respect of: |
- | paragraph 79(a)(iv) of IAS 1; |
- | paragraph 73(e) of IAS 16 Property, Plant and Equipment; |
- | paragraph 118(e) of IAS 38 Intangible Assets; |
- | paragraphs 76 and 79(d) of IAS 40 Investment Property; and |
- | paragraph 50 of IAS 41 Agriculture; |
• | the requirements of paragraphs 10(d), 10(f), 16, 38A, 38B, 38C, 38D, 40A, 40B, 40C, 40D, 111 and 134 to 136 of IAS 1; |
• | the requirements of IAS 7 Statement of Cash Flows; |
• | the requirements of paragraphs 30 and 31 of IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors; |
• | the requirements of paragraph 74(b) of IAS 16; |
• | the requirements of paragraphs 17 and 18A of IAS 24 Related Party Disclosures; |
• | the requirements in IAS 24 Related Party Disclosures to disclose related party transactions entered into between two or more members of a group; |
• | the requirements of paragraphs 134(d) to 134(f) and 135(c) to 135(e) of IAS 36 Impairments of Assets. |
Turnover |
Represents UK sales in pound sterling |
Digitech Solutions Global Limited (Registered number: 05821246) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
2. | ACCOUNTING POLICIES - continued |
Goodwill |
Represents the value attributed to various brands |
Tangible fixed assets |
Taxation |
Current taxes are based on the results shown in the financial statements and are calculated according to local tax rules, using tax rates enacted or substantially enacted by the balance sheet date. |
3. | EMPLOYEES AND DIRECTORS |
There were no staff costs for the year ended 31 May 2023 nor for the year ended 31 May 2022. |
The average number of employees during the year was NIL (2022 - NIL). |
31.5.23 | 31.5.22 |
£ | £ |
Directors' remuneration |
4. | INTEREST PAYABLE AND SIMILAR EXPENSES |
31.5.23 | 31.5.22 |
£ | £ |
Interest payable |
5. | LOSS BEFORE TAXATION |
The loss before taxation is stated after charging: |
31.5.23 | 31.5.22 |
£ | £ |
Cost of inventories recognised as expense |
Depreciation - owned assets |
6. | TAXATION |
Analysis of tax expense |
No liability to UK corporation tax arose for the year ended 31 May 2023 nor for the year ended 31 May 2022. |
Digitech Solutions Global Limited (Registered number: 05821246) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
7. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 June 2022 |
and 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
8. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
£ |
COST |
At 1 June 2022 |
Additions |
At 31 May 2023 |
DEPRECIATION |
At 1 June 2022 |
Charge for year |
At 31 May 2023 |
NET BOOK VALUE |
At 31 May 2023 |
At 31 May 2022 |
9. | DEBTORS |
31.5.23 | 31.5.22 |
£ | £ |
Amounts falling due within one year: |
Trade debtors |
Amounts falling due after more than one year: |
Trade debtors |
Aggregate amounts |
Digitech Solutions Global Limited (Registered number: 05821246) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
10. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Trade creditors |
Social security and other taxes | ( |
) | ( |
) |
VAT | 1,935 | 2,355 |
11. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.5.23 | 31.5.22 |
£ | £ |
Other loans (see note 12) |
12. | FINANCIAL LIABILITIES - BORROWINGS |
31.5.23 | 31.5.22 |
£ | £ |
Non-current: |
Other loans - 1-2 years |
Terms and debt repayment schedule |
More than |
5 years |
£ |
Other loans | 532,981 |
13. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 31.5.23 | 31.5.22 |
value: | £ | £ |
Ordinary shares | 1 | 1,561,118 | 1,559,118 |
14. | RESERVES |
Retained |
earnings |
£ |
At 1 June 2022 | ( |
) |
Deficit for the year | ( |
) |
At 31 May 2023 | ( |
) |
Digitech Solutions Global Limited (Registered number: 05821246) |
Notes to the Financial Statements - continued |
for the Year Ended 31 May 2023 |
15. | DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES |
The following advances and credits to a director subsisted during the years ended 31 May 2023 and 31 May 2022: |
31.5.23 | 31.5.22 |
£ | £ |
S Jessa |
Balance outstanding at start of year | - | 10,000 |
Amounts repaid | - | - |
Amounts written off | - | - |
Amounts waived | - | - |
Balance outstanding at end of year | - | - |