Registered number
SC612793
Digital Technologies Group Limited
Filleted Accounts
31 May 2023
Digital Technologies Group Limited
Registered number: SC612793
Balance Sheet
as at 31 May 2023
Notes 2023 2022
£ £
Fixed assets
Investments 3 224,616 224,616
Current assets
Debtors 4 136,060 142,653
Cash at bank and in hand 14,995 17,098
151,055 159,751
Creditors: amounts falling due within one year 5 (34,070) (66,092)
Net current assets 116,985 93,659
Net assets 341,601 318,275
Capital and reserves
Called up share capital 806 999
Share premium 51,289 41,806
Capital redemption reserve 6 233 -
Profit and loss account 289,273 275,470
Shareholders' funds 341,601 318,275
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
D Armour
Director
Approved by the board on 7 August 2023
Digital Technologies Group Limited
Notes to the Accounts
for the year ended 31 May 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 0 0
3 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 June 2022 224,616
At 31 May 2023 224,616
The company owns 100% of the issued share capital of Infinity Automation Ltd, a company registered in Scotland.
4 Debtors 2023 2022
£ £
Trade debtors 9,800 82,663
Amounts owed by group undertakings and undertakings in which the company has a participating interest 126,260 59,990
136,060 142,653
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 11,779 37,689
Taxation and social security costs 17,291 28,051
Other creditors 5,000 352
34,070 66,092
6 Capital redemption reserve 2023 2022
£ £
Shares redeemed out of own capital 233 -
At 31 May 2023 233 -
7 Related party transactions
During the year the company paid £29,750 consultancy fees to Infinity Digital Solutions Ltd, a company registered in Scotland and in which Mr I Allan is a common director. The company also paid £6,000 in consultancy fees to Underwood Life Sciences Ltd, a company registered in Scotland and in which Mr Badman is a common director. The company also paid £21,600 consultancy fees to Tudor Life Sciences Ltd, a company registered in Scotland and in which Mr D Tudor is a common director.
The company has an outstanding loan of £126,260 (2022 : £59,990) due from the subsidiary company. This loan is interest free and is repayable on demand.
8 Controlling party
There is no single overall controlling party.
9 Other information
Digital Technologies Group Limited is a private company limited by shares and incorporated in Scotland. Its registered office is:
Suite 3
Century Court
Riverside Way
Irvine
KA11 5DJ
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