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COMPANY REGISTRATION NUMBER: 09591451
SV Digital Group Limited
Filleted Unaudited Financial Statements
31 May 2023
SV Digital Group Limited
Balance Sheet
31 May 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
4,492
7,889
Current assets
Debtors
6
4,205
Cash at bank and in hand
371,440
338,960
---------
---------
375,645
338,960
Creditors: amounts falling due within one year
7
121,651
88,747
---------
---------
Net current assets
253,994
250,213
---------
---------
Total assets less current liabilities
258,486
258,102
Creditors: amounts falling due after more than one year
8
20,752
30,746
---------
---------
Net assets
237,734
227,356
---------
---------
Capital and reserves
Called up share capital
200
200
Profit and loss account
237,534
227,156
---------
---------
Shareholders funds
237,734
227,356
---------
---------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.
For the year ending 31 May 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 financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
SV Digital Group Limited
Balance Sheet (continued)
31 May 2023
These financial statements were approved by the board of directors and authorised for issue on 29 February 2024 , and are signed on behalf of the board by:
Mr J Kensett
Mr N F Bannister
Director
Director
Company registration number: 09591451
SV Digital Group Limited
Notes to the Financial Statements
Year ended 31 May 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is A3 Broomsleigh Business Park, Worlsey Bridge Road, London, SE26 5BN, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures and fittings
-
33% straight line
Office Equipment
-
33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the entity after deducting all of its financial liabilities.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 7 (2022: 15 ).
5. Tangible assets
Fixtures and fittings
Equipment
Total
£
£
£
Cost
At 1 June 2022
2,782
16,007
18,789
Additions
3,957
3,957
-------
--------
--------
At 31 May 2023
2,782
19,964
22,746
-------
--------
--------
Depreciation
At 1 June 2022
1,967
8,933
10,900
Charge for the year
699
6,655
7,354
-------
--------
--------
At 31 May 2023
2,666
15,588
18,254
-------
--------
--------
Carrying amount
At 31 May 2023
116
4,376
4,492
-------
--------
--------
At 31 May 2022
815
7,074
7,889
-------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
4,205
-------
----
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
9,994
9,747
Trade creditors
126
109
Corporation tax
31,630
31,537
Social security and other taxes
12,320
5,002
Other creditors
67,581
42,352
---------
--------
121,651
88,747
---------
--------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
20,752
30,746
--------
--------
9. Financial instruments
The carrying amount for each category of financial instrument is as follows:
2023
2022
£
£
Financial assets measured at fair value through profit or loss
Financial assets measured at fair value through profit or loss
375,654
338,960
---------
---------
Financial liabilities measured at fair value through profit or loss
Financial liabilities measured at fair value through profit or loss
98,653
83,154
--------
--------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J Kensett
( 10,282)
10,250
( 32)
Mr N F Bannister
( 480)
250
( 230)
--------
--------
----
( 10,762)
10,500
( 262)
--------
--------
----
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr J Kensett
( 942)
( 9,340)
( 10,282)
Mr N F Bannister
( 114)
( 366)
( 480)
-------
-------
--------
( 1,056)
( 9,706)
( 10,762)
-------
-------
--------