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Company registration number: 06664642
DigiGear Ltd
Unaudited filleted financial statements
30 September 2023
DigiGear Ltd
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
DigiGear Ltd
Directors and other information
Directors Mr Andrew Pestaille
Company number 06664642
Registered office 15 The Chestnuts
Felden
Hemel Hempstead
Herts
HP3 0DZ
Business address 15 The Chestnuts
Felden
Hemel Hempstead
Herts
HP3 0DZ
Accountants Hicks & Company
Chartered Accountant
83 High Street
Hemel Hempstead
Herts
HP1 3AH
DigiGear Ltd
Statement of financial position
30 September 2023
2023 2022
Note £ £ £ £
Fixed assets
Tangible assets 5 988 81
_______ _______
988 81
Current assets
Debtors 6 14,209 32,034
Cash at bank and in hand 13,262 54
_______ _______
27,471 32,088
Creditors: amounts falling due
within one year 7 ( 25,087) ( 24,430)
_______ _______
Net current assets 2,384 7,658
_______ _______
Total assets less current liabilities 3,372 7,739
_______ _______
Net assets 3,372 7,739
_______ _______
Capital and reserves
Called up share capital 101 101
Profit and loss account 3,271 7,638
_______ _______
Shareholders funds 3,372 7,739
_______ _______
For the year ending 30 September 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.
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 statement of income and retained earnings has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 March 2024 , and are signed on behalf of the board by:
Mr Andrew Pestaille
Director
Company registration number: 06664642
DigiGear Ltd
Notes to the financial statements
Year ended 30 September 2023
1. General information
The company is a private company limited by shares, registered in United Kingdom. The address of the registered office is 15 The Chestnuts, Felden, Hemel Hempstead, Herts, HP3 0DZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Tangible assets
tangible assets are initially recorded at cost, and are 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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 25 % straight line
Computer Equipment - 50 % straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. 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 are largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2022: 2 ).
5. Tangible assets
Fixtures, fittings and equipment Computer Equipment Total
£ £ £
Cost
At 1 October 2022 192 10,076 10,268
Additions - 1,899 1,899
_______ _______ _______
At 30 September 2023 192 11,975 12,167
_______ _______ _______
Depreciation
At 1 October 2022 110 10,076 10,186
Charge for the year 43 950 993
_______ _______ _______
At 30 September 2023 153 11,026 11,179
_______ _______ _______
Carrying amount
At 30 September 2023 39 949 988
_______ _______ _______
At 30 September 2022 82 - 82
_______ _______ _______
6. Debtors
2023 2022
£ £
Trade debtors 9,000 26,400
Other debtors 5,209 5,634
_______ _______
14,209 32,034
_______ _______
7. Creditors: amounts falling due within one year
2023 2022
£ £
Corporation tax 15,909 18,393
Social security and other taxes 5,046 5,307
Other creditors 4,132 730
_______ _______
25,087 24,430
_______ _______
8. 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 o/standing
£ £ £
Mr Andrew Pestaille 4,406 35 4,441
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the directors Balance o/standing
£ £ £
Mr Andrew Pestaille 4,406 - 4,406
_______ _______ _______