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COMPANY REGISTRATION NUMBER: 07854519
Digventures Limited
Filleted Unaudited Financial Statements
For the Year Ending
31 March 2023
Digventures Limited
Statement of Financial Position
31 March 2023
2023
2022
Note
£
£
£
Fixed Assets
Tangible assets
5
28,602
36,839
Current Assets
Debtors
6
137,670
98,762
Cash at bank and in hand
333,511
443,976
---------
---------
471,181
542,738
Creditors: amounts falling due within one year
7
99,107
163,249
---------
---------
Net Current Assets
372,074
379,489
---------
---------
Total Assets Less Current Liabilities
400,676
416,328
Creditors: amounts falling due after more than one year
8
87,975
116,760
---------
---------
Net Assets
312,701
299,568
---------
---------
Capital and Reserves
Called up share capital
3
3
Share premium account
99,999
99,999
Profit and loss account
212,699
199,566
---------
---------
Shareholders Funds
312,701
299,568
---------
---------
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.
For the year ending 31 March 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 .
Digventures Limited
Statement of Financial Position (continued)
31 March 2023
These financial statements were approved by the board of directors and authorised for issue on 14 December 2023 , and are signed on behalf of the board by:
Brendon Wilkins
Director
Company registration number: 07854519
Digventures Limited
Notes to the Financial Statements
Year Ended 31 March 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 5 Witham Studios, Hall Street, Barnard Castle, DL12 8JB.
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 goods supplied and 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.
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 subsequently stated at cost less any accumulated depreciation and 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:
Plant and Machinery
-
25% reducing balance
Office Equipment
-
25% reducing balance
Motor Vehicles
-
25% reducing balance
Computer Equipment
-
33% reducing balance
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.
Finance Leases and Hire Purchase Contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
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.
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 16 (2022: 16 ).
5. Tangible Assets
Plant and Machinery
Office Equipment
Motor Vehicles
Computer Equipment
Total
£
£
£
£
£
Cost
At 1 April 2022
38,230
13,677
25,995
14,870
92,772
Additions
1,641
1,641
--------
--------
--------
--------
--------
At 31 March 2023
38,230
15,318
25,995
14,870
94,413
--------
--------
--------
--------
--------
Depreciation
At 1 April 2022
20,494
8,739
15,029
11,671
55,933
Charge for the year
4,435
1,645
2,742
1,056
9,878
--------
--------
--------
--------
--------
At 31 March 2023
24,929
10,384
17,771
12,727
65,811
--------
--------
--------
--------
--------
Carrying amount
At 31 March 2023
13,301
4,934
8,224
2,143
28,602
--------
--------
--------
--------
--------
At 31 March 2022
17,736
4,938
10,966
3,199
36,839
--------
--------
--------
--------
--------
6. Debtors
2023
2022
£
£
Trade debtors
137,670
79,211
Prepayments and accrued income
2,751
Corporation tax repayable
14,026
Other debtors
2,774
---------
--------
137,670
98,762
---------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
30,411
24,200
Trade creditors
19,995
19,328
Accruals and deferred income
1,100
1,050
Social security and other taxes
39,994
22,530
Obligations under finance leases and hire purchase contracts
3,739
8,198
Income received in advance
84,185
Other creditors
3,868
3,758
--------
---------
99,107
163,249
--------
---------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Obligations under finance leases and hire purchase contracts
7,030
9,293
Bounceback loan
43,478
50,000
Key fund loan
37,467
57,467
--------
---------
87,975
116,760
--------
---------
9. Related Party Transactions
There have been no transactions with related parties that require disclosure under FRS102.