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Registration number: 13574928

Digital First Editions Limited

trading as BookVolts

Unaudited Filleted Financial Statements

for the Year Ended 31 August 2023

 

Digital First Editions Limited

trading as BookVolts

Contents

Company Information

1

Accountants' Report

2

Balance Sheet

3

Notes to the Unaudited Financial Statements

4 to 7

 

Digital First Editions Limited

trading as BookVolts

Company Information

Directors

Mr James Faktor

Mr Marius Nigond

Registered office

20 Grange Road
London
SW13 9RE

Accountants

MG Group (Professional Services) Ltd
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

 

Chartered Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
Digital First Editions Limited

trading as BookVolts
for the Year Ended 31 August 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Digital First Editions Limited for the year ended 31 August 2023 as set out on pages 3 to 7 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Digital First Editions Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Digital First Editions Limited and state those matters that we have agreed to state to the Board of Directors of Digital First Editions Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Digital First Editions Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Digital First Editions Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Digital First Editions Limited. You consider that Digital First Editions Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Digital First Editions Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

MG Group (Professional Services) Ltd
Chartered Accountants
166 College Road
Harrow
Middlesex
HA1 1BH

2 February 2024

 

Digital First Editions Limited

trading as BookVolts

(Registration number: 13574928)
Balance Sheet as at 31 August 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

703

953

Current assets

 

Debtors

5

4,990

234

Cash at bank and in hand

 

3,388

113,434

 

8,378

113,668

Creditors: Amounts falling due within one year

6

(3,000)

(1,210)

Net current assets

 

5,378

112,458

Net assets

 

6,081

113,411

Capital and reserves

 

Called up share capital

7

110

110

Share premium reserve

142,470

142,470

Retained earnings

(136,499)

(29,169)

Shareholders' funds

 

6,081

113,411

For the financial year ending 31 August 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 2 February 2024 and signed on its behalf by:
 

.........................................
Mr James Faktor
Director

 

Digital First Editions Limited

trading as BookVolts

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
20 Grange Road
London
SW13 9RE
United Kingdom

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded down to the nearest £.

These financial statements were authorised for issue by the Board on 2 February 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

 

Digital First Editions Limited

trading as BookVolts

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Office Equipment

25% Straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

 

Digital First Editions Limited

trading as BookVolts

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2022 - 2).

4

Tangible assets

Office Equipment
£

Total
£

Cost or valuation

At 1 September 2022

995

995

At 31 August 2023

995

995

Depreciation

At 1 September 2022

42

42

Charge for the year

250

250

At 31 August 2023

292

292

Carrying amount

At 31 August 2023

703

703

At 31 August 2022

953

953

5

Debtors

Current

2023
£

2022
£

Prepayments

-

234

Other debtors

4,990

-

 

4,990

234

 

Digital First Editions Limited

trading as BookVolts

Notes to the Unaudited Financial Statements for the Year Ended 31 August 2023

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

1,200

-

Accruals and deferred income

1,800

1,200

Other creditors

-

10

3,000

1,210

7

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary of £0.00 each

1,095,021

110

1,095,021

110

         

8

Related party transactions

During the year the company made the following related party transactions:

Directors
During the year the director received loans from the company totalling £5,000, and made no repayments to the company. Interest was charged on the loans at an annual rate of 2.00%. At the balance sheet date the amount due from/(to) the director was £4,990. (2022: (£10)).