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Registration number: 10831141

DOC2UK Ltd

Unaudited Filleted Financial Statements

for the Year Ended 30 June 2023

 

DOC2UK Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Financial Statements

4 to 11

 

DOC2UK Ltd

Company Information

Directors

Dr Naveen Chandra Keerthi

Mr Praveen Ramarao Challa

Registered office

Hygeia Building
Rear Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

DOC2UK Ltd

(Registration number: 10831141)
Balance Sheet as at 30 June 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

30,348

38,668

Tangible assets

5

231

707

 

30,579

39,375

Current assets

 

Debtors

6

51,238

35,737

Cash at bank and in hand

 

14,555

-

 

65,793

35,737

Creditors: Amounts falling due within one year

7

(43,593)

(104,618)

Net current assets/(liabilities)

 

22,200

(68,881)

Total assets less current liabilities

 

52,779

(29,506)

Creditors: Amounts falling due after more than one year

7

(24,018)

(132,885)

Net assets/(liabilities)

 

28,761

(162,391)

Capital and reserves

 

Called up share capital

9

145

112

Share premium reserve

239,955

89,988

Retained earnings

(211,339)

(252,491)

Shareholders' funds/(deficit)

 

28,761

(162,391)

For the financial year ending 30 June 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 and delivered 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.

 

DOC2UK Ltd

(Registration number: 10831141)
Balance Sheet as at 30 June 2023 (continued)

These financial statements were approved and authorised for issue by the Board on 14 February 2024 and signed on its behalf by:
 

.........................................
Dr Naveen Chandra Keerthi
Director

 

DOC2UK Ltd

Notes to the Financial Statements for the Year Ended 30 June 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:
Hygeia Building
Rear Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE
United Kingdom

These financial statements were authorised for issue by the Board on 14 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.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Going concern

At the time of approving these financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and are willing to provide the necessary financial support as required.

 

DOC2UK Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

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

Furniture, Fittings and equipment

20% straight line

Intangible assets

Software development costs are written off over 5 years.

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 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.

 

DOC2UK Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

 

DOC2UK Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are
measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

 

DOC2UK Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

3

Staff numbers

The average monthly number of persons employed by the company (including directors) during the year, was 2 (2022: 1).

4

Intangible assets

Internally generated software development costs
 £

Cost

At 1 July 2022

89,941

Additions acquired separately

12,085

At 30 June 2023

102,026

Amortisation

At 1 July 2022

51,273

Amortisation charge

20,405

At 30 June 2023

71,678

Carrying amount

At 30 June 2023

30,348

At 30 June 2022

38,668

 

DOC2UK Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

5

Tangible assets

Furniture, fittings and equipment
 £

Cost

At 1 July 2022

2,380

At 30 June 2023

2,380

Depreciation

At 1 July 2022

1,673

Charge for the year

476

At 30 June 2023

2,149

Carrying amount

At 30 June 2023

231

At 30 June 2022

707

6

Debtors

2023
£

2022
£

Prepayments

1,821

16,237

Other debtors

49,417

19,500

51,238

35,737

Other debtors consist of an overdrawn director's loan balance of £14,418 which pertains to one of the directors.

 

DOC2UK Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

8

-

9,212

Trade creditors

 

10,244

15,344

Taxation and social security

 

31,349

12,089

Accrued expenses

 

2,000

1,500

Directors current account

 

-

66,473

 

43,593

104,618

Due after one year

 

Loans and borrowings

8

24,018

132,885

8

Loans and borrowings

2023
£

2022
£

Current loans and borrowings

Bank overdrafts

-

9,212

2023
£

2022
£

Non-current loans and borrowings

Bank borrowings

24,018

36,195

Other borrowings

-

96,690

24,018

132,885

Within bank borrowings of £24,108 (2022: £36,195) is a government-backed Bounce Back Loan with a repayment term of 6 years from June 2021. The interest rate applicable to the loan is 2.5% with the first 12 months interest being covered by the government.

 

DOC2UK Ltd

Notes to the Financial Statements for the Year Ended 30 June 2023 (continued)

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary shares of £0.01 each

14,452

145

11,202

112

         

10

Ultimate controlling party

The ultimate controlling party is Dr Naveen Chandra Keerthi.