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REGISTERED NUMBER: 12949703 (England and Wales)















Unaudited Financial Statements for the Year Ended 31 March 2023

for

Digital Commonwealth Limited

Digital Commonwealth Limited (Registered number: 12949703)






Contents of the Financial Statements
for the Year Ended 31 March 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 3


Digital Commonwealth Limited

Company Information
for the Year Ended 31 March 2023







DIRECTOR: Mr M Malhotra





REGISTERED OFFICE: 154 Buckingham Palace Road
Level 2
Belgravia
London
SW1W 9TR





REGISTERED NUMBER: 12949703 (England and Wales)






Digital Commonwealth Limited (Registered number: 12949703)

Balance Sheet
31 March 2023

31.3.23 31.3.22
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 4 1,068 741

CURRENT ASSETS
Debtors 5 139,717 46,468
Cash at bank and in hand 452,229 12,400
591,946 58,868
CREDITORS
Amounts falling due within one year 6 1,705,843 399,614
NET CURRENT LIABILITIES (1,113,897 ) (340,746 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

(1,112,829

)

(340,005

)

CAPITAL AND RESERVES
Called up share capital 1 1
Retained earnings (1,112,830 ) (340,006 )
(1,112,829 ) (340,005 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 28 March 2024 and were signed by:





Mr M Malhotra - Director


Digital Commonwealth Limited (Registered number: 12949703)

Notes to the Financial Statements
for the Year Ended 31 March 2023

1. STATUTORY INFORMATION

Digital Commonwealth Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Office Equipment - 25% on cost
Computer equipment - 25% on cost

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
At 31 March 2023, the Company was in a net liability position of £1,112,829. Although the Company is currently loss making, the director has indicated that he has adequate resources to support the Company for the foreseeable future. Accordingly, the Company continues to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 5 (2022 - 2 ) .

Digital Commonwealth Limited (Registered number: 12949703)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

4. TANGIBLE FIXED ASSETS
Office Computer
Equipment equipment Totals
£    £    £   
COST
At 1 April 2022 - 1,423 1,423
Additions 698 - 698
At 31 March 2023 698 1,423 2,121
DEPRECIATION
At 1 April 2022 - 682 682
Charge for year 15 356 371
At 31 March 2023 15 1,038 1,053
NET BOOK VALUE
At 31 March 2023 683 385 1,068
At 31 March 2022 - 741 741

5. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Trade debtors 1,840 20,000
Other debtors 46,624 52
Director's current account 50,925 8,600
Value added tax 8,359 17,816
Prepayments and accrued income 31,969 -
139,717 46,468

6. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
31.3.23 31.3.22
£    £   
Bank loans and overdrafts - 371,149
Trade creditors 39,955 18,708
Amounts owed to group undertakings 861,995 2,056
Corporation tax 17,187 -
Social security and other taxes 4,426 201
Other creditors 779,382 -
Accruals and deferred income 2,898 7,500
1,705,843 399,614

Digital Commonwealth Limited (Registered number: 12949703)

Notes to the Financial Statements - continued
for the Year Ended 31 March 2023

7. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the year ended 31 March 2023 and the period ended 31 March 2022:

31.3.23 31.3.22
£    £   
Mr M Malhotra
Balance outstanding at start of year 8,600 -
Amounts advanced 42,325 8,600
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 50,925 8,600

8. RELATED PARTY DISCLOSURES

Amounts owed to group undertakings of £861,995 is owed by the Company to other companies which are under common control.

The debts have no fixed date for repayment, are repayable on demand and are non-interest bearing