Registered number
02383086
Digitax Electronics UK Limited
Filleted Accounts
31 October 2023
Digitax Electronics UK Limited
Registered number: 02383086
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 6,157 7,108
Investments 4 14,566 10,000
20,723 17,108
Current assets
Stocks 20,000 27,885
Debtors 5 594,226 584,033
Cash at bank and in hand 100,357 149,741
714,583 761,659
Creditors: amounts falling due within one year 6 (265,728) (181,969)
Net current assets 448,855 579,690
Total assets less current liabilities 469,578 596,798
Creditors: amounts falling due after more than one year 7 (20,833) (30,833)
Provisions for liabilities - (1,351)
Net assets 448,745 564,614
Capital and reserves
Called up share capital 130 130
Share premium 14,940 14,940
Revaluation reserve 8 4,636 70
Profit and loss account 429,039 549,474
Shareholders' funds 448,745 564,614
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Laidler
Director
Approved by the board on 26 July 2024
Digitax Electronics UK Limited
Notes to the Accounts
for the year ended 31 October 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% straight line
Motor Vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 7
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2022 49,830 6,500 56,330
Additions 1,495 - 1,495
At 31 October 2023 51,325 6,500 57,825
Depreciation
At 1 November 2022 45,922 3,300 49,222
Charge for the year 1,646 800 2,446
At 31 October 2023 47,568 4,100 51,668
Net book value
At 31 October 2023 3,757 2,400 6,157
At 31 October 2022 3,908 3,200 7,108
4 Investments
Other
investments
£
Cost
At 1 November 2022 10,000
Additions 4,566
At 31 October 2023 14,566
5 Debtors 2023 2022
£ £
Trade debtors 85,453 50,638
Other debtors 508,773 533,395
594,226 584,033
6 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 235,593 160,774
Taxation and social security costs 2,301 357
Other creditors 17,834 10,838
265,728 181,969
7 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 20,833 30,833
8 Revaluation reserve 2023 2022
£ £
At 1 November 2022 70 70
Gain on revaluation of land and buildings 4,566 -
At 31 October 2023 4,636 70
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
S Laidler
Directors loan account 218 (101,611) 101,815 422
T J Laidler
Directots loan account 10,620 - 6,792 17,412
10,838 (101,611) 108,607 17,834
10 Controlling party
The company is controlled by its director.
11 Other information
Digitax Electronics UK Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Old Smoke House
31 Tanners Bank
North Shields
Tyne & Wear
NE30 1JH
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