Company registration number 13695560 (England and Wales)
DIGITAL HYPE (SOUTH WEST) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
PAGES FOR FILING WITH REGISTRAR
DIGITAL HYPE (SOUTH WEST) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
DIGITAL HYPE (SOUTH WEST) LIMITED
BALANCE SHEET
AS AT 31 OCTOBER 2023
31 October 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Intangible assets
3
13,667
17,667
Tangible assets
4
13,291
17,708
26,958
35,375
Current assets
Debtors
5
1,214
Cash at bank and in hand
685
12,240
1,899
12,240
Creditors: amounts falling due within one year
6
(83,913)
(56,864)
Net current liabilities
(82,014)
(44,624)
Total assets less current liabilities
(55,056)
(9,249)
Provisions for liabilities
(1,464)
Net liabilities
(55,056)
(10,713)
Capital and reserves
Called up share capital
300
300
Profit and loss reserves
(55,356)
(11,013)
Total equity
(55,056)
(10,713)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 October 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
DIGITAL HYPE (SOUTH WEST) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 OCTOBER 2023
31 October 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 30 July 2024 and are signed on its behalf by:
Mr C Collins
Director
Company registration number 13695560 (England and Wales)
DIGITAL HYPE (SOUTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
- 3 -
1
Accounting policies
Company information
Digital Hype (South West) Limited is a private company limited by shares incorporated in England and Wales. The registered office is The Summit, Woodwater Park, Pynes Hill, Exeter, United Kingdom, EX2 5WS.
1.1
Reporting period
The current accounting period reflects a period of 12 months of trading whereas the previous accounting period was 7 months. The results will not be directly comparable to the prior accounting period.
1.2
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.3
Going concern
At the period end date, the company's balance sheet reflected a net liabilities position. The company has been supported by the directors, who have extended loans to the company, which are repayable only as cash flow permits. On the expectation of the continuing financial support, the directors consider it appropriate to prepare these financial statements on a going concern basis.
1.4
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business.
1.5
Intangible fixed assets - goodwill
Goodwill represents the excess of the cost of acquisition of unincorporated businesses over the fair value of net assets acquired. It is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is considered to have a finite useful life and is amortised on a systematic basis over its expected life, which is five years.
1.6
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Plant and equipment
25% per annum on book value
Motor vehicles
25% per annum on book value
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
DIGITAL HYPE (SOUTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
6
5
3
Intangible fixed assets
Goodwill
£
Cost
At 1 November 2022 and 31 October 2023
20,000
Amortisation and impairment
At 1 November 2022
2,333
Amortisation charged for the year
4,000
At 31 October 2023
6,333
Carrying amount
At 31 October 2023
13,667
At 31 October 2022
17,667
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 November 2022 and 31 October 2023
20,640
Depreciation and impairment
At 1 November 2022
2,932
Depreciation charged in the year
4,417
At 31 October 2023
7,349
Carrying amount
At 31 October 2023
13,291
At 31 October 2022
17,708
DIGITAL HYPE (SOUTH WEST) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 OCTOBER 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
650
Other debtors
564
1,214
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
5,393
Taxation and social security
1,008
681
Other creditors
77,512
56,183
83,913
56,864