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Logo On Report
Registered Number: 04947164
England and Wales

 

 

 


Unaudited Financial Statements

for the year ended 31 October 2023

for

CIT DIGITAL LIMITED

Directors Celestion Cruz
Thomas Watkinson
Registered Number 04947164
Registered Office ELECTRIC WORKS
DIGITAL CAMPUS
SHEFFIELD
S1 2BJ
Accountants Holdsworth Accountants Ltd
Omega Court
350 Cemetery Road
Sheffield
S11 8FT
1
  2023   2022
    £ £   £ £
Fixed assets   272,747      291,220 
Current assets 37,604      44,387   
Creditors: amount falling due within one year (108,708)     (89,745)  
Net current assets   (71,104)     (45,358)
Total assets less current liabilities   201,643      245,862 
Creditors: amount falling due after more than one year   (38,350)     (74,388)
Net assets   163,293      171,474 
 

         
Capital and reserves   163,293      171,474 
 
NOTES TO THE ACCOUNTS

General Information
CIT DIGITAL LIMITED is a private company, limited by shares, registered in England and Wales, registration number 04947164, registration address ELECTRIC WORKS, DIGITAL CAMPUS , SHEFFIELD, S1 2BJ.

The presentation currency is £ sterling.
1.

Accounting policies

Significant accounting policies
Statement of compliance
These financial statements have been prepared in compliance with FRS 105 – The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
Basis of preparation
The financial statements have been prepared under the historical cost convention as modified by the revaluation of land and buildings and certain financial instruments measured at fair value in accordance with the accounting policies.
The financial statements are prepared in sterling which is the functional currency of the company.
Turnover
Turnover comprises the invoiced value of goods and services supplied by the company, net of Value Added Tax and trade discounts.
Research and development expenditure
Research and development expenditure is charged to the income statement in the period in which it is incurred.
Intangible assets
Intangible assets (including purchased goodwill and patents) are amortised at rates calculated to write off the assets on a straight line basis over their estimated useful economic lives. Impairment of intangible assets is only reviewed where circumstances indicate that the carrying value of an asset may not be fully recoverable.
Tangible fixed assets
Tangible fixed assets, other than freehold land, are stated at cost or valuation less depreciation and any provision for impairment. Depreciation is provided at rates calculated to write off the cost or valuation of fixed assets, less their estimated residual value, over their expected useful lives on the following basis:
Computer Equipment 25% Reducing Balance
2.

Intangible fixed assets

Cost Research and Development - 10 Years straight line   Total
  £   £
At 01 November 2022 839,458    839,458 
Additions 74,375    74,375 
Disposals  
At 31 October 2023 913,833    913,833 
Amortisation
At 01 November 2022 557,960    557,960 
Charge for year 91,383    91,383 
On disposals  
At 31 October 2023 649,343    649,343 
Net book values
At 31 October 2023 264,490    264,490 
At 31 October 2022 281,498    281,498 


3.

Tangible fixed assets

Cost or valuation Computer Equipment   Total
  £   £
At 01 November 2022 93,449    93,449 
Additions 923    923 
Disposals  
At 31 October 2023 94,372    94,372 
Depreciation
At 01 November 2022 83,727    83,727 
Charge for year 2,388    2,388 
On disposals  
At 31 October 2023 86,115    86,115 
Net book values
Closing balance as at 31 October 2023 8,257    8,257 
Opening balance as at 01 November 2022 9,722    9,722 


4.

Average number of employees

Average number of employees during the year was 3 (2022 : 5).


For the 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.

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.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the micro-entity provisions and FRS 105, the Financial Reporting Standard applicable to the micro-entities regime. The accounts have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. The income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 31 July 2024 and were signed on its behalf by:


--------------------------------
Celestion Cruz
Director
2