Registered number
12986296
DIGITAIKEN TECH CORPORATION LTD
Filleted Accounts
31 October 2023
DIGITAIKEN TECH CORPORATION LTD
Registered number: 12986296
Balance Sheet
as at 31 October 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 29,821 22,717
Current assets
Debtors 4 517,909 337,988
Cash at bank and in hand 390 2,146
518,299 340,134
Creditors: amounts falling due within one year 5 (196,554) (178,986)
Net current assets 321,745 161,148
Net assets 351,566 183,865
Capital and reserves
Called up share capital 100 100
Profit and loss account 351,466 183,765
Shareholder's funds 351,566 183,865
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
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.
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.
A Sharma
Director
Approved by the board on 30 July 2024
DIGITAIKEN TECH CORPORATION LTD
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:
Leasehold improvements over 10 years
Fixtures & Fittings over 10 years
Plant and machinery over 4 years
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 4 2
3 Tangible fixed assets
Leasehold Improvements Plant and machinery etc Total
£ £ £
Cost
At 1 November 2022 20,695 4,290 24,985
Additions 5,000 6,167 11,167
At 31 October 2023 25,695 10,457 36,152
Depreciation
At 1 November 2022 1,323 945 2,268
Charge for the year 2,486 1,577 4,063
At 31 October 2023 3,809 2,522 6,331
Net book value
At 31 October 2023 21,886 7,935 29,821
At 31 October 2022 19,372 3,345 22,717
4 Debtors 2023 2022
£ £
Trade debtors 101,111 97,029
Accrued Income 11,403 32,886
Other debtors 405,395 208,073
517,909 337,988
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts 2,931 -
Trade creditors 76,666 63,020
Amounts Owed to Directors 70,249 83,023
VAT 4,822 18,235
Net Wages - 1,556
Accruals 6,353 13,152
Corporation tax 29,980 -
PAYE 5,553 -
196,554 178,986
6 Related party transactions
IT Consultancy services were provided to a connected party, a company named Beam Melody Limited registered in England and Wales. As at 31st October 2023, the amounts debtors outstanding was £202,108. This is included in other debtors.
7 Double tax relief
The company has income from India which has been subject to tax at 15% before receipt. Based on the Double tax treaty with India the company will be able to ofset the tax paid against the UK Corporation tax liability.
8 Other information
DIGITAIKEN TECH CORPORATION LTD is a private company limited by shares and incorporated in England. Its registered office is:
6th Floor Fc200 Park Royal
London
NW10 7FQ
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