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Registrar

Registration number: 08159289

What House Digital Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2023

 

What House Digital Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 9

 

What House Digital Limited

Company Information

Directors

D R Hill

I Cunningham

D A Smith

R Bates

Registered office

128 City Road
London
EC1V 2NX

Bankers

National Westminster Bank PLC
Chatham Customer Service Centre
Western Avenue
Chatham Maritime
Chatham
Kent
ME4 4RT

Accountants

Lambert Chapman LLP
Chartered accountants
3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

What House Digital Limited

(Registration number: 08159289)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

46,418

51,481

Tangible assets

5

398,281

454,940

 

444,699

506,421

Current assets

 

Debtors

6

355,668

407,877

Cash at bank and in hand

 

16

527

 

355,684

408,404

Creditors: Amounts falling due within one year

7

(371,450)

(366,872)

Net current (liabilities)/assets

 

(15,766)

41,532

Total assets less current liabilities

 

428,933

547,953

Creditors: Amounts falling due after more than one year

7

(2,154,528)

(2,178,809)

Net liabilities

 

(1,725,595)

(1,630,856)

Capital and reserves

 

Called up share capital

8

6,274

6,274

Share premium reserve

542,707

542,707

Retained earnings

(2,274,576)

(2,179,837)

Shareholders' deficit

 

(1,725,595)

(1,630,856)

For the financial year ending 30 April 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; and

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 1 August 2024 and signed on its behalf by:
 

D R Hill
Director

 

What House Digital Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 128 City Road, London, EC1V 2NX.

These financial statements were authorised for issue by the Board on 1 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

 

What House Digital Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the entity will comply with the conditions attaching to them and the grants will be received.

Government grants are recognised using the accrual model and the performance model.

Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the entity recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset.

Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Deferred tax is recognised on temporary material differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Website development

15 years straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

 

What House Digital Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Development costs

Research expenditure is written off in the period in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when it is technically feasible to complete the intangible asset so that it will be available for use or sale; there is the intention to complete the intangible asset and use or sell it; there is the ability to use or sell the intangible asset; the use or sale of the intangible asset will generate probable future economic benefits; there are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and the expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

20 years straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 9 (2022 - 8).

 

What House Digital Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2022

101,269

101,269

At 30 April 2023

101,269

101,269

Amortisation

At 1 May 2022

49,788

49,788

Amortisation charge

5,063

5,063

At 30 April 2023

54,851

54,851

Carrying amount

At 30 April 2023

46,418

46,418

At 30 April 2022

51,481

51,481

5

Tangible assets

Website development
£

Total
£

Cost or valuation

At 1 May 2022

849,479

849,479

At 30 April 2023

849,479

849,479

Depreciation

At 1 May 2022

394,538

394,538

Charge for the year

56,660

56,660

At 30 April 2023

451,198

451,198

Carrying amount

At 30 April 2023

398,281

398,281

At 30 April 2022

454,940

454,940

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

16,056

31,837

Directors loan account

10

4,756

4,756

Other debtors

 

334,856

311,284

Prepayments

 

-

60,000

 

355,668

407,877

 

What House Digital Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

13,333

13,333

Trade creditors

 

33,600

45,680

Taxation and social security

 

319,839

303,872

Other creditors

 

1,678

-

Accruals and deferred income

 

3,000

3,987

 

371,450

366,872

The company has given security to FSE Loan Management Limited for a loan provided to Globespan Media Limited and, at the balance sheet date, the amount owed was £Nil (2022 - £54,444).

During the year, the company has given security to Time Invoice Finance Limited (Formerly GENER8 Finance Limited) for a factoring agreement provided to Globespan Media Limited and, at the balance sheet date, the amount owed was £351,500 (2022 - £373,250).

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

2,154,528

2,178,809

8

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £0.01 each

627,362

6,274

627,362

6,274

       
 

What House Digital Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

13,333

13,333

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

40,000

57,778

Other borrowings

2,114,528

2,121,031

2,154,528

2,178,809

 

What House Digital Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

10

Related party transactions

Transactions with directors

2023

At 1 May 2022
£

At 30 April 2023
£

Directors loan transactions

4,756

4,756

 

2022

At 1 May 2021
£

At 30 April 2022
£

Directors loan transactions

4,756

4,756

 

Other related parties


A company owned by the majority of the directors and shareholders.

All transactions were completed on normal commercial terms.

Income and receivables from related parties

2023

Other related parties
£

Sales recharged

1,389,738

2022

Other related parties
£

Sales recharged

1,127,573

Expenditure with and payables to related parties

2023

Other related parties
£

Marketing and salary costs recharged

990,471

Amounts payable to related party

2,114,528

2022

Other related parties
£

Marketing and salary costs recharged

893,312

Amounts payable to related party

2,121,031