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Registration number: 06479212

DATAQUBED Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 March 2024

 

DATAQUBED Ltd

Contents

Company Information

1

Directors' Report

2

Accountants' Report

3

Balance Sheet

4 to 5

Notes to the Unaudited Financial Statements

6 to 13

 

DATAQUBED Ltd

Company Information

Directors

Mr R Patel

Dr S G Kulkarni

Registered office

11 Kirkland Walk
Hackney
London
E8 3SY

 

DATAQUBED Ltd

Directors' Report for the Year Ended 31 March 2024

The directors present their report and the financial statements for the year ended 31 March 2024.

Directors of the company

The directors who held office during the year were as follows:

Mr R Patel

Dr S G Kulkarni

Principal activity

The principal activity of the company is computer consultancy

Small companies provision statement

This report has 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.

Approved and authorised by the Board on 8 August 2024 and signed on its behalf by:
 

.........................................
Mr R Patel
Director

 

Accountants' Report to the Board of Directors on the Preparation of the Unaudited Statutory Accounts of
DATAQUBED Ltd
for the Year Ended 31 March 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of DATAQUBED Ltd for the year ended 31 March 2024 as set out on pages 4 to 13 from the company's accounting records and from information and explanations you have given us.

It is your duty to ensure that DATAQUBED Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of DATAQUBED Ltd. You consider that DATAQUBED Ltd is exempt from the statutory audit requirement for the year.






MyAccountant.co.uk Limited
Whitefriars
Lewins Mead
Bristol
BS1 2NT

9 August 2024

 

DATAQUBED Ltd

(Registration number: 06479212)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

2,518

3,752

Investment property

5

2,000,000

2,300,000

Investments

6

-

1

 

2,002,518

2,303,753

Current assets

 

Debtors

7

143,991

80,639

Cash at bank and in hand

 

148,414

445,359

 

292,405

525,998

Creditors: Amounts falling due within one year

8

(158,431)

(549,302)

Net current assets/(liabilities)

 

133,974

(23,304)

Total assets less current liabilities

 

2,136,492

2,280,449

Provisions for liabilities

(1,875)

(76,875)

Net assets

 

2,134,617

2,203,574

Capital and reserves

 

Called up share capital

9

2

2

Revaluation reserve

141,176

366,176

Retained earnings

1,993,439

1,837,396

Shareholders' funds

 

2,134,617

2,203,574

 

DATAQUBED Ltd

(Registration number: 06479212)
Balance Sheet as at 31 March 2024

For the financial year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 8 August 2024 and signed on its behalf by:
 

.........................................
Mr R Patel
Director

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.

 

DATAQUBED Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

1

General information

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

The address of its registered office is:
11 Kirkland Walk
Hackney
London
E8 3SY
UK

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 except that as disclosed in the accounting policies certain items are shown at fair value.

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 sales/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.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

 

DATAQUBED Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Tax

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, 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 in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when 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.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

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

Asset class

Depreciation method and rate

Plant and machinery

Straight line over 4 years

Fixtures and fittings

Straight line over 5 years

Computer equipment

Straight line over 3 years

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Business combinations

Business combinations are accounted for using the purchase method. The consideration for each acquisition is measured at the aggregate of the fair values at acquisition date of assets given, liabilities incurred or assumed, and equity instruments issued by the group in exchange for control of the acquired, plus any costs directly attributable to the business combination. When a business combination agreement provides for an adjustment to the cost of the combination contingent on future events, the group includes the estimated amount of that adjustment in the cost of the combination at the acquisition date if the adjustment is probable and can be measured reliably.

 

DATAQUBED Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

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

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

 

DATAQUBED Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

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 2 (2023 - 2).

 

DATAQUBED Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

22,755

8,429

31,184

Additions

1,141

-

1,141

Disposals

(292)

-

(292)

At 31 March 2024

23,604

8,429

32,033

Depreciation

At 1 April 2023

19,817

7,615

27,432

Charge for the year

2,104

271

2,375

Eliminated on disposal

(292)

-

(292)

At 31 March 2024

21,629

7,886

29,515

Carrying amount

At 31 March 2024

1,975

543

2,518

At 31 March 2023

2,938

814

3,752

5

Investment properties

2024
£

At 1 April

2,300,000

Fair value adjustments

(300,000)

At 31 March

2,000,000

The investment properties were valued on 31 March 2024 by Mr R Patel who is internal to the company. The basis of this value was open market value and there was a reduction of £300,000 in the year. This class of assets has a current value of £2,000,000 (2023 £2,300,000) and a historical cost of £1,856,949.

 

DATAQUBED Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

6

Investments

2024
£

2023
£

Investments in subsidiaries

-

1

Subsidiaries

£

Cost or valuation

At 1 April 2023

1

Disposals

(1)

At 31 March 2024

-

Provision

Carrying amount

At 31 March 2024

-

At 31 March 2023

1

7

Debtors

Current

2024
£

2023
£

Trade debtors

92,082

11,340

Prepayments

773

199

Other debtors

51,136

69,100

 

143,991

80,639

 

DATAQUBED Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

8

Creditors

Creditors: amounts falling due within one year

2024
£

2023
£

Due within one year

Trade creditors

32,362

19,256

Taxation and social security

123,349

88,990

Accruals and deferred income

120

14,587

Other creditors

2,600

426,469

158,431

549,302

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

2

2

2

2

       

10

Dividends

Interim dividends paid

2024
£

2023
£

Interim dividend of 34,401.36 (2023 - 30,443.50) per each Ordinary shares

68,803

60,887

 

 
 

DATAQUBED Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 March 2024

11

Related party transactions

Transactions with directors

2024

At 1 April 2023
£

Advances to director
£

Repayments by director
£

At 31 March 2024
£

Mr R Patel

Director's loan

(426,469)

507,994

(43,255)

38,270

2023

At 1 April 2022
£

Advances to director
£

Repayments by director
£

At 31 March 2023
£

Mr R Patel

Director's loan

(425,001)

16,377

(17,845)

(426,469)