Company registration number 07046001 (England and Wales)
DATALOFT LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
DATALOFT LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
DATALOFT LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
6,658
8,031
Current assets
Debtors
5
186,162
110,371
Cash at bank and in hand
448,686
288,337
634,848
398,708
Creditors: amounts falling due within one year
6
(185,555)
(158,069)
Net current assets
449,293
240,639
Total assets less current liabilities
455,951
248,670
Creditors: amounts falling due after more than one year
7
(31,361)
(36,711)
Provisions for liabilities
(1,526)
Net assets
424,590
210,433
Capital and reserves
Called up share capital
9
143
143
Share premium account
49,957
49,957
Capital redemption reserve
25
25
Profit and loss reserves
374,465
160,308
Total equity
424,590
210,433
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 15 April 2024 and are signed on its behalf by:
Ms S A Jones
Director
Company Registration No. 07046001
DATALOFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
1
Accounting policies
Company information
Dataloft Limited is a private company limited by shares incorporated in England and Wales. The registered office is Athenia House, 10-14 Andover Road, Winchester, Hampshire, United Kingdom, SO23 7BS.
1.1
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.
1.2
Turnover
Turnover represents the value of services provided under contracts or subscriptions to the extent that there is a right to consideration.
Where a contract has only been partially completed at the balance sheet date, turnover represents the value of services provided to date based on a proportion of the total expected consideration at completion. Where payments are received in advance from customers, the amounts are recorded as deferred income and included as part of creditors due within one year.
Turnover from subscriptions is recognised over the subscription period.
1.3
Intangible fixed assets other than goodwill
Intangible assets generated internally are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.
Amortisation 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:
Development Costs
Over 3 years
1.4
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:
Computer equipment
25% straight line
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.
DATALOFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.6
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. The directors consider all financial assets basic.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Basic financial assets
Basic financial assets, which include debtors, amounts owed by group undertakings and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans and loans from fellow group, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
DATALOFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
1.11
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
17
14
3
Intangible fixed assets
Development Costs
£
Cost
At 1 January 2023 and 31 December 2023
236,775
Amortisation and impairment
At 1 January 2023 and 31 December 2023
236,775
Carrying amount
At 31 December 2023
At 31 December 2022
DATALOFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
4
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 January 2023
47,476
Additions
2,942
Disposals
(30,082)
At 31 December 2023
20,336
Depreciation and impairment
At 1 January 2023
39,445
Depreciation charged in the year
3,440
Eliminated in respect of disposals
(29,207)
At 31 December 2023
13,678
Carrying amount
At 31 December 2023
6,658
At 31 December 2022
8,031
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
93,389
89,232
Amounts owed by group undertakings
15,000
Other debtors
51,841
21,139
160,230
110,371
Deferred tax asset
25,932
186,162
110,371
DATALOFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
6
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans
5,353
5,221
Trade creditors
8,055
25,653
Amounts owed to group undertakings
15,411
662
Corporation tax
25,240
Other taxation and social security
55,721
54,714
Deferred income
56,170
27,928
Other creditors
5,494
4,674
Accruals and deferred income
39,351
13,977
185,555
158,069
7
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
31,361
36,711
The bank loan is unsecured.
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2023
2022
2023
2022
Balances:
£
£
£
£
Accelerated capital allowances
-
1,526
-
-
Tax losses
-
-
25,932
-
-
1,526
25,932
-
2023
Movements in the year:
£
Liability at 1 January 2023
1,526
Credit to profit or loss
(27,458)
Asset at 31 December 2023
(25,932)
The deferred tax asset set out above is expected to reverse within 12 months and relates to the utilisation of tax losses against future expected profits of the same period.
DATALOFT LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary Class A of 10p each
1,000
1,000
100
100
Ordinary Class B of 10p each
429
429
43
43
1,429
1,429
143
143
All classes of shares have equal voting rights but the company may differentiate between the shares as to the amount of dividends payable.
10
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Jon Noble
Statutory Auditor:
Azets Audit Services
11
Financial commitments, guarantees and contingent liabilities
The company together with other group companies has entered into fixed and floating charges over its property and undertakings as security over borrowings by other group companies. At the year end the total outstanding liability was £3,989,928 (2022: £Nil)
12
Related party transactions
At the year end the company owed Dataloft Holdco Limited £15,411 (2022: £662) and was owed £15,000 (2022: £0) by Pricehubble France SASU. Dataloft Holdco Limited is the parent company of Dataloft Limited.
13
Parent company
The company's immediate parent undertaking is Dataloft Holdco Limited.
The company's ultimate parent company is Price Hubble AG, a company incorporated in Switzerland.
The accounts of this company are not publicly available.