1 April 2023 false No description of principal activity Taxfiler 2024.5 true 03168397business:PrivateLimitedCompanyLtd2023-04-012024-03-31 031683972023-03-31 031683972023-04-012024-03-31 03168397business:AuditExemptWithAccountantsReport2023-04-012024-03-31 03168397business:FilletedAccounts2023-04-012024-03-31 031683972024-03-31 03168397business:Director12023-04-012024-03-31 03168397business:CompanySecretary12023-04-012024-03-31 03168397business:RegisteredOffice2023-04-012024-03-31 031683972023-03-31 03168397core:WithinOneYear2024-03-31 03168397core:WithinOneYear2023-03-31 03168397core:AfterOneYear2024-03-31 03168397core:AfterOneYear2023-03-31 03168397core:ShareCapitalcore:PreviouslyStatedAmount2024-03-31 03168397core:ShareCapitalcore:PreviouslyStatedAmount2023-03-31 03168397core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2024-03-31 03168397core:RetainedEarningsAccumulatedLossescore:PreviouslyStatedAmount2023-03-31 03168397core:PreviouslyStatedAmount2024-03-31 03168397core:PreviouslyStatedAmount2023-03-31 03168397business:SmallEntities2023-04-012024-03-31 03168397countries:EnglandWales2023-04-012024-03-31 03168397core:FurnitureFittings2023-03-31 03168397core:ComputerEquipment2023-03-31 03168397core:FurnitureFittings2024-03-31 03168397core:ComputerEquipment2024-03-31 03168397core:FurnitureFittings2023-04-012024-03-31 03168397core:ComputerEquipment2023-04-012024-03-31 03168397business:OrdinaryShareClass12023-04-012024-03-31 03168397business:OrdinaryShareClass12022-04-012023-03-31 03168397core:BetweenOneFiveYears2024-03-31 03168397core:BetweenOneFiveYears2023-03-31 031683972022-04-012023-03-31 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 03168397 (England and Wales)
Migrate Data Limited Unaudited accounts for the year ended 31 March 2024
Migrate Data Limited Unaudited accounts Contents
Page
- 2 -
Migrate Data Limited Company Information for the year ended 31 March 2024
Director
George Tye
Secretary
Paula Luckins
Company Number
03168397 (England and Wales)
Registered Office
A2Z HOUSE OFFICE 5 24-26 MILFORD STREET SALISBURY SP1 2AP ENGLAND
Accountants
RLJB Business Consulting Limited 14 Winchester Road Andover Hampshire SP10 2EG
- 3 -
Chartered Management Accountants' report to the board of directors on the preparation of the unaudited statutory accounts of Migrate Data Limited 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 Migrate Data Limited for the year ended 31 March 2024 which comprise of the Profit and Loss Account, the Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.
As a CIMA Registered Member in Practice and Practising Certificate holder, I am subject to its ethical and other professional requirements which are detailed at https://www.cimaglobal.com/Members/Your-Membership-Information/Members-handbook/Licensing-and-monitoring/Members-in-practice/
This report is made solely to the Board of Directors of Migrate Data Limited, as a body, in accordance with the terms of our engagement letter dated 9 October 2023. Our work has been undertaken solely to prepare for your approval the accounts of Migrate Data Limited and state those matters that we have agreed to state to the Board of Directors of Migrate Data Limited, as a body, in this report in accordance with the requirements of the Chartered Institute of Management Accountants as detailed at http://www.cimaglobal.com. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Migrate Data Limited and its Board of Directors as a body for our work or for this report.
It is your duty to ensure that Migrate Data Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Migrate Data Limited. You consider that Migrate Data Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Migrate Data Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.
RLJB Business Consulting Limited Member in Practice 14 Winchester Road Andover Hampshire SP10 2EG 2 August 2024
- 4 -
Migrate Data Limited Statement of financial position as at 31 March 2024
2024 
2023 
Notes
£ 
£ 
Fixed assets
Tangible assets
1,792 
3,209 
Current assets
Debtors
104,522 
84,364 
Cash at bank and in hand
149,782 
73,702 
254,304 
158,066 
Creditors: amounts falling due within one year
(84,844)
(66,925)
Net current assets
169,460 
91,141 
Total assets less current liabilities
171,252 
94,350 
Creditors: amounts falling due after more than one year
(12,500)
(22,500)
Provisions for liabilities
Deferred tax
- 
(610)
Net assets
158,752 
71,240 
Capital and reserves
Called up share capital
6,250 
6,250 
Profit and loss account
152,502 
64,990 
Shareholders' funds
158,752 
71,240 
For the 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. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board and authorised for issue on 19 August 2024 and were signed on its behalf by
George Tye Director Company Registration No. 03168397
- 5 -
Migrate Data Limited Notes to the Accounts for the year ended 31 March 2024
1
Statutory information
Migrate Data Limited is a private company, limited by shares, registered in England and Wales, registration number 03168397. The registered office is A2Z HOUSE OFFICE 5, 24-26 MILFORD STREET, SALISBURY, SP1 2AP, ENGLAND.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation - 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.
Going concern
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Turnover
Revenue is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates. When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income. Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.
- 6 -
Migrate Data Limited Notes to the Accounts for the year ended 31 March 2024
Tangible fixed assets and depreciation
6.0 Property, plant and equipment Property, plant and equipment 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: Plant and machinery 25% reducing balance and 33% 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. 6.1 Impairment of non-current 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. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Cash & 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.
- 7 -
Migrate Data Limited Notes to the Accounts for the year ended 31 March 2024
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. Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. 8.1 Basic financial assets Basic financial assets, which include trade and other receivables 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. 8.2 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. 8.3 Basic financial liabilities Basic financial liabilities, including trade and other payables, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
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.
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship. A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
- 8 -
Migrate Data Limited Notes to the Accounts for the year ended 31 March 2024
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 non-current assets. The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases. Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the statement of financial position as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
Foreign exchange
Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.
4
Tangible fixed assets
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At 1 April 2023
1,852 
21,953 
23,805 
At 31 March 2024
1,852 
21,953 
23,805 
Depreciation
At 1 April 2023
1,157 
19,439 
20,596 
Charge for the year
174 
1,243 
1,417 
At 31 March 2024
1,331 
20,682 
22,013 
Net book value
At 31 March 2024
521 
1,271 
1,792 
At 31 March 2023
695 
2,514 
3,209 
- 9 -
Migrate Data Limited Notes to the Accounts for the year ended 31 March 2024
5
Debtors
2024 
2023 
£ 
£ 
Amounts falling due within one year
VAT
446 
- 
Trade debtors
93,469 
61,048 
Accrued income and prepayments
10,607 
23,316 
104,522 
84,364 
6
Creditors: amounts falling due within one year
2024 
2023 
£ 
£ 
Bank loans and overdrafts
10,000 
10,000 
VAT
7,997 
18,502 
Obligations under finance leases and hire purchase contracts
- 
1,283 
Trade creditors
54,830 
19,054 
Taxes and social security
7,232 
13,341 
Other creditors
1,034 
- 
Accruals
3,751 
4,745 
84,844 
66,925 
7
Creditors: amounts falling due after more than one year
2024 
2023 
£ 
£ 
Bank loans
12,500 
22,500 
8
Share capital
2024 
2023 
£ 
£ 
Allotted, called up and fully paid:
6,250 Ordinary shares of £1 each
6,250 
6,250 
9
Operating lease commitments
2024 
2023 
£ 
£ 
At 31 March 2024 the company had the following future minimum lease payments under non-cancellable operating leases for each of the following periods:
Later than one year and not later than five years
- 
1,600 
10
Average number of employees
During the year the average number of employees was 10 (2023: 10).
- 10 -