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Registration number: 08492835

Digiview Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2024

 

Digiview Ltd

Contents

Company Information

1

Director's Report

2

Accountants' Report

3

Profit and Loss Account

4

Statement of Comprehensive Income

5

Balance Sheet

6

Notes to the Unaudited Financial Statements

7 to 11

 

Digiview Ltd

Company Information

Director

Mr John C Andrews

Registered office

M P Watson & Co
Accountants & Taxation Consultants, 1 Bath Hill
Great Yarmouth
Norfolk
NR30 2LQ

Bankers

Barclays Bank Ltd
Lincoln

Accountants

M P Watson & Co
Accountants & Taxation Consultants
M P Watson & Co
1 Bath Hill
Great Yarmouth
Norfolk
NR30 2LQ

 

Digiview Ltd

Director's Report for the Year Ended 31 March 2024

The director presents his report and the financial statements for the year ended 31 March 2024.

Director of the company

The director who held office during the year was as follows:

Mr John C Andrews

Principal activity

The principal activity of the company is Electrical Installation

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 director on 31 March 2024
 

.........................................
Mr John C Andrews
Director

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Digiview 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 Digiview Ltd for the year ended 31 March 2024 as set out on pages 4 to 11 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Digiview Ltd, as a body, in accordance with the terms of our engagement letter dated 1 September 2017. Our work has been undertaken solely to prepare for your approval the accounts of Digiview Ltd and state those matters that we have agreed to state to the Board of Directors of Digiview Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Digiview Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Digiview 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 profit of Digiview Ltd. You consider that Digiview Ltd is exempt from the statutory audit requirement for the year.

......................................

M P Watson & Co
Accountants & Taxation Consultants
M P Watson & Co
1 Bath Hill
Great Yarmouth
Norfolk
NR30 2LQ

31 March 2024

 

Digiview Ltd

Profit and Loss Account for the Year Ended 31 March 2024

Note

2024
£

2023
£

Turnover

 

90,492

-

Cost of sales

 

(31,761)

-

Gross profit

 

58,731

-

Administrative expenses

 

(34,479)

-

Operating profit

 

24,252

-

Other interest receivable and similar income

 

5,315

-

Interest payable and similar expenses

 

(766)

-

   

4,549

-

Profit before tax

4

28,801

-

Tax on profit

 

(7,151)

-

Profit for the financial year

 

21,650

-

The above results were derived from continuing operations.

The company has no recognised gains or losses for the year other than the results above.

 

Digiview Ltd

Statement of Comprehensive Income for the Year Ended 31 March 2024

2024
£

2023
£

Profit for the year

21,650

-

Total comprehensive income for the year

21,650

-

 

Digiview Ltd

(Registration number: 08492835)
Balance Sheet as at 31 March 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

3,066

4,610

Current assets

 

Stocks

6

-

8,000

Debtors

7

64,490

46,112

Cash at bank and in hand

 

-

7,972

 

64,490

62,084

Creditors: Amounts falling due within one year

8

(60,899)

(64,687)

Net current assets/(liabilities)

 

3,591

(2,603)

Net assets

 

6,657

2,007

Capital and reserves

 

Called up share capital

9

20

20

Retained earnings

6,637

1,987

Shareholders' funds

 

6,657

2,007

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.

Director's 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 director acknowledges his 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.

Approved and authorised by the director on 31 March 2024
 

.........................................
Mr John C Andrews
Director

 

Digiview 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 United kingdom.

The address of its registered office is:
M P Watson & Co
Accountants & Taxation Consultants, 1 Bath Hill
Great Yarmouth
Norfolk
NR30 2LQ

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.

 

Digiview Ltd

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

Tax

The tax expense for the period comprises current 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.

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

15% WDV

Motor cars

25% WDV

Computer equipment

15% WDV

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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

 

Digiview Ltd

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

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.

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. 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.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

4

Profit before tax

Arrived at after charging/(crediting)

2024
£

2023
£

Depreciation expense

1,544

-

 

Digiview Ltd

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

5

Tangible assets

Furniture, fittings and equipment
 £

Motor vehicles
 £

Other tangible assets
£

Total
£

Cost or valuation

At 1 April 2023

1,200

10,500

14,600

26,300

At 31 March 2024

1,200

10,500

14,600

26,300

Depreciation

At 1 April 2023

920

9,701

11,069

21,690

Charge for the year

84

400

1,060

1,544

At 31 March 2024

1,004

10,101

12,129

23,234

Carrying amount

At 31 March 2024

196

399

2,471

3,066

At 31 March 2023

280

799

3,531

4,610

6

Stocks

2024
£

2023
£

Stock

-

8,000

7

Debtors

Current

2024
£

2023
£

Other debtors

64,490

46,112

 

64,490

46,112

8

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10

5,070

-

Taxation and social security

 

55,829

64,687

 

60,899

64,687

 

Digiview Ltd

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

9

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £10 each

2

20

2

20

       

10

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank overdrafts

5,070

-