2020 Digital Media Limited 09786622 false 2023-05-01 2024-04-30 2024-04-30 The principal activity of the company is that of business and domestic software development. Digita Accounts Production Advanced 6.30.9574.0 true 09786622 2023-05-01 2024-04-30 09786622 2024-04-30 09786622 core:CurrentFinancialInstruments 2024-04-30 09786622 core:CurrentFinancialInstruments core:WithinOneYear 2024-04-30 09786622 core:Goodwill 2024-04-30 09786622 bus:SmallEntities 2023-05-01 2024-04-30 09786622 bus:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 09786622 bus:FilletedAccounts 2023-05-01 2024-04-30 09786622 bus:SmallCompaniesRegimeForAccounts 2023-05-01 2024-04-30 09786622 bus:RegisteredOffice 2023-05-01 2024-04-30 09786622 bus:Director2 2023-05-01 2024-04-30 09786622 bus:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 09786622 core:Goodwill 2023-05-01 2024-04-30 09786622 countries:EnglandWales 2023-05-01 2024-04-30 09786622 2023-04-30 09786622 core:Goodwill 2023-04-30 09786622 2022-05-01 2023-04-30 09786622 2023-04-30 09786622 core:CurrentFinancialInstruments 2023-04-30 09786622 core:CurrentFinancialInstruments core:WithinOneYear 2023-04-30 09786622 core:Goodwill 2023-04-30 iso4217:GBP xbrli:pure

Registration number: 09786622

2020 Digital Media Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 April 2024

 

2020 Digital Media Limited

Contents

Statement of Financial Position

1

Notes to the Unaudited Financial Statements

2 to 6

 

2020 Digital Media Limited

(Registration number: 09786622)
Statement of Financial Position as at 30 April 2024

Note

2024
£

2023
£

Fixed assets

 

Intangible assets

4

1,000

2,000

Current assets

 

Debtors

5

3,551

3,611

Cash at bank and in hand

 

288,230

270,244

 

291,781

273,855

Creditors: Amounts falling due within one year

6

(5,612)

(7,955)

Net current assets

 

286,169

265,900

Net assets

 

287,169

267,900

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

287,069

267,800

Shareholders' funds

 

287,169

267,900

For the financial year ending 30 April 2024 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 Statement of Comprehensive Income.

Approved and authorised by the Board on 3 September 2024 and signed on its behalf by:
 


Mr J P George
Director

 

2020 Digital Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024

1

General information

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

The address of its registered office is:
C/O JGBM Barn Close
Langage Business Park
Plympton
Plymouth
Devon
PL7 5HQ

Principal activity

The principal activity of the company is that of business and domestic software development.

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.

The financial statements are prepared in sterling which is the functional currency of the entity.

 

2020 Digital Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Turnover

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.

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.

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.

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

10% straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, 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. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

 

2020 Digital Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

2

Accounting policies (continued)

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

2020 Digital Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 May 2023

10,000

10,000

At 30 April 2024

10,000

10,000

Amortisation

At 1 May 2023

8,000

8,000

Amortisation charge

1,000

1,000

At 30 April 2024

9,000

9,000

Carrying amount

At 30 April 2024

1,000

1,000

At 30 April 2023

2,000

2,000

5

Debtors

2024
£

2023
£

Trade debtors

3,272

3,332

Prepayments

279

279

3,551

3,611

 

2020 Digital Media Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2024 (continued)

6

Creditors

Creditors

2024
£

2023
£

Due within one year

Trade creditors

333

12

Taxation and social security

3,811

6,809

Accruals and deferred income

1,468

1,134

5,612

7,955

7

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.