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Registration number: 07634516

Digital Control Room Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Digital Control Room Limited

Contents

Balance Sheet

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

Digital Control Room Limited

(Registration number: 07634516)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Intangible assets

4

557,493

613,522

Tangible assets

5

31,941

5,067

 

589,434

618,589

Current assets

 

Debtors

252,194

141,655

Cash at bank and in hand

 

1,064,871

1,134,718

 

1,317,065

1,276,373

Creditors: Amounts falling due within one year

(1,010,811)

(1,139,257)

Net current assets

 

306,254

137,116

Total assets less current liabilities

 

895,688

755,705

Provisions for liabilities

(147,359)

(143,966)

Net assets

 

748,329

611,739

Capital and reserves

 

Called up share capital

9

1,000

1,000

Other reserves

11,106

-

Retained earnings

736,223

610,739

Shareholders' funds

 

748,329

611,739

For the financial year ending 31 December 2023 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 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 director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Digital Control Room Limited

(Registration number: 07634516)
Balance Sheet as at 31 December 2023

Approved and authorised by the director on 12 September 2024
 

.........................................
Stephen Hickey
Director

 

Digital Control Room Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:
71 - 75 Shelton Street
Covent Garden
London
WC2H 9JQ
United Kingdom

These financial statements were authorised for issue by the director on 12 September 2024.

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.

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.

 

Digital Control Room Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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

Office Equipment

25% straight line

Motor Vehicles

25% straight line

Development costs

Effective 2018, costs relating to commercialised software development are recognised as an intangible asset in order to evenly match them against anticipated future revenue streams. Development costs are only capitalised if:

a) it is probable that the expected future economic benefits that are attributable to the development costs will flow to the company, and
b) costs can be measured reliably

Research costs are written off in the period in which they are incurred.

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

Development costs

Between 5 and 10 year straight line

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.

 

Digital Control Room Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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. 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.

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 11 (2022 - 10).

 

Digital Control Room Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Intangible assets

Internally generated software development costs
 £

Total
£

Cost or valuation

At 1 January 2023

1,003,472

1,003,472

Additions internally developed

71,937

71,937

At 31 December 2023

1,075,409

1,075,409

Amortisation

At 1 January 2023

389,950

389,950

Amortisation charge

127,966

127,966

At 31 December 2023

517,916

517,916

Carrying amount

At 31 December 2023

557,493

557,493

At 31 December 2022

613,522

613,522

 

Digital Control Room Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

5

Tangible assets

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 January 2023

19,350

-

19,350

Additions

6,468

30,420

36,888

At 31 December 2023

25,818

30,420

56,238

Depreciation

At 1 January 2023

14,283

-

14,283

Charge for the year

2,951

7,063

10,014

At 31 December 2023

17,234

7,063

24,297

Carrying amount

At 31 December 2023

8,584

23,357

31,941

At 31 December 2022

5,067

-

5,067

6

Debtors

2023
£

2022
£

Trade debtors

232,498

123,105

Prepayments

19,164

18,550

Other debtors

532

-

252,194

141,655

 

Digital Control Room Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Due within one year

Trade creditors

19,592

15,412

Other related parties

1,463

3,507

PAYE and NIC

27,333

18,689

VAT

48,934

146,670

Accruals and deferred income

856,235

954,734

Corporation tax

56,460

-

Other creditors

794

245

1,010,811

1,139,257

Accruals and deferred income includes income received in advance of £850,548 (2022: £949,984)

8

Other Reserves

The company introduced an EMI scheme for the employees during the year. The fair value of EMI options has been calculated using the Black Scholes model in accordance with FRS 102 Section 26. The movement on Other Reserves relates to the accrued option value attributable to the accounting period. A corresponding charge is included in the Profit and Loss account.

9

Share capital

Allotted, called up and fully paid shares

 

2023

2022

 

No.

£

No.

£

Ordinary Shares of £0.01 (2022 - £1) each

100,000

1,000

1,000

1,000

         
 

Digital Control Room Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

10

Related party transactions

Transactions with the director

2023

At 1 January 2023
£

Advances to director
£

Repayments by director
£

At 31 December 2023
£

Stephen Hickey

3,507

(97,412)

95,368

1,463

         
       

 

2022

At 1 January 2022
£

Advances to director
£

Repayments by director
£

At 31 December 2022
£

Stephen Hickey

324

(117,177)

120,360

3,507

         
       

 

Amounts advanced by/to directors are repayable on demand and subject to interest at the HMRC official rate.