Company registration number 10004657 (England and Wales)
EASYBADGE LIMITED
(FORMERLY KNOWN AS DIGITAL ID GROUP LIMITED)
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
EASYBADGE LIMITED
(FORMERLY KNOWN AS DIGITAL ID GROUP LIMITED)
CONTENTS
- 1 -
Page
Company information
2
Balance sheet
3
Notes to the financial statements
4 - 8
EASYBADGE LIMITED
(FORMERLY KNOWN AS DIGITAL ID GROUP LIMITED)
COMPANY INFORMATION
- 2 -
Directors
Mr S P Dodd
Mr D G Hinchcliffe
Mr A Learned
Mr D Nettesheim
Company number
10004657
Registered office
Riverside House
Kings Reach Business Park
Yew Street
Stockport
Cheshire
SK4 2HD
Auditor
Xeinadin Audit Limited
Riverside House, Kings Reach Business Park
Yew Street
Stockport
Cheshire
United Kingdom
SK4 2HD
EASYBADGE LIMITED
(FORMERLY KNOWN AS DIGITAL ID GROUP LIMITED)
BALANCE SHEET
AS AT 31 DECEMBER 2023
31 December 2023
- 3 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
4
3,797,265
3,797,265
Current assets
Debtors
6
432,662
321,551
Creditors: amounts falling due within one year
7
(72,182)
(100)
Net current assets
360,480
321,451
Total assets less current liabilities
4,157,745
4,118,716
Creditors: amounts falling due after more than one year
8
(3,000,000)
(3,000,000)
Net assets
1,157,745
1,118,716
Capital and reserves
Called up share capital
76,002
76,002
Share premium account
504,435
504,435
Profit and loss reserves
577,308
538,279
Total equity
1,157,745
1,118,716
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 18 September 2024 and are signed on its behalf by:
Mr D G Hinchcliffe
Director
Company Registration No. 10004657
EASYBADGE LIMITED
(FORMERLY KNOWN AS DIGITAL ID GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 4 -
1
Accounting policies
Company information
Easybadge Limited is a private company limited by shares incorporated in England and Wales. The registered office is Riverside House, Kings Reach Business Park, Yew Street, Stockport, Cheshire, SK4 2HD.
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.
This company is a qualifying entity for the purposes of FRS 102, being a member of a group where the parent of that group prepares publicly available consolidated financial statements, including this company, which are intended to give a true and fair view of the assets, liabilities, financial position and profit or loss of the group. The company has therefore taken advantage of exemptions from the following disclosure requirements:
The financial statements of the company are consolidated in the financial statements of Levata Limited. These consolidated financial statements are available from its registered office, Riverside House, Kings Reach Business Park, Yew Street, Stockport, SK4 2HD.
1.2
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. The directors have obtained a letter of support from the company's ultimate parent, thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.true
1.3
Turnover
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.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
EASYBADGE LIMITED
(FORMERLY KNOWN AS DIGITAL ID GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 5 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.5
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.
1.6
Financial instruments
Basic financial assets
Basic financial assets, which include debtors 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.
Basic financial liabilities
Basic financial liabilities, including creditors, 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 creditors 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 creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.7
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.
1.8
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.
EASYBADGE LIMITED
(FORMERLY KNOWN AS DIGITAL ID GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 6 -
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.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
4
5
4
Fixed asset investments
2023
2022
£
£
Investment in subsidiaries
3,797,265
3,797,265
5
Subsidiaries
Details of the company's subsidiaries at 31 December 2023 are as follows:
EASYBADGE LIMITED
(FORMERLY KNOWN AS DIGITAL ID GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
5
Subsidiaries
(Continued)
- 7 -
Name of undertaking
Address
Class of
% Held
shares held
Direct
Digital ID Limited
1
Ordinary £1 Shares
100.00
The Smart Card Store
Limited
1
Ordinary £1 Shares
100.00
Registered office addresses (all UK unless otherwise indicated):
1
Riverside House, Kings Reach Business Park, Yew Street, Stockport, SK4 2HD, England
Subsidiary undertakings
Digital ID Limited
The principal activity is the supply of ID cards, ID card printers and associated consumables.
The Smart Card Store Limited
The principal activity is that of a dormant company.
6
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by related parties
432,663
321,552
7
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
43,062
Amounts owed to related parties
100
100
Corporation tax
11,989
Other taxation and social security
17,031
72,182
100
8
Creditors: amounts falling due after more than one year
2023
2022
£
£
Amounts owed to related parties
3,000,000
3,000,000
9
Events after the reporting date
The company has changed its name from Digital ID Group Limited to Easybadge Limited on 01/05/2024.
10
Related party transactions
EASYBADGE LIMITED
(FORMERLY KNOWN AS DIGITAL ID GROUP LIMITED)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
10
Related party transactions
(Continued)
- 8 -
Summary of transactions with subsidiaries
At the balance sheet date the amount owed by Digital ID Ltd, was £432,663 (2022: £321,552) and amount owed to The Smart Card Store Ltd was £100 (2022: £100). This amount is interest free and repayable on demand.
Summary of transactions with parent company
At the balance sheet date the amount owed to Levata Ltd was £3,000,000 (2022: £3,000,000). The balance is interest free and repayable with notice of one year and one day on a rolling basis.
11
Parent company
The company's immediate parent undertaking is Levata Limited (previously known as Digital ID UK Limited), a company registered and incorporated in the United Kingdom.
The ultimate parent is Odyssey Investment Partners Fund V (F&F) LP and Odyssey Investment Partners Fund LP and lenders and management, incorporated in United States of America.
The largest group in which the results of the company are consolidated is headed by Barcodes Acquisition Inc, a company registered in the United States of America. Copies of the financial statements are available from 200 W. Monroe St, Suite 2300, Chicago, Illinois, 60606.
The smallest group in which they are consolidated is headed by Levata Limited. Copies of the financial statements of Levata Limited are available from Riverside House, Kings Reach Business Park, Stockport, Cheshire, SK4 2HD.
At the balance sheet date, in the opinion of the directors there is no ultimate controlling party as no shareholder holds an overall majority.
12
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.
The senior statutory auditor was Nichola Coles (FCCA)
The auditor was Xeinadin Audit Limited