Caseware UK (AP4) 2023.0.135 2023.0.135 truefalse52023-01-01No description of principal activity4trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 12063218 2023-01-01 2023-12-31 12063218 2022-01-01 2022-12-31 12063218 2023-12-31 12063218 2022-12-31 12063218 c:Director1 2023-01-01 2023-12-31 12063218 d:CurrentFinancialInstruments 2023-12-31 12063218 d:CurrentFinancialInstruments 2022-12-31 12063218 d:CurrentFinancialInstruments d:WithinOneYear 2023-12-31 12063218 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 12063218 d:ShareCapital 2023-12-31 12063218 d:ShareCapital 2022-12-31 12063218 d:RetainedEarningsAccumulatedLosses 2023-12-31 12063218 d:RetainedEarningsAccumulatedLosses 2022-12-31 12063218 c:FRS102 2023-01-01 2023-12-31 12063218 c:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 12063218 c:FullAccounts 2023-01-01 2023-12-31 12063218 c:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 12063218 e:PoundSterling 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure

Registered number: 12063218










Digistore24 Ltd








Unaudited

Financial statements

Information for filing with the registrar

For the Year Ended 31 December 2023





 
Digistore24 Ltd
 
  
Chartered Accountants' Report to the Board of Directors on the preparation of the Unaudited Statutory Financial Statements of Digistore24 Ltd for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Digistore24 Ltd for the year ended 31 December 2023 which comprise  the balance sheet and the related notes 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 https://www.icaew.com /regulation.

This report is made solely to the board of directors of Digistore24 Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of Digistore24 Ltd and state those matters that we have agreed to state to the board of directors of Digistore24 Ltd, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Digistore24 Ltd and its board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Digistore24 Ltd has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Digistore24 Ltd. You consider that Digistore24 Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Digistore24 Ltd. 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 financial statements.

  



Kreston Reeves LLP
 
Chartered Accountants
  
Montague Place
Quayside
Chatham Maritime
Chatham
Kent
ME4 4QU
11 September 2024
Page 1

 
Digistore24 Ltd
Registered number: 12063218

Balance Sheet
As at 31 December 2023

2023
2022
£
£


Current assets

Debtors due within one year
9,952
6,657

Bank and cash balances
40,625
118,047

50,577
124,704

Creditors: amounts falling due within one year
(215,069)
(191,089)

Net current liabilities
 
 
(164,492)
 
 
(66,385)

Total assets less current liabilities
(164,492)
(66,385)


Net liabilities
(164,492)
(66,385)


Capital and reserves

Called up share capital 
1
1

Profit and loss account
(164,493)
(66,386)

(164,492)
(66,385)


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 11 September 2024.




Francis Wolff
Director

The notes on pages 3 to 7 form part of these financial statements.

Page 2

 
Digistore24 Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

1.


General information

Digistore24 Ltd is a private company limited by shares and incorporated in England and Wales with the registration number 12063218. The address of the registered office is 15 Cambridge Court, 210 Shepherds Bush Road, London, United Kingdom, W6 7NJ.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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.

Presentation currency is British Pounds. These financial statements are rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company meets its working capital requirements through the financial support of the holding company, Digistore24 Inc. The directors consider that it is appropriate to prepare the financial statements on a going concern basis as it is not envisaged that this financial support will be withdrawn.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the statement of income and retained earnings within 'finance income or costs'. All other foreign exchange gains and losses are presented in profit or loss within 'other operating income'.

Page 3

 
Digistore24 Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the balance sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.6

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.7

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

Page 4

 
Digistore24 Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)

 
2.8

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.9

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Company's balance sheet 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.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.



 
Page 5

 
Digistore24 Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

2.Accounting policies (continued)


2.9
Financial instruments (continued)

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Debtors

2023
2022
£
£


Trade debtors
(646)
-

Amounts owed by group undertakings
8,498
3,858

Other debtors
-
700

Prepayments and accrued income
2,100
2,100

9,952
6,658



4.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
7,117
2,450

Amounts owed to group undertakings
161,354
69,232

Other taxation and social security
9,376
43,627

Other creditors
984
-

Accruals and deferred income
36,238
75,780

215,069
191,089


Page 6

 
Digistore24 Ltd
 

 
Notes to the Financial Statements
For the Year Ended 31 December 2023

5.


Related party transactions

All related party transactions during the current and prior periods, including key management personnel compensation, were made under normal market conditions. 


6.


Controlling party

The company is a wholly owned subsidiary of Digistore24 Inc, a company incorporated in the United States of America.
Digistore24 Inc is registered at 360 Central Avenue, Suite 800, St Petersburg 33170, Florida, United States.


Page 7