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COMPANY REGISTRATION NUMBER: 05437596
Digitek Computer Products UK Limited
Filleted Unaudited Financial Statements
31 December 2023
Digitek Computer Products UK Limited
Financial Statements
Year ended 31 December 2023
Contents
Page
Officers and professional advisers
1
Directors' report
2
Report to the board of directors on the preparation of the unaudited statutory financial statements
3
Statement of financial position
4
Notes to the financial statements
6
Digitek Computer Products UK Limited
Officers and Professional Advisers
The board of directors
Mr P Martorana
Mr SJ Lane
Registered office
Swinfens Yard
10 London House
High Street
Stony Stratford
Milton Keynes
United Kingdom
MK11 1SY
Accountants
Bailhache Linton LLP
Accountants
Bourne House
475 Godstone Road
Whyteleafe
Surrey
CR3 0BL
Digitek Computer Products UK Limited
Directors' Report
Year ended 31 December 2023
The directors present their report and the unaudited financial statements of the company for the year ended 31 December 2023 .
Directors
The directors who served the company during the year were as follows:
Mr P Martorana
Mr SJ Lane
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
This report was approved by the board of directors on 16 September 2024 and signed on behalf of the board by:
Mr SJ Lane
Director
Registered office:
Swinfens Yard
10 London House
High Street
Stony Stratford
Milton Keynes
United Kingdom
MK11 1SY
Digitek Computer Products UK Limited
Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Digitek Computer Products UK Limited
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 Digitek Computer Products UK Limited for the year ended 31 December 2023, which comprise the statement of financial position 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 Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html. Our work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf.
Bailhache Linton LLP Accountants
Bourne House 475 Godstone Road Whyteleafe Surrey CR3 0BL
16 September 2024
Digitek Computer Products UK Limited
Statement of Financial Position
31 December 2023
2023
2022
Note
£
£
Fixed assets
Tangible assets
5
51,231
68,525
Current assets
Debtors
6
6,117
4,266
Cash at bank and in hand
30,648
35,805
----------
----------
36,765
40,071
Creditors: amounts falling due within one year
7
32,783
30,214
----------
----------
Net current assets
3,982
9,857
----------
----------
Total assets less current liabilities
55,213
78,382
Creditors: amounts falling due after more than one year
8
45,325
56,037
Provisions
( 3,622)
( 1,564)
----------
----------
Net assets
13,510
23,909
----------
----------
Capital and reserves
Called up share capital
1,000
1,000
Profit and loss account
12,510
22,909
----------
----------
Shareholders funds
13,510
23,909
----------
----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
Digitek Computer Products UK Limited
Statement of Financial Position (continued)
31 December 2023
For the 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.
Directors' responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 16 September 2024 , and are signed on behalf of the board by:
Mr SJ Lane
Director
Company registration number: 05437596
Digitek Computer Products UK Limited
Notes to the Financial Statements
Year ended 31 December 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Swinfens Yard, 10 London House, High Street, Stony Stratford, Milton Keynes, MK11 1SY, United Kingdom.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of services is recognised when the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Foreign currencies
Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
25% reducing balance
Equipment
-
33% straight line
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 5 (2022: 5 ).
5. Tangible assets
Motor vehicles
Equipment
Total
£
£
£
Cost
At 1 January 2023
75,395
9,109
84,504
Additions
625
625
----------
--------
----------
At 31 December 2023
75,395
9,734
85,129
----------
--------
----------
Depreciation
At 1 January 2023
10,995
4,984
15,979
Charge for the year
16,100
1,819
17,919
----------
--------
----------
At 31 December 2023
27,095
6,803
33,898
----------
--------
----------
Carrying amount
At 31 December 2023
48,300
2,931
51,231
----------
--------
----------
At 31 December 2022
64,400
4,125
68,525
----------
--------
----------
Finance leases and hire purchase contracts
Included within the carrying value of tangible assets are the following amounts relating to assets held under finance leases or hire purchase agreements:
Motor vehicles
£
At 31 December 2023
45,325
----------
At 31 December 2022
56,546
----------
6. Debtors
2023
2022
£
£
Trade debtors
1,654
554
Other debtors
4,463
3,712
--------
--------
6,117
4,266
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
464
333
Corporation tax
840
1,567
Social security and other taxes
15,644
18,387
Other creditors
15,835
9,927
----------
----------
32,783
30,214
----------
----------
8. Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
45,325
56,037
----------
----------
9. Finance leases and hire purchase contracts
The total future minimum lease payments under finance leases and hire purchase contracts are as follows:
2023
2022
£
£
Not later than 1 year
11,898
7,033
Later than 1 year and not later than 5 years
45,325
56,037
----------
----------
57,223
63,070
----------
----------
10. Other financial commitments
The company had commitments contracted but not provided for in the financial statements totalling £10,321 (2022: £9,556).