Registered number
06397657
Democracy Technology Limited
Unaudited Filleted Accounts
31 December 2023
Democracy Technology Limited
Statement of Financial Position
as at 31 December 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 4 6,180 9,472
Investments 5 85 85
6,265 9,557
Current assets
Debtors 6 235,778 246,214
Cash at bank and in hand 172,953 167,133
408,731 413,347
Creditors: amounts falling due within one year 7 (172,062) (143,379)
Net current assets 236,669 269,968
Net assets 242,934 279,525
Capital and reserves
Called up share capital 100 100
Profit and loss account 242,834 279,425
Shareholders' funds 242,934 279,525
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr B P Thomas
Director
Approved by the board on 24 September 2024
Company registration number: 06397657
Democracy Technology Limited
Notes to the Accounts
for the year ended 31 December 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the supply of services is recognised on completion of the work.
Going Concern
The financial statements have been prepared on a going concern basis. The Directors have prepared forecasts for a period greater than one year from the date of signature of the financial statements and have a reasonable expectation that the company has adequate resources to continue in operation for the foreseeable future.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures and fittings 25% straight line
Equipment 33% straight line
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable
amount being estimated where such indicators exist. Where the carrying value exceeds the
recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for
possible reversal at each reporting date.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (i.e. liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
Operating lease payments are recognised as an expense on a straight line basis over the lease term. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term on a straight line basis
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Profit before taxation 2023 2022
£ £
Profit before taxation is stated after charging:
Depreciation of tangible assets 6,514 8,618
3 Employees 2023 2022
Number Number
Average number of persons employed by the company 12 13
4 Tangible fixed assets
Fixtures and fittings Equipment Total
£ £ £
Cost
At 1 January 2023 7,431 40,656 48,087
Additions - 3,222 3,222
At 31 December 2023 7,431 43,878 51,309
Depreciation
At 1 January 2023 6,270 32,345 38,615
Charge for the year 435 6,079 6,514
At 31 December 2023 6,705 38,424 45,129
Net book value
At 31 December 2023 726 5,454 6,180
At 31 December 2022 1,161 8,311 9,472
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 January 2023 85
At 31 December 2023 85
The company owns 100% of the ordinary share capital of Democracy Technology Ireland Limited, a company registered in Ireland.
6 Debtors 2023 2022
£ £
Trade debtors 177,961 175,117
Amounts owed by group undertakings and undertakings in which the company has a participating interest 6,300 6,300
Other debtors 51,517 64,797
235,778 246,214
Amounts due after more than one year included above 6,300 6,300
7 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 4,013 20,601
Amounts owed to group undertakings and undertakings in which the company has a participating interest 85 85
Taxation and social security costs 79,531 51,830
Other creditors 88,433 70,863
172,062 143,379
8 Other financial commitments 2023 2022
£ £
Total future minimum payments under non-cancellable operating leases 21,135 38,988
9 Controlling party
The company is an wholly owned subsidiary of Mi-Voice Limited, a company registered in England & Wales under number 06059852.
10 Other information
Democracy Technology Limited is a private company limited by shares and incorporated in England. Its registered office is:
First Floor, The Arch Building
Gaters Mill, Mansbridge Road
Southampton
Hampshire
SO18 3HW
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