REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
DIGITAL GENIUS LIMITED |
REGISTERED NUMBER: |
Unaudited Financial Statements |
for the Year Ended 31 December 2023 |
for |
DIGITAL GENIUS LIMITED |
DIGITAL GENIUS LIMITED (REGISTERED NUMBER: 09024313) |
Contents of the Financial Statements |
for the year ended 31 December 2023 |
Page |
Company Information | 1 |
Statement of Financial Position | 2 |
Notes to the Financial Statements | 4 |
DIGITAL GENIUS LIMITED |
Company Information |
for the year ended 31 December 2023 |
Directors: |
Registered office: |
Registered number: |
DIGITAL GENIUS LIMITED (REGISTERED NUMBER: 09024313) |
Statement of Financial Position |
31 December 2023 |
2023 | 2022 |
Notes | £ | £ | £ | £ |
Fixed assets |
Intangible assets | 5 |
Investments | 6 |
Current assets |
Debtors | 7 |
Cash at bank |
Creditors |
Amounts falling due within one year | 8 |
Net current assets |
Total assets less current liabilities |
Creditors |
Amounts falling due after more than one year |
9 |
Net assets |
Capital and reserves |
Called up share capital |
Share premium | 10 |
Other reserves | 10 |
Retained earnings | 10 | ( |
) | ( |
) |
Shareholders' funds |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
DIGITAL GENIUS LIMITED (REGISTERED NUMBER: 09024313) |
Statement of Financial Position - continued |
31 December 2023 |
The financial statements were approved by the Board of Directors and authorised for issue on |
DIGITAL GENIUS LIMITED (REGISTERED NUMBER: 09024313) |
Notes to the Financial Statements |
for the year ended 31 December 2023 |
1. | Statutory information |
Digital Genius Limited is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | Statement of compliance |
3. | Accounting policies |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses. |
Investments in subsidiaries |
Investment in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. |
Financial instruments |
Financial assets and financial liabilities are recognised in the balance sheet when the company becomes a party to the contractual provisions of the instrument. |
Trade and other debtors and creditors are classified as basic financial instruments and measured at initial recognition at transaction price. Debtors and creditors are subsequently measured at amortised cost using the effective interest rate method. A provision is established when there is objective evidence that the company will not be able to collect all amounts due. |
Cash and cash equivalents are classified as basic financial instruments and comprise cash in hand and at bank and bank overdrafts. |
Financial liabilities and equity instruments issued by the company are classified in accordance with the substance of the contractual arrangements entered into and the definitions of a financial liability and an equity instrument. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. |
DIGITAL GENIUS LIMITED (REGISTERED NUMBER: 09024313) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
3. | Accounting policies - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Profit and Loss Account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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. |
Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
Foreign currencies |
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions. |
At each reporting 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 the period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the income statement. |
Share based payments |
The company operates an equity-settled, compensation plan for the companies in the group. The fair value of the employees services received in exchange for the grant of the options is recognised as an expense in the company where the employees are based and a debit to the intercompany account in Digital Genius Limited, if the employees are not based in Digital Genius Limited. The total amount to be expensed over the vesting period is determined by reference to the fair value of the options granted, excluding the impact of any non-market vesting conditions (for example, profitability and sales growth targets). Non-market vesting conditions are included in assumptions about the number of options that are expected to vest. At each statement of financial position date, the entity revises its estimates of the number of options that are expected to vest. It recognises the impact of the revision to original estimates, if any, in the income statement of the relevant company. The credit entry is posted to the share option reserve of Digital Genius Limited. |
Going concern |
The financial statements have been prepared on the going concern basis. The company incurred losses for the reporting period but the directors believe the company has sufficient resources available for it to meet its obligations, if and when, they fall due and are therefore of the opinion that they should continue to adopt the going concern basis of accounting in preparing the financial statements. |
DIGITAL GENIUS LIMITED (REGISTERED NUMBER: 09024313) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
4. | Employees and directors |
The average number of employees during the year was NIL (2022 - NIL). |
5. | Intangible fixed assets |
Patents and |
licences |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Amortisation |
At 1 January 2023 |
Amortisation for year |
At 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
6. | Fixed asset investments |
Shares in |
group |
undertakings |
£ |
Cost |
At 1 January 2023 |
and 31 December 2023 |
Net book value |
At 31 December 2023 |
At 31 December 2022 |
7. | Debtors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
DIGITAL GENIUS LIMITED (REGISTERED NUMBER: 09024313) |
Notes to the Financial Statements - continued |
for the year ended 31 December 2023 |
8. | Creditors: amounts falling due within one year |
2023 | 2022 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Taxation and social security |
Other creditors |
9. | Creditors: amounts falling due after more than one year |
2023 | 2022 |
£ | £ |
Bank loans |
Included within other creditors due within one year and due after one year is a amount of £489,583 in connection with a loan provided to the company during the year by Glif Ld LP. The loan bears interest at a rate of 9.5% and matures in October 2027. Greater London Investment Fund holds fixed and floating charges over all the property and undertaking of the company in connection with the loan provided. Further details of the charges can be found at Companies House. |
10. | Reserves |
Retained | Share | Other |
earnings | premium | reserves | Totals |
£ | £ | £ | £ |
At 1 January 2023 | ( |
) | 18,510,073 |
Deficit for the year | ( |
) | ( |
) |
Bonus share issue |
At 31 December 2023 | ( |
) | 19,547,582 |
11. | Share-based payment transactions |
The company operates an EMI-qualifying share option scheme for the employees of its subsidiary. As of the date of the Statement of Financial Position, the company had granted 11,901,317 EMI qualifying share options to 83 employees of one of its subsidiary companies with exercise prices ranging from £0.001 to £0.72 per share. During the period 4,473,260 (2022 - 321,264), share options had vested, no share options were exercised and no share options had lapsed. |
The company also operates an unapproved share option scheme for the advisers of its subsidiary and has granted 49,137 share options to 4 advisers of this subsidiary with an exercise price of £0.72 per share. During the year 18,211 share options had vested (2022 - 14,002), no share options were exercised nor lapsed. A charge of £728 was debited to the income statement in respect of the EMI share option scheme. |