2 01/04/2023 31/03/2024 2024-03-31 false false false false false false false true false false true false false false false false true false No description of principal activities is disclosed 2023-04-01 Sage Accounts Production 23.0 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 14301038 2023-04-01 2024-03-31 14301038 2024-03-31 14301038 2023-03-31 14301038 2022-04-01 2023-03-31 14301038 2023-03-31 14301038 2022-03-31 14301038 bus:Director1 2023-04-01 2024-03-31 14301038 core:FurnitureFittingsToolsEquipment 2023-03-31 14301038 core:FurnitureFittingsToolsEquipment 2024-03-31 14301038 core:WithinOneYear 2024-03-31 14301038 core:WithinOneYear 2023-03-31 14301038 core:ShareCapital 2024-03-31 14301038 core:ShareCapital 2023-03-31 14301038 core:RetainedEarningsAccumulatedLosses 2024-03-31 14301038 core:RetainedEarningsAccumulatedLosses 2023-03-31 14301038 core:FurnitureFittingsToolsEquipment 2023-04-01 2024-03-31 14301038 core:FurnitureFittingsToolsEquipment 2023-03-31 14301038 bus:SmallEntities 2023-04-01 2024-03-31 14301038 bus:AuditExempt-NoAccountantsReport 2023-04-01 2024-03-31 14301038 bus:SmallCompaniesRegimeForAccounts 2023-04-01 2024-03-31 14301038 bus:PrivateLimitedCompanyLtd 2023-04-01 2024-03-31 14301038 bus:FullAccounts 2023-04-01 2024-03-31 14301038 1 2023-04-01 2024-03-31
Company registration number: 14301038
Transform Digitally Ltd
Trading as Transform Digitally Ltd
Unaudited filleted financial statements
31 March 2024
Transform Digitally Ltd
Contents
Statement of financial position
Notes to the financial statements
Transform Digitally Ltd
Statement of financial position
31 March 2024
31/03/24 31/03/23
Note £ £ £ £
Fixed assets
Tangible assets 5 597 671
_______ _______
597 671
Current assets
Debtors 10,600 960
Cash at bank and in hand 23 16,513
_______ _______
10,623 17,473
Creditors: amounts falling due
within one year ( 10,342) ( 11,960)
_______ _______
Net current assets 281 5,513
_______ _______
Total assets less current liabilities 878 6,184
_______ _______
Net assets 878 6,184
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 778 6,084
_______ _______
Shareholders funds 878 6,184
_______ _______
For the year ending 31 March 2024 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 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 comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 28 September 2024 , and are signed on behalf of the board by:
Mr Mohammed Aqeel Aslam
Director
Company registration number: 14301038
Transform Digitally Ltd
Notes to the financial statements
Year ended 31 March 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Transform Digitally Ltd, 12 Highgate Avenue, Walsall, WS1 3BH.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
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:
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
4. Staff costs
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
The aggregate payroll costs incurred during the year were:
Year Period
ended ended
31/03/24 31/03/23
£ £
Wages and salaries 15,500 7,500
Social security costs 142 -
_______ _______
15,642 7,500
_______ _______
5. Tangible assets
Fixtures, fittings and equipment Total
£ £
Cost
At 1 April 2023 and 31 March 2024 746 746
_______ _______
Depreciation
At 1 April 2023 75 75
Charge for the year 74 74
_______ _______
At 31 March 2024 149 149
_______ _______
Carrying amount
At 31 March 2024 597 597
_______ _______
At 31 March 2023 671 671
_______ _______
6. Controlling party
Both directors have equal control over the company.