8 false false false false false false false false false true false false false false false false No description of principal activity 2023-03-01 Sage Accounts Production Advanced 2021 - FRS102_2021 3,409 1,706 5,115 1,822 927 2,749 2,366 1,587 773 30,355 31,128 31,128 773 xbrli:pure xbrli:shares iso4217:GBP 11348822 2023-03-01 2024-02-29 11348822 2024-02-29 11348822 2023-02-28 11348822 2022-03-01 2023-02-28 11348822 2023-02-28 11348822 bus:Director2 2023-03-01 2024-02-29 11348822 core:WithinOneYear 2024-02-29 11348822 core:WithinOneYear 2023-02-28 11348822 core:ShareCapital 2024-02-29 11348822 core:ShareCapital 2023-02-28 11348822 core:RetainedEarningsAccumulatedLosses 2024-02-29 11348822 core:RetainedEarningsAccumulatedLosses 2023-02-28 11348822 core:CostValuation core:Non-currentFinancialInstruments 2023-02-28 11348822 core:AdditionsToInvestments core:Non-currentFinancialInstruments 2024-02-29 11348822 core:CostValuation core:Non-currentFinancialInstruments 2024-02-29 11348822 core:Non-currentFinancialInstruments 2024-02-29 11348822 core:Non-currentFinancialInstruments 2023-02-28 11348822 bus:SmallEntities 2023-03-01 2024-02-29 11348822 bus:Audited 2023-03-01 2024-02-29 11348822 bus:AbridgedAccounts 2023-03-01 2024-02-29 11348822 bus:SmallCompaniesRegimeForAccounts 2023-03-01 2024-02-29 11348822 bus:PrivateLimitedCompanyLtd 2023-03-01 2024-02-29 11348822 core:OfficeEquipment 2023-03-01 2024-02-29 11348822 core:OfficeEquipment 2023-02-28 11348822 core:OfficeEquipment 2024-02-29
COMPANY REGISTRATION NUMBER: 11348822
DotModus Limited
Filleted Abridged Financial Statements
29 February 2024
DotModus Limited
Abridged Financial Statements
Year ended 29 February 2024
Contents
Page
Abridged statement of financial position
1
Notes to the abridged financial statements
3
DotModus Limited
Abridged Statement of Financial Position
29 February 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
2,366
1,587
Investments
6
31,128
773
--------
-------
33,494
2,360
Current assets
Debtors
1,492,348
1,787,849
Cash at bank and in hand
407,153
78,517
------------
------------
1,899,501
1,866,366
Creditors: amounts falling due within one year
571,650
763,695
------------
------------
Net current assets
1,327,851
1,102,671
------------
------------
Total assets less current liabilities
1,361,345
1,105,031
------------
------------
Net assets
1,361,345
1,105,031
------------
------------
Capital and reserves
Called up share capital
100
100
Profit and loss account
1,361,245
1,104,931
------------
------------
Shareholders funds
1,361,345
1,105,031
------------
------------
These abridged 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 abridged statement of income and retained earnings has not been delivered.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of abridged financial statements.
All of the members have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 29 February 2024 in accordance with Section 444(2A) of the Companies Act 2006.
DotModus Limited
Abridged Statement of Financial Position (continued)
29 February 2024
These abridged financial statements were approved by the board of directors and authorised for issue on 8 July 2024 , and are signed on behalf of the board by:
Mr A Fowler
Director
Company registration number: 11348822
DotModus Limited
Notes to the Abridged Financial Statements
Year ended 29 February 2024
1. General information
The company is a private company limited by shares, registered in England and Wales (Company number 11348822 ) . The address of the registered office is C/- Sable International, 5th Floor, 18 St. Swithin's Lane, London, EC4N 8AD. The trading address is The Concourse, Suite 1, Waterloo Station.
2. Statement of compliance
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity, and rounded to the nearest £.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services rendered relating to business and domestic software development, stated net of discounts and of Value Added Tax. Revenue is recognised when the time is worked on the customer or when software costs are incurred by the company.
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.
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:
Equipment
-
33% straight line
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
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. For the purposes of impairment testing, 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 largely independent of the cash inflows from other assets or groups of assets.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Financial liabilities and equity are classified according to the substance of the financial instrument's contractual obligations, rather than the financial instrument's legal form. The Company only enters into basic financial instrument contracts that result in the recognition of financial assets and liabilities like trade and other debtors and creditors and loans with related parties. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised. Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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 8 (2023: 5 ).
5. Tangible assets
Equipment
£
Cost
At 1 March 2023
3,409
Additions
1,706
-------
At 29 February 2024
5,115
-------
Depreciation
At 1 March 2023
1,822
Charge for the year
927
-------
At 29 February 2024
2,749
-------
Carrying amount
At 29 February 2024
2,366
-------
At 28 February 2023
1,587
-------
6. Investments
Shares in group undertakings
£
Cost
At 1 March 2023
773
Additions
30,355
--------
At 29 February 2024
31,128
--------
Impairment
At 1 March 2023 and 29 February 2024
--------
Carrying amount
At 29 February 2024
31,128
--------
At 28 February 2023
773
--------
Investment in subsidiary
Name: Dotmodus Inc Address: 16724 Strasbourg Lane, Delray Beach, Florida, US, 33446 Share class: Ordinary Holding: 100% Name: Dotmodus Inc Address: 310 Alder Road, Dover, Kent, Delaware, US, 19904 Share class: Ordinary Holding: 50.01%
7. Pension scheme
The company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the company in an independently administered fund.
The amount of pension contributions outstanding at 29 February 2024 amounted to £3,522 (2023: £2,503).
8. Summary audit opinion
As the income statement has been omitted from the filing copy of the financial statements the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditors' report was unqualified
The senior statutory auditor was Mark Rogers FCCA
The auditor was HJS (Reading) Limited
8 July 2024
9. Related party transactions
The company has taken advantage of the exemption available under FRS 102 paragraph 33.1a whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group. Purchases from related parties: Amounts owed to related parties: Included in other debtors is a loan owing from a director amounting to £nil (2023-£4,055). Management fees paid to a director amounted to £nil (2023-£76,871), of which £nil (2023-£7,013) was outstanding at year-end.
10. Controlling party
The immediate parent company is Dotmodus (Pty) Ltd formerly Business Process Modelling Methods Ltd and the ultimate controlling party is Dynamic Technologies Holdings (Pty) Ltd , both companies are incorporated in South Africa. The largest and smallest group which the company is consolidated into is Dynamic Technologies Holdings (Pty) Ltd. The business address for both is: 2 Venus Street, Melrose estate, Johannesburg, South Africa.