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Registered number: 06517726
Reason Digital Limited
Unaudited Financial Statements
For The Year Ended 31 January 2024
Cloud 10 Accounting
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 06517726
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 70,203 70,203
Tangible Assets 5 68,914 39,523
139,117 109,726
CURRENT ASSETS
Debtors 6 844,819 373,448
Cash at bank and in hand 551,047 455,242
1,395,866 828,690
Creditors: Amounts Falling Due Within One Year 7 (432,494 ) (453,046 )
NET CURRENT ASSETS (LIABILITIES) 963,372 375,644
TOTAL ASSETS LESS CURRENT LIABILITIES 1,102,489 485,370
Creditors: Amounts Falling Due After More Than One Year 8 (46,091 ) (94,004 )
NET ASSETS 1,056,398 391,366
CAPITAL AND RESERVES
Called up share capital 9 2 2
Profit and Loss Account 1,056,396 391,364
SHAREHOLDERS' FUNDS 1,056,398 391,366
Page 1
Page 2
For the year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Edward Cox
Director
21/10/2024
The notes on pages 3 to 5 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Reason Digital Limited is a private company, limited by shares, incorporated in England & Wales, registered number 06517726 . The registered office is 26 Second Floor, 24-26 Lever Street, Manchester, M1 1DW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Investment in shares are included at cost.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Leasehold 25% on cost
Fixtures & Fittings 20% on cost
Computer Equipment 33% on cost
2.5. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.6. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.7. Deferred Income
The deferred income of £165,244 relates to income received for services not yet completed.
Income has been recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 44 (2023: 43)
44 43
4. Intangible Assets
Other
£
Cost
As at 1 February 2023 70,203
As at 31 January 2024 70,203
Net Book Value
As at 31 January 2024 70,203
As at 1 February 2023 70,203
5. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 February 2023 54,577 28,900 146,276 229,753
Additions - 25,686 27,100 52,786
Disposals - - (1,274 ) (1,274 )
As at 31 January 2024 54,577 54,586 172,102 281,265
Depreciation
As at 1 February 2023 39,001 26,230 124,999 190,230
Provided during the period 3,115 2,290 17,282 22,687
Disposals - - (566 ) (566 )
As at 31 January 2024 42,116 28,520 141,715 212,351
Net Book Value
As at 31 January 2024 12,461 26,066 30,387 68,914
As at 1 February 2023 15,576 2,670 21,277 39,523
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6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 268,805 217,293
Amounts owed by group undertakings 167,739 112,062
Other debtors 408,275 44,093
844,819 373,448
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 7,706 12,429
Bank loans and overdrafts 57,078 57,136
Amounts owed to participating interests 3 3
Other creditors 197,827 188,076
Taxation and social security 169,880 195,402
432,494 453,046
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 46,091 94,248
Other creditors - (244)
46,091 94,004
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 2 2
Page 5