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REGISTERED NUMBER: 11287890 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 April 2024

for

My Digital College Ltd

My Digital College Ltd (Registered number: 11287890)






Contents of the Financial Statements
for the Year Ended 30 April 2024




Page

Company Information 1

Statement of Financial Position 2

Statement of Changes in Equity 4

Notes to the Financial Statements 5


My Digital College Ltd

Company Information
for the Year Ended 30 April 2024







DIRECTORS: D S Bartlett
M Salam





REGISTERED OFFICE: 22 Wenlock Road
London
N1 7GU





REGISTERED NUMBER: 11287890 (England and Wales)





ACCOUNTANTS: GrowthBuilders Insight LLP
71-75 Shelton Street
Covent Garden
London
WC2H 9JQ

My Digital College Ltd (Registered number: 11287890)

Statement of Financial Position
30 April 2024

2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible assets 4 216,176 305,851
Tangible assets 5 6,512 8,112
222,688 313,963

CURRENT ASSETS
Debtors 6 85,204 197,668
Cash at bank and in hand 773,936 676,772
859,140 874,440
CREDITORS
Amounts falling due within one year 7 692,911 618,434
NET CURRENT ASSETS 166,229 256,006
TOTAL ASSETS LESS CURRENT
LIABILITIES

388,917

569,969

CAPITAL AND RESERVES
Called up share capital 8 3 3
Share premium 741,989 741,989
Retained earnings (353,075 ) (172,023 )
SHAREHOLDERS' FUNDS 388,917 569,969

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 April 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 April 2024 in accordance with Section 476 of the Companies Act 2006.

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.

My Digital College Ltd (Registered number: 11287890)

Statement of Financial Position - continued
30 April 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2024 and were signed on its behalf by:





D S Bartlett - Director


My Digital College Ltd (Registered number: 11287890)

Statement of Changes in Equity
for the Year Ended 30 April 2024

Called up
share Retained Share Total
capital earnings premium equity
£ £ £ £
Balance at 1 May 2022 2 (182,425 ) 300,026 117,603

Changes in equity
Issue of share capital 1 - 441,963 441,964
Total comprehensive income - 10,402 - 10,402
Balance at 30 April 2023 3 (172,023 ) 741,989 569,969

Changes in equity
Total comprehensive income - (181,052 ) - (181,052 )
Balance at 30 April 2024 3 (353,075 ) 741,989 388,917

My Digital College Ltd (Registered number: 11287890)

Notes to the Financial Statements
for the Year Ended 30 April 2024

1. STATUTORY INFORMATION

My Digital College Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).


2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

My Digital College Ltd (Registered number: 11287890)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Turnover
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover is generated from contracts to supply cloud based software and associated communication services.

Revenue is recognised on the day the work commences and is apportioned on a straight line basis over the contract term as the services are rendered. Services are deemed to be delivered on a continuous basis throughout the course of the contract.

Intangible assets
Intangible assets are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Intangible assets are recognised where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

Once an intangible asset is brought into use, amortisation is recognised so as to write off the cost or valuation of the asset less its residual value over the useful economic life on the following basis:

Software development - 4 years

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Plant and machinery etc - Straight line over 3 years

My Digital College Ltd (Registered number: 11287890)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued

Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable, loans from banks and other third parties, loans to or from related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.

For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and the best estimate, which is an approximation, of the amount that the company would receive for the asset it it were to be sold at the reporting date.

Financial assets and liabilities are offset and the net amount reported in the statement of financial position when there is an enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.


My Digital College Ltd (Registered number: 11287890)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

2. ACCOUNTING POLICIES - continued
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
Research expenditure is written off against profits in the year in which it is incurred. Identifiable development expenditure is capitalised to the extent that the technical, commercial and financial feasibility can be demonstrated.

Foreign currencies
Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Going concern
The nature of the company's business is such that there is considerable expenditure required to increase income generation as it continues to undertake market research and software development.

At the time of approving the financial statements and on the basis of their review of financial forecasts and available funds, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was 17 (2023 - 15 ) .

My Digital College Ltd (Registered number: 11287890)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

4. INTANGIBLE FIXED ASSETS
Development
costs
£
COST
At 1 May 2023 416,546
Additions 18,657
At 30 April 2024 435,203
AMORTISATION
At 1 May 2023 110,695
Amortisation for year 108,332
At 30 April 2024 219,027
NET BOOK VALUE
At 30 April 2024 216,176
At 30 April 2023 305,851

5. TANGIBLE FIXED ASSETS
Plant and
machinery
etc
£
COST
At 1 May 2023 14,659
Additions 3,700
At 30 April 2024 18,359
DEPRECIATION
At 1 May 2023 6,547
Charge for year 5,300
At 30 April 2024 11,847
NET BOOK VALUE
At 30 April 2024 6,512
At 30 April 2023 8,112

My Digital College Ltd (Registered number: 11287890)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Trade debtors 69,509 139,412
Other debtors 3,097 8,323
Tax - 35,750
Prepayments 12,598 14,183
85,204 197,668

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2024 2023
£ £
Bank loans and overdrafts - 1,482
Trade creditors 52,612 57,140
Social security and other taxes 8,660 6,876
Pensions payable 2,101 -
VAT 24,025 33,522
Other creditors 243 -
Directors' current accounts 28,669 28,673
Accruals and deferred income 576,601 490,741
692,911 618,434

8. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £ £
269,540 Ordinary 0.00001 3 3
11,131 A Ordinary 0.00001 - -
3 3

On 01 July 2020 the entire ordinary share capital was subdivided into 200,000 ordinary shares with a nominal value of £0.00001. There was no change in the aggregate nominal value of the shares or the voting rights attached to the shares.

In October 2020, the company issued 56,075 ordinary shares with a nominal value of £0.00019 for total proceeds of £300,027.

In October 2022, the company issued 24,596 ordinary shares with a nominal value of £0.00019 for total proceeds of £441,962.

My Digital College Ltd (Registered number: 11287890)

Notes to the Financial Statements - continued
for the Year Ended 30 April 2024

9. RELATED PARTY DISCLOSURES

In 2019, a Director advanced the company an interest free loan of £32,500 which is repayable on demand and the balance outstanding at the start of the financial year was £28,044. During the year, the company has made Nil repayments (2023: £Nil) and the Director has not advanced the company any further loans (2022: £Nil). The balance outstanding at the year end was £28,044 (2023: £28,044).

In 2020, a further interest free loan of £1,762 which is repayable on demand was advanced to the company by another Director, of which £625 was outstanding at the start of the financial year. During the year, the company made repayments totalling £4 (2022: £4,800) and the Director has advanced the company further loans totalling £Nil (2023: £4,200). The balance outstanding at the year end was £625 (2023: £629).

These loans to Directors are included in other creditors.

10. ULTIMATE CONTROLLING PARTY

The Directors are the controlling party and the ultimate controlling party.