Company registration number 04143823 (England and Wales)
DIGITAL PENINSULA NETWORK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
PAGES FOR FILING WITH REGISTRAR
DIGITAL PENINSULA NETWORK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
DIGITAL PENINSULA NETWORK LIMITED
BALANCE SHEET
AS AT 31 JANUARY 2024
31 January 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
7,620
6,332
Current assets
Debtors
5
403,522
433,525
Cash at bank and in hand
1,414,971
1,156,332
1,818,493
1,589,857
Creditors: amounts falling due within one year
6
(1,542,932)
(1,359,581)
Net current assets
275,561
230,276
Total assets less current liabilities
283,181
236,608
Provisions for liabilities
(1,900)
(1,185)
Net assets
281,281
235,423
Reserves
Income and expenditure account
281,281
235,423
Members' funds
281,281
235,423

The directors of the company have elected not to include a copy of the income and expenditure account within the financial statements.true

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

The financial statements were approved by the board of directors and authorised for issue on 24 October 2024 and are signed on its behalf by:
Mr NT Harpley
Mr J DK Howard
Director
Director
Company registration number 04143823 (England and Wales)
DIGITAL PENINSULA NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JANUARY 2024
- 2 -
1
Accounting policies
Company information

Digital Peninsula Network Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 1 & 2 Old Brewery Yard, PENZANCE, Cornwall, TR18 2SL.

1.1
Accounting convention

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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Income and expenditure

Income and expenses are included in the financial statements as they become receivable or due.

 

Expenses include VAT where applicable as the company is not VAT registered.

 

Due to the varying nature of the projects undertaken, management carefully review the contracts in place to ensure that revenue is recognised appropriately.

 

When projects advance funds before the provision of services, or expenditure being incurred, the funds are treated as deferred income. These funds will then be released to the profit and loss account as the services are provided and expenditure incurred.

 

Conversely, revenue is accrued for when the project makes payments in arrears. This is based on the value of services provided and expenditure incurred up to 31 January 2024.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Fixtures and fittings
25% on reducing balance
IT Equipment
33% on reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to surplus or deficit.

1.4
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible 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). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

DIGITAL PENINSULA NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 3 -

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in surplus or deficit, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.5
Cash and cash equivalents

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.

1.6
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally 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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

DIGITAL PENINSULA NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 4 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.7
Taxation

The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.8
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.9
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.10
Leases

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

DIGITAL PENINSULA NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
1
Accounting policies
(Continued)
- 5 -
1.11
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

1.12
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
20
19
DIGITAL PENINSULA NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 6 -
4
Tangible fixed assets
Fixtures and fittings
IT Equipment
Total
£
£
£
Cost
At 1 February 2023
12,749
29,481
42,230
Additions
-
0
5,251
5,251
Disposals
(320)
(6,630)
(6,950)
At 31 January 2024
12,429
28,102
40,531
Depreciation and impairment
At 1 February 2023
10,854
25,044
35,898
Depreciation charged in the year
448
3,139
3,587
Eliminated in respect of disposals
(219)
(6,355)
(6,574)
At 31 January 2024
11,083
21,828
32,911
Carrying amount
At 31 January 2024
1,346
6,274
7,620
At 31 January 2023
1,895
4,437
6,332
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
7,873
5,675
Other debtors
1,053
1,653
Prepayments and accrued income
394,596
426,197
403,522
433,525
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
44,363
7,919
Corporation tax
11,970
4,781
Other taxation and social security
10,569
16,171
Deferred income
1,428,250
1,228,295
Other creditors
2,672
22,854
Accruals
45,108
79,561
1,542,932
1,359,581
DIGITAL PENINSULA NETWORK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JANUARY 2024
- 7 -
7
Members' liability

The company is limited by guarantee, not having a share capital and consequently the liability of members is limited, subject to an undertaking by each member to contribute to the net assets or liabilities of the company on winding up such amounts as may be required not exceeding £1.

8
Audit report information

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 auditor's report was unqualified.

Senior Statutory Auditor:
Josh Stevens ACA
Statutory Auditor:
RRL LLP
Date of audit report:
28 October 2024
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
-
0
1,771
10
Financial commitments, guarantees and contingent liabilities

The company has received grant income during the year and in previous years in respect of various projects.  In certain circumstances, a proportion of this income could become repayable, however, as at the date of approval of the accounts, management are not aware of any such circumstances that have not already been provided for.

11
Auditor's liability limitation agreement

For the year ended 31 January 2024, the company entered into a liability limitation agreement with its auditors, the principal terms of which limit the liability of the auditors to £2,000,000 in relation to their responsibilities as auditors of the company. The date of the company agreed this was 24 September 2024.

2024-01-312023-02-01false28 October 2024CCH SoftwareCCH Accounts Production 2024.210No description of principal activityThis audit opinion is unqualifiedMr NT HarpleyMs CA LakeMr J DK HowardMr IH WhitfordMr G VelasquezMr G Velasquezfalsefalse2024-10-24041438232023-02-012024-01-31041438232024-01-31041438232023-01-3104143823core:FurnitureFittings2024-01-3104143823core:ComputerEquipment2024-01-3104143823core:FurnitureFittings2023-01-3104143823core:ComputerEquipment2023-01-3104143823core:CurrentFinancialInstrumentscore:WithinOneYear2024-01-3104143823core:CurrentFinancialInstrumentscore:WithinOneYear2023-01-3104143823core:CurrentFinancialInstruments2024-01-3104143823core:CurrentFinancialInstruments2023-01-3104143823core:RetainedEarningsAccumulatedLosses2024-01-3104143823core:RetainedEarningsAccumulatedLosses2023-01-3104143823bus:Director12023-02-012024-01-3104143823bus:Director32023-02-012024-01-3104143823core:FurnitureFittings2023-02-012024-01-3104143823core:ComputerEquipment2023-02-012024-01-31041438232022-02-012023-01-3104143823core:FurnitureFittings2023-01-3104143823core:ComputerEquipment2023-01-31041438232023-01-3104143823bus:CompanyLimitedByGuarantee2023-02-012024-01-3104143823bus:SmallCompaniesRegimeForAccounts2023-02-012024-01-3104143823bus:FRS1022023-02-012024-01-3104143823bus:Audited2023-02-012024-01-3104143823bus:Director22023-02-012024-01-3104143823bus:Director42023-02-012024-01-3104143823bus:Director52023-02-012024-01-3104143823bus:CompanySecretary12023-02-012024-01-3104143823bus:FullAccounts2023-02-012024-01-31xbrli:purexbrli:sharesiso4217:GBP