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Registered number: 07130492
Fizz Digital Limited
Unaudited Financial Statements
For The Year Ended 31 August 2024
Contents
Page
Accountant's Report 1
Balance Sheet 2—3
Notes to the Financial Statements 4—8
Page 1
Accountant's Report
Report to the directors on the preparation of the unaudited statutory accounts of Fizz Digital Limited for the year ended 31 August 2024
To assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Fizz Digital Limited which comprise the Profit and Loss Account, the Balance Sheet and the related notes, from the company’s accounting records and from information and explanations you have given us.
As a practising member of the Association of Chartered Certified Accountants, we are subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/professional-standards/rules-standards/acca-rulebook.html.
This report is made to the directors of Fizz Digital Limited , as a body, in accordance with the terms of our engagement. Our work has been undertaken solely to prepare for your approval the accounts of Fizz Digital Limited and state those matters that we have agreed to state to the directors of Fizz Digital Limited , as a body, in this report in accordance with the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global/Technical/fact/technical-factsheet-163.pdf. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Fizz Digital Limited and its directors as a body for our work or for this report.
It is your duty to ensure that Fizz Digital Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit or loss of Fizz Digital Limited . You consider that Fizz Digital Limited is exempt from the statutory audit requirement for the year.
We have not been instructed to carry out an audit or a review of the accounts of Fizz Digital Limited . For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the financial statements.
Signed
28 October 2024
Raven Accounting (West Midlands) Limited
Chartered Certified Accountants
9-11 Stratford Road
Shirley
Solihull
B90 3LU
Page 1
Page 2
Balance Sheet
Registered number: 07130492
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 10,725 15,313
Tangible Assets 5 149,710 142,218
Investments 6 135,167 135,167
295,602 292,698
CURRENT ASSETS
Stocks 7 - 50,000
Debtors 8 876,255 835,894
Cash at bank and in hand 672,139 466,726
1,548,394 1,352,620
Creditors: Amounts Falling Due Within One Year 9 (442,071 ) (257,083 )
NET CURRENT ASSETS (LIABILITIES) 1,106,323 1,095,537
TOTAL ASSETS LESS CURRENT LIABILITIES 1,401,925 1,388,235
Creditors: Amounts Falling Due After More Than One Year 10 (79,961 ) (130,912 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (57,042 ) (55,907 )
NET ASSETS 1,264,922 1,201,416
CAPITAL AND RESERVES
Called up share capital 13 100 100
Fair value reserve 14 85,103 85,103
Profit and Loss Account 1,179,719 1,116,213
SHAREHOLDERS' FUNDS 1,264,922 1,201,416
Page 2
Page 3
For the year ending 31 August 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.
The financial statements were approved by the board of directors on 28 October 2024 and were signed on its behalf by:
Mr A J McGill
Director
Mr R B McGill
Director
28 October 2024
The notes on pages 4 to 8 form part of these financial statements.
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Fizz Digital Limited is a private company, limited by shares, incorporated in England & Wales, registered number 07130492 . The registered office is 9-11 Stratford Road, Shirley, Solihull, B90 3LU.
The presentation currency of the financial statements is the Pound Sterling (£).
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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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 - Goodwill
The purchase of a business in 2010 for £100,000 was written off over its estimated useful life of four years.
The further purchase of another business in 2017 for £10,000 is was written off over its estimated useful life of five years.
2.4. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets relate to website development. It is amortised to profit and loss account over its estimated economic life of five years.
2.5. 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 10% on cost
Plant & Machinery 20% on reducing balance
Fixtures & Fittings 10% on cost
Computer Equipment 20% on cost
2.6. Leasing and Hire Purchase Contracts
Assets obtained under finance leases are capitalised as tangible fixed assets. Assets acquired under finance leases are depreciated over the shorter of the lease term and their useful lives. Assets acquired under hire purchase contracts are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in the creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the profit and loss account so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged to profit and loss account as incurred.
2.7. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.8. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 13 (2023: 13)
13 13
4. Intangible Assets
Goodwill Other Total
£ £ £
Cost
As at 1 September 2023 110,000 22,938 132,938
As at 31 August 2024 110,000 22,938 132,938
Amortisation
As at 1 September 2023 110,000 7,625 117,625
Provided during the period - 4,588 4,588
As at 31 August 2024 110,000 12,213 122,213
Net Book Value
As at 31 August 2024 - 10,725 10,725
As at 1 September 2023 - 15,313 15,313
5. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 September 2023 56,538 66,095 47,019 169,652
Additions 8,470 2,640 19,905 31,015
As at 31 August 2024 65,008 68,735 66,924 200,667
...CONTINUED
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Depreciation
As at 1 September 2023 5,654 6,609 15,171 27,434
Provided during the period 6,221 6,617 10,685 23,523
As at 31 August 2024 11,875 13,226 25,856 50,957
Net Book Value
As at 31 August 2024 53,133 55,509 41,068 149,710
As at 1 September 2023 50,884 59,486 31,848 142,218
Included above are assets held under finance leases or hire purchase contracts with a net book value as follows:
2024 2023
£ £
Fixtures & Fittings 40,007 45,008
Computer Equipment 15,188 8,161
55,195 53,169
6. Investments
Unlisted
£
Cost
As at 1 September 2023 135,167
As at 31 August 2024 135,167
Provision
As at 1 September 2023 -
As at 31 August 2024 -
Net Book Value
As at 31 August 2024 135,167
As at 1 September 2023 135,167
The fixed asset investments were valued on an open market basis on 31 August 2024 by the directors.
7. Stocks
2024 2023
£ £
Stock - 50,000
8. Debtors
2024 2023
£ £
Due within one year
Trade debtors - 11,990
Other debtors 876,255 823,904
876,255 835,894
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9. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 22,451 20,891
Trade creditors 36 97,413
Bank loans and overdrafts 36,600 36,600
Other creditors 5,797 5,927
Taxation and social security 377,187 96,252
442,071 257,083
10. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Net obligations under finance lease and hire purchase contracts 52,511 66,862
Bank loans 27,450 64,050
79,961 130,912
11. Obligations Under Finance Leases and Hire Purchase
2024 2023
£ £
The future minimum finance lease payments are as follows:
Not later than one year 22,451 20,891
Later than one year and not later than five years 52,511 66,862
74,962 87,753
74,962 87,753
12. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 September 2023 55,907 55,907
Utilised 1,135 1,135
Balance at 31 August 2024 57,042 57,042
13. Share Capital
2024 2023
Allotted, called up and fully paid £ £
70 Ordinary A shares of £ 1 each 70 70
28 Ordinary B shares of £ 1 each 28 28
2 Ordinary C shares of £ 1 each 2 2
100 100
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14. Reserves
Fair Value Reserve
£
As at 1 September 2023 85,103
As at 31 August 2024 85,103
15. Related Party Transactions
One of the directors has taken a loan from the company which is unsecured and repayable on demand. At 31 August 2024 this loan totalled £485,250 (including interest charged at 4.0%).
The other director has loaned the company money which is interest free and repayable on demand. At 31 August 2024 this loan totalled £954 (2023 - £954).
Monies owing back from McGill Property Limited, a company of which one of the directors has a controlling interest, totalled £306,734 at 31 August 2024 (2023 - £267,000). The loan is interest free.
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