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Registered number: 05441650
CW digiTech Ltd
Financial Statements
For The Year Ended 30 April 2024
Resolve Corporate Ltd
11 Garden Court
Tewin Road
Welwyn Garden City
Hertfordshire
AL7 1BH
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 05441650
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 49,167 56,391
Investments 5 25,010 -
74,177 56,391
CURRENT ASSETS
Debtors 6 129,974 140,991
Cash at bank and in hand 314,133 206,258
444,107 347,249
Creditors: Amounts Falling Due Within One Year 7 (282,216 ) (240,639 )
NET CURRENT ASSETS (LIABILITIES) 161,891 106,610
TOTAL ASSETS LESS CURRENT LIABILITIES 236,068 163,001
Creditors: Amounts Falling Due After More Than One Year 8 (10,833 ) (20,833 )
NET ASSETS 225,235 142,168
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account 225,135 142,068
SHAREHOLDERS' FUNDS 225,235 142,168
Page 1
Page 2
For the year ending 30 April 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 David Williams
Director
18th October 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
CW digiTech Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 05441650 . The registered office is 29 Handside Lane, Welwyn Garden City, AL8 6SH.
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. 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:
Plant & Machinery 20% Reducing balance
Motor Vehicles 20% Reducing balance
Computer Equipment 20% Reducing balance
2.4. 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: 2 (2023: 2)
2 2
Page 3
Page 4
4. Tangible Assets
Plant & Machinery Motor Vehicles Computer Equipment Total
£ £ £ £
Cost
As at 1 May 2023 12,262 78,034 - 90,296
Additions 10,759 - 1,333 12,092
Disposals - (26,134 ) - (26,134 )
As at 30 April 2024 23,021 51,900 1,333 76,254
Depreciation
As at 1 May 2023 4,415 29,490 - 33,905
Provided during the period 3,721 8,304 267 12,292
Disposals - (19,110 ) - (19,110 )
As at 30 April 2024 8,136 18,684 267 27,087
Net Book Value
As at 30 April 2024 14,885 33,216 1,066 49,167
As at 1 May 2023 7,847 48,544 - 56,391
5. Investments
Other
£
Cost
As at 1 May 2023 -
Additions 25,010
As at 30 April 2024 25,010
Provision
As at 1 May 2023 -
As at 30 April 2024 -
Net Book Value
As at 30 April 2024 25,010
As at 1 May 2023 -
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 103,146 138,241
Prepayments and accrued income 1,453 -
Other debtors 2,625 2,750
Directors' loan accounts 22,750 -
129,974 140,991
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Page 5
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 42,768 47,976
Bank loans and overdrafts 10,000 10,000
Corporation tax 126,207 69,579
VAT 82,874 91,496
PAYE (Current liabilities - creditors < 1 year) 17,199 20,528
Company credit cards 3,168 1,059
Directors' loan accounts - 1
282,216 240,639
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 10,833 20,833
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 5