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Company No: 11248413 (England and Wales)

53 DEGREES DIGITAL LTD (FORMERLY KNOWN AS 2INSPIRE LTD)

UNAUDITED FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH THE REGISTRAR

53 DEGREES DIGITAL LTD (FORMERLY KNOWN AS 2INSPIRE LTD)

UNAUDITED FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024

Contents

53 DEGREES DIGITAL LTD (FORMERLY KNOWN AS 2INSPIRE LTD)

COMPANY INFORMATION

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
53 DEGREES DIGITAL LTD (FORMERLY KNOWN AS 2INSPIRE LTD)

COMPANY INFORMATION (continued)

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
DIRECTOR Mr C A Hines
SECRETARY Mr C A Hines
REGISTERED OFFICE 124 City Road
London
EC1V 2NX
United Kingdom
COMPANY NUMBER 11248413 (England and Wales)
CHARTERED ACCOUNTANTS PM+M Solutions for Business LLP
New Century House
Greenbank Technology Park
Challenge Way
Blackburn
BB1 5QB
53 DEGREES DIGITAL LTD (FORMERLY KNOWN AS 2INSPIRE LTD)

BALANCE SHEET

AS AT 31 MARCH 2024
53 DEGREES DIGITAL LTD (FORMERLY KNOWN AS 2INSPIRE LTD)

BALANCE SHEET (continued)

AS AT 31 MARCH 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,010 1,226
2,010 1,226
Current assets
Debtors 4 5,215 5,790
Cash at bank and in hand 1,999 594
7,214 6,384
Creditors: amounts falling due within one year 5 ( 7,640) ( 3,550)
Net current (liabilities)/assets (426) 2,834
Total assets less current liabilities 1,584 4,060
Creditors: amounts falling due after more than one year 6 ( 1,167) ( 2,167)
Provision for liabilities ( 373) ( 233)
Net assets 44 1,660
Capital and reserves
Called-up share capital 1 1
Profit and loss account 43 1,659
Total shareholder's funds 44 1,660

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of 53 Degrees Digital Ltd (Formerly known as 2Inspire Ltd) (registered number: 11248413) were approved and authorised for issue by the Director on 27 November 2024. They were signed on its behalf by:

Mr C A Hines
Director
53 DEGREES DIGITAL LTD (FORMERLY KNOWN AS 2INSPIRE LTD)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
53 DEGREES DIGITAL LTD (FORMERLY KNOWN AS 2INSPIRE LTD)

NOTES TO THE FINANCIAL STATEMENTS

FOR THE FINANCIAL YEAR ENDED 31 MARCH 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

53 Degrees Digital Ltd (Formerly known as 2Inspire Ltd) (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 124 City Road, London, EC1V 2NX, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Balance Sheet date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Income and Retained Earnings in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 3 years straight line
Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

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 profit or loss.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 1 1

3. Tangible assets

Office equipment Computer equipment Total
£ £ £
Cost
At 01 April 2023 497 9,387 9,884
Additions 0 2,050 2,050
At 31 March 2024 497 11,437 11,934
Accumulated depreciation
At 01 April 2023 259 8,399 8,658
Charge for the financial year 106 1,160 1,266
At 31 March 2024 365 9,559 9,924
Net book value
At 31 March 2024 132 1,878 2,010
At 31 March 2023 238 988 1,226

4. Debtors

2024 2023
£ £
Trade debtors 1,727 5,790
Other debtors 3,488 0
5,215 5,790

5. Creditors: amounts falling due within one year

2024 2023
£ £
Bank loans 1,000 999
Trade creditors 0 383
Taxation and social security 6,557 865
Other creditors 83 1,303
7,640 3,550

6. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 1,167 2,167

7. Related party transactions

At the balance sheet date there was an amount of £2,958 owed by the director to the company. The loan is repayable upon demand