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Registration number: 07307269

See Data Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 July 2024

 

See Data Ltd

Contents

Statement of Financial Position

1 to 2

Notes to the Unaudited Financial Statements

3 to 9

 

See Data Ltd

(Registration number: 07307269)
Statement of Financial Position as at 31 July 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

5

42,707

47,575

Current assets

 

Debtors

6

401,455

366,132

Cash at bank and in hand

 

285,251

178,186

 

686,706

544,318

Creditors: Amounts falling due within one year

7

(633,838)

(658,874)

Net current assets/(liabilities)

 

52,868

(114,556)

Total assets less current liabilities

 

95,575

(66,981)

Creditors: Amounts falling due after more than one year

7

(10,111)

(20,026)

Net assets/(liabilities)

 

85,464

(87,007)

Capital and reserves

 

Called up share capital

91

91

Share premium reserve

190,639

190,639

Capital redemption reserve

37

37

Profit and loss account

(105,303)

(277,774)

Shareholders' funds/(deficit)

 

85,464

(87,007)

 

See Data Ltd

(Registration number: 07307269)
Statement of Financial Position as at 31 July 2024 (continued)

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

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Statement of Comprehensive Income.

Approved and authorised by the Board on 26 November 2024 and signed on its behalf by:
 


Mr J O James
Director

 

See Data Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
1 Emperor Way
Exeter Business Park
Exeter
Devon
EX1 3QS

Principal activity

The principal activity of the company is that of computer software consultants.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The financial statements are prepared in sterling which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. The validity of this assumption depends on the continued support from the company's directors.

If the company were unable to continue in operational existence for the foreseeable future, adjustments would have to be made to reduce the balance sheet value of assets to their recoverable amounts, and to provide for further liabilities that might arise, and to reclassify fixed assets as current assets.

The directors believe that it is appropriate for the financial statements to be prepared on the going concern basis.

 

See Data Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome.

Revenue recognition

Turnover represents the subscriptions and licences issued for the accounting period, excluding value added tax.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rate on the date when the fair value is re-measured.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Long leasehold property

10% straight line

Fixtures fittings and equipment

15% reducing balance

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

See Data Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

2

Accounting policies (continued)

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

5 year straight line

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Defined contribution pension obligation

Contributions to defined contribution plans are recognised as an expense in the period the related contribution is paid.

Financial instruments

Recognition and measurement
A financial asset or a financial liability is recognised only when the company becomes party to the contractual provisions of the instrument.

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

See Data Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 13 (2023 - 16).

 

See Data Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 August 2023

21,000

21,000

At 31 July 2024

21,000

21,000

Amortisation

At 1 August 2023

21,000

21,000

At 31 July 2024

21,000

21,000

Carrying amount

At 31 July 2024

-

-

5

Tangible assets

Fixtures, fittings and equipment
£

Total
£

Cost or valuation

At 1 August 2023

91,158

91,158

Additions

5,452

5,452

Disposals

(3,749)

(3,749)

At 31 July 2024

92,861

92,861

Depreciation

At 1 August 2023

43,583

43,583

Charge for the year

7,954

7,954

Eliminated on disposal

(1,383)

(1,383)

At 31 July 2024

50,154

50,154

Carrying amount

At 31 July 2024

42,707

42,707

At 31 July 2023

47,575

47,575

 

See Data Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

6

Debtors

2024
£

2023
£

Trade debtors

198,450

301,991

Other debtors

201,085

61,752

Prepayments

1,920

2,389

401,455

366,132

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

10,648

10,649

Trade creditors

 

1,719

24,318

Taxation and social security

 

21,015

81,707

Accruals and deferred income

 

6,725

5,233

Other creditors

 

593,731

536,967

 

633,838

658,874

Included within creditors is a bank loan balance of £20,759 (2023: £30,674) that has been guaranteed up to 100% of its capital value by the UK Government.

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

10,111

20,026

8

Reserves

Profit and loss account:

This reserve records retained earnings and accumulated losses.

 

See Data Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 July 2024 (continued)

9

Related party transactions

Transactions with directors

2024

At 1 August 2023
£

Advances to director
£

Repayments by director
£

At 31 July 2024
£

Director

422

142,899

(422)

142,899

         
       

 

2023

At 1 August 2022
£

Advances to director
£

Repayments by director
£

At 31 July 2023
£

Director

396

13,426

(13,400)

422

 

Interest is payable on overdrawn director's loan accounts at HMRC's official interest rate.