Caseware UK (AP4) 2023.0.135 2023.0.135 2024-04-302024-04-30true2023-05-01falseNo description of principal activity3027trueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 03302844 2023-05-01 2024-04-30 03302844 2022-05-01 2023-04-30 03302844 2024-04-30 03302844 2023-04-30 03302844 c:Director1 2023-05-01 2024-04-30 03302844 d:OtherPropertyPlantEquipment 2023-05-01 2024-04-30 03302844 d:OtherPropertyPlantEquipment 2024-04-30 03302844 d:OtherPropertyPlantEquipment 2023-04-30 03302844 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 03302844 d:CurrentFinancialInstruments 2024-04-30 03302844 d:CurrentFinancialInstruments 2023-04-30 03302844 d:CurrentFinancialInstruments d:WithinOneYear 2024-04-30 03302844 d:CurrentFinancialInstruments d:WithinOneYear 2023-04-30 03302844 d:ShareCapital 2024-04-30 03302844 d:ShareCapital 2023-04-30 03302844 d:RetainedEarningsAccumulatedLosses 2024-04-30 03302844 d:RetainedEarningsAccumulatedLosses 2023-04-30 03302844 c:FRS102 2023-05-01 2024-04-30 03302844 c:AuditExempt-NoAccountantsReport 2023-05-01 2024-04-30 03302844 c:FullAccounts 2023-05-01 2024-04-30 03302844 c:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 03302844 d:WithinOneYear 2024-04-30 03302844 d:WithinOneYear 2023-04-30 03302844 d:BetweenOneFiveYears 2024-04-30 03302844 d:BetweenOneFiveYears 2023-04-30 03302844 d:MoreThanFiveYears 2024-04-30 03302844 d:MoreThanFiveYears 2023-04-30 03302844 2 2023-05-01 2024-04-30 03302844 6 2023-05-01 2024-04-30 03302844 2 2024-04-30 03302844 3 2024-04-30 03302844 2 2023-04-30 03302844 3 2023-04-30 03302844 f:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure
Registered number: 03302844









DIGITAL PHONE COMPANY LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 30 APRIL 2024


 
DIGITAL PHONE COMPANY LIMITED
REGISTERED NUMBER: 03302844

BALANCE SHEET
AS AT 30 APRIL 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
36,568
22,362

Investments
 5 
640,192
340,192

  
676,760
362,554

Current assets
  

Stocks
  
143,432
136,508

Debtors: amounts falling due within one year
 6 
368,334
294,369

Cash at bank and in hand
  
671,489
724,201

  
1,183,255
1,155,078

Creditors: amounts falling due within one year
 7 
(476,186)
(511,918)

Net current assets
  
 
 
707,069
 
 
643,160

Total assets less current liabilities
  
1,383,829
1,005,714

Provisions for liabilities
  

Deferred tax
  
(9,094)
-

  
 
 
(9,094)
 
 
-

Net assets
  
1,374,735
1,005,714


Capital and reserves
  

Called up share capital 
  
100
100

Profit and loss account
  
1,374,635
1,005,614

  
1,374,735
1,005,714


Page 1

 
DIGITAL PHONE COMPANY LIMITED
REGISTERED NUMBER: 03302844

BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 28 November 2024.




P D Rider
Director

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
DIGITAL PHONE COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

1.


General information

Digital Phone Company Limited is a private company limited by shares incorporated in the United Kingdom with a company registration number of 03302844. The registered office is 16 Southgates Road, Great Yarmouth, Norfolk, NR30 3LJ. The Company's principal activity is that of retailing and sale of telecommunications devices and associated equipment and services. 
The financial statements are rounded to the nearest £.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

 
2.2

Going concern

The company has continued to trade profitably post year end. The directors consider the company will continue to trade for the foreseeable future at these enhanced levels. The directors have considered a period of 12 months from the date of approval of the financial statements and on the basis of the post year end results have prepared the accounts on the going concern basis.

 
2.3

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
DIGITAL PHONE COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.4

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Operating leases: the Company as lessor

Rental income from operating leases is credited to profit or loss on a straight-line basis over the lease term.

 
2.7

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.8

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Page 4

 
DIGITAL PHONE COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.9

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Page 5

 
DIGITAL PHONE COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)


2.11
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Other fixed assets
-
11% - 33% per annum straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Unlisted Investments, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first out basis. 

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.

 
2.14

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.15

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.16

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
DIGITAL PHONE COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

2.Accounting policies (continued)

 
2.17

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of Income and Retained Earnings in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Balance Sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

 
2.18

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

 
2.19

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 30 (2023 - 27).

Page 7

 
DIGITAL PHONE COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

4.


Tangible fixed assets





Other fixed assets

£



Cost


At 1 May 2023
126,316


Additions
26,674


Disposals
(55,855)



At 30 April 2024

97,135



Depreciation


At 1 May 2023
103,954


Charge for the year on owned assets
12,468


Disposals
(55,855)



At 30 April 2024

60,567



Net book value



At 30 April 2024
36,568



At 30 April 2023
22,362

Page 8

 
DIGITAL PHONE COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

5.


Fixed asset investments





Unlisted investments
Loans
Total

£
£
£



Cost or valuation


At 1 May 2023
381,719
300,000
681,719


Additions
-
300,000
300,000



At 30 April 2024

381,719
600,000
981,719



Impairment


At 1 May 2023
341,527
-
341,527



At 30 April 2024

341,527
-
341,527



Net book value



At 30 April 2024
40,192
600,000
640,192



At 30 April 2023
40,192
300,000
340,192


6.


Debtors

2024
2023
£
£


Trade debtors
1,845
6,744

Amounts owed by group undertakings
9,517
5,312

Other debtors
4,955
2,526

Prepayments and accrued income
352,017
279,787

368,334
294,369


Page 9

 
DIGITAL PHONE COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

7.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
91,340
95,827

Amounts owed to group undertakings
40,534
40,534

Corporation tax
105,255
109,533

Other taxation and social security
145,805
127,736

Other creditors
93,252
138,288

476,186
511,918



8.


Creditors: Amounts falling due after more than one year




Amounts owed to the parent company of £nil (2019: £105,092) are secured over the investment property held by the Company.


9.


Deferred taxation




2024


£






Charged to profit or loss
9,094



At end of year
9,094

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
10,983
-

Capital losses carried forward
(1,806)
-

Pension surplus
(83)
-

9,094
-

Page 10

 
DIGITAL PHONE COMPANY LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024

10.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund.
The pension cost charge represents contributions payable by the Company to the fund and amounted to £220,849 (2023: £294,230).
Contributions totalling £333 (2023: £8,964) are included within creditors.


11.


Commitments under operating leases

At 30 April 2024 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2024
2023
£
£



Not later than 1 year
40,667
41,500

Later than 1 year and not later than 5 years
96,500
103,167

Later than 5 years
14,167
24,167

151,334
168,834


12.


Related party transactions

During the year the Company paid rent of £25,000 (2023: £25,000) to Digital Phone Company Pension Fund, the personal pension scheme of the directors.
The amount due by the Company to the directors at the year end amounted to £64 (2023: £64).


13.


Controlling party

The immediate and ultimate parent company is Digital Phone Holdings Limited which is incorporated and registered in England and Wales. A copy of their financial statements can be obtained from Companies House.


Page 11