DIGITAL PHONE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
Digital Phone Holdings Limited is a private company limited by shares incorporated in the United Kingdom with a company registration number of 09102032. The registered office is 16 Southgates Road, Great Yarmouth, Norfolk, NR30 3LJ. The company's principal activity is that of a holding company.
The financial statements are prepared in sterling which is the functional currency of the company and rounded to the nearest £.
2.Accounting policies
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Basis of preparation of financial statements
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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 following principal accounting policies have been applied:
The company generates its income from dividends receivable from group companies. These group companies have continued to trade profitably post year end, with cash resources and reserves considerably increasing. The directors consider these companies will continue to trade for the foreseeable future at these enhanced levels.
As a result, 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 by group companies, have prepared the accounts on the going concern basis.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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Cash and cash equivalents
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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.
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.
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