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Registered number: 04954829









JUST DIGITAL LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
JUST DIGITAL LIMITED
 
 
COMPANY INFORMATION


Directors
Adam Hill (resigned 11 April 2024)
Andrew Nash (resigned 11 April 2024)
Jane Saunders (resigned 11 April 2024)
Andrew Grundy 
Nathan Heath (resigned 11 April 2024)
Kevin Tkacz (appointed 11 April 2024)




Company secretary
Jane Saunders



Registered number
04954829



Registered office
Kingfisher Way
Hinchingbrooke Business Park

Huntingdon

Cambridgeshire

PE29 6FN




Independent auditors
CLA Evelyn Partners Ltd
Chartered Accountants & Statutory Auditors

Stonecross

Trumpington High Street

Cambridge

Cambridgeshire

CB2 9SU





 
JUST DIGITAL LIMITED
 

CONTENTS



Page
Strategic Report
 
 
1 - 2
Directors' Report
 
 
3 - 4
Independent Auditors' Report
 
 
5 - 8
Statement of Comprehensive Income
 
 
9
Statement of Financial Position
 
 
10 - 11
Statement of Changes in Equity
 
 
12
Statement of Cash Flows
 
 
13
Analysis of Net Debt
 
 
14
Notes to the Financial Statements
 
 
15 - 35


 
JUST DIGITAL LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report for the year ended 31 December 2023.

Business review
 
The Company’s principal activity continues to be as a supplier of design and print on demand services in mass customisation sectors, which, continue to attract new clients. This strategy along with its strong financial foundation, continues to ensure Just Digital remains profitable, retains a positive cash position and the company has continued its strategic plans to achieve further substantial growth.  
The overall profit for the company was in line with expectations and the directors’ plans for growth.

Principal risks and uncertainties
 
The management of the business and the execution of the Company’s strategy are subject to several risks, the directors consider the principal ones to be:
 
Inflation and the Cost Of Living:
During 2023 the Company experienced increases mainly in cost of labour as they remained committed to being a Real Living Wage Foundation Employer. The Company continued focussed price negotiations with its customers to cover these and justify any increases in pricing.
Covid – 19:
The management continues to manage the impact of Covid-19 assessing death rates and monitoring changes in demand. 2024 should provide the business with its first post covid comparable year.
 
Competition and Market:
The print industry remains highly competitive.
IT Infrastructure:
Loss of IT infrastructure in the event of a major catastrophe. The Company continues to invest in IT infrastructure, updated software, and disaster recovery solutions to minimise the risk.

Financial key performance indicators ('KPIs')
 
The directors report the company’s result which shows a turnover of £13,747,780 for the year ended 31 December 2023 compared to £13,423,943 for the year ended 31 December 2022 which, reflects the Company's continued growth strategy and demonstrates proven resilience, despite lower market demand overall.
 
Given the straightforward nature of the business, the Company’s directors are of the opinion that standard profit and loss measurement technique, sufficiently provides an understanding of the Company’s development performance and financial position.
 
Other key performance indicators include the profit/(loss) after taxation. Please refer to the results and dividends section of the directors’ report for further information.

Page 1

 
JUST DIGITAL LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Future developments
 
The directors have continued to support the company’s growth strategy and continues to invest in technology and people. Great progression has been achieved, supported by a strong board via focused growth, technology and people strategies. 
Post balance sheet the Directors completed a change in ownership which saw the outright acquisition of Just Digital by Messenger, a US funeral services business in April 2024.


This report was approved by the board and signed on its behalf.



................................................
Andrew Grundy
Director
Date: 8 January 2025

Page 2

 
JUST DIGITAL LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Results and dividends

The profit for the year, after taxation, amounted to £1,089,418 (2022 - £28,331).

Directors

The directors who served during the year were:

Adam Hill (resigned 11 April 2024)
Andrew Nash (resigned 11 April 2024)
Jane Saunders (resigned 11 April 2024)
Andrew Grundy 
Nathan Heath (resigned 11 April 2024)

Matters covered in the Strategic Report

Financial risk management objectives and policies, disclosure of important events since the year end and future developments have been disclosed in the Strategic Report.

Page 3

 
JUST DIGITAL LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditorsCLA Evelyn Partners Ltdwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.
 





................................................
Andrew Grundy
Director
Date: 8 January 2025

Page 4

 
JUST DIGITAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUST DIGITAL LIMITED
 

Opinion

We have audited the financial statements of Just Digital Limited (the 'Company') for the year ended  31 December 2023 which comprise the Profit and loss account, Statement of other comprehensive income, Balance sheet, Statement of changes in equity, Statement of cash flows and the notes to the financial statements, including significant accounting policies.  The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:
give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;  
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law.  Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report.  We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.  We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.
Page 5

 
JUST DIGITAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUST DIGITAL LIMITED (CONTINUED)


Other information

The other information comprises the information included in the Annual report and financial statements, other than the financial statements and our auditor’s report thereon.  The directors are responsible for the other information contained within the Annual report and financial statements.  Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.  Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated.  If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves.  If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. 

We have nothing to report in this regard. 


Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors’ report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors’ report have been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the strategic report or the directors’ report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors’ remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the directors’ responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so. 

Page 6

 
JUST DIGITAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUST DIGITAL LIMITED (CONTINUED)


Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.  Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists.  Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. 

Irregularities, including fraud, are instances of non-compliance with laws and regulations.  We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud.  The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial
statements. During the engagement team briefing, the outcomes of these discussions and enquiries were
shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
- Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.
- It is considered that there are no Laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same
concerning any actual or potential litigation or claims; review of board minutes; testing the appropriateness of journal entries; and the performance of analytical review to identify unexpected movements in account balances which may be indicative of fraud.
 
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities,
including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity's
controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK).

A further description of our responsibilities is available on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

Use of our report

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006.  Our audit work has been undertaken so that we might state to the Company’s members those matters we are required to state to them in an auditor’s report and for no other purpose.  To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Page 7

 
JUST DIGITAL LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUST DIGITAL LIMITED (CONTINUED)





Mark Prince (Senior Statutory Auditor)
  
for and on behalf of
CLA Evelyn Partners Ltd
 
Chartered Accountants & Statutory Auditors
  
Stonecross
Trumpington High Street
Cambridge
Cambridgeshire
CB2 9SU

8 January 2025
Page 8

 
JUST DIGITAL LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

  

Turnover
 4 
13,747,599
13,422,867

Cost of sales
  
(8,930,293)
(8,976,751)

Gross profit
  
4,817,306
4,446,116

Administrative expenses
  
(3,726,635)
(4,257,469)

Exceptional administrative expenses
  
(161,500)
-

Other operating income
 5 
-
1,069

Operating profit
  
929,171
189,716

Interest receivable and similar income
 10 
51,599
9,632

Interest payable and similar expenses
 11 
(177,045)
(186,350)

Other finance income
  
529,333
-

Profit before tax
  
1,333,058
12,998

Tax on profit
 12 
(243,640)
15,333

Profit for the financial year
  
1,089,418
28,331

There were no recognised gains and losses for 2023 or 2022 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2023 (2022:£NIL).

The notes on pages 15 to 35 form part of these financial statements.

Page 9

 
JUST DIGITAL LIMITED
REGISTERED NUMBER: 04954829

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
269,621
246,643

Tangible assets
 15 
2,035,406
2,615,143

  
2,305,027
2,861,786

Current assets
  

Stocks
 16 
564,283
668,368

Debtors: amounts falling due after more than one year
 17 
81,000
81,000

Debtors: amounts falling due within one year
 17 
2,261,943
2,257,585

Cash at bank and in hand
 18 
2,435,194
1,786,927

  
5,342,420
4,793,880

Creditors: amounts falling due within one year
 19 
(2,267,012)
(2,000,063)

Net current assets
  
 
 
3,075,408
 
 
2,793,817

Total assets less current liabilities
  
5,380,435
5,655,603

Creditors: amounts falling due after more than one year
 20 
(1,511,667)
(2,812,090)

Provisions for liabilities
  

Deferred tax
 22 
(383,359)
(497,445)

Other provisions
 23 
(510,927)
(461,004)

  
 
 
(894,286)
 
 
(958,449)

Net assets
  
2,974,482
1,885,064


Capital and reserves
  

Called up share capital 
 24 
20,005
20,005

Capital redemption reserve
  
20,000
20,000

Other reserves
  
-
(768,794)

Profit and loss account
  
2,934,477
2,613,853

  
2,974,482
1,885,064


Page 10

 
JUST DIGITAL LIMITED
REGISTERED NUMBER: 04954829
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




................................................
Andrew Grundy
Director
Date: 8 January 2025

The notes on pages 15 to 35 form part of these financial statements.

Page 11

 

 
JUST DIGITAL LIMITED


 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023



Called up share capital
Capital redemption reserve
Other reserves
Profit and loss account
Total equity


£
£
£
£
£



At 1 January 2022 (as previously stated)
20,005
20,000
-
2,813,579
2,853,584


Prior year adjustment - correction of error
-
-
(996,851)
-
(996,851)



At 1 January 2022 (as restated)
20,005
20,000
(996,851)
2,813,579
1,856,733



Comprehensive income for the year


Profit for the year
-
-
-
28,331
28,331


Transfer to/from profit and loss account
-
-
228,057
(228,057)
-





At 1 January 2023
20,005
20,000
(768,794)
2,613,853
1,885,064





Profit for the year
-
-
-
1,089,418
1,089,418


Transfer to/from profit and loss account
-
-
768,794
(768,794)
-



At 31 December 2023
20,005
20,000
-
2,934,477
2,974,482



The notes on pages 15 to 35 form part of these financial statements.

Page 12

 
JUST DIGITAL LIMITED
 

STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
£
£

Cash flows from operating activities

Profit for the financial year
929,171
189,716

Adjustments for:

Amortisation of intangible assets
83,981
44,876

Depreciation of tangible assets
632,909
803,720

(Profit)/loss on disposal of tangible assets
(8,000)
25,171

Decrease/(increase) in stocks
104,085
(80,862)

(Increase)/decrease in debtors
(4,362)
313,138

(Decrease) in creditors
(15,549)
(251,291)

Corporation tax (paid)/received
(69,212)
524,504

Net cash generated from operating activities

1,653,023
1,568,972


Cash flows from investing activities

Purchase of intangible fixed assets
(106,959)
(239,801)

Purchase of tangible fixed assets
(30,492)
(215,981)

Sale of tangible fixed assets
8,000
40,082

Interest received
51,600
9,633

Net cash from investing activities

(77,851)
(406,067)

Cash flows from financing activities

Repayment of finance leases
(560,145)
(562,302)

Dividends paid
(277,900)
(277,900)

Interest paid
-
(5,682)

HP interest paid
(88,860)
(113,310)

Net cash used in financing activities
(926,905)
(959,194)

Net increase in cash and cash equivalents
648,267
203,711

Cash and cash equivalents at beginning of year
1,786,927
1,583,216

Cash and cash equivalents at the end of year
2,435,194
1,786,927


Cash and cash equivalents at the end of year comprise:

Cash at bank and in hand
2,435,194
1,786,927


The notes on pages 15 to 35 form part of these financial statements.

Page 13

 
JUST DIGITAL LIMITED
 

ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2023





At 1 January 2023
Cash flows
New finance leases
At 31 December 2023
£

£

£

£

Cash at bank and in hand

1,786,927

648,267

-

2,435,194

Finance leases

(2,603,618)

560,145

(22,500)

(2,065,973)


(816,691)
1,208,412
(22,500)
369,221

The notes on pages 15 to 35 form part of these financial statements.

Page 14

 
JUST DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.


General information

The principal activity of the Company in the year under review was a supplier of design, print and  fulfillment services.
The Company is a private company limited by shares and incorporated in England and Wales.
The registered office of the company is Kingfisher Way, Hinchingbrooke Business Park, Huntingdon, Cambridgeshire, PE29 6FN.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

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 (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

Having prepared and considered future cashflow forecasts the directors are confident that the company will continue to trade profitably which will generate operational cash inflows. This combined with the existing cash resources, will be sufficient for the company to meet its liabilities as they fall due into the foreseeable future. Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis.

 
2.3

Revenue

Revenue represents the sale of goods and services, net of VAT and incentives, and is recognised once the goods have been dispatched or awaiting dispatch, or the service has been undertaken. Revenue also includes the value of unfinished customer contracts spanning the year end using the stage of completin method of accounting.

 
2.4

Operating leases

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

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

Page 15

 
JUST DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.5

Leased assets

Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

 
2.6

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.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

Leasehold improvements
-
Over the remaining lease term
Plant and machinery
-
5 years on a straight line basis, unless useful life of asset is materially different
Fixtures and fittings
-
4 years on a straight line basis
Promotional material
-
4 years on a straight line basis

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.

 
2.7

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a useful life of four years and amortised on a straight line basis over that period.

Page 16

 
JUST DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.8

Stock

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. Work in progress and finished goods include labour and attributable overheads.

At each reporting 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.

 
2.9

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
2.10

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.11

Government grants

Grants are accounted under the accruals model as permitted by FRS 102. .
In the prior year the Company benefited from the govenment Coronavirus Job retention Scheme. These grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

Page 17

 
JUST DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.12

Share-based payments

Where share options are awarded to employees, the fair value of the options at the date of grant is charged to profit or loss over the vesting period. Non-market vesting conditions are taken into account by adjusting the number of equity instruments expected to vest at each reporting date so that, ultimately, the cumulative amount recognised over the vesting period is based on the number of options that eventually vest. Market vesting conditions are factored into the fair value of the options granted. The cumulative expense is not adjusted for failure to achieve a market vesting condition.
The fair value of the award also takes into account non-vesting conditions. These are either factors beyond the control of either party (such as a target based on an index) or factors which are within the control of one or other of the parties (such as the Company keeping the scheme open or the employee maintaining any contributions required by the scheme).
Where the terms and conditions of options are modified before they vest, the increase in the fair value of the options, measured immediately before and after the modification, is also charged to profit or loss over the remaining vesting period.
Where equity instruments are granted to persons other than employees, profit or loss is charged with fair value of goods and services received.

 
2.13

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 corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting 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 reporting 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 reporting date.

Page 18

 
JUST DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.14

Customer contracts

Amounts recoverable on custoemr contracts, which are included in debtors, are stated at the net value of work done less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account. Customer contracts represent orders received that have been worked on, but are not completed at the accounting period end. Unfinished orders are valued using the stage of completion method of accounting. Furher deatils are in note 3.

Page 19

 
JUST DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.Accounting policies (continued)

 
2.15

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
(i) Financial assets
Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transactfons price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. 
Such assets are subsequently carried at amortised cost using effective interest method.
(ii) Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.

Page 20

 
JUST DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgments, estimates and
assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.
(i) Useful economic lives of tangible assets
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 16 for the carrying amount of the property plant and equipment, and note 2.6 for the useful economic lives for each class of assets.
(ii) Customer contracts
Amounts recoverable on customer contracts, which are included within debtors, are stated at the net value of the work done less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account. Customer contracts represent orders received that have been worked on, but are not completed at the accounting period end. Unfinished orders are valued using the stage of completion method of accounting. Management make an estimate regarding the stage of completion of orders at the accounting period end. The value is calculated by taking 25% of the order value for all orders that have reached the design stage, 50% of the order value for all orders that have reached the proof reading stage, and 75% of the order value for all orders that have reached the print stage. The value of unfinished orders recognised as revenue at the period end is £67,068 (2022: £63,595).
(iii) Intangible assets
Capitalised software (note 15): Net book value £269,621 (2022: £246,643) management make judgment and estimates as to the stage of completion, longevity, and ability to generate future value of capitalised software, which in turn affects the valuation of the intangible assets at the year-end date. The estimated useful life has been estimated as 4 years.
(iv) Provision for Dilapidations
Provision is made for future dilapidation costs which may need to be incurred. These provisions require management’s best estimate of the costs and timing of cashflows along with the discount rate to be used. See note 24 for the provisions balance at year end.

Page 21

 
JUST DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

4.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£
£

Digital print
675,882
1,551,204

Large print
494,355
432,240

Graphic services
10,398,894
9,675,879

Web technologies
2,113,836
1,707,749

Creative services
55,532
35,833

Web technologies - EU
9,100
19,962

13,747,599
13,422,867


Analysis of turnover by country of destination:

2023
2022
£
£

United Kingdom
13,738,499
13,402,904

Rest of Europe
9,100
19,962

13,747,599
13,422,866



5.


Other operating income

2023
2022
£
£

Government grants receivable
-
1,069

-
1,069


Page 22

 
JUST DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation and amortisation
698,178
816,926

Exchange differences
-
446

Profit on disposal of tangible fixed assets
(8,000)
(15,049)

Loss on disposal of intangible fixed assets
-
40,220

Other operating lease rentals
420,708
421,375


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
22,400
17,500

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
5,700,540
5,597,348

Social security costs
497,122
528,530

Cost of defined contribution scheme
215,206
439,538

6,412,868
6,565,416


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Pruduction, warehouse and logistics
42
39



Design, customer service and sales
125
130



Administration and back office
51
42

218
211

Page 23

 
JUST DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
446,492
369,804

Company contributions to defined contribution pension schemes
27,300
45,362

473,792
415,166


During the year retirement benefits were accruing to 4 directors (2022 - 4) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £195,252 (2022 - £167,168).


10.


Interest receivable

2023
2022
£
£


Other interest receivable
51,599
9,632

51,599
9,632


11.


Interest payable and similar expenses

As restated
2023
2022
£
£


Finance leases and hire purchase contracts
88,683
113,310

Interest on discounted liabilities
38,439
49,842

Dilapidation provision interest
49,923
23,198

177,045
186,350

Page 24

 
JUST DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
357,726
69,212


357,726
69,212


Total current tax
357,726
69,212

Deferred tax


Origination and reversal of timing differences
(114,086)
(84,545)

Total deferred tax
(114,086)
(84,545)


Taxation on profit/(loss) on ordinary activities
243,640
(15,333)

Factors affecting tax charge for the year

The tax assessed for the year is lower than (2022 - lower than) the standard rate of corporation tax in the UK of 23.52% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
1,333,058
62,841


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
313,543
11,940

Effects of:


Expenses not deductible for tax purposes
53,649
3,658

Capital allowances for year in excess of depreciation
7,703
(9,151)

Remeasurement of deferred tax for changes in tax rates
(6,752)
(19,820)

Adjustments to tax charge in respect of prior periods
-
(1,960)

Non-taxable income
(124,503)
-

Total tax charge for the year
243,640
(15,333)

Page 25

 
JUST DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Exceptional items

2023
2022
£
£


Exceptional professional expenditure
161,500
-

161,500
-


14.


Intangible assets




Computer software - Under construction
Computer software
Total

£
£
£



Cost


At 1 January 2023
58,800
527,438
586,238


Additions
-
106,959
106,959


Intra-group transfers
(58,800)
58,800
-


Disposals
-
(235,803)
(235,803)



At 31 December 2023

-
457,394
457,394



Amortisation


At 1 January 2023
-
339,595
339,595


Charge for the year on owned assets
-
83,981
83,981


On disposals
-
(235,803)
(235,803)



At 31 December 2023

-
187,773
187,773



Net book value



At 31 December 2023
-
269,621
269,621



At 31 December 2022
58,800
187,843
246,643



Page 26

 


 
JUST DIGITAL LIMITED


 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023


15.


Tangible fixed assets






Leasehold improvements
Plant and machinery
Fixtures and fittings
Promotional material
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
433,313
4,444,813
724,752
94,931
5,697,809


Additions
1,362
31,201
17,714
2,893
53,170


Disposals
-
(112,238)
-
-
(112,238)



At 31 December 2023

434,675
4,363,776
742,466
97,824
5,638,741



Depreciation


At 1 January 2023
209,785
2,143,606
665,184
64,089
3,082,664


Charge for the year on owned assets
33,588
553,049
27,560
18,712
632,909


Disposals
-
(112,238)
-
-
(112,238)



At 31 December 2023

243,373
2,584,417
692,744
82,801
3,603,335



Net book value



At 31 December 2023
191,302
1,779,359
49,722
15,023
2,035,406



At 31 December 2022
223,527
2,301,207
59,568
30,841
2,615,143

Page 27

 
JUST DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

           15.Tangible fixed assets (continued)




The net book value of land and buildings may be further analysed as follows:


2023
2022
£
£

Short leasehold
191,301
223,527

191,301
223,527


The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£
£



Plant and machinery
1,563,253
1,992,934

1,563,253
1,992,934


16.


Stock and work in progress

2023
2022
£
£

Raw materials and consumables
145,148
208,889

Finished goods and goods for resale
419,135
459,479

564,283
668,368


Page 28

 
JUST DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Debtors

2023
2022
£
£

Due after more than one year

Rent deposit
81,000
81,000

81,000
81,000


2023
2022
£
£

Due within one year

Trade debtors
1,851,412
1,851,860

VAT repayable
46,753
52,741

Other debtors
3,501
10,288

Prepayments and accrued income
360,277
342,696

2,261,943
2,257,585



18.


Cash and cash equivalents

2023
2022
£
£

Cash at bank and in hand
2,435,194
1,786,927

2,435,194
1,786,927


Page 29

 
JUST DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
956,917
941,801

Corporation tax
357,726
69,212

Other taxation and social security
119,173
127,531

Obligations under finance lease and hire purchase contracts
554,308
560,321

Other creditors
63,852
68,289

Accruals and deferred income
215,036
232,909

2,267,012
2,000,063


The following liabilities were secured:

2023
2022
£
£



Obligations under finance lease and hire purchase contracts
554,306
560,321

554,306
560,321

Details of security provided:

The finance leases and hire purchase creditors are secured over the assets concerned.

Page 30

 
JUST DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

20.


Creditors: Amounts falling due after more than one year

As restated
2023
2022
£
£

Net obligations under finance leases and hire purchase contracts
1,511,667
2,043,297

Other creditors
-
768,793

1,511,667
2,812,090


The following liabilities were secured:

2023
2022
£
£



Obligations under finance leases and hire purchase contracts
1,511,667
2,043,297

1,511,667
2,043,297

Details of security provided:

The finance leases and hire purchase creditors are secured over the assets concerned.


21.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£
£


Within one year
554,306
560,321

Between 1-5 years
1,511,667
2,043,297

2,065,973
2,603,618

Page 31

 
JUST DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

22.


Deferred taxation




2023


£






At beginning of year
(497,445)


Charged to profit or loss
114,086



At end of year
(383,359)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Fixed asset timing differences
(436,340)
(540,613)

Short term timing differences
52,981
43,168

(383,359)
(497,445)


23.


Provisions




Dilapidation provision

£





At 1 January 2023
461,004


Charged to profit or loss
49,923



At 31 December 2023
510,927


24.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



8,000 (2022 - 8,000) A Ordinary shares of £1.00 each
8,000
8,000
11,890 (2022 - 11,890) B Ordinary shares of £1.00 each
11,890
11,890
110 (2022 - 110) C Ordinary shares of £1.00 each
110
110
513 (2022 - 513) D Ordinary shares of £0.01 each
5
5

20,005

20,005


Page 32

 
JUST DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

25.


Share-based payments

During the year ended 31 December 2020 the Company introduced a share option scheme transferring ownership of Ordinary B share capital to employees.
The options issued are excercisable on an exit event at various strike prices.

Weighted average exercise price (pence)
2023
Number
2023
Weighted average exercise price
(pence)
2022
Number
2022

Outstanding at the beginning of the year

11.14

1,493

1
 
1,072
 
Granted during the year

0

-

36.95
 
421
 
Forfeited during the year

1

(164)

0
 
-
 
Outstanding at the end of the year
12.39

1,329

11.14
 
1,493
 

There has been no share based payment charge recognised in respect of these options due to the fair value of these being insignificant.




Page 33

 
JUST DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

26.


Prior year adjustment

During the year under review it came to our attention that the treatment of contractual dividends in prior periods had been accounted for incorrectly.
Per FRS 102 section 22 as the company had a contractual obligation to deliver cash a liability for the present value of future dividends was required to be shown on the balance sheet.
The effect on the year ending 31 December 2022 financial statements is as follows:


As previously stated
Adjustment
Restated
        £
        £
        £
Statement of income and retained earnings

Interest payable and similar expenses

(136,508)

(49,843)

(186,351)
 
 
Profit before tax

62,841

(49,843)

12,998
 
 
Profit for the financial year

78,174

(49,843)

28,331
 
 



Statement of financial position
Creditors falling due after more than 1 year

(2,043,297)

(768,794)

(2,812,091)
 
 
Other reserves

-

(768,794)

(768,794)
 
 



Statement of changes in equity
Other reserves
As at 01/01/2022

-

(996,851)

(996,851)
 
 
Transfer to/from retained earnings

-

228,057

228,057
 
 
As at 31/12/2022

-

(768,794)

(768,794)
 
 



Profit and loss account
Profit for the year

78,174

(49,843)

28,331
 
 
Transfer to/from retained earnings

-

(228,057)

(228,057)
 
 
Dividends

(277,900)

277,900

-
 
 
As at 31/12/2022

2,613,852

-

2,613,852
 
 

Page 34

 
JUST DIGITAL LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

27.


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 costs charge represents contributions payable by the company to the fund and amounte to £221,912 (2022: £405,290). Contributions totaling £38,300 (2022: 40,486) were payable to the fund at the reporting date and are included in creditor.


28.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
518,427
531,269

Later than 1 year and not later than 5 years
1,755,474
1,989,961

Later than 5 years
129,945
465,000

2,403,846
2,986,230


29.


Related party transactions

Transactions with related parties
During the year £48,061 (2022: £50,432) was paid to a company in which a director has a shareholding.
Remuneration of key management personnel
Aggregate compensation during the year amounted to £521,852.07 (2022: £460,625). A dividend of £3,790  (2022: £3,790) was paid to directors.

 
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