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Registered number: 04423496









DIGITAL CRAFTSMEN LIMITED







UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
DIGITAL CRAFTSMEN LIMITED
REGISTERED NUMBER: 04423496

STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible assets
 5 
7,000
14,000

Tangible assets
 6 
123,760
129,922

  
130,760
143,922

Current assets
  

Debtors: amounts falling due within one year
 7 
157,338
169,685

Cash at bank and in hand
 8 
597,702
648,276

  
755,040
817,961

Creditors: amounts falling due within one year
 9 
(273,228)
(375,787)

Net current assets
  
 
 
481,812
 
 
442,174

Total assets less current liabilities
  
612,572
586,096

Creditors: amounts falling due after more than one year
 10 
(12,231)
(22,435)

Provisions for liabilities
  

Deferred tax
 11 
(18,986)
(31,638)

  
 
 
(18,986)
 
 
(31,638)

Net assets
  
581,355
532,023


Capital and reserves
  

Called up share capital 
  
2
2

Profit and loss account
  
581,353
532,021

  
581,355
532,023


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.
 
Page 1

 
DIGITAL CRAFTSMEN LIMITED
REGISTERED NUMBER: 04423496
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MARCH 2024


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 statement of income and retained earnings 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 29 January 2025.




S Wilcox
Director

The notes on pages 3 to 8 form part of these financial statements.

Page 2

 
DIGITAL CRAFTSMEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

Digital Craftsmen Limited is a private company limited by shares and registered in England & Wales. The address of its registered office and principal place of business is Suite 102, 254 Pentonville Road, London N1 9JY.

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 Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Revenue

Revenue comprises fees and associated disbursements in respect of management of online cloud services and is recognised as agreed in the service contracts.

 
2.3

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 finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 
2.4

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, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
Computer equipment
-
25%

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.

Page 3

 
DIGITAL CRAFTSMEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)

 
2.5

Debtors

Short term debtors are measured at transaction price, less any impairment.

 
2.6

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.

 
2.7

Financial instruments

The Company only enters into basic financial instruments 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 and loans to related parties.

 
2.8

Creditors

Short term creditors are measured at the transaction price. 

 
2.9

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.

 
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 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 4

 
DIGITAL CRAFTSMEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

3.


Employees

The average monthly number of employees, including directors, during the year was 10 (2023 - 11).


4.


Dividends

2024
2023
£
£


Ordinary dividends
67,430
78,104

67,430
78,104


5.


Intangible assets




Website

£



Cost


At 1 April 2023
46,220



At 31 March 2024

46,220



Amortisation


At 1 April 2023
32,220


Charge for the year on owned assets
7,000



At 31 March 2024

39,220



Net book value



At 31 March 2024
7,000



At 31 March 2023
14,000



Page 5

 
DIGITAL CRAFTSMEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

6.


Tangible fixed assets





Plant and machinery
Motor vehicles
Total

£
£
£



Cost or valuation


At 1 April 2023
469,367
123,855
593,222


Additions
43,255
-
43,255



At 31 March 2024

512,622
123,855
636,477



Depreciation


At 1 April 2023
432,336
30,964
463,300


Charge for the year on owned assets
18,453
30,964
49,417



At 31 March 2024

450,789
61,928
512,717



Net book value



At 31 March 2024
61,833
61,927
123,760



At 31 March 2023
37,031
92,891
129,922


7.


Debtors

2024
2023
£
£


Trade debtors
62,641
117,368

Other debtors
12,948
9,398

Prepayments and accrued income
81,749
42,919

157,338
169,685



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
597,702
648,276

597,702
648,276


Page 6

 
DIGITAL CRAFTSMEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Bank loans
10,213
9,952

Trade creditors
83,510
59,022

Corporation tax
34,803
8,746

Other taxation and social security
27,352
58,354

Other creditors
1,895
-

Accruals and deferred income
115,455
239,713

273,228
375,787



10.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
12,231
22,435

12,231
22,435






The loan is repayable by monthly istalments with interest payable at 2.5% per annum.

Page 7

 
DIGITAL CRAFTSMEN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

11.


Deferred taxation




2024


£






At beginning of year
(31,638)


Charged to profit or loss
12,652



At end of year
(18,986)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Deferred tax - balance b/fwd
(31,638)
(4,070)

Deferred tax - charge to profit or loss
12,652
(27,568)

(18,986)
(31,638)


12.


Controlling party

Throughout the year, the company was under the control of S Wilcox, a director of the company.


13.


Pension commitments

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. Contributions totalling £1,895 (2023 - £Nil) were payable to the fund at the reporting date and are included in creditors.

 
Page 8