Registered number:
(FORMERLY KNOWN AS HARRIS & TROTTER DIGITAL ASSETS LIMITED)
FOR THE PERIOD ENDED 24 APRIL 2024
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HT DIGITAL LTD
COMPANY INFORMATION
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HT DIGITAL LTD
CONTENTS
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HT DIGITAL LTD
STRATEGIC REPORT
FOR THE PERIOD ENDED 24 APRIL 2024
The directors present the strategic report for the period ended 24 April 2024.
Results
The turnover from continuing operations was £5,682,602. The gross profit margin was 65% The financial position of the company at the period end is shown on page 10 Development and performance The key focus of the business is to deliver a best in class service to enable our clients to succeed in their aims. We achieve this by listening to our clients, continuously improving the way we do things, and by working collaboratively as a team. An equally important focus is that we put our team at the centre of our thinking. We provide competitive study packages for trainee accountants with strong emphasis on providing support and training. We also provide all of our professional and support staff with technical and soft skills training to enable them to fully develop their potential so that they can achieve all they want to achieve and help the business to provide high quality service to all our clients. During the period we have continued to enhance our packages so we pay our team well and attract the highest level candidates for future vacancies. In addition, we have continued to invest in technology in our offices to ensure we remain efficient in our processes and provide our staff with modern attractive office environments. Since the period end, we have continued with expansions, including a new larger London office.
The company is exposed to risks that may affect the future performance and development of the business, including both regulatory and compliance risks. Internal controls and procedures exist in order to mitigate these risks so that the business can adapt effectively to any future changes in regulations and ensure that client service is maintained at a high level.
The directors will continue to monitor the various risks, and are confident that all foreseeable risks can be mitigated as far as possible.
The main key performance indicators of the business are turnover and the gross profit percentage as disclosed above in the review of the business. Additional KPI's are used internally within the business, however, the directors are of the opinion that no further inclusion of financial or non-financial indicators is necessary to provide an understanding of the performance, development or financial position of the company's business operations.
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HT DIGITAL LTD
STRATEGIC REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 APRIL 2024
The board of directors consider, both individually and as a board, that they have acted in a manner that, in their opinion, would be most likely to promote success of the company for the benefit of it's members as a whole (having regard for the stakeholders and matters set out in s172(1) (a-f) of the Companies Act 2006) in the decisions made during the period ended 24 April 2024.
The directors consider the likely consequences that might result from any decisions made or actions taken on the long-term future of the company and its stakeholders. The decisions made and actions undertaken by the directors aim to represent and maintain the company's reputation for appropriate standards of business conduct.
This report was approved by the board and signed on its behalf.
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HT DIGITAL LTD
DIRECTORS' REPORT
FOR THE PERIOD ENDED 24 APRIL 2024
The directors present their report and the financial statements for the period ended 24 April 2024.
The directors are responsible for preparing the Strategic Report, the Directors' Report and the financial statements in accordance with applicable law and regulations.
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 2006. They 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.
The directors who served during the period were:
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HT DIGITAL LTD
DIRECTORS' REPORT (CONTINUED)
FOR THE PERIOD ENDED 24 APRIL 2024
Subsequent to the balance sheet date, the company issued 1,333,331 new shares to investors. The shares were issued at a premium of £6.0180 per share.
This event represents a non-adjusting post balance sheet event, as it arose after the reporting period and does not provide evidence of conditions that existed as at the balance sheet date. However, it is considered significant to the users of the financial statements and is disclosed in accordance with section 32 of FRS 102 Events after the end of the Reporting Period.
The auditors, Brindley Goldstein Ltd, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.
In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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HT DIGITAL LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HT DIGITAL LTD
We have audited the financial statements of HT Digital Ltd (the 'Company') for the period ended 24 April 2024, which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Cash Flows, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
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 Auditors' 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 United Kingdom, including the Financial Reporting Council'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.
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.
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HT DIGITAL LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HT DIGITAL LTD (CONTINUED)
The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. 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.
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 period 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.
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.
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HT DIGITAL LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HT DIGITAL LTD (CONTINUED)
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 Auditors' 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:
In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following:
- We obtained an understanding of the legal and regulatory frameworks applicable to the Company and the industry in which it operates. We determined that the following laws and regulations were most significant: FRS 102 and the Companies Act 2006. - We obtained an understanding of how the Company is complying with those legal and regulatory frameworks by making enquiries of management. - We challenged assumptions and judgements made by management in its significant accounting estimates. We did not identify any key audit matters relating to irregularities, including fraud.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.
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HT DIGITAL LTD
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF HT DIGITAL LTD (CONTINUED)
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 Auditors' 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.
for and on behalf of
103 High Street
EN8 7AN
Date:
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HT DIGITAL LTD
STATEMENT OF COMPREHENSIVE INCOME
FOR THE PERIOD ENDED 24 APRIL 2024
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HT DIGITAL LTD
REGISTERED NUMBER: 15205809
BALANCE SHEET
AS AT 24 APRIL 2024
The financial statements were approved and authorised for issue by the board and were signed on its behalf on
The notes on pages 14 to 20 form part of these financial statements.
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HT DIGITAL LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 24 APRIL 2024
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HT DIGITAL LTD
STATEMENT OF CASH FLOWS
FOR THE PERIOD ENDED 24 APRIL 2024
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HT DIGITAL LTD
ANALYSIS OF NET DEBT
FOR THE PERIOD ENDED 24 APRIL 2024
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HT DIGITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 APRIL 2024
HT Digital Ltd (formerly known as Harris & Trotter Digital Assets Limited) is a private company limited by shares, incorporated in England and Wales. The registered office address is 101 New Cavendish Street 1st Floor South, London W1W 6XH.
The principal activity of the company is the provision of accountancy and other related business services. The financial statements are prepared in Sterling, which is the functional and presentational currency. The company changed name after the reporting date from Harris and Trotter Digital Assets Limited to HT Digital Ltd.
2.Accounting policies
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:
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HT DIGITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 APRIL 2024
2.Accounting policies (continued)
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, on a reducing balance basis.
Depreciation is provided on the following 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.
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HT DIGITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 APRIL 2024
2.Accounting policies (continued)
The key assumptions concerning the future and other key sources of estimation uncertainty at the balance sheet date that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows: (a) Revenue recognition In determining revenue on client assignments, the LLP makes certain estimates as to the stage of completion on those assignments. The LLP estimates the remaining time and external costs to be incurred in completing the assignments and the client's willingness and ability to pay for the services provided. A different assessment of the outturn on an assignment may result in a different value being determined for revenue and also a different carrying value being determined for unbilled revenue for client work. (b) Recoverable value of recognised receivables The recoverability of trade and other receivables is regularly reviewed in the light of available economic information specific to each receivable and provisions are recognised for balances considered to be irrecoverable. (c) Provisions Provisions are liabilities of uncertain timing or amount and therefore in making a reliable estimate of the amount and timing of liabilities judgment is applied and re-evaluated at each reporting date.
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HT DIGITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 APRIL 2024
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HT DIGITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 APRIL 2024
There were no factors that may affect future tax charges.
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HT DIGITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 APRIL 2024
One Ordinary share of £1 each was issued on incorporation. Subsequently, the one Ordinary share was sub-divided into 10,000,000 Ordinary shares of £0,0000001 each.
The Company operates a defined contribution 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 amounted to £2,707. Contributions totalling £2,707 were payable to the fund at the balance sheet date.
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HT DIGITAL LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 24 APRIL 2024
This event represents a non-adjusting post balance sheet event, as it arose after the reporting period and does not provide evidence of conditions that existed as at the balance sheet date. However, it is considered significant to the users of the financial statements and is disclosed in accordance with section 32 of FRS 102 Events after the end of the Reporting Period.
The immediate and ultimate parent company is Harris & Trotter LLP, a Limited Liability Partnership registered in England and Wales.
Harris & Trotter LLP's registered address is 101 New Cavendish Street, 1st Floor South, London W1W 6XH.
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