2023-02-012024-01-312024-01-31falseNI049266ORIGIN DIGITAL (N.I.) 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ORIGIN DIGITAL (N.I.) LTD.

Registered Number
NI049266
(Northern Ireland)

Unaudited Financial Statements for the Year ended
31 January 2024

ORIGIN DIGITAL (N.I.) LTD.
Company Information
for the year from 1 February 2023 to 31 January 2024

Directors

KELLY, Jonathan
STAPLE, Jeremy

Company Secretary

KELLY, Jonathan

Registered Address

9 Church View
Holywood
BT18 9DP

Registered Number

NI049266 (Northern Ireland)
ORIGIN DIGITAL (N.I.) LTD.
Balance Sheet as at
31 January 2024

Notes

2024

2023

£

£

£

£

Fixed assets
Tangible assets339,13046,328
Investments4100100
39,23046,428
Current assets
Debtors5192,113290,082
Cash at bank and on hand33,957121,840
226,070411,922
Creditors amounts falling due within one year6(274,247)(428,738)
Net current assets (liabilities)(48,177)(16,816)
Total assets less current liabilities(8,947)29,612
Creditors amounts falling due after one year7(45,412)(74,789)
Net assets(54,359)(45,177)
Capital and reserves
Called up share capital100100
Profit and loss account(54,459)(45,277)
Shareholders' funds(54,359)(45,177)
The financial statements were approved and authorised for issue by the Board of Directors on 28 January 2025, and are signed on its behalf by:
STAPLE, Jeremy
Director
Registered Company No. NI049266
ORIGIN DIGITAL (N.I.) LTD.
Notes to the Financial Statements
for the year ended 31 January 2024

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in Northern Ireland. The company's registered number and registered office address can be found on the Company Information page.
Statement of compliance
The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Revenue from rendering of services
Revenue from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
Employee benefits
Short-term employee benefits are measured at the undiscounted amount expected to be paid in exchange for the employee's services to the company. Where employees have accrued short-term benefits which the entity has not paid by the balance sheet date, an accrual is recognised within creditors: amounts falling due within one year together with an associated expense in profit or loss. The liabilities are classified as current obligations in the statement of financial position because they are expected to be settled wholly within twelve months after the end of the period.
Defined contribution pension plan
The company operates a defined contribution pension plan for the benefit of its employees. Contributions are recognised as expenses as they become payable. Differences between contributions payable in the year and those actually paid are recognised as either prepayments or accruals in the balance sheet. The assets of the defined contribution pension scheme are held separately from those of the company in an independently administered fund.
Borrowing costs
Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalisation. All other borrowing costs are recognised in profit or loss in the period in which they are incurred.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Current taxation
Current tax is recognised in profit or loss, except for taxes related to revaluations of land and buildings which are recognised in other comprehensive income. Current tax represents the amount of tax payable (receivable) in respect of taxable profit (loss) for the current, or past, reporting periods. Current tax is measured at the amount expected to be paid (recovered) using the tax rates and laws which have been enacted, or substantively enacted, by the balance sheet date. Where payments to HM Revenue and Customs exceed liabilities owed, an asset is recognised to the extent of the amount of tax recoverable.
Tangible fixed assets and depreciation
All fixed assets are initially recorded at cost. Property, plant and equipment is used in the company's principal activity for the production and supply of goods or for administrative purposes and is stated in the balance sheet under the historic cost model. This model requires the assets to be stated at cost less amounts in respect of depreciation and less any accumulated impairment losses. Depreciation is calculated so as to write off the cost of an asset, less its estimated residual value (which is the expected amount that would currently be obtained from disposal of an asset, after deducting the estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life), over the useful economic life of the respective asset as follows:

Straight line (years)
Fixtures and fittings10
Office Equipment10
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks and work in progress
Work in progress is valued using the percentage of completion method and values are calculated using the lower of cost and estimated selling price less costs to complete and sell. This takes place in the same period that the associated revenue is recognised.
Trade and other debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Trade and other creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.
2.Average number of employees

20242023
Average number of employees during the year1424
3.Tangible fixed assets

Fixtures & fittings

Office Equipment

Total

£££
Cost or valuation
At 01 February 2321,578104,337125,915
At 31 January 2421,578104,337125,915
Depreciation and impairment
At 01 February 2310,17669,41179,587
Charge for year2,1585,0407,198
At 31 January 2412,33474,45186,785
Net book value
At 31 January 249,24429,88639,130
At 31 January 2311,40234,92646,328
4.Fixed asset investments

Investments in groups1

Total

££
Cost or valuation
At 01 February 23100100
At 31 January 24100100
Net book value
At 31 January 24100100
At 31 January 23100100

Notes

1Investments in group undertakings and participating interests
5.Debtors: amounts due within one year

2024

2023

££
Trade debtors / trade receivables36,55098,399
Other debtors155,563186,128
Prepayments and accrued income-5,555
Total192,113290,082
6.Creditors: amounts due within one year

2024

2023

££
Trade creditors / trade payables45,91353,572
Bank borrowings and overdrafts108,917147,570
Amounts owed to related parties100100
Taxation and social security113,206140,595
Other creditors3,77726,088
Accrued liabilities and deferred income2,33460,813
Total274,247428,738
7.Creditors: amounts due after one year

2024

2023

££
Bank borrowings and overdrafts45,41274,789
Total45,41274,789
8.Pension commitments
The company operates a defined contribution pension scheme for the directors and senior employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, unpaid contributions of £3,777 (2023 - £6,037) were due to the fund. They are included in other creditors.
9.Controlling party
The ultimate controlling parties of the company are J Staple and J Kelly by virtue of their shareholding in the company.