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Company No: 04781165 (England and Wales)

DICT8 LIMITED

Financial Statements
For the financial year ended 31 May 2024
Pages for filing with the registrar

DICT8 LIMITED

Financial Statements

For the financial year ended 31 May 2024

Contents

DICT8 LIMITED

COMPANY INFORMATION

For the financial year ended 31 May 2024
DICT8 LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 May 2024
DIRECTORS J H E Fellowes
C J Fellowes
Dr J G Myatt
R D Rosin
M Urdang
A J Webb
Dr S S Zeki
SECRETARY J H E Fellowes
REGISTERED OFFICE 22 Chancery Lane
London
WC2A 1LS
United Kingdom
COMPANY NUMBER 04781165 (England and Wales)
AUDITOR Dixon Wilson Audit Services LLP
22 Chancery Lane
London
WC2A 1LS
DICT8 LIMITED

BALANCE SHEET

As at 31 May 2024
DICT8 LIMITED

BALANCE SHEET (continued)

As at 31 May 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 70,577 212,037
Tangible assets 4 93,173 69,048
163,750 281,085
Current assets
Stocks 5 8,873 13,285
Debtors 6 663,041 935,502
Cash at bank and in hand 434,291 429,693
1,106,205 1,378,480
Creditors: amounts falling due within one year 7 ( 495,352) ( 529,644)
Net current assets 610,853 848,836
Total assets less current liabilities 774,603 1,129,921
Creditors: amounts falling due after more than one year 8 ( 57,379) ( 5,240)
Net assets 717,224 1,124,681
Capital and reserves
Called-up share capital 10 880 880
Share premium account 8,650 8,650
Capital redemption reserve 150 150
Profit and loss account 707,544 1,115,001
Total shareholder's funds 717,224 1,124,681

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime and a copy of the Profit and Loss Account has not been delivered.

These financial statements have been prepared in accordance with the provisions of FRS 102 Section 1A – small entities. The financial statements of Dict8 Limited (registered number: 04781165) were approved and authorised for issue by the Board of Directors on 04 February 2025. They were signed on its behalf by:

J H E Fellowes
Director
DICT8 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
DICT8 LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 May 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Dict8 Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the company's registered office is 22 Chancery Lane, London, WC2A 1LS, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Turnover represents amounts receivable for transcription services, workflow licenses and dictation machines, net of VAT and trade discounts.

Turnover from the sale of goods is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Turnover from contracts for the provision of professional services is recognised by reference to the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that is probable will be recovered.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding and using the effective interest rate method.

Employee benefits

Defined contribution schemes
The company operates a defined contribution scheme. The amount charged to the Profit and Loss Account in respect of pension costs and other post-retirement benefits is the contributions payable in the financial year. Differences between contributions payable in the financial year and contributions actually paid are included as either accruals or prepayments in the Balance Sheet.

Finance costs

Finance costs are charged to the Profit and Loss Account over the term of the debt using the effective interest method so the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Intangible assets

Intangible assets are stated at cost or valuation, net of amortisation and any provision for impairment. Amortisation is provided on all intangible assets at rates to write off the cost or valuation of each asset over its expected useful life as follows:

Other intangible assets 3 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is three years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Plant and machinery 2 years straight line
Vehicles 20 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The company as lessee
Rentals under operating leases are charged to the profit or loss account on a straight-line basis over the lease term. Benefits received and receivable as an incentive to sign an operating lease are similarly spread on a straight-line basis over the lease term.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost is calculated using the FIFO (first-in, first-out) method. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Ordinary share capital

The ordinary share capital of the company is presented as equity.

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.

Finance leases and hire purchase contracts

Assets acquired under hire purchase contracts are initially capitalised on the balance sheet. A corresponding hire purchase liability is recognised on the balance sheet. Interest charged on the lease is taken to the profit and loss account on a straight line basis.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the company during the year, including directors 15 13

3. Intangible assets

Other intangible assets Total
£ £
Cost
At 01 June 2023 1,811,003 1,811,003
At 31 May 2024 1,811,003 1,811,003
Accumulated amortisation
At 01 June 2023 1,598,966 1,598,966
Charge for the financial year 141,460 141,460
At 31 May 2024 1,740,426 1,740,426
Net book value
At 31 May 2024 70,577 70,577
At 31 May 2023 212,037 212,037

4. Tangible assets

Plant and machinery Vehicles Total
£ £ £
Cost
At 01 June 2023 256,366 87,505 343,871
Additions 21,693 102,899 124,592
Disposals 0 ( 87,505) ( 87,505)
At 31 May 2024 278,059 102,899 380,958
Accumulated depreciation
At 01 June 2023 227,640 47,183 274,823
Charge for the financial year 39,565 20,580 60,145
Disposals 0 ( 47,183) ( 47,183)
At 31 May 2024 267,205 20,580 287,785
Net book value
At 31 May 2024 10,854 82,319 93,173
At 31 May 2023 28,726 40,322 69,048

5. Stocks

2024 2023
£ £
Finished goods 8,873 13,285

6. Debtors

2024 2023
£ £
Trade debtors 191,649 431,262
Prepayments and accrued income 402,876 455,537
Deferred tax asset 47,937 28,124
Other debtors 20,579 20,579
663,041 935,502

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 21,387 27,078
Accruals 207,638 166,773
Other taxation and social security 251,781 289,140
Obligations under finance leases and hire purchase contracts 6,516 36,517
Other creditors 8,030 10,136
495,352 529,644

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Obligations under finance leases and hire purchase contracts 57,379 0
Other creditors 0 5,240
57,379 5,240

There are no amounts included above in respect of which any security has been given by the small entity.

9. Deferred tax

2024 2023
£ £
At the beginning of financial year 28,124 0
Credited to the Profit and Loss Account 19,813 28,124
At the end of financial year 47,937 28,124

The deferred taxation balance is made up as follows:

2024 2023
£ £
Accelerated capital allowances ( 2,713) ( 6,891)
Tax losses carry forward 50,650 35,015
47,937 28,124

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
880 Ordinary shares of £ 1.00 each 880 880

11. Financial commitments

Commitments

2024 2023
£ £
Total future minimum lease payments under non-cancellable operating lease 61,079 129,863

At 31 May 2024, the company had future minimum lease payments due under non-cancellable operating leases as set out above.

Other financial commitments

There is a fixed and floating charge over the assets of the company in favour of Coutts & Company.

12. Audit Opinion

The auditor's report on the accounts for the financial year ended 31 May 2024 was unqualified.

The audit report was signed by Oliver Jackson on behalf of Dixon Wilson Audit Services LLP.