COMPANY REGISTRATION NUMBER:
09291072
Digi-Key Electronics Europe Ltd |
|
Filleted Financial Statements |
|
Digi-Key Electronics Europe Ltd |
|
Statement of Financial Position |
|
31 October 2024
Fixed assets
Investments |
5 |
700,429 |
700,429 |
|
|
|
|
Current assets
Debtors |
6 |
19,173 |
8,854 |
Cash at bank and in hand |
407,674 |
288,628 |
|
--------- |
--------- |
|
426,847 |
297,482 |
|
|
|
|
Creditors: amounts falling due within one year |
7 |
93,242 |
60,633 |
|
--------- |
--------- |
Net current assets |
333,605 |
236,849 |
|
------------ |
--------- |
Total assets less current liabilities |
1,034,034 |
937,278 |
|
------------ |
--------- |
Net assets |
1,034,034 |
937,278 |
|
------------ |
--------- |
|
|
|
|
Capital and reserves
Called up share capital |
701,429 |
701,429 |
Profit and loss account |
332,605 |
235,849 |
|
------------ |
--------- |
Shareholders funds |
1,034,034 |
937,278 |
|
------------ |
--------- |
|
|
|
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
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.
These financial statements were approved by the
board of directors
and authorised for issue on
5 February 2025
, and are signed on behalf of the board by:
Company registration number:
09291072
Digi-Key Electronics Europe Ltd |
|
Notes to the Financial Statements |
|
Year ended 31 October 2024
1.
General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Front Suite, 1st floor, Charles House, 148-149 Gt Charles Street, Birmingham, B3 3HT, England.
2.
Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3.
Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents net invoiced sales for services rendered, stated net of discounts. Revenue from commission received for services is recognised when services is complete and the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Investments
Fixed asset investments are shares in group undertakings and are recorded at cost.
Financial instruments
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.
4.
Employee numbers
The average number of persons employed by the company during the year amounted to
4
(2023:
4
).
5.
Investments
|
Shares in group undertakings |
|
£ |
Cost |
|
At 1 November 2023 and 31 October 2024 |
700,429 |
|
--------- |
Impairment |
|
At 1 November 2023 and 31 October 2024 |
– |
|
--------- |
|
|
Carrying amount |
|
At 31 October 2024 |
700,429 |
|
--------- |
At 31 October 2023 |
700,429 |
|
--------- |
|
|
6.
Debtors
|
2024 |
2023 |
|
£ |
£ |
Other debtors |
19,173 |
8,854 |
|
-------- |
------- |
|
|
|
7.
Creditors:
amounts falling due within one year
|
2024 |
2023 |
|
£ |
£ |
Trade creditors |
18,171 |
1,654 |
Corporation tax |
35,500 |
17,886 |
Social security and other taxes |
27,345 |
27,799 |
Other creditors |
12,226 |
13,294 |
|
-------- |
-------- |
|
93,242 |
60,633 |
|
-------- |
-------- |
|
|
|
8.
Summary audit opinion
The auditor's report dated
5 February 2025
was
unqualified
.
The senior statutory auditor was
Thomas McManners BSC ACA ACMI
, for and on behalf of
TTCA Ltd
.
9.
Controlling party
The company is a wholly owned subsidiary of Digi-Key Corporation. Group accounts are prepared by this parent company. The address of the parent company is 701 Brooks Ave, Thief River Falls, MN 56701, United States.