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Company registration number: 07026628
DIGITAL ADVANCED CONTROL LIMITED
UNAUDITED FILLETED FINANCIAL STATEMENTS
31 July 2024
Cottons Specialist Services Limited
21 High Street
Lutterworth
Leicestershire
LE17 4AT
DIGITAL ADVANCED CONTROL LIMITED
CONTENTS
Statement of financial position
Notes to the financial statements
DIGITAL ADVANCED CONTROL LIMITED
STATEMENT OF FINANCIAL POSITION
31 JULY 2024
2024 2023
Note £ £ £ £
Fixed assets
Tangible assets 5 667,988 603,257
_______ _______
667,988 603,257
Current assets
Stocks 985,321 762,536
Debtors 6 1,664,025 1,695,083
Cash at bank and in hand 524,117 496,541
_______ _______
3,173,463 2,954,160
Creditors: amounts falling due
within one year 7 ( 1,492,691) ( 1,307,731)
_______ _______
Net current assets 1,680,772 1,646,429
_______ _______
Total assets less current liabilities 2,348,760 2,249,686
Creditors: amounts falling due
after more than one year 8 ( 116,290) ( 92,543)
Provisions for liabilities ( 123,943) ( 96,782)
_______ _______
Net assets 2,108,527 2,060,361
_______ _______
Capital and reserves
Called up share capital 10,000 10,000
Profit and loss account 2,098,527 2,050,361
_______ _______
Shareholder funds 2,108,527 2,060,361
_______ _______
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
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.
These financial statements were approved by the board of directors and authorised for issue on 03 March 2025 , and are signed on behalf of the board by:
YS Phoenix
Director
Company registration number: 07026628
DIGITAL ADVANCED CONTROL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31 JULY 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 21 High Street, Lutterworth, Leicestershire, LE17 4AT.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities measured at fair value through profit or loss.The financial statements are prepared in sterling, which is the functional currency of the entity and are presented in round pounds.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); 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.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, 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.
Operating leases
Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Short leasehold property - Straight line over the life of the lease
Plant and machinery - 25% Straight line
Fittings fixtures and equipment - 25% Straight line
Motor vehicles - 25% Straight line
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
Impairment
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Hire purchase and finance leases
Assets held under finance leases are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Government grants
Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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. 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 or 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 in finance costs 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 39 (2023: 36 ).
5. Tangible assets
Short leasehold property Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £ £
Cost
At 1 August 2023 264,792 484,015 39,265 132,822 920,894
Additions - 178,701 6,062 91,608 276,371
Disposals - ( 31,029) ( 3,854) ( 73,051) ( 107,934)
_______ _______ _______ _______ _______
At 31 July 2024 264,792 631,687 41,473 151,379 1,089,331
_______ _______ _______ _______ _______
Depreciation
At 1 August 2023 46,842 153,223 15,167 102,405 317,637
Charge for the year 26,480 158,083 10,085 7,651 202,299
Disposals - ( 31,029) ( 3,854) ( 63,710) ( 98,593)
_______ _______ _______ _______ _______
At 31 July 2024 73,322 280,277 21,398 46,346 421,343
_______ _______ _______ _______ _______
Carrying amount
At 31 July 2024 191,470 351,410 20,075 105,033 667,988
_______ _______ _______ _______ _______
At 31 July 2023 217,950 330,792 24,098 30,417 603,257
_______ _______ _______ _______ _______
6. Debtors
2024 2023
£ £
Trade debtors 1,272,943 1,190,851
Amounts owed by group undertakings and undertakings in which the company has a participating interest 219,133 476,481
Other debtors 171,949 27,751
_______ _______
1,664,025 1,695,083
_______ _______
7. Creditors: amounts falling due within one year
2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 1,116,831 991,059
Corporation tax 112,976 61,444
Social security and other taxes 144,528 149,533
Other creditors 108,356 95,695
_______ _______
1,492,691 1,307,731
_______ _______
Bank borrowings are secured by an Omnibus Guarantee and set-off agreememt.
8. Creditors: amounts falling due after more than one year
2024 2023
£ £
Bank loans and overdrafts 12,500 22,500
Other creditors 103,790 70,043
_______ _______
116,290 92,543
_______ _______
Bank borrowings are secured by an Omnibus Guarantee and set-off agreememt.
9. Other financial commitments
The total amount due at the end of the year that is not included in these financial statements was £ 244,065 .
10. Directors advances, credits and guarantees
During the year the directors received the following advances from the company and made repayments as follows:
Balance brought forward Advances to the directors Amounts repaid Balance carried forward
£ £ £ £
Total amounts - 272,148 ( 140,000) 132,148
_______ _______ _______ _______
These advances are interest free and repayable on demand.