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Registered number: 11372504
Digiworkz Limited
Unaudited Financial Statements
For The Year Ended 30 June 2024
Unaudited Financial Statements
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11372504
2024 2023
Notes £ £ £ £
FIXED ASSETS
Intangible Assets 4 1,894 3,786
Tangible Assets 5 2,253 1,922
4,147 5,708
CURRENT ASSETS
Debtors 6 466,935 417,467
Cash at bank and in hand 82,855 11,474
549,790 428,941
Creditors: Amounts Falling Due Within One Year 7 (312,215 ) (290,515 )
NET CURRENT ASSETS (LIABILITIES) 237,575 138,426
TOTAL ASSETS LESS CURRENT LIABILITIES 241,722 144,134
Creditors: Amounts Falling Due After More Than One Year 8 (67,642 ) (141,550 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (428 ) (365 )
NET ASSETS 173,652 2,219
CAPITAL AND RESERVES
Called up share capital 10 102 102
Profit and Loss Account 173,550 2,117
SHAREHOLDERS' FUNDS 173,652 2,219
Page 1
Page 2
For the year ending 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Laurence Collins
Director
10 March 2025
The notes on pages 3 to 6 form part of these financial statements.
Page 2
Page 3
Notes to the Financial Statements
1. General Information
Digiworkz Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11372504 . The registered office is Suite 1, The Old Dairy, Elm Farm Business Park, Norwich Common, Wymondham, NR18 0SW.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover 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.
2.3. Intangible Fixed Assets and Amortisation - Other Intangible
Other intangible assets are website development. It is amortised to profit and loss account over its estimated economic life of 5 years.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Computer Equipment 25% Reducing balance
2.5. Financial Instruments
A financial asset or a financial liability is only recognised when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recongised at the amount of receivable or payable including any related transaction costs, unless the arrangement constiutes 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. Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted. Debt instruments are subsequently measured at amortised cost.
2.6. Foreign Currencies
Monetary assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the balance sheet date. Transactions in foreign currencies are translated into sterling at the rate ruling on the date of the transaction. Exchange differences are taken into account in arriving at the operating profit.
2.7. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
...CONTINUED
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2.7. Taxation - continued
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9. Government Grant
Government grants are recognised in the profit and loss account in an appropriate manner that matches them with the expenditure towards which they are intended to contribute.
Grants for immediate financial support or to cover costs already incurred are recognised immediately in the profit and loss account. Grants towards general activities of the entity over a specific period are recognised in the profit and loss account over that period.
Grants towards fixed assets are recognised over the expected useful lives of the related assets and are treated as deferred income and released to the profit and loss account over the useful life of the asset concerned.
All grants in the profit and loss account are recognised when all conditions for receipt have been complied with.
2.10. Impairment
At each reporting date, goodwill and other tangible fixed assets and investments but excluding investment properties, are assessed to determine whether there is an indication that the carrying amount of an asset may be more than its recoverable amount and that the asset should be impaired. If there is an indication of possible impairment, the recoverable amount of an asset, which is the higher of its value in use and its net realisable value, is estimated and compared with its carrying amount. If the recoverable amount is lower, the carrying amount of the asset is written down to its estimated recoverable amount and an impairment loss is recognised in the profit and loss account.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 6 (2023: 5)
6 5
4. Intangible Assets
Development Costs
£
Cost
As at 1 July 2023 9,463
As at 30 June 2024 9,463
Amortisation
As at 1 July 2023 5,677
Provided during the period 1,892
As at 30 June 2024 7,569
Net Book Value
As at 30 June 2024 1,894
As at 1 July 2023 3,786
Page 4
Page 5
5. Tangible Assets
Computer Equipment
£
Cost
As at 1 July 2023 4,758
Additions 1,082
As at 30 June 2024 5,840
Depreciation
As at 1 July 2023 2,836
Provided during the period 751
As at 30 June 2024 3,587
Net Book Value
As at 30 June 2024 2,253
As at 1 July 2023 1,922
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 103,838 16,560
Prepayments and accrued income 67,469 52,635
Other debtors 295,628 279,162
Corporation tax recoverable assets - 58,159
VAT - 10,951
466,935 417,467
Included within other debtors is an amount owed from the director to the business. Interest has been accrued on the amount owed.
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 75,279 126,455
Bank loans and overdrafts 97,158 111,091
Corporation tax 64,356 -
Other taxes and social security 18,375 42,188
VAT 27,065 -
Pensions payable 413 624
Other short-term creditors 10,539 -
Accruals and deferred income 19,030 10,157
312,215 290,515
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8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 67,642 141,550
67,642 141,550
9. Provisions for Liabilities
Deferred Tax Total
£ £
As at 1 July 2023 365 365
Additions 63 63
Balance at 30 June 2024 428 428
10. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 102 102
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