Company Registration No. 10370671 (England and Wales)
DIGBEE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
DIGBEE LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 7
DIGBEE LIMITED
BALANCE SHEET
AS AT
30 MARCH 2024
30 March 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Fixed assets
Intangible assets
3
136,664
216,208
Tangible assets
4
4,446
5,243
141,110
221,451
Current assets
Debtors
5
116,343
42,265
Cash at bank and in hand
138,433
129,781
254,776
172,046
Creditors: amounts falling due within one year
6
(314,565)
(160,311)
Net current (liabilities)/assets
(59,789)
11,735
Total assets less current liabilities
81,321
233,186
Capital and reserves
Called up share capital
7
249
231
Share premium account
3,534,174
2,791,093
Profit and loss reserves
(3,453,102)
(2,558,138)
Total equity
81,321
233,186

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 28 March 2025 and are signed on its behalf by:
J Strauss
Director
Company Registration No. 10370671
DIGBEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
- 2 -
1
Accounting policies
Company information

Digbee Limited is a private company limited by shares incorporated in England and Wales. The registered office is Acre House, 11-15 William Road, London, United Kingdom, NW1 3ER.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT.

1.3
Intangible fixed assets other than goodwill

Development expenditure is capitalised to the extent that the technical and financial feasibility can be demonstrated.

 

Amortisation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following basis:

Website developments
Over 2 years
ESG developments
Over 3 years
1.4
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost of assets less their residual values over their useful lives on the following bases:

Computer equipment
25% Reducing balance
Fixtures and fittings
20% Reducing balance
1.5
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

1.6
Cash at bank and in hand

Cash and cash equivalents are basic financial assets, includes cash in hand and deposits held at call with banks.

DIGBEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
1.7
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

 

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities including creditors are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.8
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs.

1.9
Taxation

The tax expense represents the tax currently payable.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.

1.10
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.12
Leases
DIGBEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 4 -

Rental payments under Operating leases are charged to the profit and loss account on a straight line basis over the period of the lease.

1.13
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
5
3
Intangible fixed assets
Website and ESG developments
£
Cost
At 31 March 2023 (restated)
1,159,744
Additions
122,723
At 30 March 2024
1,282,467
Amortisation and impairment
At 31 March 2023 (restated)
943,536
Amortisation charged for the year
202,267
At 30 March 2024
1,145,803
Carrying amount
At 30 March 2024
136,664
At 30 March 2023
216,208
DIGBEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 5 -
4
Tangible fixed assets
Fixtures and fittings
Computer equipment
Total
£
£
£
Cost
At 31 March 2023
1,511
6,440
7,951
Additions
-
0
526
526
At 30 March 2024
1,511
6,966
8,477
Depreciation and impairment
At 31 March 2023
423
2,285
2,708
Depreciation charged in the year
218
1,105
1,323
At 30 March 2024
641
3,390
4,031
Carrying amount
At 30 March 2024
870
3,576
4,446
At 30 March 2023
1,088
4,155
5,243
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
76,289
15,315
Other debtors
28,314
14,144
Prepayments
11,740
12,806
116,343
42,265
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
80,044
92,018
Taxation and social security
36,897
27,414
Other creditors
190,833
31,867
Accruals
6,791
9,012
314,565
160,311

Included in other creditors is £160,000.00, which was converted into 1,330 shares on the 12th December 2024.

 

DIGBEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 6 -
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 1p each
24,940
23,181
249
231

On 6 April 2023, 336 Ordinary shares of 1p each were issued for an aggregate consideration of £166,639.

 

On 2 June 2023, 1,013 Ordinary shares of 1p each were issued for an aggregate consideration of £469,455.

 

On 13 July 2023, 46 Ordinary shares of 1p each were issued for an aggregate consideration of £19,740.

 

On 12 September 2023, 131 Ordinary shares of 1p each were issued at par. On the same date the company has issued further 233 Ordinary share of 1p each for an aggregate consideration of £99.987.

8
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
6,395
-
0
9
Events after the reporting date

Post year-end on the 12th December 2024 the company issued 3,310 shares for a total consideration of £398,200 which includes the £160,000 noted as being received in the year in note 6.

 

Also, on the 12th July 2024, the company received £50,000 which is expected to be converted into 416 shares in January 2025.

 

10
Related party transactions

Other debtors include £6,328 (2023: £786 due to) due from a director of the company.

11
Prior period adjustment

The restatement in the prior year is to correct the website development costs. The adjustment arose as a result of the review of R&D capitalisation policy for the company for both 2022/23 and 2023/24 and expanded the coverage to include the time spent on development by the CTO as part of the calculation. Separately, we have allocated the time spent by our software development team more rigorously between maintenance projects that that are expensed annually and development capital expenditure which is amortised over 2 years.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 30 Mar 2023
£
£
£
Fixed assets
Other intangibles
224,072
(7,864)
216,208
DIGBEE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
11
Prior period adjustment
As previously reported
Adjustment
As restated at 30 Mar 2023
(Continued)
- 7 -
Capital and reserves
Profit and loss
(2,550,274)
(7,864)
(2,558,138)
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