Company registration number 08611030 (England and Wales)
DEXERTO LTD
FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
PAGES FOR FILING WITH REGISTRAR
DEXERTO LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
3 - 12
DEXERTO LTD
BALANCE SHEET
AS AT
31 JULY 2024
31 July 2024
- 1 -
31 July 2024
31 March 2023
Notes
£
£
£
£
Fixed assets
Intangible assets
4
1,095,921
978,245
Tangible assets
5
39,950
33,691
Investments
6
3
-
0
1,135,874
1,011,936
Current assets
Debtors
7
2,444,955
2,671,606
Cash at bank and in hand
1,578,549
318,908
4,023,504
2,990,514
Creditors: amounts falling due within one year
8
(2,006,971)
(2,576,811)
Net current assets
2,016,533
413,703
Total assets less current liabilities
3,152,407
1,425,639
Creditors: amounts falling due after more than one year
9
(798,861)
(22,500)
Provisions for liabilities
10
(263,777)
(233,683)
Net assets
2,089,769
1,169,456
Capital and reserves
Called up share capital
11
125
125
Share premium account
758,802
758,802
Profit and loss reserves
1,330,842
410,529
Total equity
2,089,769
1,169,456

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

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

The financial statements were approved by the board of directors and authorised for issue on 3 March 2025 and are signed on its behalf by:
C Marsh
Director
Company registration number 08611030 (England and Wales)
DEXERTO LTD
STATEMENT OF CHANGES IN EQUITY
FOR THE PERIOD ENDED 31 JULY 2024
- 2 -
Share capital
Share premium account
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 April 2022
121
194,766
508,378
703,265
Year ended 31 March 2023:
Loss and total comprehensive income for the year
-
-
(97,849)
(97,849)
Issue of share capital
11
4
564,036
-
564,040
Balance at 31 March 2023
125
758,802
410,529
1,169,456
Period ended 31 July 2024:
Profit and total comprehensive income for the period
-
-
920,313
920,313
Balance at 31 July 2024
125
758,802
1,330,842
2,089,769
DEXERTO LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 JULY 2024
- 3 -
1
Accounting policies
Company information

Dexerto Ltd is a private company limited by shares incorporated in England and Wales. The registered office is St James' Building, 79 Oxford Street, Manchester, M1 6HT.

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.

 

Under section 9.9A of FRS 102 an exemption has been taken to exclude the result of a subsidiary company from consolidation as part of these financial statements on the basis that it only trades with the parent company and its inclusion is not material for the purposes of giving 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
Reporting period

These financial statements have been prepared for the 16 month period ending 31 July 2024 following an extension of the company's accounting reference date from 31 March. The company has created a longer accounting period to take advantage of cash efficiencies as a result of a reduced reported profit for the period. The change in accounting reference date means there is no direct comparative to amounts reported in the financial statements for the prior period.

1.3
Turnover

Turnover is recognised at the fair value of the consideration received or receivable. Turnover represents the selling of digital advertising space and provision of media representation services. Turnover is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts and settlement discounts.

 

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts.

Turnover is recognised when the significant risks and rewards have passed to the buyer (usually when the advertisements have been shown), the amount of turnover can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

1.4
Intangible fixed assets other than goodwill

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

 

Intangible assets acquired on business combinations are recognised separately from goodwill at the acquisition date where it is probable that the expected future economic benefits that are attributable to the asset will flow to the entity and the fair value of the asset can be measured reliably; the intangible asset arises from contractual or other legal rights; and the intangible asset is separable from the entity.

DEXERTO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 4 -

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

Website and intellectual property
10 years straight line
DEXERTO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 5 -
1.5
Tangible fixed assets

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

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

Plant and equipment
3 years straight line

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.

1.6
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.7
Borrowing costs related to fixed assets

Borrowing costs directly attributable to the acquisition, construction or production of qualifying assets, which are assets that necessarily take a substantial period of time to get ready for their intended use or sale, are added to the cost of those assets, until such time as the assets are substantially ready for their intended use or sale.

All other borrowing costs are recognised in profit or loss in the period in which they are incurred.

1.8
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

DEXERTO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 6 -
1.9
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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.

1.11
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.12
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

DEXERTO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 7 -
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.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date 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. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.13
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.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.14
Retirement benefits

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

1.15
Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessees. All other leases are classified as operating leases.

 

Assets held under finance leases are recognised as assets at the lower of the assets fair value at the date of inception and the present value of the minimum lease payments. The related liability is included in the balance sheet as a finance lease obligation. Lease payments are treated as consisting of capital and interest elements. The interest is charged to profit or loss so as to produce a constant periodic rate of interest on the remaining balance of the liability.

Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

DEXERTO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
1
Accounting policies
(Continued)
- 8 -
1.16
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
Judgements and key sources of estimation uncertainty

In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

 

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

The directors have not identified any critical judgements or key sources of estimation uncertainty which cause a significant risk of material adjustment to the carrying amount of assets and liabilities in the financial statements.

3
Employees

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

2024
2023
Number
Number
Total
71
65
DEXERTO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 9 -
4
Intangible fixed assets
Website and intellectual property
£
Cost
At 1 April 2023
1,189,533
Additions
547,530
Other movements
(261,492)
At 31 July 2024
1,475,571
Amortisation and impairment
At 1 April 2023
211,288
Amortisation charged for the period
168,362
At 31 July 2024
379,650
Carrying amount
At 31 July 2024
1,095,921
At 31 March 2023
978,245
5
Tangible fixed assets
Plant and equipment
£
Cost
At 1 April 2023
89,406
Additions
24,709
At 31 July 2024
114,115
Depreciation and impairment
At 1 April 2023
55,715
Depreciation charged in the period
18,450
At 31 July 2024
74,165
Carrying amount
At 31 July 2024
39,950
At 31 March 2023
33,691
6
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
3
-
0
DEXERTO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
6
Fixed asset investments
(Continued)
- 10 -
Movements in fixed asset investments
Shares in subsidiaries
£
Cost or valuation
At 1 April 2023
-
Additions
3
At 31 July 2024
3
Carrying amount
At 31 July 2024
3
At 31 March 2023
-

In the period Dexerto Ltd acquired 100% of the membership interests in Dexerto Services, LLC. from the company's directors.

7
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,834,992
1,702,889
Corporation tax recoverable
12
11
Other debtors
464,606
733,535
2,299,610
2,436,435
2024
2023
Amounts falling due after more than one year:
£
£
Deferred tax asset
145,345
235,171
Total debtors
2,444,955
2,671,606
DEXERTO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 11 -
8
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,000
16,854
Trade creditors
317,927
826,930
Amounts owed to group undertakings
119,730
99,092
Taxation and social security
195,982
366,186
Other creditors
1,363,332
1,267,749
2,006,971
2,576,811

Included in Other Creditors is an amount of £301,973 (2023: £Nil) that is owed under a new loan facility entered into during the period that is secured by way of a Debenture over the company's assets, and attracts interest of 10% per annum.

9
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
9,167
22,500
Other creditors
789,694
-
0
798,861
22,500

Included in Creditors: amounts due within one year is £10,000 (2023: £10,000) and included in Creditors: amounts due after one year is £9,167 (2023: 22,500) relating to a Government guaranteed Bounce Back Loan that is interest free for 12 months and subsequently attracts interest of 2.5% over the base rate.

 

Included in Other Creditors is an amount of £789,694 (2023: £Nil) that is owed under a new loan facility entered into during the period that is secured by way of a Debenture over the company's assets, and attracts interest of 10% per annum.

10
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
263,777
233,683
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of 0.01p each
1,249,213
1,249,213
125
125
DEXERTO LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 JULY 2024
- 12 -
12
Audit report information

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

Senior Statutory Auditor:
Rachel Palombella FCA
Statutory Auditor:
AGP Accountancy & Tax Solutions Limited
13
Related party transactions

At the period end, an amount £153,000 (2023: £153,000) was owed to Lynn Heathcote, a close family member of a director and shareholder of the Company.

 

At the period end £119,730 (2023- £99,092) was owed to Dexerto Services LLC, a subsidiary company.

 

At the period end, an amount of £1,091,667 (2023: £nil) relating to a fixed term loan was owed to Ironmonger Properties Ltd, an entity owned and operated by a shareholder of the company. Interest relating to the loan was charged during the period in the amount of £91,667 (2023: £Nil).

14
Controlling party

The company is controlled by the four directors in view of their shareholding of nearly 74%.

15
Pension Commitments

The company contributes into externally managed personal pension plans for employees. The contributions payable by the company for the period amounted to £66,869 (2023: £45,124). Contributions totalling £11,802 (2023: £8,544) were payable to the fund at the reporting date.

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