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Registered number: 10199665
Digitalphobia Ltd
Unaudited Financial Statements
For The Year Ended 31 May 2024
Modus Accountants Ltd
Unit 1c Church Green
Witney
OX28 4YR
Contents
Page
Balance Sheet 1
Notes to the Financial Statements 2—4
Page 1
Balance Sheet
Registered number: 10199665
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 95,408 13,640
95,408 13,640
CURRENT ASSETS
Debtors 5 192,676 134,511
Cash at bank and in hand 147,317 250,934
339,993 385,445
Creditors: Amounts Falling Due Within One Year 6 (161,717 ) (131,068 )
NET CURRENT ASSETS (LIABILITIES) 178,276 254,377
TOTAL ASSETS LESS CURRENT LIABILITIES 273,684 268,017
PROVISIONS FOR LIABILITIES
Deferred Taxation (12,955 ) (2,728 )
NET ASSETS 260,729 265,289
CAPITAL AND RESERVES
Called up share capital 7 100 100
Profit and Loss Account 260,629 265,189
SHAREHOLDERS' FUNDS 260,729 265,289
For the year ending 31 May 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
J Bown
Director
27 June 2025
The notes on pages 2 to 4 form part of these financial statements.
Page 1
Page 2
Notes to the Financial Statements
1. General Information
Digitalphobia Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 10199665 . The registered office is Unit 1c, Eagle Industrial Estate, Church Green, Witney, Oxfordshire, OX28 4YR.
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.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
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. 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:
Leasehold 20% straight line
Fixtures & Fittings 33% straight line
Computer Equipment 33% straight line
2.4. 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.
2.5. 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 years 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.
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 assets reflect 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 and deferred tax are recognised in profit or loss for the year, except when they relate to items that are recognised in other comprehensive income or directly in equity, in which case current and deferred tax are recognised in other comprehensive income or directly in equity respectively.
Page 2
Page 3
3. Average Number of Employees
Average number of employees, including directors, during the year was: 11 (2023: 10)
11 10
4. Tangible Assets
Land & Property
Leasehold Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 June 2023 - 7,553 57,911 65,464
Additions 57,132 3,519 32,931 93,582
As at 31 May 2024 57,132 11,072 90,842 159,046
Depreciation
As at 1 June 2023 - 6,129 45,695 51,824
Provided during the period 3,044 763 8,007 11,814
As at 31 May 2024 3,044 6,892 53,702 63,638
Net Book Value
As at 31 May 2024 54,088 4,180 37,140 95,408
As at 1 June 2023 - 1,424 12,216 13,640
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors 116,602 112,810
Other debtors 76,074 21,701
192,676 134,511
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 77,715 52,630
Other creditors 63,352 43,314
Taxation and social security 20,650 35,124
161,717 131,068
7. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
Page 3
Page 4
8. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 June 2023 Amounts advanced Amounts repaid Amounts written off As at 31 May 2024
£ £ £ £ £
Mr Jeremy Bown - 83,602 (38,812 ) - 44,790
The above loan is unsecured, repayable on demand and interest bearing at the official HMRC rate. A significant advance of £40,000 was made on 11 April 2024 and a significant repayment was made on 31 March 2024 of £38,500.
9. Other commitments
At 31 May 2024 the company had total commitments under non-cancellable operating leases over the remaining life of those leases of £83,250.
Page 4