Registered number
02383086
Digitax Electronics UK Limited
Filleted Accounts
31 October 2024
Digitax Electronics UK Limited
Registered number: 02383086
Balance Sheet
as at 31 October 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 4,333 6,157
Investments 4 14,805 14,566
19,138 20,723
Current assets
Stocks 10,000 20,000
Debtors 5 575,439 594,226
Cash at bank and in hand 182,930 165,357
768,369 779,583
Creditors: amounts falling due within one year 6 (247,770) (265,728)
Net current assets 520,599 513,855
Total assets less current liabilities 539,737 534,578
Creditors: amounts falling due after more than one year 7 (10,833) (20,833)
Net assets 528,904 513,745
Capital and reserves
Called up share capital 130 130
Share premium 14,940 14,940
Revaluation reserve 8 4,636 4,636
Profit and loss account 509,198 494,039
Shareholders' funds 528,904 513,745
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
S Laidler
Director
Approved by the board on 15 July 2025
Digitax Electronics UK Limited
Notes to the Accounts
for the year ended 31 October 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery 10% straight line
Motor Vehicles 25% reducing balance
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 5
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 November 2023 51,325 6,500 57,825
Disposals (38,353) - (38,353)
At 31 October 2024 12,972 6,500 19,472
Depreciation
At 1 November 2023 47,568 4,100 51,668
Charge for the year 1,088 600 1,688
On disposals (38,217) - (38,217)
At 31 October 2024 10,439 4,700 15,139
Net book value
At 31 October 2024 2,533 1,800 4,333
At 31 October 2023 3,757 2,400 6,157
4 Investments
Other
investments
£
Cost
At 1 November 2023 14,566
Additions 239
At 31 October 2024 14,805
5 Debtors 2024 2023
£ £
Trade debtors 50,236 85,453
Other debtors 525,203 508,773
575,439 594,226
6 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 10,000 10,000
Trade creditors 198,122 235,593
Taxation and social security costs 3,254 2,301
Other creditors 36,394 17,834
247,770 265,728
7 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 10,833 20,833
8 Revaluation reserve 2024 2023
£ £
At 1 November 2023 4,636 70
Gain on revaluation of land and buildings - 4,566
At 31 October 2024 4,636 4,636
9 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
S Laidler
Directors loan account 422 (7,155) 25,853 19,120
T J Laidler
Directots loan account 17,412 (176) 38 17,274
17,834 (7,331) 25,891 36,394
10 Controlling party
The company is controlled by its director.
11 Other information
Digitax Electronics UK Limited is a private company limited by shares and incorporated in England. Its registered office is:
The Old Smoke House
31 Tanners Bank
North Shields
Tyne & Wear
NE30 1JH
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