Company registration number 06983216 (England and Wales)
DIGIQUEST ELECTRONICS LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
PAGES FOR FILING WITH REGISTRAR
DIGIQUEST ELECTRONICS LTD
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
DIGIQUEST ELECTRONICS LTD
BALANCE SHEET
AS AT
31 DECEMBER 2024
31 December 2024
- 1 -
2024
2023
as restated
Notes
£
£
£
£
Current assets
Debtors
3
2,878,251
3,968,629
Cash at bank and in hand
1,347,945
372,302
4,226,196
4,340,931
Creditors: amounts falling due within one year
4
(4,005,356)
(4,028,738)
Net current assets
220,840
312,193
Capital and reserves
Called up share capital
5
1
1
Profit and loss reserves
220,839
312,192
Total equity
220,840
312,193

For the financial year ended 31 December 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

T he member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

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

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

The financial statements were approved and signed by the director and authorised for issue on 13 November 2025
P Esposito
Director
Company registration number 06983216 (England and Wales)
DIGIQUEST ELECTRONICS LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2024
- 2 -
1
Accounting policies
Company information

Digiquest Electronics Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 73 Cornhill, London, EC3V 3QQ.

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 presentational currency of the company. Monetary a mounts 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
Going concern

These financial statements have been prepared on a going concern basis, which assumes the company will continue in operational existence for the foreseeable future. The validity of this assumption is true based on the forecasts of the director and is also dependent upon the continued support of the director and certain related undertakings.

1.3
Turnover

Turnover represents amounts receivable for goods and services net of VAT and trade discounts. Sales are recognised on a receivable basis, on delivery of goods and the raising of the sales invoice.

1.4
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.

1.5
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.

DIGIQUEST ELECTRONICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
1
Accounting policies
(Continued)
- 3 -
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 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 paymen ts 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. A m ounts 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.

1.6
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.

1.7
Taxation

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

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.

1.8
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 are included in the profit and loss account for the year.

DIGIQUEST ELECTRONICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 4 -
2
Employees

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

2024
2023
Number
Number
Total
0
0
3
Debtors
as restated
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
570,661
1,532,603
Other debtors
2,307,590
2,436,026
2,878,251
3,968,629
4
Creditors: amounts falling due within one year
as restated
2024
2023
£
£
Trade creditors
-
0
2,899
Taxation and social security
-
0
20,483
Other creditors
4,005,356
4,005,356
4,005,356
4,028,738
5
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
1
1
1
1
DIGIQUEST ELECTRONICS LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2024
- 5 -
6
Related party transactions

During the year the company made sales of £nil (2023: £283,401) and purchases of £nil (2023: £211,964) with companies under common control.

Included within trade and other debtors is an amount aggregating £2,771,582 (2023: £3,904,841) due from companies in which the director, P Esposito, has a material interest. No interest has been charged on these amounts. The loans are unsecured and repayable on demand.

Included within other creditors is an amount of £3,995,356 (2023: £3,995,356) due to a company in which the director, P Esposito, has a material interest. No interest has been charged on this amount. The loan is unsecured and is repayable on demand.

During the year, dividends aggregating £61,000 (2023: £nil) were declared and paid to the shareholder.

7
Director's transactions

Included within other debtors at the year end is an amount of £98,272 (2023: £61,194) due from the director P Esposito. I nterest of £978 (2023: £1,735) has been charged whilst the account was overdrawn at a rate 2.25%. The maximum amount outstanding during the year was £98,272 (2023: £89,658). This amount has been provided unsecured and is effectively repayable on demand. The overdrawn loan account will be repaid in full by September 2025.

8
Prior period adjustment

The prior period adjustment relates to a reclassification of intercompany balances with related entities. There has been no impact on the profit and loss results in the prior year.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Dec 2023
£
£
£
Current assets
Debtors due within one year
1,736,604
2,232,025
3,968,629
Creditors due within one year
Other creditors
(1,776,230)
(2,232,025)
(4,008,255)
Net assets
312,193
-
312,193
Capital and reserves
Total equity
312,193
-
312,193
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 December 2023
£
£
£
Profit for the financial period
147,981
-
147,981
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