iDigital Investments Ltd - Accounts to registrar (filleted) - small 18.2
iDigital Investments Ltd - Accounts to registrar (filleted) - small 18.2
REGISTERED NUMBER: |
Unaudited Financial Statements for the Year Ended 31 March 2019 |
for |
iDigital Investments Ltd |
iDigital Investments Ltd (Registered number: 09238878) |
Contents of the Financial Statements |
for the Year Ended 31 March 2019 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 4 |
iDigital Investments Ltd |
Company Information |
for the Year Ended 31 March 2019 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Sterling House |
1 Sheepscar Court |
Meanwood Road |
Leeds |
West Yorkshire |
LS7 2BB |
BANKERS: |
1 City Square |
Leeds |
LS1 2ES |
iDigital Investments Ltd (Registered number: 09238878) |
Balance Sheet |
31 March 2019 |
2019 | 2018 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 5 |
Investments | 6 |
CURRENT ASSETS |
Debtors | 7 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 8 |
NET CURRENT ASSETS/(LIABILITIES) | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
PROVISIONS FOR LIABILITIES |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital | 9 |
Retained earnings | ( |
) |
SHAREHOLDERS' FUNDS |
The directors acknowledge their responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
iDigital Investments Ltd (Registered number: 09238878) |
Balance Sheet - continued |
31 March 2019 |
In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered. |
The financial statements were approved by the Board of Directors on on its behalf by: |
iDigital Investments Ltd (Registered number: 09238878) |
Notes to the Financial Statements |
for the Year Ended 31 March 2019 |
1. | STATUTORY INFORMATION |
iDigital Investments Ltd is a |
The company's registered number and registered office address can be found on the Company |
Information page. |
2. | STATEMENT OF COMPLIANCE |
3. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Preparation of consolidated financial statements |
The financial statements contain information about iDigital Investments Ltd as an individual company |
and do not contain consolidated financial information as the parent of a group. The company is |
exempt under Section 399(2A) of the Companies Act 2006 from the requirements to prepare |
consolidated financial statements. |
Turnover |
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the |
Company and the turnover can be reliably measured. Turnover is measured as the fair value of the |
consideration received or receivable, excluding discounts, rebates, value added tax and other sales |
taxes. |
Tangible fixed assets |
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation |
and any accumulated impairment losses. Historical cost includes expenditure that is directly |
attributable to bringing the asset to the location and condition necessary for it to be capable of |
operating in the manner intended by management. |
Depreciation is charged so as to allocate the cost of assets less their residual value over their |
estimated useful lives, using the straight-line method. |
Depreciation is provided on the following basis: |
Leasehold improvements - 25% |
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted |
prospectively if appropriate, or if there is an indication of a significant change since the last reporting |
date. |
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount |
and are recognised in the Statement of income and retained earnings. |
Investments in subsidiaries |
Investments in subsidiaries are measured at cost less accumulated impairment. |
Financial instruments |
The Company only enters into basic financial instrument transactions that result in the recognition of |
financial assets and liabilities like trade and other debtors and creditors, loans from banks and other |
third parties, loans to related parties and investments in non-puttable ordinary shares. |
iDigital Investments Ltd (Registered number: 09238878) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
3. | ACCOUNTING POLICIES - continued |
Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of |
Income and Retained Earnings, except to the extent that it relates to items recognised in other |
comprehensive income or directly in equity. |
Current or deferred taxation assets and liabilities are not discounted. |
Current tax is recognised at the amount of tax payable using the tax rates and laws that have been |
enacted or substantively enacted by the balance sheet date. |
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at |
the balance sheet date. |
Timing differences arise from the inclusion of income and expenses in tax assessments in periods |
different from those in which they are recognised in financial statements. Deferred tax is measured |
using tax rates and laws that have been enacted or substantively enacted by the year end and that |
are expected to apply to the reversal of the timing difference. |
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. |
Pensions |
Defined contribution pension plan |
The Company operates a defined contribution plan for its employees. A defined contribution plan is a |
pension plan under which the Company pays fixed contributions into a separate entity. Once the |
contributions have been paid the Company has no further payment obligations. |
The contributions are recognised as an expense in the Statement of income and retained earnings |
when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The |
assets of the plan are held separately from the Company in independently administered funds. |
Interest income |
Interest income is recognised in the Statement of income and retained earnings using the effective |
interest method. |
Finance costs |
Finance costs are charged to the Statement of income and retained earnings over the term of the |
debt using the effective interest method so that the amount charged is at a constant rate on the |
carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated |
capital instrument. |
iDigital Investments Ltd (Registered number: 09238878) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
3. | ACCOUNTING POLICIES - continued |
Debtors |
Short term debtors are measured at transaction price, less any impairment. Loans receivable are |
measured initially at fair value, net of transaction costs, and are measured subsequently at amortised |
cost using the effective interest method, less any impairment. |
Cash and cash equivalents |
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty |
on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no |
more than three months from the date of acquisition and that are readily convertible to known |
amounts of cash with insignificant risk of change in value. |
Creditors |
Short term creditors are measured at the transaction price. Other financial liabilities, including bank |
loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at |
amortised cost using the effective interest method. |
Operating leases |
Rentals paid under operating leases are charged to the Statement of income and retained earnings |
on a straight line basis over the lease term. |
Borrowing costs |
All borrowing costs are recognised in the Statement of income and retained earnings in the year in |
which they are incurred. |
Dividends |
Equity dividends are recognised when they become legally payable. Interim equity dividends are |
recognised when fully paid. Final equity dividends are recognised when approved by the shareholders |
at an annual general meeting. |
4. | EMPLOYEES AND DIRECTORS |
The average number of employees during the year was |
5. | TANGIBLE FIXED ASSETS |
Leasehold |
improvements |
£ |
COST |
At 1 April 2018 |
and 31 March 2019 |
DEPRECIATION |
At 1 April 2018 |
Charge for year |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
iDigital Investments Ltd (Registered number: 09238878) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2018 |
Additions |
At 31 March 2019 |
NET BOOK VALUE |
At 31 March 2019 |
At 31 March 2018 |
7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade debtors |
Amounts owed by group undertakings |
Other debtors |
Deferred tax asset |
Prepayments and accrued income |
8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2019 | 2018 |
£ | £ |
Trade creditors |
Amounts owed to group undertakings |
Tax |
Social security and other taxes |
VAT | 125,531 | 107,339 |
Other creditors |
Directors' current accounts | - | 1,298,850 |
Accruals and deferred income |
9. | CALLED UP SHARE CAPITAL |
Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2019 | 2018 |
value: | £ | £ |
Ordinary | £1 | 1,900,200 | 1,900,200 |
A Ordinary | £1 | 9,070 | 9,070 |
B Ordinary | £1 | 16,330 | 16,330 |
1,925,600 | 1,925,600 |
iDigital Investments Ltd (Registered number: 09238878) |
Notes to the Financial Statements - continued |
for the Year Ended 31 March 2019 |
10. | RELATED PARTY TRANSACTIONS |
During the period the company charged an entity under common control £31,900 (2018: £8,925) in |
respect of management services. Included in trade debtors at the period end is a balance of £13,200 |
(2018: £360) due to the company in respect of these charges. Included in other debtors at the period |
end is a balance of £Nil (2018: £20,000) due to the company from a company under common control. |
Included in creditors at the period end is a balance of £Nil (2018: £650,000) owed to a company |
director in respect of advances to the company. |
Included in creditors at the period end is a balance of £Nil (2018: £648,850) owed to a company |
director in respect of advances to the company. |
No further transactions with related parties were undertaken such as are required to be disclosed |
under Section 1A of FRS 102. |