iDigital Investments Ltd - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09238878 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 March 2019

for

iDigital Investments Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTORS:

J H Page

P C Unsworth

H E Page

R R Unsworth

REGISTERED OFFICE:

Kidd House

Whitehall Road

Leeds

West Yorkshire

LS12 1AP

REGISTERED NUMBER:

09238878 (England and Wales)

ACCOUNTANTS:

Haines Watts

Sterling House

1 Sheepscar Court

Meanwood Road

Leeds

West Yorkshire

LS7 2BB

BANKERS:

Allied Irish Bank

1 City Square

Leeds

LS1 2ES

FIXED ASSETS

Tangible assets

5

14,155

23,503

Investments

6

1,946,329

1,935,240

1,960,484

1,958,743

CURRENT ASSETS

Debtors

7

727,873

1,126,706

Cash at bank

172,376

296,316

900,249

1,423,022

CREDITORS

Amounts falling due within one year

8

487,238

1,869,979

NET CURRENT ASSETS/(LIABILITIES)

413,011

(446,957

)

TOTAL ASSETS LESS CURRENT LIABILITIES

2,373,495

1,511,786

PROVISIONS FOR LIABILITIES

180

-

NET ASSETS

2,373,315

1,511,786

CAPITAL AND RESERVES

Called up share capital

9

1,925,600

1,925,600

Retained earnings

447,715

(413,814

)

SHAREHOLDERS' FUNDS

2,373,315

1,511,786

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

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.

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

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 19 December 2019 and were signed on its behalf by:

P C Unsworth - Director

1.	STATUTORY INFORMATION

iDigital Investments Ltd is a private company, limited by shares , registered in England and Wales.

The company's registered number and registered office address can be found on the Company

Information page.

2.	STATEMENT OF COMPLIANCE

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006.

3.	ACCOUNTING POLICIES

Basis of preparing the financial statements

The financial statements have been prepared under the historical cost convention.

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.

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.

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 (2018 - 5 ) .

5.	TANGIBLE FIXED ASSETS

Leasehold

improvements

£

COST

At 1 April 2018

and 31 March 2019

37,930

DEPRECIATION

At 1 April 2018

14,427

Charge for year

9,348

At 31 March 2019

23,775

NET BOOK VALUE

At 31 March 2019

14,155

At 31 March 2018

23,503

6.	FIXED ASSET INVESTMENTS

Shares in

group

undertakings

£

COST

At 1 April 2018

1,935,240

Additions

11,089

At 31 March 2019

1,946,329

NET BOOK VALUE

At 31 March 2019

1,946,329

At 31 March 2018

1,935,240

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

649,401

318,872

Amounts owed by group undertakings

50,000

720,000

Other debtors

5,662

42,639

Deferred tax asset

-

14,182

Prepayments and accrued income

22,810

31,013

727,873

1,126,706

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

77,517

92,622

Amounts owed to group undertakings

37,322

19,373

Tax

168,572

192,305

Social security and other taxes

9,152

13,776

VAT

125,531

107,339

Other creditors

37,316

37,380

Directors' current accounts

-

1,298,850

Accruals and deferred income

31,828

108,334

487,238

1,869,979

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2019

2018

value:

£

£

1,900,200

Ordinary

£1

1,900,200

1,900,200

9,070

A Ordinary

£1

9,070

9,070

16,330

B Ordinary

£1

16,330

16,330

1,925,600

1,925,600

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.