Digitrol Limited Filleted accounts for Companies House (small and micro)

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COMPANY REGISTRATION NUMBER: 00985113

DIGITROL LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 October 2019

DIGITROL LIMITED

FINANCIAL STATEMENTS

Year ended 31 October 2019

CONTENTS	PAGE

Balance sheet	1

Notes to the financial statements	3

DIGITROL LIMITED

BALANCE SHEET

31 October 2019

	2019	2018
Note	£	£

FIXED ASSETS

Tangible assets	5	5,071	8,825

CURRENT ASSETS

Stocks		667,195	772,101
Debtors	6	317,438	747,375
Cash at bank and in hand		3,643,500	2,390,166
		------------	------------
		4,628,133	3,909,642

CREDITORS: amounts falling due within one year	7	( 362,799)	( 431,301)
		------------	------------
NET CURRENT ASSETS		4,265,334	3,478,341
		------------	------------
TOTAL ASSETS LESS CURRENT LIABILITIES		4,270,405	3,487,166

PROVISIONS	( 524)	( 1,088)
	------------	------------
NET ASSETS	4,269,881	3,486,078
	------------	------------

CAPITAL AND RESERVES

Called up share capital	15,150	15,150
Share premium account	180	180
Capital redemption reserve	68,650	68,650
Profit and loss account	4,185,901	3,402,098
	------------	------------
SHAREHOLDERS FUNDS	4,269,881	3,486,078
	------------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the profit and loss account has not been delivered.

For the year ending 31 October 2019 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have 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 Act with respect to accounting records and the preparation of financial statements .

DIGITROL LIMITED

BALANCE SHEET (continued)

31 October 2019

These financial statements were approved by the board of directors and authorised for issue on 9 March 2020 , and are signed on behalf of the board by:

Mr P V Rees
Director

Company registration number: 00985113

DIGITROL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

Year ended 31 October 2019

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Digitrol House, Coronet Way, Swansea Enterprise Park, Swansea, SA6 8RH.

2. STATEMENT OF COMPLIANCE

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. ACCOUNTING POLICIES

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Turnover

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Exceptional items

Exceptional items are disclosed separately in the financial statements in order to provide further understanding of the financial performance of the entity. They are material items of income or expense that have been shown separately because of their nature or amount.

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant and machinery	-	33% straight line
Fixtures and fittings	-	15% straight line
Motor vehicles	-	25% straight line

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the balance sheet and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities. Where the contractual obligations of financial instruments (including share capital) are equivalent to a similar debt instrument, those financial instruments are classed as financial liabilities. Financial liabilities are presented as such in the balance sheet. Finance costs and gains or losses relating to financial liabilities are included in the profit and loss account. Finance costs are calculated so as to produce a constant rate of return on the outstanding liability. Where the contractual terms of share capital do not have any terms meeting the definition of a financial liability then this is classed as an equity instrument. Dividends and distributions relating to equity instruments are debited direct to equity.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 18 (2018: 18 ).

5. TANGIBLE ASSETS

	Plant and machinery	Fixtures and fittings	Motor vehicles	Total
	£	£	£	£
Cost
At 1 November 2018	43,771	21,292	19,311	84,374
Additions	2,958	–	–	2,958
	--------	--------	--------	--------
At 31 October 2019	46,729	21,292	19,311	87,332
	--------	--------	--------	--------
Depreciation
At 1 November 2018	41,056	21,292	13,201	75,549
Charge for the year	1,885	–	4,827	6,712
	--------	--------	--------	--------
At 31 October 2019	42,941	21,292	18,028	82,261
	--------	--------	--------	--------
Carrying amount
At 31 October 2019	3,788	–	1,283	5,071
	--------	--------	--------	--------
At 31 October 2018	2,715	–	6,110	8,825
	--------	--------	--------	--------

6. DEBTORS

	2019	2018
	£	£
Trade debtors	265,884	536,662
Other debtors	51,554	210,713
	---------	---------
	317,438	747,375
	---------	---------

7. CREDITORS: amounts falling due within one year

	2019	2018
	£	£
Trade creditors	36,690	77,985
Corporation tax	100,347	26,522
Social security and other taxes	145,345	155,503
Other creditors	80,417	171,291
	---------	---------
	362,799	431,301
	---------	---------

8. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2019	2018
	£	£
Not later than 1 year	21,000	21,000
Later than 1 year and not later than 5 years	84,000	84,000
Later than 5 years	21,000	42,000
	---------	---------
	126,000	147,000
	---------	---------

9. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

During the year the director entered into the following advances and credits with the company:

	2019
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr P V Rees	–	10,000	10,000
	----	--------	--------

	2018
	Balance brought forward	Advances/ (credits) to the director	Balance outstanding
	£	£	£
Mr P V Rees	–	–	–
	----	----	----

10. RELATED PARTY TRANSACTIONS

No related party transactions were undertaken during the year that would require disclosure under Section 1A of FRS 102.