ACCOUNTS - Final Accounts
ACCOUNTS - Final Accounts
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Registered number:
FOR THE YEAR ENDED 31 DECEMBER 2019
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JUST DIGITAL LIMITED
COMPANY INFORMATION
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JUST DIGITAL LIMITED
CONTENTS
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JUST DIGITAL LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors present their strategic report for the year ended 31 December 2019.
The Company’s principal activity continues to be as a supplier of design and print fulfillment services. Its high levels of customer service and fast response times continue to attract new clients. The directors were delighted to welcome a new investor in February 2019 and are pleased with the continued growth in turnover.
The directors note the small reduction in profit before tax associated with gaining new investment however overall profit for the company is in line with expectations and the directors' plans for growth.
The management of the business and the execution of the Company’s strategy are subject to several risks, the directors consider the principal ones to be:
Covid – 19: The principal uncertainty after the year end is the outbreak of Covid – 19 and the subsequent lockdown. The directors reacted quickly to this situation conserving cash by cancelling all non-essential capital spend, deferring payment of dividends and rescheduling some finance obligations. The company has taken advantage of the CJRS scheme in line with the impact on revenues and re-organised its workforce to work remotely where possible. The company has refocused some of its offerings to mitigate the decline in revenue and there is now evidence of a recovery in sales which the company is in a strong financial position to take advantage of. Competition and Market: The commercial print industry is highly competitive and this can put a downward pressure on margins. IT Infrastructure: Loss of IT infrastructure in the event of a major catastrophe. The company continues to invest in new IT infrastructure, updated software, and disaster recovery solutions to minimise the risk.
The directors report the company’s result which shows a turnover of £10,928,035 for the year ended 31 December 2019 compared to £10,434,258 for the year ended 31 December 2018.
Given the straightforward nature of the business, the Company’s directors are of the opinion that standard profit and loss measurement techniques such as revenue growth, sufficiently provide an understanding of the Company’s development performance and financial position. Other key performance indicators include the profit/(loss) after taxation. Please refer to the results and dividends section of the directors’ report for further information.
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JUST DIGITAL LIMITED
STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors consider that revenue in 2020 will be significantly impacted by the global pandemic. Their aim however is to continue to implement the company strategy, adjusted accordingly, and they believe that the company continues to be in a strong position to take advantage of opportunities in the marketplace as they arise.
This report was approved by the board and signed on its behalf.
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JUST DIGITAL LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2019
The directors present their report and the financial statements for the year ended 31 December 2019.
The directors who served during the year were:
The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.
In preparing these financial statements, the directors are required to:
∙select suitable accounting policies for the Company's financial statements and then apply them consistently;
∙make judgments and accounting estimates that are reasonable and prudent;
∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
The profit for the year, after taxation, amounted to £891,260 (2018 - £838,503).
A distribution of capital amounting to £1,510,000 was made as part of the investment by BGF in February 2019. “Priority dividends” amounting to £181,777 were declared in respect of A Ordinary shares during the year. These are contractual payments and represent a cost of capital for the company.
Financial risk management objectives and policies, disclosure of important events since the year end and future developments have been disclosed in the Strategic Report.
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JUST DIGITAL LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
On 1 April 2020 Ashcroft Partnership LLP demerged its business from Berg Kaprow Lewis LLP. As a result Berg Kaprow Lewis LLP resigned as auditors and the directors have appointed Ashcroft Partnership LLP as auditors in their place.
This report was approved by the board and signed on its behalf.
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JUST DIGITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUST DIGITAL LIMITED
We have audited the financial statements of Just Digital Limited (the 'Company') for the year ended 31 December 2019, which comprise the Statement of comprehensive income, the Statement of financial position, the Statement of cash flows, the Statement of changes in equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙the directors' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditors' report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material
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JUST DIGITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUST DIGITAL LIMITED (CONTINUED)
inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the Directors' responsibilities statement on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.
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JUST DIGITAL LIMITED
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUST DIGITAL LIMITED (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.
This report is made solely to the Company's members in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants & Statutory Auditors
Heydon Lodge
Flint Cross
Newmarket Road
Heydon
Hertfordshire
SG8 7PN
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JUST DIGITAL LIMITED
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2019
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JUST DIGITAL LIMITED
REGISTERED NUMBER: 04954829
STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf by:
The notes on pages 14 to 30 form part of these financial statements.
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JUST DIGITAL LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2019
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JUST DIGITAL LIMITED
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 DECEMBER 2019
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JUST DIGITAL LIMITED
STATEMENT OF CASH FLOWS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2019
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JUST DIGITAL LIMITED
ANALYSIS OF NET DEBT
FOR THE YEAR ENDED 31 DECEMBER 2019
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JUST DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The principal activity of the company in the year under review was as a supplier of design and print fulfillment services.
The company is a private company limited by shares and incorporated in England and Wales. The registered office of the company is Kingfisher Way, Hinchingbrooke Business Park, Huntingdon, Cambridgeshire, PE29 6FN.
2.Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).
The following principal accounting policies have been applied:
Having prepared and considered detailed future cashflow forecasts the directors are confident that the company will continue to trade profitably which will generate operational cash inflows. This combined with existing cash resources, will be sufficient for the company to meet its liabilities as they fall due for a period of at least one year from the date of approval of these financial statements. Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis.
Covid-19 With the WHO announcement as a pandemic on 11th March and the UK lockdown announced on the 24th March 2020 this has had a material impact on revenues. The company reacted quickly to this situation conserving cash, organising the workforce remotely and adapting its product offering where possible. Although the precise impact cannot be quantified at this stage, revenues are recovering in the second half of the year and this is forecast to continue. The company is in a strong financial position to take advantage of opportunities that arise or to endure further periods of lockdown.
Revenue represents the sale of goods and services, net of VAT and incentives, and is recognised once the goods have been dispatched or awaiting dispatch, or the service has been undertaken. Revenue also includes the value of unfinished customer contracts spanning the year end using the stage of completion method of accounting.
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JUST DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.Accounting policies (continued)
Rentals paid under operating leases are charged to the Statement of comprehensive income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of comprehensive income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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:
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 comprehensive income.
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JUST DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.Accounting policies (continued)
Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. Cost is based on the cost of purchase on a first in, first outbasis. Work in progress and finished goods include labour and attributable overheads.
At each reporting date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in profit or loss.
All intangible assets are amortised over their estimated useful life of 4 years.
Amounts recoverable on customer contracts, which are included within debtors, are stated at the net value of the work done less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account. Customer contracts represent orders received that have been worked on, but are not completed at the accounting period end. Unfinished orders are valued using the stage of completion method of accounting. Further details are in note 3.
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the Statement of financial position date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the Statement of financial position. (i) Financial assets Basic financial assets, including trade and other debtors, cash and bank balances are initially recognised at transactions price, unless the arrangement constitutes a financial transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
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JUST DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
2.Accounting policies (continued)
(ii) Financial liabilities Basic financial liabilities, including trade and other creditors and accruals, are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of financial position date, except that:
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.
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JUST DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The preparation of the financial statements requires management to make judgments, estimates and
assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements. (i) Useful economic lives of tangible assets The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See note 13 for the carrying amount of the property plant and equipment, and note 2.6 for the useful economic lives for each class of assets. (ii) Customer contracts Amounts recoverable on customer contracts, which are included within debtors, are stated at the net value of the work done less amounts received as progress payments on account. Excess progress payments are included in creditors as payments on account. Customer contracts represent orders received that have been worked on, but are not completed at the accounting period end. Unfinished orders are valued using the stage of completion method of accounting. Management make an estimate regarding the stage of completion of orders at the accounting period end. The value of unfinished orders recognised as revenue at the period end is £122,369 (2018: £94,762). In the current year management have adopted a more comprehensive method of calculating the percentage of unfinished orders which can be recognised as revenue. The value is calculated by taking 25% of the order value for all orders that have reached the design stage, 50% of the order value for all orders that have reached the proof reading stage, and 75% of the order value for all orders that have reached the print stage. (iii) Intangible assets Capitalised software (note 12): £154,991 (2018: £132,903) management make judgment and estimates as to the stage of completion, longevity, and ability to generate future value of capitalised software, which in turn affects the valuation of the intangible assets at the year-end date. The estimated useful life has been estimated as 4 years.
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JUST DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
Analysis of turnover by country of destination:
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JUST DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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JUST DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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JUST DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
10.Taxation (continued)
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JUST DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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JUST DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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JUST DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
13.Tangible fixed assets (continued)
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JUST DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
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JUST DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The finance lease and hire purchase creditors are secured over the assets concerned.
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JUST DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
The finance lease and hire purchase creditors are secured over the assets concerned.
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JUST DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
During the year the company reclassified 8,000 B Ordinary into A Ordinary shares and 110 B Ordinary into C Ordinary shares. It also issued 513 D Ordinary £0.01 shares.
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund.
The pension cost charge represents contributions payable by the company to the fund and amounted to £248,513 (2018: £172,604). Contributions totaling £22,060 (2018 - £15,217) were payable to the fund at the reporting date and are included in creditors.
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JUST DIGITAL LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2019
During the year the director had advances of £Nil (2018: £283,770) and repayments of £1,810 (2018: £281,900) leaving a closing balance of £Nil (2018: £1,810) in other debtors.
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