ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

JUST DIGITAL LIMITED - Company Information

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Registered number: 04954829

JUST DIGITAL LIMITED

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

JUST DIGITAL LIMITED

COMPANY INFORMATION

Directors	Adam Hill
	Andrew Nash
	Jane Saunders
	Andrew Grundy
	Nathan Heath


Company secretary	Jane Saunders


Registered number	04954829


Registered office	Kingfisher Way
	Hinchingbrooke Business Park
	Huntingdon
	Cambridgeshire
	PE29 6FN


Independent auditors	Ashcroft Partnership LLP
	Chartered Accountants & Statutory Auditors
	Stonecross
	Trumpington High Street
	Cambridge
	Cambridgeshire
	CB2 9SU

JUST DIGITAL LIMITED

CONTENTS

	Page
Strategic report	1 - 2
Directors' report	3 - 4
Independent auditors' report	5 - 8
Statement of comprehensive income	9
Statement of financial position	10 - 11
Statement of changes in equity	12
Statement of cash flows	13 - 14
Analysis of net debt	15
Notes to the financial statements	16 - 32

JUST DIGITAL LIMITED

STRATEGIC REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

Introduction

The directors present their strategic report for the year ended 31 December 2021.

Business review

The Company’s principal activity continues to be as a supplier of design and print on demand services in mass customisation sectors, which continue to attract new clients. This strategy along with its strong financial foundation, continues to ensure Just Digital remains profitable, retains a positive cash position and the company has continued its strategic plans to achieve further substantial growth.
The overall profit for the company was in line with expectations and the directors’ plans for growth.

Principal risks and uncertainties

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 management continued to manage the impact of Covid-19 during 2021 ensuring that they reacted quickly to emerging trends and government announcements as lock down eased. The business is in a very resilient position but will continue its reviews for the foreseeable future.
Competition and Market:
The print industry remains highly competitive.
IT Infrastructure:
Loss of IT infrastructure in the event of a major catastrophe. The company continues to invest in IT infrastructure, updated software, and disaster recovery solutions to minimise the risk.

Financial key performance indicators ('KPIs')

The directors report the company’s result which shows a turnover of £10,326,940 for the year ended 31 December 2021 compared to £8,371,627 for the year ended 31 December 2020 which, reflects the impact of COVID19 into 2021.

Given the straightforward nature of the business, the Company’s directors are of the opinion that standard profit and loss measurement technique, sufficiently provides 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.

Future developments

The directors were correct that revenue in 2021 would still be impacted by the global pandemic but this did recover by the end of the year. They have continued to implement the company strategy, with great progression being achieved, supported by a strong board via focused growth, technology and people strategies.

Page 1

JUST DIGITAL LIMITED

STRATEGIC REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

This report was approved by the board and signed on its behalf.

................................................

Andrew Grundy

Director

Date: 5 July 2022

Page 2

JUST DIGITAL LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2021

The directors present their report and the financial statements for the year ended 31 December 2021.

Directors' responsibilities statement

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.

Results and dividends

The profit for the year, after taxation, amounted to £247,773 (2020 - £221,683).

During the year dividends of £511,900 (2020 : £277,900) were paid. Of the dividends paid £277,900 were contractual with £234,000 being a discretional dividend in relation to a distribution of 2019 profits.
No Dividend was paid out on the 2020 profits and the 2021 annual dividend recommendation by the board is zero.

Directors

The directors who served during the year were:

Adam Hill

Andrew Nash

Jane Saunders

Andrew Grundy

Nathan Heath

Matters covered in the strategic report

Financial risk management objectives and policies, disclosure of important events since the year end and future developments have been disclosed in the Strategic Report.

Page 3

JUST DIGITAL LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Auditors

The auditors, Ashcroft Partnership LLP, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board and signed on its behalf.

................................................

Andrew Grundy

Director

Date: 5 July 2022

Page 4

JUST DIGITAL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUST DIGITAL LIMITED

Opinion

We have audited the financial statements of Just Digital Limited (the 'Company') for the year ended 31 December 2021, 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:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2021 and of its profit for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion

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.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 5

JUST DIGITAL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUST DIGITAL LIMITED (CONTINUED)

Other information

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual Report. 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. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.

Opinion on other matters prescribed by the Companies Act 2006

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.

Matters on which we are required to report by exception

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:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit.

Responsibilities of directors

As explained more fully in the Directors' responsibilities statement set out 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.

Page 6

JUST DIGITAL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUST DIGITAL LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Discussions with and enquiries of management and those charged with governance were held with a view to identifying those laws and regulations that could be expected to have a material impact on the financial statements. During the engagement team briefing, the outcomes of these discussions and enquiries were shared with the team, as well as consideration as to where and how fraud may occur in the entity.
The following laws and regulations were identified as being of significance to the entity:
• Those laws and regulations considered to have a direct effect on the financial statements include UK financial reporting standards, Company Law, Tax and Pensions legislation, and distributable profits legislation.
• It is considered that there are no laws and regulations for which non-compliance may be fundamental to the operating aspects of the business.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised of: inquiries of management and those charged with governance as to whether the entity complies with such laws and regulations; enquiries with the same concerning any actual or potential litigation or claims; inspection of relevant legal correspondence; review of board minutes; testing the appropriateness of journal entries and reviewing the banks statements for large and unusual transactions that could indicate fraud.
No instances of material non-compliance were identified. However, the likelihood of detecting irregularities, including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from fraud might be inherently more difficult to detect than irregularities that result from error. As explained above, there is an unavoidable risk that material misstatements may not be detected, even though the audit has been planned and performed in accordance with ISAs (UK)

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.

Page 7

JUST DIGITAL LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF JUST DIGITAL LIMITED (CONTINUED)

Use of our report

This report is made solely to the Company's members, as a body, 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, as a body, for our audit work, for this report, or for the opinions we have formed.

Angela Sleat FCA (Senior Statutory Auditor)

for and on behalf of

Ashcroft Partnership LLP

Chartered Accountants & Statutory Auditors

Stonecross

Trumpington High Street

Cambridge

Cambridgeshire

CB2 9SU

5 July 2022

Page 8

JUST DIGITAL LIMITED

STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2021

	2021	2020
Note	£	£


Turnover	4	10,326,940	8,371,627
Cost of sales		(6,681,093)	(5,875,625)
Gross profit		3,645,847	2,496,002
Administrative expenses		(3,153,376)	(2,768,803)
Exceptional administrative expenses	13	(204,347)	-
Other operating income	5	39,880	613,573
Operating profit		328,004	340,772
Interest receivable and similar income	9	1,279	4,977
Interest payable and similar expenses	10	(54,914)	(45,948)
Profit before tax		274,369	299,801
Tax on profit	11	(26,596)	(78,118)
Profit for the financial year		247,773	221,683

There were no recognised gains and losses for 2021 or 2020 other than those included in the statement of comprehensive income.

There was no other comprehensive income for 2021 (2020:£NIL).

The notes on pages 16 to 32 form part of these financial statements.

Page 9

JUST DIGITAL LIMITED

REGISTERED NUMBER: 04954829

STATEMENT OF FINANCIAL POSITION

AS AT 31 DECEMBER 2021

		2021		2020
Note		£		£

Fixed assets
Intangible fixed assets			91,937		74,574
Tangible fixed assets			3,214,817		731,162
			3,306,754		805,736
Current assets
Stocks	16	587,506		392,383
Debtors: amounts falling due after more than one year	17	81,000		81,000
Debtors: amounts falling due within one year	17	3,095,227		1,479,480
Cash at bank and in hand	18	1,583,216		2,073,673
		5,346,949		4,026,536
Creditors: amounts falling due within one year	19	(2,181,915)		(1,049,154)
Net current assets			3,165,034		2,977,382
Total assets less current liabilities			6,471,788		3,783,118
Creditors: amounts falling due after more than one year	20		(2,592,724)		(348,820)
Provisions for liabilities
Deferred tax	22	(581,990)		(30,890)
Other provisions	23	(443,491)		(285,698)
			(1,025,481)		(316,588)
Net assets			2,853,583		3,117,710

Capital and reserves
Called up share capital	24	20,005	20,005
Capital redemption reserve		20,000	20,000
Profit and loss account		2,813,578	3,077,705
		2,853,583	3,117,710

Page 10

JUST DIGITAL LIMITED

REGISTERED NUMBER: 04954829

STATEMENT OF FINANCIAL POSITION (CONTINUED)

AS AT 31 DECEMBER 2021

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

................................................

Andrew Grundy

Director

Date: 5 July 2022

The notes on pages 16 to 32 form part of these financial statements.

Page 11

JUST DIGITAL LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2021

	Called up share capital	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£
At 1 January 2020 (as previously stated)	20,005	20,000	3,235,499	3,275,504
Prior year adjustment	-	-	(101,577)	(101,577)
At 1 January 2020 (as restated)	20,005	20,000	3,133,922	3,173,927
Comprehensive income for the year
Profit for the year	-	-	221,683	221,683
Dividends: Equity capital	-	-	(277,900)	(277,900)

At 1 January 2021	20,005	20,000	3,077,705	3,117,710
Comprehensive income for the year
Profit for the year	-	-	247,773	247,773
Dividends: Equity capital	-	-	(511,900)	(511,900)
Total transactions with owners	-	-	(511,900)	(511,900)
At 31 December 2021	20,005	20,000	2,813,578	2,853,583

The notes on pages 16 to 32 form part of these financial statements.

Page 12

JUST DIGITAL LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2021

			2021	2020
			£	£

Cash flows from operating activities
Profit for the financial year	247,773	221,683
Adjustments for:
Amortisation of intangible assets	51,532	68,148
Depreciation of tangible assets	300,826	260,219
Loss on disposal of tangible assets	(2,473)	22,780
Interest paid	43,772	35,543
Interest received	(1,279)	(4,977)
Taxation charge	26,596	78,118
(Increase)/decrease in stocks	(195,124)	156,067
(Increase)/decrease in debtors	(1,091,244)	368,305
Increase/(decrease) in creditors	1,031,697	(27,352)
Increase in provisions	101,143	10,405
Corporation tax (paid)	(96,150)	(293,053)
Net cash generated from operating activities	417,069	895,886

Cash flows from investing activities
Purchase of intangible fixed assets	(68,896)	-
Purchase of tangible fixed assets	(161,088)	(120,660)
Sale of tangible fixed assets	2,731	-
Interest received	1,279	4,977
Net cash from investing activities	(225,974)	(115,683)
Cash flows from financing activities
Repayment of/new finance leases	(125,880)	(130,742)
Dividends paid	(511,900)	(277,900)
HP interest paid	(43,772)	(35,543)
Net cash used in financing activities	(681,552)	(444,185)

Page 13

JUST DIGITAL LIMITED

STATEMENT OF CASH FLOWS (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2021

		2021	2020
		£	£


Net (decrease)/increase in cash and cash equivalents	(490,457)	336,018
Cash and cash equivalents at beginning of year	2,073,673	1,737,655
Cash and cash equivalents at the end of year	1,583,216	2,073,673

Cash and cash equivalents at the end of year comprise:
Cash at bank and in hand	1,583,216	2,073,673
	1,583,216	2,073,673

The notes on pages 16 to 32 form part of these financial statements.

Page 14

JUST DIGITAL LIMITED

ANALYSIS OF NET DEBT

FOR THE YEAR ENDED 31 DECEMBER 2021


At 1 January 2021	Cash flows	New finance leases	At 31 December 2021
£	£	£	£

Cash at bank and in hand	2,073,673	(490,457)	-	1,583,216
Finance leases	(474,700)	125,880	(2,804,000)	(3,152,820)
	1,598,973	(364,577)	(2,804,000)	(1,569,604)

The notes on pages 16 to 32 form part of these financial statements.

Page 15

JUST DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

1.	General information

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

2.1

Basis of preparation of financial statements

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:

2.2

Going concern

Having prepared and considered future cashflow forecasts the directors are confident that the company will continue to trade profitably which will generate operational cash inflows. This combined with the existing cash resources, will be sufficient for the company to meet its liabilities as they fall due into the foreseeable future. Accordingly, the directors consider it appropriate to prepare the financial statements on a going concern basis.

2.3

Revenue

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.

2.4

Operating leases

Rentals paid under operating leases are charged to profit or loss 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.

Page 16

JUST DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.5

Leased assets

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 profit or loss so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.

2.6

Government grants

Grants are accounted under the accruals model as permitted by FRS 102.

During 2021 the Company benefited from the government Coronavirus Job Retention Scheme. These grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

2.7

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.

Depreciation is provided on the following basis:

Leasehold improvements	-	Over the remaining lease term
Plant and machinery	-	3 to 6 years on a straight line basis
Motor vehicles	-	4 years on a straight line basis
Fixtures and fittings	-	4 years on a straight line basis
Promotional material	-	4 years on a straight line 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 profit or loss.

2.8

Stock

Stock is 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 out basis. Work in progress and finished goods include labour and attributable overheads.

At each reporting date, stock is 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.

Page 17

JUST DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.9

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are amortised over their estimated useful life of 4 years.

2.10

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each reporting date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each reporting date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.11

Customer contracts

Amounts recoverable on customer contracts, which are included in debtors, are stated at the net value of 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.

2.12

Provisions for liabilities

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.
Dilapidations provisions are recognised where there is an obligation to restore to their original condition any lease improvements and to repair any damages incurred during the course of the lease on lease termination. The provision recognised is the present value of these costs at a discount rate of RPI. These costs are capitalised and depreciated over the remaining period of the lease.
Other provisions are charged as an expense to profit or loss 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.

Page 18

JUST DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

2.Accounting policies (continued)

2.13

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.
(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.
Such assets are subsequently carried at amortised cost using effective interest method.
(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.

2.14

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

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:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

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.

2.15

Dividends

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.

Page 19

JUST DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

3.	Judgments in applying accounting policies and key sources of estimation uncertainty

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 15 for the carrying amount of the property plant and equipment, and note 2.7 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 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. The value of unfinished orders recognised as revenue at the period end is £72,033 (2020: £93,331).
(iii) Intangible assets
Capitalised software (note 14):Net book value £91,938 (2020: £74,574) 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.

(iv) Provision for Dilapidations
Provision is made for future dilapidation costs which may need to be incurred. These provisions require management’s best estimate of the costs and timing of cashflows along with the discount rate to be used. See note 23 for the provisions balance at year end.

Page 20

JUST DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Digital print	629,145	615,263
Large print	276,992	220,423
Graphic services	8,136,547	6,566,589
Other marketing income	183,560	156,950
Web technologies	1,044,111	795,245
Creative services	44,481	17,157
Web technologies - EU	12,104	-
	10,326,940	8,371,627

Analysis of turnover by country of destination:

					2021	2020
					£	£

United Kingdom	10,314,836	8,371,627
Rest of Europe	12,104	-
	10,326,940	8,371,627

5.	Other operating income
		2021	2020
		£	£

Government grants receivable	39,880	613,573
	39,880	613,573

Page 21

JUST DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

6.	Auditors' remuneration
		2021	2020
		£	£

Fees payable to the Company's auditor and its associates for the audit of the Company's annual financial statements

12,500

Fees payable to the Company's auditor and its associates in respect of:
Taxation compliance services	1,000	2,900
Preparation of statutory accounts	3,500	3,500
	4,500	6,400

Wages and salaries	4,088,179	3,596,984
Social security costs	343,188	281,520
Cost of defined contribution scheme	318,992	259,075
	4,750,359	4,137,579

The average monthly number of employees, including the directors, during the year was as follows:

	2021	2020
	No.	No.

Production, warehouse and logistics	35	33
Design, customer service and sales	104	114
Administration and back office	25	21

	164	168

Page 22

JUST DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

8.	Directors' remuneration
		2021	2020
		£	£

Directors' emoluments	369,662	238,280
Company contributions to defined contribution pension schemes	31,897	2,706
	401,559	240,986

	During the year retirement benefits were accruing to 4 directors (2020 - 2) in respect of defined contribution pension schemes.
	The highest paid director received remuneration of £158,000 (2020 - £130,000).

9.	Interest receivable
		2021	2020
		£	£

	Other interest receivable	1,279	4,977
		1,279	4,977

10.	Interest payable and similar expenses
		2021	2020
		£	£

Finance leases and hire purchase contracts	43,772	35,543
Other finance charges	11,142	10,405
	54,914	45,948

Page 23

JUST DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

Corporation tax
Current tax on profits for the year	-	96,150
Capital allowance claims carried back against prior period profits	(559,207)	-
	(559,207)	96,150

Total current tax	(559,207)	96,150

Deferred tax
Origination and reversal of timing differences	585,803	(18,032)
Total deferred tax	585,803	(18,032)


	Taxation on profit on ordinary activities	26,596	78,118

Profit on ordinary activities before tax

274,369

299,801

Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 19% (2020 - 19%)	52,130	56,962
Effects of:
Adjustment to brought forward values	(27,864)	-
Expenses not deductible for tax purposes	530	4,741
Fixed asset differences	(146,758)	10,660
Remeasurement of deferred tax for changes in tax rates	148,006	5,755
Adjustments to tax charge in respect of prior periods	356	-
Other permanent differences	196	-
Total tax charge for the year	26,596	78,118

Page 24

JUST DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

12.	Dividends
		2021	2020
		£	£

A shares	367,710	274,110
B shares	139,113	-
C shares	5,077	3,790
	511,900	277,900

13.	Exceptional items
		2021	2020
		£	£

	Early lease exit costs	204,347	-
		204,347	-

During the year the company terminated the leases for 4 older Xerox iGen printers in favour of purchasing 4 latest generation replacements. The newer models were bought on hire purchase due to the improved cost-benefit position that owning the printers provides.

Page 25

JUST DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

14.	Intangible assets

		Computer software
		£
	Cost
	At 1 January 2021	317,761
	Additions	68,896
	At 31 December 2021	386,657
	Amortisation
	At 1 January 2021	243,187
	Charge for the year on owned assets	51,532
	At 31 December 2021	294,719
	Net book value
	At 31 December 2021	91,938
	At 31 December 2020	74,574

Page 26


		JUST DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2021

	15.	Tangible fixed assets

	Leasehold improvements	Plant and machinery	Motor vehicles	Fixtures and fittings	Promotional material	Total
	£	£	£	£	£	£
Cost or valuation
At 1 January 2021	422,384	1,696,936	11,257	691,999	136,758	2,959,334
Additions	6,709	2,704,045	28,184	40,051	5,750	2,784,739
Disposals	-	(54,174)	(1,682)	(25,545)	(1,941)	(83,342)
At 31 December 2021	429,093	4,346,807	37,759	706,505	140,567	5,660,731
Depreciation
At 1 January 2021	141,591	1,386,065	11,257	641,509	47,750	2,228,172
Charge for the year on owned assets	34,040	21,585	1,174	25,650	52,444	134,893
Charge for the year on financed assets	-	165,932	-	-	-	165,932
Disposals	-	(54,174)	(1,682)	(25,545)	(1,683)	(83,084)
At 31 December 2021	175,631	1,519,408	10,749	641,614	98,511	2,445,913
Net book value
At 31 December 2021	253,462	2,827,399	27,010	64,891	42,056	3,214,818
At 31 December 2020	280,793	310,871	-	50,490	89,008	731,162

Page 27

JUST DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

15.Tangible fixed assets (continued)

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:
	2021	2020
	£	£


Plant and machinery	2,669,732	268,664
	2,669,732	268,664

16.	Stock and work in progress
		2021	2020
		£	£

Raw materials and consumables	197,127	180,040
Work in progress (goods to be sold)	8,586	-
Finished goods and goods for resale	381,793	212,343
	587,506	392,383

17.	Debtors
		2021	2020
		£	£

Due after more than one year
Rent deposit	81,000	81,000
	81,000	81,000

					2021	2020
					£	£

Due within one year
Trade debtors	1,544,596	1,083,751
VAT repayable	617,511	28,998
Corporation tax repayable	524,504	-
Other debtors	1,565	81,717
Prepayments and accrued income	407,051	285,014
	3,095,227	1,479,480

Page 28

JUST DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

18.	Cash and cash equivalents
		2021	2020
		£	£

Cash at bank and in hand	1,583,216	2,073,673
	1,583,216	2,073,673

19.	Creditors: Amounts falling due within one year
		2021	2020
		£	£

Trade creditors	1,177,397	382,824
Corporation tax	-	96,150
Other taxation and social security	110,660	72,557
Obligations under finance lease and hire purchase contracts	560,096	125,880
Other creditors	36,015	20,126
Accruals and deferred income	297,747	351,617
	2,181,915	1,049,154

The following liabilities were secured:
	2021	2020
	£	£


Obligations under finance lease and hire purchase contracts	560,096	125,880
	560,096	125,880

Details of security provided:

The finance lease and hire purchase creditors are secured over the assets concerned.

Page 29

JUST DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

20.	Creditors: Amounts falling due after more than one year
		2021	2020
		£	£

Net obligations under finance leases and hire purchase contracts	2,592,724	348,820
	2,592,724	348,820

The following liabilities were secured:
	2021	2020
	£	£


Obligations under finance leases and hire purchase contracts	2,592,724	348,820
	2,592,724	348,820

Details of security provided:

The finance lease and hire purchase creditors are secured over the assets concerned.

Within one year	560,096	125,880
Between 1-5 years	2,081,278	348,820
Over 5 years	511,446	-
	3,152,820	474,700

Page 30

JUST DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

22.	Deferred taxation

		2021
		£

	At beginning of year	(30,890)
	Charged to profit or loss	(551,100)
	At end of year	(581,990)

The provision for deferred taxation is made up as follows:
	2021	2020
	£	£

Fixed asset timing differences	(626,785)	(34,672)
Short term timing differences	44,795	3,782
	(581,990)	(30,890)

23.	Provisions

		Dilapidations provision
		£

	At 1 January 2021	285,698
	Additional provision arising in year	146,650
	Charged to profit or loss	11,143
	At 31 December 2021	443,491

Page 31

JUST DIGITAL LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2021

24.	Share capital
		2021	2020
		£	£

Allotted, called up and fully paid

8,000 (2020 - 8,000) A Ordinary shares of £1.00 each	8,000	8,000
11,890 (2020 - 11,890) B Ordinary shares of £1.00 each	11,890	11,890
110 (2020 - 110) C Ordinary shares of £1.00 each	110	110
513 (2020 - 513) D Ordinary shares of £0.01 each	5	5

	20,005	20,005

25.	Pension commitments

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 £318,992 (2020: £259,075). Contributions totaling £32,757 (2020: £20,125) were payable to the fund at the reporting date and are included in creditors.

Not later than 1 year	565,305	858,165
Later than 1 year and not later than 5 years	1,866,502	2,628,270
Later than 5 years	900,400	1,085,000
	3,332,207	4,571,435

27.

Related party transactions

Transactions with related parties
During the year £47,791 (2020: £48,347) was paid to a company, in which a director has a shareholding.
Remuneration of key management personnel
Aggregate compensation during the year amounted to £469,810 (2020: £236,657). A dividend £144,190 (2020: £3,790) was paid to directors.
The company operates an EMI scheme for key management personnel. As the scheme is dilutive to the existing shares issued there is no liability to the company. The market value of the EMI scheme share options issued to date are immaterial.

Page 32

JUST DIGITAL LIMITED

Page 33