RE:Digital Group Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09879696 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2020

FOR

RE:DIGITAL GROUP LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTORS:

P F Rivers

S England

C Clarke

REGISTERED OFFICE:

21 Marina Court

Castle Street

Hull

HU1 1TJ

REGISTERED NUMBER:

09879696 (England and Wales)

ACCOUNTANTS:

Banks Cooper Associates Limited

21 Marina Court

Castle Street

Hull

HU1 1TJ

FIXED ASSETS

Tangible assets

4

13,802

5,643

Investments

5

46,351

46,352

60,153

51,995

CURRENT ASSETS

Debtors

6

423,524

441,928

CREDITORS

Amounts falling due within one year

7

573,690

388,602

NET CURRENT (LIABILITIES)/ASSETS

(150,166

)

53,326

TOTAL ASSETS LESS CURRENT LIABILITIES

(90,013

)

105,321

CAPITAL AND RESERVES

Called up share capital

40,000

40,000

Retained earnings

(130,013

)

65,321

SHAREHOLDERS' FUNDS

(90,013

)

105,321

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2020 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 Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 23 August 2021 and were signed on its behalf by:

P F Rivers - Director

1.	STATUTORY INFORMATION

RE:Digital Group Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

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

Going concern

The financial statements have been prepared on the going concern basis. In making their assessment of going concern, the directors have considered broad economic factors, including COVID 19 which poses risks to businesses generally. At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for a period of at least one year from the date of approval. They therefore consider that the going concern basis continues to be appropriate.

Preparation of consolidated financial statements

The financial statements contain information about RE:Digital Group Limited 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.

Related party exemption

The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.

Plant and machinery etc

-

100% on cost and Straight line over 3 years

Impairment

At each reporting date fixed assets are reviewed to determine whether there is any indication that those assets have suffered impairment loss. if there ia an indication of possible impairment, the recoverable amount of any affected asset is estimated and compared with its carrying value. If estimated recoverable amount is lower, the carrying amount is reduced to its estimates recoverable amount, and an impairment loss is recognised immediately on profit or loss.

If an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but not in excess of the amount that would have been determined had no impairment loss been recognised for the asset in propr years. A reversal of an impairment loss is recognised immediately in profit or loss.

Investments in subsidiaries

Investments in subsidiary undertakings are recognised at cost less provision for impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, 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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

Financial instruments

Basic financial instruments are recognised at amortised cost, with changes recognised in profit or loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit or loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 7 (2019 - 7 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

machinery

etc

£

COST

At 1 January 2020

35,258

Additions

18,688

At 31 December 2020

53,946

DEPRECIATION

At 1 January 2020

29,615

Charge for year

10,529

At 31 December 2020

40,144

NET BOOK VALUE

At 31 December 2020

13,802

At 31 December 2019

5,643

5.	FIXED ASSET INVESTMENTS

Interest

Shares in

in other

group

participating

undertakings

interests

Totals

£

£

£

COST

At 1 January 2020

40,102

6,250

46,352

Disposals

(1

)

-

(1

)

At 31 December 2020

40,101

6,250

46,351

NET BOOK VALUE

At 31 December 2020

40,101

6,250

46,351

At 31 December 2019

40,102

6,250

46,352

6.

DEBTORS

31.12.20

31.12.19

£

£

Amounts falling due within one year:

Trade debtors

3,416

2,611

Amounts owed by group undertakings

342,718

370,420

Other debtors

58,640

56,397

404,774

429,428

Amounts falling due after more than one year:

Other debtors

18,750

12,500

Aggregate amounts

423,524

441,928

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.20

31.12.19

£

£

Bank loans and overdrafts

307,742

322,088

Trade creditors

17,382

24,451

Amounts owed to group undertakings

224,645

-

Taxation and social security

7,243

6,951

Other creditors

16,678

35,112

573,690

388,602

8.	SECURED DEBTS

The following secured debts are included within creditors:

31.12.20

31.12.19

£

£

Bank overdrafts

307,742

322,088

Bank overdrafts are secured by a debenture over the assets and undertaking of the Company.

Mr P F Rivers and Mr S England have provided personal guarantees in respect of the Company's bank facilities.

9.	DIRECTORS' ADVANCES, CREDITS AND GUARANTEES

During the period, amounts of £7,900 were advanced by the company to Mr P F Rivers. At the period end amounts of £7,900 were outstanding from Mr P F Rivers to the company (2019: £nil).

During the period, amounts of £8,146 were advanced by the company to Mr S England. At the period amounts of £8,143 were outstanding from Mr S England to the company (2019: £nil).