Desktop Enterprises Limited Filleted accounts for Companies House (small and micro)

DESKTOP ENTERPRISES LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 07162543

Desktop Enterprises Limited

Filleted Unaudited Financial Statements

30 April 2021

Desktop Enterprises Limited

Statement of Financial Position

30 April 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	6		4,250	1,138

Current assets

Debtors	7	33,437	28,108
Cash at bank and in hand		–	236
		--------	--------
		33,437	28,344

Creditors: amounts falling due within one year	8	71,154		90,363
		--------		--------
Net current liabilities			37,717	62,019
			--------	--------
Total assets less current liabilities			( 33,467)	( 60,881)

Creditors: amounts falling due after more than one year	9	12,000	–
		--------	--------
Net liabilities		( 45,467)	( 60,881)
		--------	--------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 45,468)	( 60,882)
	--------	--------
Shareholders deficit	( 45,467)	( 60,881)
	--------	--------

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 Section 1A of 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 statement of income and retained earnings has not been delivered.

For the year ending 30 April 2021 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 .

Desktop Enterprises Limited

Statement of Financial Position (continued)

30 April 2021

These financial statements were approved by the board of directors and authorised for issue on 28 January 2022 , and are signed on behalf of the board by:

Mr M O'Connor
Director

Company registration number: 07162543

Desktop Enterprises Limited

Notes to the Financial Statements

Year ended 30 April 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 2A High Street, Thornbury, Bristol, BS35 2AQ.

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.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. There were no significant judgements or estimations made during the preparation of these accounts.

Revenue recognition

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.

Income tax

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.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

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:

Bicycle	-	15% reducing balance
Office equipment	-	15% reducing balance
Computer equipment	-	33% reducing balance

Impairment of fixed assets

At the end of the year the director reviewed the policy in relation to write down of goodwill and it was considered prudent to write off the remaining balance over 2 years starting with the current year.

Government grants

Government grants are recognised at the fair value of the asset received or receivable. Grants are not recognised until there is reasonable assurance that the company will comply with the conditions attaching to them and the grants will be received. Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable. Grants relating to assets are recognised in income on a systematic basis over the expected useful life of the asset. Where part of a grant relating to an asset is deferred, it is recognised as deferred income and not deducted from the carrying amount of the asset. Under the performance model, where the grant does not impose specified future performance-related conditions on the recipient, it is recognised in income when the grant proceeds are received or receivable. Where the grant does impose specified future performance-related conditions on the recipient, it is recognised in income only when the performance-related conditions have been met. Where grants received are prior to satisfying the revenue recognition criteria, they are recognised as a liability.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).

5. Intangible assets

	Goodwill
	£
Cost
At 1 May 2020 and 30 April 2021	18,000
	--------
Amortisation
At 1 May 2020 and 30 April 2021	18,000
	--------
Carrying amount
At 30 April 2021	–
	--------
At 30 April 2020	–
	--------

6. Tangible assets

	Plant and machinery	Fixtures and fittings	Equipment	Total
	£	£	£	£
Cost
At 1 May 2020	–	1,625	7,417	9,042
Additions	1,840	–	2,872	4,712
	-------	-------	--------	--------
At 30 April 2021	1,840	1,625	10,289	13,754
	-------	-------	--------	--------
Depreciation
At 1 May 2020	–	1,308	6,596	7,904
Charge for the year	276	105	1,219	1,600
	-------	-------	--------	--------
At 30 April 2021	276	1,413	7,815	9,504
	-------	-------	--------	--------
Carrying amount
At 30 April 2021	1,564	212	2,474	4,250
	-------	-------	--------	--------
At 30 April 2020	–	317	821	1,138
	-------	-------	--------	--------

7. Debtors

	2021	2020
	£	£
Trade debtors	33,437	25,252
Other debtors	–	2,856
	--------	--------
	33,437	28,108
	--------	--------

8. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	3,798	7,392
Corporation tax	2,886	–
Social security and other taxes	11,677	7,020
Other creditors	52,793	75,951
	--------	--------
	71,154	90,363
	--------	--------

9. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	12,000	–
	--------	----