DigiDoe Ltd - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 11944257 (England and Wales)

Financial Statements for the Year Ended 30 September 2023

for

DigiDoe Ltd

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

P Guzminov

M Kitten

C Philippe

A Slavin

REGISTERED OFFICE:

167 Turners Hill

Cheshunt

Waltham Cross

EN8 9BH

REGISTERED NUMBER:

11944257 (England and Wales)

AUDITORS:

Thickbroom Coventry

Chartered Accountants

and Statutory Auditors

147a High Street

Waltham Cross

Hertfordshire

EN8 7AP

FIXED ASSETS

Intangible assets

4

1,790,237

728,971

Tangible assets

5

7,443

10,275

1,797,680

739,246

CURRENT ASSETS

Debtors

6

162,459

180,836

Cash at bank

436,034

569,495

598,493

750,331

CREDITORS

Amounts falling due within one year

7

335,062

200,065

NET CURRENT ASSETS

263,431

550,266

TOTAL ASSETS LESS CURRENT LIABILITIES

2,061,111

1,289,512

PROVISIONS FOR LIABILITIES

99,427

-

NET ASSETS

1,961,684

1,289,512

CAPITAL AND RESERVES

Called up share capital

8

12,070

11,677

Share premium

1,866,709

1,442,044

Retained earnings

82,905

(164,209

)

SHAREHOLDERS' FUNDS

1,961,684

1,289,512

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 Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 16 January 2024 and were signed on its behalf by:

P Guzminov - Director

1.	STATUTORY INFORMATION

DigiDoe Ltd 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.

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.

Turnover

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

Intangible assets

Intangible assets with finite useful lives are carried at revalued amount, being its fair value at the date of revaluation less accumulated amortisation and impairment losses. The fair valuation is determined by meeting the requirement of an active market.

Amortisation is recognised on a straight line basis over their estimate useful lives. The estimated useful life and amortisation are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. The useful life for each class of intangible asset is as follows;

Patents and licenses are valued at cost and amortised over their useful economic life of 10 years. At the balance sheet date the carrying amount is reviewed to determine if there is any indication of impairment.

Development costs are valued at cost and amortised over their useful economic life of 10 years.

Tangible fixed assets

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

Computer equipment

-

33% on cost

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, 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 statement of financial position date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position 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.

Foreign exchange

Assets and liabilities in foreign currencies are translated into sterling at the rates of exchange ruling at the statement of financial position date. Transactions in foreign currencies are translated into sterling at the rate of exchange ruling at the date of transaction. Exchange differences are taken into account in arriving at the operating result.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 16 (2022 - 4 ) .

4.	INTANGIBLE FIXED ASSETS

Other

intangible

assets

£

COST

At 1 October 2022

790,673

Additions

1,190,337

At 30 September 2023

1,981,010

AMORTISATION

At 1 October 2022

61,702

Charge for year

129,071

At 30 September 2023

190,773

NET BOOK VALUE

At 30 September 2023

1,790,237

At 30 September 2022

728,971

5.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 October 2022

15,684

Additions

3,114

At 30 September 2023

18,798

DEPRECIATION

At 1 October 2022

5,409

Charge for year

5,946

At 30 September 2023

11,355

NET BOOK VALUE

At 30 September 2023

7,443

At 30 September 2022

10,275

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade debtors

1,700

69,033

Other debtors

160,759

111,803

162,459

180,836

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2023

2022

£

£

Trade creditors

11,546

5,712

Taxation and social security

-

2,209

Other creditors

323,516

192,144

335,062

200,065

8.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2023

2022

value:

£

£

10,739,641

Ordinary shares

£0.00

1

10,740

10,347

1,329,518

Preference shares

£0.00

1

1,330

1,330

12,070

11,677

The following share movements took place during the period:

22,578 ordinary shares were allotted and fully paid for at a premium of £1.106273 per share on 15th November 2022.

77,991 ordinary shares were allotted and fully paid for at a premium of £1.2812 per share on 2nd April 2023.

233,973 ordinary shares were allotted and fully paid for at a premium of £1.2812 per share on 5th April 2023.

58,514 ordinary shares were allotted and fully paid for at par on 26 September 2023.

9.	DISCLOSURE UNDER SECTION 444(5B) OF THE COMPANIES ACT 2006

The Auditors' Report was unqualified.

Iain McMurray ACA (Senior Statutory Auditor)

for and on behalf of Thickbroom Coventry

10.	RELATED PARTY DISCLOSURES

All of the following companies are related by the fact that they either have common directors with Digidoe Ltd or are ultimately controlled by one or more of the directors of Digidoe Ltd.

Financial information on transactions and balances between related parties are as follows:

Springwood Capital (UK) Limited

Digidoe Ltd purchased £141,695 (2022: £126,853) of goods and services from Springwood Capital (UK) Limited during the period. Amounts due to Springwood Capital (UK) Limited at the end of the period amounted to £140,211 (2022: £40,000).

Included in other creditors is a loan balance due to Springwood Capital (UK) Limited amounting to £1,114 (2022: £1,114). This loan is interest free and repayable on demand.

Fintech Lab Limited

Digidoe Ltd purchased £119,247 (2022: £84,427) of goods and services from Fintech Lab Limited during the period. Amounts due to Fintech Lab Limited at the end of the period amounted to £80,000 (2022: £nil).

Suntower United Ltd

Included in other creditors is a loan balance due to Suntower United Ltd amounting to £21,000 (2022: £21,000). This loan is interest free and repayable on demand.