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Registered number: 01330324
DATAGRADE LIMITED
UNAUDITED
DIRECTORS' REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 OCTOBER 2023
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DATAGRADE LIMITED
Company Information
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DATAGRADE LIMITED
Registered number: 01330324
Balance Sheet
As at 31 October 2023
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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DATAGRADE LIMITED
Registered number: 01330324
Balance Sheet (continued)
As at 31 October 2023
The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.
The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and authorised for issue by the board and were signed on its behalf on 6 June 2024.
The notes on pages 3 to 9 form part of these financial statements.
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DATAGRADE LIMITED
Notes to the Financial Statements
For the Year Ended 31 October 2023
The Company is a private company limited by shares and is incorporated in the United Kingdom and registered in England and Wales (Company no. 01330324). The address of its registered office is 3rd Floor, 12 Gough Square, London, United Kingdom, EC4A 3DW.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
Revenue represents rental income receivable during the period, excluding discounts, value added tax and other sales taxes.
Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.
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Current and deferred taxation
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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 income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet 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 balance sheet 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 balance sheet date.
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DATAGRADE LIMITED
Notes to the Financial Statements
For the Year Ended 31 October 2023
2.Accounting policies (continued)
Investment property is carried at fair value determined annually and valuations are derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.
Investments in listed company shares are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.
Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.
Basic financial assets
Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.
Interim equity dividends are recognised when paid. Final equity dividends are recognised when
approved by the shareholders at an annual general meeting.
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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DATAGRADE LIMITED
Notes to the Financial Statements
For the Year Ended 31 October 2023
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The average monthly number of employees, including directors, during the year was 2 (2022 - 2).
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Freehold investment property
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The 2023 valuations were made by the directors based on an open market value for existing use basis.
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If the Investment property had been accounted for under the historic cost accounting rules, the property would have been measured as follows:
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DATAGRADE LIMITED
Notes to the Financial Statements
For the Year Ended 31 October 2023
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Creditors: Amounts falling due within one year
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Accruals and deferred income
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Included within other creditors is £102,288 (2022: £173,488) owed to shareholders of the company.
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Profit & loss account
Included within profit and loss reserves are undistributable amounts relating to property revaluations amounting to £1,871,231 (2022: £2,020,930).
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Notes to the Financial Statements
For the Year Ended 31 October 2023
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First time adoption of FRS 102
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The Company transitioned to FRS 102 from FRS105 as at 1 November 2022. The impact of the transition to FRS 102 is as follows:
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As previously stated
31 October
2022
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Effect of transition
31 October
2022
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FRS 102
(as restated)
31 October
2022
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Notes to the Financial Statements
For the Year Ended 31 October 2023
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9.First time adoption of FRS 102 (continued)
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As previously stated
31 October
2022
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Effect of transition
31 October
2022
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FRS 102
(as restated)
31 October
2022
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Interest payable and similar charges
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Profit on ordinary activities after taxation and for the financial year
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DATAGRADE LIMITED
Notes to the Financial Statements
For the Year Ended 31 October 2023
9.First time adoption of FRS 102 (continued)
Explanation of changes to previously reported profit and equity:
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Under FRS 105, the investment property and listed investments were held previously at cost and are now held at fair value in accordance with FRS 102. The effect of the fair value adjustments have also been reflected in the prior year tax charge.
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