Digiwave Europe Limited - Accounts to registrar - small 16.3d

REGISTERED NUMBER: 06454013 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 December 2016

for

Digiwave Europe Limited

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTORS:

Landes Limited

S H Landes

REGISTERED OFFICE:

3rd Floor, Fairgate House

78 New Oxford Street

London

WC1A 1HB

REGISTERED NUMBER:

06454013 (England and Wales)

ACCOUNTANTS:

S H Landes LLP

3rd Floor, Fairgate House

78 New Oxford Street

London

WC1A 1HB

CURRENT ASSETS

Debtors

3

1,200

-

Cash at bank and in hand

2,270

11,589

3,470

11,589

CREDITORS

Amounts falling due within one year

4

2,087

952

NET CURRENT ASSETS

1,383

10,637

TOTAL ASSETS LESS CURRENT LIABILITIES

1,383

10,637

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

1,382

10,636

SHAREHOLDERS' FUNDS

1,383

10,637

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2016.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2016 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 of Part 15 of the Companies Act 2006 relating to small companies.

All the members have consented to the preparation of an abridged Income Statement for the year ended 31 December 2016 in accordance with Section 444(2A) of the Companies Act 2006.

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 on 7 March 2017 and were signed on its behalf by:

S H Landes - Director

1.	STATUTORY INFORMATION

Digiwave Europe 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.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

This is the first year that the company has presented its results under FRS 102. The last financial statements

under the Financial Reporting Standard for Smaller Entities were for the year ended 31 December 2015 and the

date of transition to FRS 102 was 1 January 2015. The transition has not resulted in any changes in accounting

policies to those previously used. For transition explanation please refer to the page numbers 8 to 10.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax. The tax currently payable is

based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of

comprehensive income because of group loss relieve against company profits . The Company's liability for

current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the

reporting period.

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the

financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax

liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are generally

recognised for all deductible timing differences to the extent that it is probable that taxable profits will be

available against which those deductible temporary differences can be utilised. The carrying amount of deferred

tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable

that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which

the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or

substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets

reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the

reporting period, to recover or settle the carrying amount of its assets and liabilities.

Current or deferred tax for the year is recognised in profit or loss, except when they relate to items that are

recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is

also recognised in other comprehensive income or directly in equity respectively.

Foreign currencies

Digiwave Europe Limited will present its results in Sterling with effect from 1 January 2016 as the directors

believe that GBP financial reporting provides more relevant presentation of the company's financial position and

its financial performance.

Transactions in foreign currencies are recorded at the rate of exchange on the date the transaction occurred.

Monetary items denominated in foreign currencies are translated at the rate prevailing at the end of the reporting

period. Exchange differences are recognised in profit or loss in the period in which they arise. Non-monetary

items that are measured at historic cost in a foreign currency are not retranslated.

Trade and other debtors

Trade and other debtors are initially recognised at the transaction price and thereafter stated at amortised cost

using the effective interest method, less impairment losses for bad and doubtful debts except where the effect of

discounting would be immaterial. In such cases, the debtors are stated at cost less impairment losses for bad and

doubtful debts.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the

effective interest method unless the effect of discounting would be immaterial, in which case they are stated at

cost.

3.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade debtors

600

-

Other debtors

600

-

1,200

-

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.16

31.12.15

£

£

Trade creditors

-

1

Taxation and social security

387

66

Other creditors

1,700

885

2,087

952

5.	ULTIMATE CONTROLLING PARTY