Digaprint Ltd - Period Ending 2014-03-31

Registration number: 3155783

Digaprint Ltd

trading as One Digital

Unaudited Abbreviated Accounts

for the Year Ended 31 March 2014
 

Finch Lynton Limited
Chartered Accountants
2/4 Ash Lane,
Rustington
Littlehampton
West Sussex
BN16 3BZ

Digaprint Ltd
trading as One Digital
Contents

Abbreviated Balance Sheet 1 to 2

Notes to the Abbreviated Accounts 3 to 5

Digaprint Ltd
trading as One Digital
(Registration number: 3155783)
Abbreviated Balance Sheet at 31 March 2014

		Note			2014 £			2013 £
Fixed assets
Tangible fixed assets					103,205			152,127
Current assets
Stocks					85,795			83,750
Debtors					297,406			336,259
Cash at bank and in hand					42,710			35,762
					425,911			455,771
Creditors: Amounts falling due within one year					(256,498)			(234,515)
Net current assets					169,413			221,256
Total assets less current liabilities					272,618			373,383
Provisions for liabilities					(5,037)			(11,395)
Net assets					267,581			361,988
Capital and reserves
Called up share capital		3			177,524			253,533
Capital redemption reserve					800			800
Profit and loss account					89,257			107,655
Shareholders' funds					267,581			361,988

For the year ending 31 March 2014 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime .

Approved by the Board on 20 October 2014 and signed on its behalf by:

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 1

Digaprint Ltd
trading as One Digital
(Registration number: 3155783)
Abbreviated Balance Sheet at 31 March 2014
......... continued

.........................................
Mr C J Staples
Director

.........................................
Mr S B White
Director

The notes on pages 3 to 5 form an integral part of these financial statements.
Page 2

Digaprint Ltd
trading as One Digital
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

1	Accounting policies

Basis of preparation

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (Effective April 2008).

Turnover

Turnover represents amounts chargeable, net of value added tax, in respect of the sale of goods and services to customers.

Depreciation

Depreciation is provided on tangible fixed assets so as to write off the cost or valuation, less any estimated residual value, over their expected useful economic life as follows:

Asset class	Depreciation method and rate
Short leasehold premises	5 years
Plant and machinery	5 years
Computer equipment	3 years
Office fixtures and fittings	5 years
Motor vehicles	4-5 years

Stock

Stock is valued at the lower of cost and net realisable value, after due regard for obsolete and slow moving stocks. Net realisable value is based on selling price less anticipated costs to completion and selling costs.

Deferred tax

Deferred tax is recognised, without discounting, in respect of all timing differences between the treatment of certain items for taxation and accounting purposes, which have arisen but not reversed by the balance sheet date,except as required by the FRSSE. Deferred tax is measured at the rates that are expected to apply in the periods when the timing differences are expected to reverse, based on the tax rates and law enacted at the balance sheet date.

Hire purchase and leasing

Rentals payable under operating leases are charged in the profit and loss account on a straight line basis over the lease term.

Page 3

Digaprint Ltd
trading as One Digital
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

Assets held under finance leases, which are leases where substantially all the risks and rewards of ownership of the asset have passed to the company, are capitalised in the balance sheet as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital elements of future obligations under the leases are included as liabilities in the balance sheet. The interest element of the rental obligation is charged to the profit and loss account over the period of the lease and represents a constant proportion of the balance of capital repayments outstanding. Assets held under hire purchase agreements are capitalised as tangible fixed assets and are depreciated over the shorter of the lease term and their useful lives. The capital element of future finance payments is included within creditors. Finance charges are allocated to accounting periods over the length of the contract and represent a constant proportion of the balance of capital repayments outstanding.

Financial instruments

Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability in the balance sheet. The corresponding dividends relating to the liability component are charged as interest expense in the profit and loss account.

Pensions

The company operates a defined contribution pension scheme. Contributions are recognised in the profit and loss account in the period in which they become payable in accordance with the rules of the scheme.

2	Fixed assets

		Tangible assets £			Total £
Cost
At 1 April 2013		1,117,232			1,117,232
Additions		1,318			1,318
At 31 March 2014		1,118,550			1,118,550
Depreciation
At 1 April 2013		965,105			965,105
Charge for the year		50,240			50,240
At 31 March 2014		1,015,345			1,015,345
Net book value
At 31 March 2014		103,205			103,205
At 31 March 2013		152,127			152,127

Page 4

Digaprint Ltd
trading as One Digital
Notes to the Abbreviated Accounts for the Year Ended 31 March 2014
......... continued

3	Share capital

Allotted, called up and fully paid shares

	2014						2013
		No.			£			No.			£
'B' shares shares of £1 each		200			200			200			200
Redeemable shares of £6,333.00 each		28			177,324			40			253,320
		228			177,524			240			253,520

Page 5