Digiwave Europe Limited - Limited company accounts 18.1.1

REGISTERED NUMBER: 06454013 (England and Wales)

Report of the Directors and

Unaudited Financial Statements for the Year Ended 31 December 2017

for

Digiwave Europe Limited

Page

Company Information

1

Report of the Directors

2

Chartered Accountants' Report

3

Income Statement

4

Statement of Financial Position

5

Notes to the Financial Statements

6

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

The directors present their report with the financial statements of the company for the year ended 31 December 2017.

DIRECTORS

The directors shown below have held office during the whole of the period from 1 January 2017 to the date of this report.

Landes Limited

S H Landes

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Report of the Directors and the financial statements in accordance with applicable

law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have

elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United

Kingdom Accounting Standards and applicable law). Under company law the directors must not approve the financial statements

unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the

company for that period. In preparing these financial statements, the directors are required to:

-	select suitable accounting policies and then apply them consistently;

-	make judgements and accounting estimates that are reasonable and prudent;

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company's

transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that

the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company

and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

ON BEHALF OF THE BOARD:

S H Landes - Director

17 May 2018

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial

statements of Digiwave Europe Limited for the year ended 31 December 2017 on pages four to seven from the company's

accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the Board of Directors of Digiwave Europe Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Digiwave Europe Limited and state those matters that we have agreed to state to the Board of Directors of Digiwave Europe Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Digiwave Europe Limited and its Board of Directors, as a body, for our work or for this report.

It is your duty to ensure that Digiwave Europe Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and loss of Digiwave Europe Limited. You consider that Digiwave Europe Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Digiwave Europe Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

S H Landes LLP

3rd Floor Fairgate House

78 New Oxford Street

London

WC1A 1HB

17 May 2018

TURNOVER

1,000

1,500

Administrative expenses

1,500

569

OPERATING (LOSS)/PROFIT

(500

)

931

Interest payable and similar expenses

-

(2

)

(LOSS)/PROFIT BEFORE TAXATION

(500

)

933

Tax on (loss)/profit

(90

)

187

(LOSS)/PROFIT FOR THE FINANCIAL YEAR

(410

)

746

CURRENT ASSETS

Debtors

3

290

1,200

Cash at bank and in hand

2,384

2,270

2,674

3,470

CREDITORS

Amounts falling due within one year

4

1,701

2,087

NET CURRENT ASSETS

973

1,383

TOTAL ASSETS LESS CURRENT LIABILITIES

973

1,383

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

972

1,382

SHAREHOLDERS' FUNDS

973

1,383

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2017.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2017 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 in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies.

The financial statements were approved by the Board of Directors on 17 May 2018 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

31.12.17

31.12.16

£

£

Trade debtors

-

600

Other debtors

290

600

290

1,200

4.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

31.12.17

31.12.16

£

£

Taxation and social security

-

387

Other creditors

1,701

1,700

1,701

2,087

5.	RELATED PARTY DISCLOSURES

6.	ULTIMATE CONTROLLING PARTY