The Digital South Limited 31/03/2018 iXBRL

The Digital South Limited 31/03/2018 iXBRL

THE DIGITAL SOUTH LIMITED - Company Information

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Company registration number: 05086623
The Digital South Limited
Financial statements
31 March 2018
The Digital South Limited
Contents
Directors and other information
Accountants report
Statement of financial position
Statement of changes in equity
Notes to the financial statements
The Digital South Limited
Directors and other information
Directors Mr Robin Jones
Mrs Linda Anne Jones
Secretary Mrs Linda Anne Jones
Company number 05086623
Registered office 227a West Street
Fareham
Hampshire
PO16 0HZ
Business address 233 Upper Deacon Road
Bitterne
Southampton
Hampshire
SO19 5JR
Accountants Arthur Daniels & Company
227A West Street
Fareham
PO16 0HZ
The Digital South Limited
Chartered accountants report to the board of directors on the preparation of the
statutory financial statements of The Digital South Limited
Year ended 31 March 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 The Digital South Limited for the year ended 31 March 2018 which comprise the statement of financial position, statement of changes in equity and related notes 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, we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/ regulations-standards-and-guidance/.
This report is made solely to the board of directors of The Digital South Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of The Digital South Limited and state those matters that we have agreed to state to the board of directors of The Digital South Limited as a body, in this report in accordance with the ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than The Digital South Limited and its board of directors as a body for our work or for this report.
It is your duty to ensure that The Digital South 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 profit of The Digital South Limited. You consider that The Digital South 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 The Digital South 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.
Arthur Daniels & Company
Chartered Accountants
227A West Street
Fareham
PO16 0HZ
13 December 2018
The Digital South Limited
Statement of financial position
31 March 2018
2018 2017
Note £ £ £ £
Fixed assets
Intangible assets 5 10,500 12,000
Tangible assets 6 8,183 9,429
_______ _______
18,683 21,429
Current assets
Debtors 7 3,659 6,360
Cash at bank and in hand 6,692 4,936
_______ _______
10,351 11,296
Creditors: amounts falling due
within one year 8 ( 19,550) ( 21,395)
_______ _______
Net current liabilities ( 9,199) ( 10,099)
_______ _______
Total assets less current liabilities 9,484 11,330
_______ _______
Net assets 9,484 11,330
_______ _______
Capital and reserves
Called up share capital 100 100
Profit and loss account 9,384 11,230
_______ _______
Shareholders funds 9,484 11,330
_______ _______
For the year ending 31 March 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 13 December 2018 , and are signed on behalf of the board by:
Mr Robin Jones
Director
Company registration number: 05086623
The Digital South Limited
Statement of changes in equity
Year ended 31 March 2018
Called up share capital Profit and loss account Total
£ £ £
At 1 April 2016 100 19,973 20,073
Profit for the year 707 707
_______ _______ _______
Total comprehensive income for the year - 707 707
Dividends paid and payable ( 9,450) ( 9,450)
_______ _______ _______
Total investments by and distributions to owners - ( 9,450) ( 9,450)
_______ _______ _______
At 31 March 2017 and 1 April 2017 100 11,230 11,330
Profit for the year 8,804 8,804
_______ _______ _______
Total comprehensive income for the year - 8,804 8,804
Dividends paid and payable ( 10,650) ( 10,650)
_______ _______ _______
Total investments by and distributions to owners - ( 10,650) ( 10,650)
_______ _______ _______
At 31 March 2018 100 9,384 9,484
_______ _______ _______
The Digital South Limited
Notes to the financial statements
Year ended 31 March 2018
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is 227a West Street, Fareham, Hampshire, PO16 0HZ.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer, usually on despatch of the goods; the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Goodwill
Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
Goodwill - 5 % straight line
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fittings fixtures and equipment - 25 % reducing balance
Motor vehicles - 25 % reducing balance
If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2017: 2 ).
5. Intangible assets
Goodwill
£
Cost
At 1 April 2017 and 31 March 2018 30,000
_______
Amortisation
At 1 April 2017 18,000
Charge for the year 1,500
_______
At 31 March 2018 19,500
_______
Carrying amount
At 31 March 2018 10,500
_______
At 31 March 2017 12,000
_______
6. Tangible assets
Plant and machinery Fixtures, fittings and equipment Motor vehicles Total
£ £ £ £
Cost
At 1 April 2017 13,513 26,846 5,970 46,329
Additions 1,189 293 - 1,482
_______ _______ _______ _______
At 31 March 2018 14,702 27,139 5,970 47,811
_______ _______ _______ _______
Depreciation
At 1 April 2017 11,579 19,671 5,650 36,900
Charge for the year 781 1,867 80 2,728
_______ _______ _______ _______
At 31 March 2018 12,360 21,538 5,730 39,628
_______ _______ _______ _______
Carrying amount
At 31 March 2018 2,342 5,601 240 8,183
_______ _______ _______ _______
At 31 March 2017 1,934 7,175 320 9,429
_______ _______ _______ _______
7. Debtors
2018 2017
£ £
Trade debtors 3,546 6,360
Other debtors 113 -
_______ _______
3,659 6,360
_______ _______
8. Creditors: amounts falling due within one year
2018 2017
£ £
Corporation tax 2,723 1,196
Social security and other taxes 5,956 4,885
Other creditors 10,871 15,314
_______ _______
19,550 21,395
_______ _______
9. Directors advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2018
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Robin Jones (11,978) 28,846 ( 25,849) ( 8,981)
_______ _______ _______ _______
2017
Balance brought forward Advances /(credits) to the directors Amounts repaid Balance o/standing
£ £ £ £
Mr Robin Jones ( 4,517) ( 7,462) - ( 11,979)
_______ _______ _______ _______
10. Controlling party
The controlling parties are the Directors and shareholders, Mr and Mrs R Jones.