Registered number:
(A Company Limited by Guarantee)
FOR THE YEAR ENDED 31 MARCH 2019
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
COMPANY INFORMATION
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
CONTENTS
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
GROUP STRATEGIC REPORT
FOR THE YEAR ENDED 31 MARCH 2019
I
ntroduction
The directors present their Group Strategic Report for the year ended 31 March 2019. Business review Digital Catapult continues to harness the energy and agility of the UK’s leading innovative companies, matching them with the scale and impact of large corporates, and the creative thinking of the UK’s most advanced university research. We accelerate the progress of these new markets by delivering three key programmes (Artificial Intelligence, Immersive Technologies & Future Networks) across two industry sectors (Manufacturing & Creative Industries), which provides key examples and demonstrations for others to follow. Highlights of achievements in FY 18/19 This year has seen Digital Catapult perform more strongly than in any previous year since it was established. It has reached each of its KPI targets, delivered a high level of impact into each of its key programme areas and laid the ground for further innovation in subsequent years. It has refined its commercial and innovation offerings and clearly demonstrated their differentiation in the market. The regional strategy continues to strengthen. The unique combination of market research, facilities creation and programme development has emerged as a strong and valuable response to the fast moving nature of digital innovation in its key industry sectors and identified strategic technology areas. In particular, the Catapult has demonstrated meaningful impact among early stage and scale up companies and with traditional corporate players. This year Digital Catapult has worked closely with over 438 SME’s and secured significant inroads into the UK’s digital economy. This year we launched our new Future Networks Lab, the first of its kind in the UK that demonstrates how future network technologies such as Low Powered Wide Area Networks, 5G and the Internet of Things can be used in a variety of industrial use cases. This is in partnership with several corporate partners and showcases a number of startup and scaleup solutions. We have also partnered with the UK Government’s Department for Digital Culture, Media and Sports 5G Testbeds and Trials Programme for their upcoming 5G sector focused competition in manufacturing and logistics, announced by the then Chancellor, Philip Hammond, in 2018 and launching in mid 2019. We also delivered the UK’s first Digital Catapult Global Challenge - focused on connecting the UK and Canada’s AI ecosystem - “The UK Canada AI Innovation Challenge” and being mentioned for its success in the Modern Industrial Strategy annual update. In Immersive, we have kicked off our role helping to coordinate a number of demonstrators and maximising impact for the UK economy through the Audience of the Future initiative - helping to explore how immersive technologies will help to create new audience experience for live events. In September 2018, the Catapult entered into its grant funding agreement with Innovate UK for the next five-year period amounting to £59m. Andy Green, the founding chairman resigned on 1 May 2019, and Juergen Maier was appointed chairman on that date.
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
GROUP STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
Regional Centres Digital Catapult continues to deepen its existing local partnerships across the UK and develop a new presence in other regions. The regional strategy does not replicate the same focus in every location, but instead draws on local strengths and characteristics to make the most of expertise and maximise opportunities. This has started to create a multi-stakeholder UK-wide network of digital and physical facilities and clusters, focused on driving local innovation and empowering local stakeholders to work with Digital Catapult’s national capabilities. This year has seen the launch of our immersive lab in partnership with The Landing in Manchester, expanding our reach into the North West of England and strengthening our relationships with the innovation ecosystem in the region.
This is the fourth year of trading for our subsidiary, Digital Catapult Services Limited and we are pleased to report £2.3m of turnover.
Principal risks and uncertainties The risk register is reviewed and presented to the Audit Committee and Board. Each risk is followed up and actions taken to mitigate risk where practicable. The most significant risk for the Group continues to be a reduction in government funding or a material change in government policy. The impact of UK withdrawal from the EU may also affect the availability of EU funded projects – furthermore the availability and timing of new funding opportunities by the UK government is not yet determined The Grant funding agreement (GFA) with Innovate UK contains a number of key performance indicators (KPIs), which, if not met for two years in succession would give Innovate UK the right to review the terms and continuation of the GFA
This report was approved by the board
and signed on its behalf.
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 MARCH 2019
The directors present their report and the financial statements for the year ended 31 March 2019.
The directors who served during the year were:
The directors are responsible for preparing the Group Strategic Report, the Directors' Report and the
consolidated
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 applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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 the Group and of the surplus or deficit of the Group for that period.
In preparing these financial statements, the directors are required to:
∙
select suitable accounting policies for the Group's financial statements and then apply them consistently;
∙
make judgements and accounting estimates that are reasonable and prudent;
∙
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group will continue in business.
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 the Group and to 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
Digital Catapult houses cutting edge facilities, with knowledge and expertise in three areas (Artificial Intelligence & Machine Learning, Future Networks and Immersive Technologies) that aligns with the Innovate UK Emerging and Enabling Technologies Strategy. We work across the UK with centres in London, the North East, Brighton and Northern Ireland, in collaboration with LEPs and Universities. As a centre for innovation, we respond to industry needs and have built strong working relationships with large companies who both support and endorse our strategy. Digital Catapult continues to collaborate with bodies such as Innovate UK, the Knowledge Transfer Network, the Open Data Institute, the Alan Turing Institute and other partners on an evolving basis. Digital Catapult is part of the Catapult Network of eleven UK technology and innovation companies ( ‘Catapults’) established by Innovate UK. These centres drive economic growth through commercialisation of research between UK industry, SME’s and academia. The review of the business is presented in the strategic report. Sources of Income In the current year, Digital Catapult was funded by a UK Government grant. In addition, the Catapult generated income from Collaborative Research and Development projects and Commercial business activities.
Turnover of £18,944,679 was made up of grants totaling £16,665,711 received from Innovate UK and Collaborative R&D projects and also £2,278,968 of Commercial income from the Trading subsidiary Digital Catapult Services Limited. Operational costs of the organisation were £18,728,795 (31 March 2018: £17,083,661) resulting in an operating profit of £215,884 (31 March 2018: £252,224).
The surplus for the year, after taxation, amounted to £
167,068
(2018 -
£
171,054
)
.
The directors have disclosed some required information within the Group Strategic Report.
Over the next five years Digital Catapult will continue to focus on the following technology programmes: Artificial Intelligence & Machine Learning, Future Networks and Immersive technologies. We will continue to develop and drive impact for the UK economy through these programmes, playing a coordinating role across ecosystems to help connect industry with small innovative high growth potential companies and leading-edge research.
In addition to this, we have started to explore and will continue projects that combine these technologies. The expectation is that as a technology reaches greater maturity levels and levels of adoption across the economy, our role will be to explore and focus on additional technology applications that require our interventions. Our “Future Focus” area helps the organisation to keep ahead of the adoption and innovation curve.
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2019
Each of the persons who are
directors at the time when this Directors' Report is approved has confirmed that:
There are no post balance sheet events that require disclosure in the accounts.
The auditor, James Cowper Kreston, will be proposed for reappointment in accordance with
section 485 of the Companies Act 2006.
This report was approved by the board and signed on its behalf.
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DIGITAL CATAPULT
We have audited the financial statements of Digital Catapult (the 'parent Company') and its subsidiary (the 'Group') for the year ended 31 March 2019, which comprise the Group Statement of Comprehensive Income, the Group and Company Statements of Financial Position, the Group Statement of Cash Flows, the Group and Company Statement of Changes in Equity
and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards,
including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
∙
the directors
' use of the going concern basis of accounting in the preparation of the financial statements is not appropriate; or
∙
the directors have not disclosed in the financial statements any identified material uncertainties that may cast significant doubt about the Group's or the parent Company's ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the financial statements are authorised for issue.
The directors are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Auditor's Report thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DIGITAL CATAPULT (CONTINUED)
required to report that fact.
We have nothing to report in this regard.
In our opinion, based on the work undertaken in the course of the audit:
∙
the information given in the Group Strategic Report and the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
∙
the Group Strategic Report and the Directors' Report have been prepared in accordance with applicable legal requirements.
In the light of the knowledge and understanding of the Group and the parent Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Group Strategic Report or the Directors' Report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
As explained more fully in the Directors' Responsibilities Statement on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the directors are responsible for assessing the Group's and the parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Group or the parent Company or to cease operations, or have no realistic alternative but to do so.
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF DIGITAL CATAPULT (CONTINUED)
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditor's Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at:
www.frc.org.uk/auditorsresponsibilities
. This description forms part of our Auditor's Report.
This report is made solely to the Company's members, as a body,
in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditor's Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of
Chartered Accountants and Statutory Auditor
2 Chawley Park
Cumnor Hill
Oxfordshire
OX2 9GG
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 MARCH 2019
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
REGISTERED NUMBER:
07964699
CONSOLIDATED STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
REGISTERED NUMBER:
07964699
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT
31 MARCH 2019
The financial statements were approved and authorised for issue by the board and were signed on its behalf by
:
The notes on pages 14 to 30 form part of these financial statements.
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 MARCH 2019
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED
31 MARCH 2019
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
CONSOLIDATED STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2019
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
Digital Catapult is a company incorporated in England and Wales, and limited by guarantee.
Digital Catapult is the UK’s leading advanced digital technology innovation centre. It drives the early adoption of digital technologies to make UK businesses more competitive and productive to grow the country’s economy The Company's registered office is 101 Euston Road, London, NW1 2RA.
2.
Accounting policies
The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in
the UK and the Republic of Ireland and the Companies Act 2006
.
The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires Group management to exercise judgment in applying the Group's accounting policies (see note 3).
The Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of Comprehensive Income in these financial statements.
The following principal accounting policies have been applied:
The consolidated financial statements present the results of Company and its own subsidiary ("the Group") as if they formed a single entity. Intercompany transactions and balances between group companies are, therefore, eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Statement of Financial Position, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated Statement of Comprehensive Income from the date upon which control is obtained. They are deconsolidated from the date control ceases.
Funding for the 5 year term from 2018/19 onwards was confirmed in November 2018. This core funding is supplemented by funding from other sources.
The Grant funding agreement (GFA) contains a number of key performance indicators (KPIs), which, if not met for two years in succession, would give Innovate UK the right to review the terms and renewal of the GFA. The Directors believe that the Company can continue to operate as a going concern.
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
2.
Accounting policies (continued)
Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Group and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:
Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.
Depreciation is provided on the following basis:
The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.
Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in the Consolidated Statement of Comprehensive Income.
Investments in subsidiaries are measured at cost less accumulated impairment.
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
2.
Accounting policies (continued)
Short term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.
Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
In the Consolidated Statement of Cash Flows, cash and cash equivalents are shown net of bank overdrafts that are repayable on demand and form an integral part of the Group's cash management.
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.
Grants are accounted for under the accruals model as permitted by FRS 102.
Grants relating to expenditure on tangible fixed assets are credited to the Consolidated Statement of Comprehensive Income at the same rate as the depreciation on the assets to which the grant relates. The deferred element of grants is included in creditors as deferred income.
Grants of a revenue nature are recognised in the Consolidated Statement of Comprehensive Income in the same period as the related expenditure.
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
2.
Accounting policies (continued)
Functional and presentation currency
The Company and Group's functional and presentational currency is GBP.
Transactions and balances
Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.
At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.
Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in the Consolidated Statement of Comprehensive Income
except when deferred in other comprehensive income as qualifying cash flow hedges.
Foreign exchange gains and losses that relate to borrowings and cash and cash equivalents are presented in the Consolidated Statement of Comprehensive Income within 'finance income or costs'. All other foreign exchange gains and losses are presented in the Consolidated Statement of Comprehensive Income within 'other operating income'.
Finance costs are charged to the Consolidated Statement of Comprehensive Income 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.
Rentals paid under operating leases are charged to the Consolidated Statement of Comprehensive Income on a straight line basis over the lease term.
Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.
Assets obtained under hire purchase contracts and finance leases are capitalised as tangible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those where substantially all of the benefits and risks of ownership are assumed by the company. Obligations under such agreements are included in creditors net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Consolidated Statement of Comprehensive Income so as to produce a constant periodic rate of charge on the net obligation outstanding in each period.
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
2.
Accounting policies (continued)
Where a sale and leaseback transaction results in a finance lease, no gain is immediately recognised for any excess of sales proceeds over the carrying amount of the asset. Instead, the proceeds are presented as a liability and subsequently measured at amortised cost using the effective interest method.
When a sale and leaseback transaction results in an operating lease, and it is clear that the transition is established at fair value any profit or loss is recognised immediately. If the sale price is below fair value, any profit or loss is recognised immediately unless the loss is compensated for by the future lease payments at below market price. In that case any such loss is amortised in proportion to the lease payments over the period for which the asset is expected to be used. If the sale price is above fair value, the excess over fair value is amortised over the period for which the asset is expected to be used.
Defined contribution pension plan
The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.
The contributions are recognised as an expense in the Consolidated Statement of Comprehensive Income when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Group in independently administered funds.
Interest income is recognised in the Consolidated Statement of Comprehensive Income using the effective interest method.
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
2.
Accounting policies (continued)
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
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 reporting date.
In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.
Estimates and judgements are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
The Company makes estimates and assumptions concerning the future. The resulting accounting estimates will, by definition, seldom equal the related actual results. The estimates and assumptions that have significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are discussed below: The recognition of income arising from government grants has been carefully considered to ensure compliance with the requirements of the accruals based approach permitted under FRS 102.
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
Analysis of turnover by country of destination:
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
Page 22
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
10.
Taxation (continued)
Legislation has been passed to reduce the rate of UK corporation tax to 17% from 1 April 2020.
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
All of the Group's tangible fixed assets are held in the parent company
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
Page 25
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
Page 26
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
Page 27
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
Page 28
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
Profit & loss account
The Company is a private company limited by guarantee and consequently does not have share capital. Each of the members is liable to contribute an amount not exceeding £1 towards the assets of the Company in the event of liquidation.
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DIGITAL CATAPULT
(A Company Limited by Guarantee)
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2019
The Group operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Group in an independently administered fund. The pension charge represents contributions payable by the Group to the fund and amounted to £554,186 (2018: £498,642). Contributions totaling £75,831 (2018: £83,312) were payable to the fund at the balance sheet date and are included in creditors.
There is no single controlling party.
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