Registration number:
Digital Design Labs Limited
for the Year Ended 30 June 2020
Digital Design Labs Limited
Contents
Company Information |
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Balance Sheet |
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Notes to the Unaudited Financial Statements |
Digital Design Labs Limited
Company Information
Directors |
C Jelfs M A Hall |
Company secretary |
C Jelfs |
Registered office |
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Accountants |
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Digital Design Labs Limited
(Registration number: 09457362)
Balance Sheet as at 30 June 2020
Note |
2020 |
2019 |
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Fixed assets |
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Tangible assets |
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Other financial assets |
50,020 |
20 |
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Current assets |
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Debtors |
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Cash at bank and in hand |
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Creditors: Amounts falling due within one year |
( |
( |
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Net current liabilities |
( |
( |
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Net liabilities |
( |
( |
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Capital and reserves |
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Called up share capital |
100 |
100 |
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Profit and loss account |
(35,347) |
(98,056) |
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Shareholders' deficit |
(35,247) |
(97,956) |
For the financial year ending 30 June 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
• |
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• |
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.
These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.
Approved and authorised by the
Company secretary and director
Digital Design Labs Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
General information |
The company is a private company limited by share capital, incorporated in England & Wales. The company's registered office address can be found on the Company Information page.
The principal place of business is:
Liverpool Science Park
131 Mount Pleasant
Liverpool
L3 5TF
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
Going concern
The financial statements have been prepared on a going concern basis due to the continued support of the directors.
We have paid particular attention to the likely effects on the business of the current Covid-19 outbreak and the directors remain confident that sufficient funding is in place and that the company has adequate resources to enable the company to continue as a going concern for the foreseeable future.
Revenue recognition
Turnover represents the amounts, excluding value added tax, from revenue generated by website management and development fees.
Grants
Grants represent income received in respect of the Government support for businesses in light of the Covid-19 pandemic. Grants are accounted for when approved for payment.
Tangible assets
Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Digital Design Labs Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
2 |
Accounting policies (continued) |
Depreciation
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life
Asset class |
Depreciation method and rate |
Computer equipment |
33% on cost |
Fixtures and fittings |
33% on cost |
Investments
Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.
Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Staff numbers |
The average number of persons employed by the company (including directors) during the year, was
Digital Design Labs Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Tangible assets |
Computer equipment |
Fixtures and fittings |
Total |
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Cost or valuation |
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At 1 July 2019 |
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At 30 June 2020 |
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Depreciation |
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At 1 July 2019 |
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Charge for the year |
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At 30 June 2020 |
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Carrying amount |
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At 30 June 2020 |
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At 30 June 2019 |
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Digital Design Labs Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Unlisted investment |
Financial assets at cost |
Total |
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Non-current financial assets |
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Cost or valuation |
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At 1 July 2019 |
20 |
20 |
Additions |
50,000 |
50,000 |
At 30 June 2020 |
50,020 |
50,020 |
Carrying amount |
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At 30 June 2020 |
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50,020 |
Debtors |
2020 |
2019 |
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Trade debtors |
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Prepayments and accrued income |
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Other debtors |
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Creditors |
2020 |
2019 |
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Due within one year |
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Trade creditors |
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Taxation and social security |
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Accruals and deferred income |
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Other creditors |
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- |
Director's current account |
173,608 |
128,608 |
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Digital Design Labs Limited
Notes to the Unaudited Financial Statements for the Year Ended 30 June 2020
Share capital |
Allotted, called up and fully paid shares
2020 |
2019 |
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No. |
£ |
No. |
£ |
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|
|
100 |
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100 |
Related party transactions |
Transactions with directors |
Expenditure with and payables to related parties
2020 |
Key management |
Amounts payable to related party |
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2019 |
Key management |
Amounts payable to related party |
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Loans to related parties
Terms of loans from related parties