Caseware UK (AP4) 2018.0.196 2018.0.196 2019-06-30 2019-06-30 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. true true false 2018-07-01 10823029 2018-07-01 2019-06-30 10823029 2017-06-16 2018-06-30 10823029 2019-06-30 10823029 2018-06-30 10823029 c:Director1 2018-07-01 2019-06-30 10823029 d:ComputerEquipment 2018-07-01 2019-06-30 10823029 d:ComputerEquipment 2019-06-30 10823029 d:ComputerEquipment 2018-06-30 10823029 d:ComputerEquipment d:OwnedOrFreeholdAssets 2018-07-01 2019-06-30 10823029 d:CurrentFinancialInstruments 2019-06-30 10823029 d:CurrentFinancialInstruments 2018-06-30 10823029 d:CurrentFinancialInstruments d:WithinOneYear 2019-06-30 10823029 d:CurrentFinancialInstruments d:WithinOneYear 2018-06-30 10823029 d:ShareCapital 2019-06-30 10823029 d:ShareCapital 2018-06-30 10823029 d:SharePremium 2018-07-01 2019-06-30 10823029 d:SharePremium 2019-06-30 10823029 d:SharePremium 2018-06-30 10823029 d:OtherMiscellaneousReserve 2019-06-30 10823029 d:OtherMiscellaneousReserve 2018-06-30 10823029 d:RetainedEarningsAccumulatedLosses 2018-07-01 2019-06-30 10823029 d:RetainedEarningsAccumulatedLosses 2019-06-30 10823029 d:RetainedEarningsAccumulatedLosses 2018-06-30 10823029 c:OrdinaryShareClass1 2018-07-01 2019-06-30 10823029 c:OrdinaryShareClass1 2019-06-30 10823029 c:OrdinaryShareClass1 2018-06-30 10823029 c:FRS102 2018-07-01 2019-06-30 10823029 c:AuditExempt-NoAccountantsReport 2018-07-01 2019-06-30 10823029 c:FullAccounts 2018-07-01 2019-06-30 10823029 c:PrivateLimitedCompanyLtd 2018-07-01 2019-06-30 10823029 c:PublicLimitedCompanyPLCNotQuotedOnAnyExchange 2018-07-01 2019-06-30 10823029 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2018-07-01 2019-06-30 10823029 d:KeyManagementPersonnelCloseFamilyMembersEntitiesUnderKeyManagementPersonnelsControl 2019-06-30 10823029 d:Subsidiary1 2018-07-01 2019-06-30 10823029 d:Subsidiary1 1 2018-07-01 2019-06-30 10823029 d:WithinOneYear 2019-06-30 10823029 d:WithinOneYear 2018-06-30 10823029 6 2018-07-01 2019-06-30 xbrli:shares iso4217:GBP xbrli:pure
Registered number:  10823029









DIGAX LIMITED

UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 JUNE 2019

 
DIGAX LIMITED
REGISTERED NUMBER:  10823029

BALANCE SHEET
AS AT  30 JUNE 2019

2019
2018
Note
£
£
   

Tangible assets
 4 
3,783
2,545

Investments
 5 
1
-

CURRENT ASSETS
   

Stocks
 6 
4,245
4,881

Debtors: amounts falling due within one year
 7 
80,857
13,800

Cash at bank and in hand
   
3,247
224,765

   
88,349
243,446

Creditors: amounts falling due within one year
 8 
(43,589 )
(38,197 )

NET CURRENT ASSETS
   
 
 
44,760
 
 
205,249

TOTAL ASSETS LESS CURRENT LIABILITIES
   
48,544
207,794

   

NET ASSETS
   
48,544
207,794

CAPITAL AND RESERVES
   

Called up share capital 
 9 
1,717
1,188

Share premium account
 10 
599,347
49,876

Capital contribution
 10 
-
325,000

Profit and loss account
 10 
(552,520 )
(168,270 )

   
48,544
207,794


Page 1

 
DIGAX LIMITED
REGISTERED NUMBER:  10823029

BALANCE SHEET  (CONTINUED)
AS AT  30 JUNE 2019

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The  financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by : 




B Morley
Director

Date:  18 October 2019

The notes on pages 3 to 9 form part of these financial statements.

Page 2

 
DIGAX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019

GENERAL INFORMATION

The company is a private company limited by shares and incorporated in England & Wales. The registered number is 10823029 and the registered office is 23 Austin Friars, London, EC2N 2QP and the trading address is 5 Jewry Street, London, EC3N 2EX. The Company is part of a group. 

2. ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of  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 management to exercise judgment in applying the Company's accounting policies.

The following principal accounting policies have been applied:

2.2

GOING CONCERN

The Company is only able to trade with the continuing support of the director, who has indivated that this support will not be withdrawn. On this basis, the director considers it appropriate to prepare the financial statements on a going concern basis. The financial statements do no include any adjustments that would result from the withdrawl of this support. 

2.3

REVENUE

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company 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:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

Page 3

 
DIGAX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019

2. ACCOUNTING POLICIES (CONTINUED)

2.4

RESEARCH AND DEVELOPMENT

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.

2.5

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in the Statement of Income and Retained Earnings when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

2.6

TAXATION

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

2.7

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

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:

Computer equipment
-
25%

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 Statement of Income and Retained Earnings.

Page 4

 
DIGAX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019

2. ACCOUNTING POLICIES (CONTINUED)

2.8

VALUATION OF INVESTMENTS

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each balance sheet date. Gains and losses on remeasurement are recognised in the Statement of Income and Retained Earnings for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each Balance Sheet date. Gains and losses on remeasurement are recognised in profit or loss for the period.

2.9

STOCKS

Stocks are stated at the lower of cost and net realisable value, being the estimated selling price less costs to complete and sell. 


2.10

DEBTORS

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.

2.11

CASH AND CASH EQUIVALENTS

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.

2.12

CREDITORS

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.

2.13

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

The average monthly number of employees, including directors, during the year was  8  (2018 -  5 ) .

Page 5

 
DIGAX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019





£



COST OR VALUATION


At 1 July 2018
3,059


Additions
2,570



At 30 June 2019

5,629



DEPRECIATION


At 1 July 2018
514


Charge for the year on owned assets
1,332



At 30 June 2019

1,846



NET BOOK VALUE



At 30 June 2019
3,783



At 30 June 2018
2,545





Investments in subsidiary companies

£



COST OR VALUATION


Additions
1



At 30 June 2019
1

Fixed asset investments comprise equity shares in Digax Capital Limited, a private company limited by shares. 

SUBSIDIARY UNDERTAKING


Name

Registered office

Class of shares

Holding

Digax Capital Limited
23 Austin Friars, London, EC2N 2QP
Ordinary
100 %

Page 6

 
DIGAX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2019
2018
£
£

Cryptocurrencies for resale
4,245
4,881


Page 7

 
DIGAX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2019
2018
£
£


Other debtors
16,144
13,800

Tax recoverable
64,713
-


2019
2018
£
£

Other creditors
36,089
35,697

Accruals and deferred income
7,500
2,500

43,589
38,197


2019
2018
£
£
Allotted, called up and fully paid



1,717  (2018 -  1,188 )   Ordinary  shares of £ 1.00  each
1,717
1,188

During the period 529 shares were issued and alloted.


RESERVES

Share premium account

During the year 529 (2018 - 124) shares were issued for £550,000 (2018 - £50,000) resulting in a share premium account of £599,347 (2018 - £49,876).

Profit and loss account

The profit and loss account represents cumulative profit and losses net of dividends and other adjustments.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £5,159 (2018 - £1,511). Contributions totalling £906 (2018 - £1,161) were payable to the fund at the balance sheet date and are included in creditors.

Page 8

 
DIGAX LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2019
2019
2018
£
£
-
46,000

-
46,000

During the year the company operated loans with the  directors of the Company . The amount payable to the directors of the Company at the year end was £ 35,184  (2018 - £34,357). These loans are interest free and repayable on demand.


Page 9