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Unaudited Financial Statements for the Year Ended 31 March 2022 |
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DECIMAL FACTOR LIMITED |
REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 March 2022 |
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for |
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DECIMAL FACTOR LIMITED |
DECIMAL FACTOR LIMITED (REGISTERED NUMBER: 06596471) |
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Contents of the Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2022 |
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Page |
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Company Information | 1 |
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Balance Sheet | 2 |
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Notes to the Financial Statements | 4 |
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DECIMAL FACTOR LIMITED |
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Company Information |
FOR THE YEAR ENDED 31 MARCH 2022 |
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DIRECTOR: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ACCOUNTANTS: |
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Chartered Accountants |
Third Floor |
126-134 Baker Street |
London |
W1U 6UE |
DECIMAL FACTOR LIMITED (REGISTERED NUMBER: 06596471) |
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Balance Sheet |
31 MARCH 2022 |
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2022 | 2021 |
as restated |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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Investments | 6 |
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CURRENT ASSETS |
Debtors | 7 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 8 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
( |
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CREDITORS |
Amounts falling due after more than one
year |
9 |
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NET LIABILITIES | ( |
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CAPITAL AND RESERVES |
Called up share capital | 11 |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The director acknowledges his 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. |
DECIMAL FACTOR LIMITED (REGISTERED NUMBER: 06596471) |
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Balance Sheet - continued |
31 MARCH 2022 |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were authorised for issue by the director and authorised for issue on
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DECIMAL FACTOR LIMITED (REGISTERED NUMBER: 06596471) |
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Notes to the Financial Statements |
FOR THE YEAR ENDED 31 MARCH 2022 |
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1. | STATUTORY INFORMATION |
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Decimal Factor Limited is a
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Going Concern |
The company made a loss of £693,973 (2021: £1,308,330) during the year and not withstanding the fact that there is a net current deficit of £539626. The director considers that the financial resources available to the company are adequate to meet its operational needs for the foreseeable future; and with the continued support of the company's shareholders, the company will be able to meet its liabilities as they fall due for payment. Accordingly, the going concern basis has been adopted in preparing these financial statements. |
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Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
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Intangible assets |
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at costless any accumulated amortisation and any accumulated impairment losses. |
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Computer software costs are not being amortised until the developed software is fully operational. |
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Tangible fixed assets |
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Plant and machinery etc | - |
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Investments in subsidiaries |
Investments in subsidiary undertakings are recognised at cost. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. |
DECIMAL FACTOR LIMITED (REGISTERED NUMBER: 06596471) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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2. | ACCOUNTING POLICIES - continued |
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Hire purchase and leasing commitments |
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease. |
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Pension costs and other post-retirement benefits |
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate. |
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3. | EMPLOYEES AND DIRECTORS |
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The average number of employees during the year was
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4. | INTANGIBLE FIXED ASSETS |
Other |
intangible |
assets |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
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AMORTISATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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5. | TANGIBLE FIXED ASSETS |
Plant and |
machinery |
etc |
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COST |
At 1 April 2021 |
and 31 March 2022 |
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DEPRECIATION |
At 1 April 2021 |
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Charge for year |
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At 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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DECIMAL FACTOR LIMITED (REGISTERED NUMBER: 06596471) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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6. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 April 2021 |
and 31 March 2022 |
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NET BOOK VALUE |
At 31 March 2022 |
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At 31 March 2021 |
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7. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
as restated |
£ | £ |
Trade debtors |
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Other debtors |
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8. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2022 | 2021 |
as restated |
£ | £ |
Bank loans and overdrafts |
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Trade creditors |
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Taxation and social security |
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Other creditors |
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9. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
2022 | 2021 |
as restated |
£ | £ |
Bank loans |
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Other creditors |
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In 2021, loans amounting to £1,345,547 were converted to preference share and disclosed in the accounts as part of issued share capital. However, there has not been any actual issue of preference shares up to the end of the current year. This error has been corrected in the current year by reducing the issued preference share capital of the company by £1,345,547 and increasing other creditors by the same amount. The comparatives have also been restated in respect of this adjustment.. |
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10. | SECURED DEBTS |
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Lloyds Bank Plc & Newable Business Loans Limited have fixed and floating charges over the assets and undertakings of the company. |
DECIMAL FACTOR LIMITED (REGISTERED NUMBER: 06596471) |
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Notes to the Financial Statements - continued |
FOR THE YEAR ENDED 31 MARCH 2022 |
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11. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2022 | 2021 |
value: | as restated |
£ | £ |
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Ordinary shares | £1 | 20,000 | 20,000 |
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12. | POST BALANCE SHEET EVENTS |
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On 20/06/2022 and 18/08/2022 creditor balances totalling £1,301,228 were converted into preference share capital via issue of 638,029 preference shares of £0.02 each at a premium of £2.01945 per share issued. |
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These conversions were planned to occur at 31st March 2022, but were delayed due to the late receipt of board approval from the creditor. If the conversions had been implemented at 31st March 2022, the share capital and reserve of the company would have been as follows: |
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£ |
Called up share capital | 20,000 |
Share premium reserve | 1,288,468 |
Retained earnings | (2,019,858 | ) |
Total capital and reserve | (711,390 | ) |
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On 12/05/2022, the company received a "subject to contract" offer from an investor to invest £2M in equity with a further line of credit of up to £8M. This offer is being pursued actively by the company. |
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13. | ULTIMATE CONTROLLING PARTY |
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Mr M Karkhanis is the ultimate controlling party by virtue of his shareholding. |