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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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ENIGMA DIGITAL LIMITED |
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REGISTERED NUMBER:
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UNAUDITED FINANCIAL STATEMENTS |
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FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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FOR |
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ENIGMA DIGITAL LIMITED |
ENIGMA DIGITAL LIMITED (REGISTERED NUMBER: 07788522) |
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CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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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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ENIGMA DIGITAL LIMITED |
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COMPANY INFORMATION |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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DIRECTORS: |
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SECRETARY: |
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REGISTERED OFFICE: |
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REGISTERED NUMBER: |
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ENIGMA DIGITAL LIMITED (REGISTERED NUMBER: 07788522) |
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BALANCE SHEET |
30 SEPTEMBER 2018 |
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2018 | 2017 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Intangible assets | 4 |
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Tangible assets | 5 |
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CURRENT ASSETS |
Stocks |
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Debtors | 6 |
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Cash at bank and in hand |
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CREDITORS |
Amounts falling due within one year | 7 |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CAPITAL AND RESERVES |
Called up share capital | 10 |
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Share premium |
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Retained earnings | ( |
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SHAREHOLDERS' FUNDS | ( |
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The directors acknowledge their 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. |
ENIGMA DIGITAL LIMITED (REGISTERED NUMBER: 07788522) |
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BALANCE SHEET - continued |
30 SEPTEMBER 2018 |
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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 approved by the Board of Directors on
behalf by: |
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ENIGMA DIGITAL LIMITED (REGISTERED NUMBER: 07788522) |
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NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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1. | STATUTORY INFORMATION |
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Enigma Digital Limited is a
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company's registered number and registered office address can be found on the Company Information |
page. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Significant judgements and estimates |
In the application of the company's accounting policies the directors are required to make judgements, |
estimates and assumptions about the carrying amounts of assets and liabilities that are not readily |
apparent from other sources. The estimates and associated assumptions are based on historical |
experience and other factors that are considered to be relevant. Actual results may differ from these |
estimates. |
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The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to |
accounting estimates are recognised in the period in which the estimate is revised if the revision |
effects only that period, or in the period of revision and future periods if the revision effects both current |
and future periods. |
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In preparing these financial statements, the directors have made the following judgements: |
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The company reviews the carrying value of all assets for indications of impairment at each period. If |
indicators of impairment exist, the carrying value of the asset is subject to further testing to determine |
whether its carrying value exceeds its recoverable amount. This process will usually involve the |
estimation of future cash flows which are likely to be generated by the asset. |
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A provision is recognised when the company has a present legal or constructive obligation as a result |
of a past event for which it is probable that an outflow of resources will be required to settle the |
obligation and the amount can be reliably estimated. If the effect is material, provisions are determined |
by discounting the expected future cash flows at a rate that reflects the time value of money and the |
risk specific to the liability. |
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Whether a present obligation is probable or not requires judgement. The nature and type of risks for |
these provisions differ and management's judgement is applied regarding the nature and extent of |
obligations in deciding if an outflow of resources is probable or not. |
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The directors have reviewed the asset lives and associated residual values of all fixed assets classes. |
In re-assessing asset lives, factors such as technological innovation, product life cycles and |
maintenance programmes are taken into account. Residual value assessments consider issues such |
as future market conditions, the remaining life of the asset and projects disposal values. |
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The directors do not believe there to be any significant estimates made in the preparation of these |
financial statements. |
ENIGMA DIGITAL LIMITED (REGISTERED NUMBER: 07788522) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Turnover |
Turnover represents net invoiced sales of services, excluding value added tax. |
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Goodwill |
Goodwill, being the amount paid in connection with the acquisition of a business in 2012, is being |
amortised evenly over its estimated useful life of five years, except where the Directors consider the |
value to be permanently impaired in which case the net book value is written down to what is |
considered to be the impaired value. |
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Tangible fixed assets |
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Fixtures and fittings | - |
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Stocks |
Stocks are valued at the lower of cost and net realisable value, after making due allowance for |
obsolete and slow moving items. |
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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 that have been |
enacted or substantively enacted by the balance sheet date. |
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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. |
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Research and development |
Expenditure on research and development is written off in the year in which it is incurred. |
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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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Grant income |
Grants received in respect of capital expenditure are credited to the profit and loss account over the |
same period as the expected useful life of the related capital item. The element of the grant not yet |
released to the profit and loss account is treated as deferred income at the year end. |
ENIGMA DIGITAL LIMITED (REGISTERED NUMBER: 07788522) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Impairment of assets |
Assets, other than those measured at fair value, are assessed for indicators of impairment at each |
balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in |
profit or loss. |
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For non-financial assets, the asset is impaired where there is objective evidence that, as a result of |
one or more events that occurred after initial recognition, the estimated recoverable value of the asset |
has been reduced. The recoverable amount of the asset is the higher of its fair value less costs to sell |
and its value in use. |
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For financial assets carried at amortised costs, the amount of an impairment is the difference between |
the asset's carrying amount and the present value of estimated future cash flows, discounted at the |
financial asset's original effective interest rate. |
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For financial assets carried at cost less impairment, the impairment loss is the difference between the |
asset's carrying amount and the best estimate of the amount that would be received for the asset if it |
were to be sold at the reporting date. |
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Where indicators exist for the decrease in impairment loss, and the decrease can be related |
objectively to an event occurring after the impairment was recognised, the prior impairment loss is |
tested to determine reversal. An impairment loss is reversed on an individual impaired financial asset |
to the extent that the revised recoverable value does not lead to a revised carrying amount higher than |
the carrying value had no impairment been recognised. |
ENIGMA DIGITAL LIMITED (REGISTERED NUMBER: 07788522) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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2. | ACCOUNTING POLICIES - continued |
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Financial instruments |
(i) Cash and cash equivalents |
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Cash and cash equivalents are basic financial instruments and include cash in hand, deposits held at |
call with banks, other short-term liquid investments with original maturities of three months or less, and |
bank overdrafts. |
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(ii) Financial assets and liabilities |
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All financial assets and liabilities are recognised when the company becomes party to the contractual |
provisions of the instrument. |
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Financial liabilities and equity instruments are classified according to the substance of the contractual |
arrangements entered into. An equity instrument is any contract that evidences a residual interest in |
the assets of the company after deducting all its liabilities. |
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All financial assets and liabilities are initially measured at transaction price (including transaction |
costs), except for those financial assets classified as at fair value through profit and loss, which are |
initially measured at fair value unless the arrangement constitutes a financing transaction. If an |
arrangement constitutes a financing transaction, the financial asset or liability is measured at the |
present value of the future payments discounted at a market rate of interest for a similar debt |
instrument. |
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Financial assets and liabilities are only offset at the balance sheet date when, and only when there |
exists a legally enforceable right to set off the recognised amounts and the company intends either to |
settle on a net basis, or to realise the asset and settle the liability simultaneously. |
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Debt instruments that have no stated interest rate and are classified as payable or receivable within |
one year are initially measured at an undiscounted amount of the cash or other consideration expected |
to be paid or received, net of impairment. Other debt instruments not meeting these conditions are |
measure at fair value through profit and loss. |
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Commitments to make or receive loans which meet the conditions mentioned above are measure at |
cost less impairment. |
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Financial asset are derecognised when and only when the contractual rights to the cash flows for the |
financial asset expire or are settled, when the company transfers to another party substantially all the |
risks and rewards of ownership of the financial asset, or the company, despite having retained some, |
but not all, significant risks and rewards of ownership, has transferred control of the asset to another |
party. |
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Financial liabilities are derecognised only when the obligation specified in the contract is discharged, |
cancelled or expires. |
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3. | EMPLOYEES |
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The average number of employees during the year was
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ENIGMA DIGITAL LIMITED (REGISTERED NUMBER: 07788522) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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4. | INTANGIBLE FIXED ASSETS |
Goodwill |
£ |
COST |
At 1 October 2017 |
and 30 September 2018 |
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AMORTISATION |
At 1 October 2017 |
and 30 September 2018 |
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NET BOOK VALUE |
At 30 September 2018 |
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At 30 September 2017 |
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5. | TANGIBLE FIXED ASSETS |
Fixtures |
and |
fittings |
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COST |
At 1 October 2017 |
and 30 September 2018 |
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DEPRECIATION |
At 1 October 2017 |
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Charge for year |
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At 30 September 2018 |
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NET BOOK VALUE |
At 30 September 2018 |
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At 30 September 2017 |
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6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade debtors |
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Other debtors |
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ENIGMA DIGITAL LIMITED (REGISTERED NUMBER: 07788522) |
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NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 SEPTEMBER 2018 |
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7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2018 | 2017 |
£ | £ |
Trade creditors |
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Taxation and social security |
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Other creditors |
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8. | LEASING AGREEMENTS |
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Minimum lease payments under non-cancellable operating leases fall due as follows: |
2018 | 2017 |
£ | £ |
Within one year |
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Between one and five years |
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9. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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2018 | 2017 |
£ | £ |
Other loans | 11,177 | 12,659 |
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10. | CALLED UP SHARE CAPITAL |
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Allotted, issued and fully paid: |
Number: | Class: | Nominal | 2018 | 2017 |
value: | £ | £ |
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Ordinary | £0.01 | 1,443 | 1,443 |
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"A" Ordinary | £0.01 | 786 | 786 |
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"Growth" | £0.01 | 128 | 128 |
2,357 | 2,357 |
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11. | GOING CONCERN |
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In the year to 30 September 2018 the company made a pre-tax loss of £254,591 and at the year end |
had negative profit and loss reserves of £1,011,233. The Directors consider that the company remains |
a going concern given that it has taken steps to significantly reduce its costs and expects its new |
product to generate revenue from December 2018. This should mean the company will start to |
generate monthly pre-tax profits from January 2019 onwards. Hence, the Directors consider the going |
concern basis to remain appropriate for the preparation of these financial statements. |