Fitz Digital Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 10263748 (England and Wales)

Unaudited Financial Statements for the Year Ended 31 July 2019

for

FITZ DIGITAL LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

3

DIRECTOR:

J Spiller

REGISTERED OFFICE:

Preston Park House

South Road

Brighton

East Sussex

BN1 6SB

REGISTERED NUMBER:

10263748 (England and Wales)

FIXED ASSETS

Tangible assets

4

-

126

CURRENT ASSETS

Debtors

5

6,596

8,151

CREDITORS

Amounts falling due within one year

6

(9,128

)

(8,086

)

NET CURRENT (LIABILITIES)/ASSETS

(2,532

)

65

TOTAL ASSETS LESS CURRENT LIABILITIES

(2,532

)

191

CAPITAL AND RESERVES

Called up share capital

1

1

Retained earnings

(2,533

)

190

(2,532

)

191

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 July 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 July 2019 in accordance with Section 476 of the Companies Act 2006.

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.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 30 July 2020 and were signed by:

J Spiller - Director

1.	STATUTORY INFORMATION

Fitz Digital Limited is a private company, limited by shares , registered in England and Wales. The company's

registered number and registered office address can be found on the Company Information page.

The presentation currency of the financial statements is the Pound Sterling (£).

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Significant judgements and estimates

Preparation of the financial statements requires management to make significant judgements and estimates and

these 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 affects only that period, or in the

period of the revision and future periods if the revision affects both current and future periods.

The items in the financial statements where these judgements and estimates have been made include the useful

economic life of tangible fixed assets, depreciation of these, provisions, recoverability of debtors.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates,

value added tax and other sales taxes.

Revenue is recognised as contract activity progresses. Revenue not billed is included in debtors and payments on

account in excess of the relevant amount of revenue are included in creditors.

Tangible fixed assets

Tangible fixed assets are stated at cost (or deemed cost) or valuation less accumulated depreciation and

accumulated impairment losses. Cost includes costs directly attributable to making the asset capable of operating

as intended by management.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful

life.

Computer equipment - 33% on cost.

Financial instruments

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 entity after deducting all of its financial liabilities.

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.

Current or deferred taxation assets and liabilities are not discounted.

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.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance

sheet date.

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.

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.

Impairment policy

At each balance sheet date, the company reviews the carrying amount of its assets to determine whether there is

any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable

amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not

possible to estimate the recoverable amount of an asset, the Company estimates the recoverable amount of the

cash-generating unit to which the asset belongs.

Going concern

The director has agreed to support the company as necessary in the foreseeable future. The company therefore

continues to adopt the going concern basis in preparing its financial statements.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2018 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Computer

equipment

£

COST

At 1 August 2018

and 31 July 2019

400

DEPRECIATION

At 1 August 2018

274

Charge for year

126

At 31 July 2019

400

NET BOOK VALUE

At 31 July 2019

-

At 31 July 2018

126

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade debtors

804

1,942

Other debtors

5,792

6,209

6,596

8,151

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Bank loans and overdrafts

883

934

Trade creditors

1,272

-

Taxation and social security

4,801

5,602

Other creditors

2,172

1,550

9,128

8,086

7.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 July 2019 and

31 July 2018:

2019

2018

£

£

J Spiller

Balance outstanding at start of year

4,686

-

Amounts advanced

15,136

6,676

Amounts repaid

(15,552

)

(1,990

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

4,270

4,686

Director's loan is on a interest free basis and repayable on demand.