Digital Copier Systems Limited Filleted accounts for Companies House (small and micro)

DIGITAL COPIER SYSTEMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03279715

Digital Copier Systems Limited

Filleted Unaudited Financial Statements

31 March 2021

Digital Copier Systems Limited

Financial Statements

Period from 11 June 2020 to 31 March 2021

Contents	Page

Statement of financial position	1

Notes to the financial statements	3

Digital Copier Systems Limited

Statement of Financial Position

31 March 2021

	31 Mar 21	10 Jun 20
Note	£	£

Fixed assets

Tangible assets	6	–	98,934
Investments	7	69,625	69,625
		--------	---------
		69,625	168,559

Current assets

Stocks		–	119,005
Debtors	8	–	1,200,551
Cash at bank and in hand		–	90,211
		----	------------
		–	1,409,767

Creditors: amounts falling due within one year	9	3,875	507,455
		-------	------------
Net current (liabilities)/assets		( 3,875)	902,312
		--------	------------
Total assets less current liabilities		65,750	1,070,871

Provisions	–	( 6,921)
	--------	------------
Net assets	65,750	1,077,792
	--------	------------

Capital and reserves

Called up share capital	15,000	15,000
Profit and loss account	50,750	1,062,792
	--------	------------
Shareholders funds	65,750	1,077,792
	--------	------------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the period ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476 ;

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

Digital Copier Systems Limited

Statement of Financial Position (continued)

31 March 2021

These financial statements were approved by the board of directors and authorised for issue on 26 July 2021 , and are signed on behalf of the board by:

Mr D J Chappell	Mr D J O'Connor
Director	Director

Company registration number: 03279715

Digital Copier Systems Limited

Notes to the Financial Statements

Period from 11 June 2020 to 31 March 2021

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 14, Bellingham Way, Aylesford, England, ME20 7HP.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.

Income tax

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.

Operating leases

Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.

Goodwill

Goodwill arises on business acquisitions and represents the excess of the cost of the acquisition over the company's interest in the net amount of the identifiable assets, liabilities and contingent liabilities of the acquired business. Goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. It is amortised on a straight-line basis over its useful life. Where a reliable estimate of the useful life of goodwill or intangible assets cannot be made, the life is presumed not to exceed ten years.

Amortisation

Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:

	Goodwill	-	10% straight line

If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Long leasehold property	-	20% straight line
Plant and machinery	-	25% straight line
Fixtures and fittings	-	33% straight line
Motor vehicles	-	25% straight line

	Equipment	-	25% straight line

Investments

Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.

Investments in associates

Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses. Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value recognised in other comprehensive income/profit or loss. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted. Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

Stocks

Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.

Government grants

Government grants are recognised using the accrual model and the performance model. Under the accrual model, government grants relating to revenue are recognised on a systematic basis over the periods in which the company recognises the related costs for which the grant is intended to compensate. Grants that are receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate financial support to the entity with no future related costs are recognised in income in the period in which it becomes receivable.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense.

Financial instruments

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses. Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

Defined contribution plans

Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as a finance cost in profit or loss in the period in which it arises.

4. Employee numbers

The average number of persons employed by the company during the period amounted to 11 (2020: 22 ).

5. Intangible assets

	Goodwill
	£
Cost
At 11 June 2020	25,005
Additions	–
Disposals of previously acquired businesses	( 25,005)
	--------
At 31 March 2021	–
	--------
Amortisation
At 11 June 2020	25,005
Charge for the period	–
Disposals of previously acquired businesses	( 25,005)
	--------
At 31 March 2021	–
	--------
Carrying amount
At 31 March 2021	–
	--------
At 10 June 2020	–
	--------

6. Tangible assets

	Long leasehold property	Plant and machinery	Fixtures and fittings	Motor vehicles	Equipment	Total
	£	£	£	£	£	£
Cost
At 11 Jun 2020	35,442	78,660	7,942	140,865	25,721	288,630
Disposals	( 35,442)	( 78,660)	( 7,942)	( 140,865)	( 25,721)	( 288,630)
	--------	--------	-------	---------	--------	---------
At 31 Mar 2021	–	–	–	–	–	–
	--------	--------	-------	---------	--------	---------
Depreciation
At 11 Jun 2020	21,576	57,039	6,522	83,032	21,527	189,696
Disposals	( 21,576)	( 57,039)	( 6,522)	( 83,032)	( 21,527)	( 189,696)
	--------	--------	-------	---------	--------	---------
At 31 Mar 2021	–	–	–	–	–	–
	--------	--------	-------	---------	--------	---------
Carrying amount
At 31 Mar 2021	–	–	–	–	–	–
	--------	--------	-------	---------	--------	---------
At 10 Jun 2020	13,866	21,621	1,420	57,833	4,194	98,934
	--------	--------	-------	---------	--------	---------

7. Investments

	Shares in group undertakings
	£
Cost
At 11 June 2020 and 31 March 2021	69,625
	--------
Impairment
At 11 June 2020 and 31 March 2021	–
	--------

Carrying amount
At 31 March 2021	69,625
	--------
At 10 June 2020	69,625
	--------

8. Debtors

	31 Mar 21	10 Jun 20
	£	£
Trade debtors	–	235,316
Amounts owed by group undertakings and undertakings in which the company has a participating interest	–	915,512
Other debtors	–	49,723
	----	------------
	–	1,200,551
	----	------------

9. Creditors: amounts falling due within one year

	31 Mar 21	10 Jun 20
	£	£
Trade creditors	–	27,574
Amounts owed to group undertakings and undertakings in which the company has a participating interest	3,875	–
Corporation tax	–	99,721
Social security and other taxes	–	111,997
Other creditors	–	268,163
	-------	---------
	3,875	507,455
	-------	---------

Debentures are secured by way of a fixed and floating charge over the company's assets and undertakings.

10. Related party transactions

At the period end, the company owed £3,875 (2020: the company was owed £915,512) to a group company. During the period dividends of £1,017,225 (2020: £nil) to a group company.

11. Controlling party

The company's ultimate parent company is Managed Technology Corporation Limited , a company incorporated in England and Wales. Managed Technology Corporation Limited's registered address is Unit 14, Bellingham Way, Aylesford, England, ME20 7HP .