Devshack Holdings Ltd Filleted accounts for Companies House (small and micro)

DEVSHACK HOLDINGS LTD - Company Information

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COMPANY REGISTRATION NUMBER: 11486609

Devshack Holdings Ltd

Filleted Unaudited Abridged Financial Statements

31 July 2020

Devshack Holdings Ltd

Abridged Financial Statements

Year ended 31 July 2020

Contents	Page

Chartered accountant's report to the board of directors on the preparation of the unaudited statutory abridged financial statements	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

Devshack Holdings Ltd

Chartered Accountant's Report to the Board of Directors on the Preparation of the Unaudited Statutory Abridged Financial Statements of Devshack Holdings Ltd

Year ended 31 July 2020

As described on the abridged statement of financial position, the directors of the company are responsible for the preparation of the abridged financial statements for the year ended 31 July 2020, which comprise the abridged statement of financial position and the related notes. You consider that the company is exempt from an audit under the Companies Act 2006. In accordance with your instructions we have compiled these abridged financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

SABLE ACCOUNTING LIMITED Chartered accountants

13th Floor, One Croydon 12-16 Addiscombe Road Croydon CR0 0XT

28 April 2021

Devshack Holdings Ltd

Abridged Statement of Financial Position

31 July 2020

	2020	2019
Note	£	£

Current assets

Investments	4	31,499	31,270
Cash at bank and in hand		2,724	631
		--------	--------
		34,223	31,901

Creditors: amounts falling due within one year	41,435	35,776
	--------	--------
Net current liabilities	7,212	3,875
	-------	-------
Total assets less current liabilities	( 7,212)	( 3,875)
	-------	-------

Capital and reserves

Called up share capital	1	1
Profit and loss account	( 7,213)	( 3,876)
	-------	-------
Shareholders deficit	( 7,212)	( 3,875)
	-------	-------

These abridged 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 abridged statement of comprehensive income has not been delivered.

For the year ending 31 July 2020 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 abridged financial statements for the year 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 abridged financial statements .

All of the members have consented to the preparation of the abridged statement of comprehensive income and the abridged statement of financial position for the year ending 31 July 2020 in accordance with Section 444(2A) of the Companies Act 2006.

Devshack Holdings Ltd

Abridged Statement of Financial Position (continued)

31 July 2020

These abridged financial statements were approved by the board of directors and authorised for issue on 28 April 2021 , and are signed on behalf of the board by:

Mr WD Newman

Director

Company registration number: 11486609

Devshack Holdings Ltd

Notes to the Abridged Financial Statements

Year ended 31 July 2020

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is C/- Sable Accounting, 13th Floor, One Croydon, 12-16 Addiscombe Road, Croydon, CR0 0XT.

2. Statement of compliance

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

Going concern

The financial statements have been prepared on a going concern basis. The company has net current liabilities at year end and is dependent on the shareholders for continued financial support. The shareholders have confirmed to the directors their intention to continue to provide funding to enable the company to meet its liabilities as they fall due to foreseeable future.

Foreign currencies

Foreign currency transactions are initially recorded in the functional currency, by applying the spot exchange rate as at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the exchange rate ruling at the reporting date, with any gains or losses being taken to the profit and loss account.

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.

4. Investments

	2020	2019
	£	£
Investments in group undertakings	31,499	31,270
	--------	--------

5. Related party transactions

The company was under the control of Mr A Roscoe throughout the current year. Mr A Roscoe was the managing director and majority shareholder. A loan of £11,231 (2019-£11,167) owing to the director, Mr. A Roscoe, is included in other creditors. Devshack Holding Limited acquired a 79% stake in the ordinary shares of Devshack International Limited. As part of the agreement, a loan owing to the acquired company by the seller of shares was taken over by Devshack Holdings. The balance owing at year end amounted to £21,201 (2019-£16,677).