DEVELOPMENT_PHYSICS_LTD - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

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

Development Physics Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 2nd Floor, 12 Little Portland Street, London, W1W 8BJ.

The comparative reporting period was not entirely comparable as it was from 29 January 2021 to 31 December 2021. The company opted for this period end to be co-terminate with the parent companies for consolidation purposes.

The financial statements have been prepared in accordance with the provisions of FRS 102.1A - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' ('FRS 102.1A') and with the Companies Act 2006. There were no material departures from that standard. The financial statements have been prepared on the historical cost basis. The financial statements are prepared in sterling and rounded to the nearest £.

These financial statements present the results of the company for the year to 31 December 2022.

In accordance with FRS102, the company has taken advantage of the exemptions from the following disclosure requirements:

• Section 7 'Statement of Cash Flows' - Presentation of a Cash Flow and related notes and disclosures.

• Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instrument Issues’ – Carrying amounts, interest income/expense and net gains/losses for each category of financial instrument; basis of determining fair values; details of collateral, loan defaults or breaches.

• Section 33 ‘Related party disclosures’ – Compensation of the key management personnel.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Cash and cash equivalents are basic financial assets 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. Bank overdrafts are shown within borrowings in current liabilities.

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

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 of its liabilities.

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The directors and company secretary were the only employees and no remuneration was paid during the period.

The average monthly number of persons (including directors) employed by the company during the year was:

Profit and loss account

    The profit and loss account includes all current and prior period retained profits and losses.

Share Capital

    This represents the nominal value of shares that have been issued by the company.    

As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:

The auditor's report was unqualified.

The company has taken advantage of the exemption, under the terms of Financial Reporting Standard 102 Section 1A 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.

The ultimate parent company for whom consolidated accounts are prepared is London & Associated Properties PLC. London & Associated Properties PLC is incorporated in England and Wales and is also regarded as the ultimate controlling party. The registered office and principal place of business of London & Associated Properties PLC is 12 Little Portland Street, London, W1W 8BJ.