Devcomp Ltd - Period Ending 2017-03-31

Registration number: 04470701

Devcomp Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 March 2017

Devcomp Ltd

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 4

Devcomp Ltd

(Registration number: 04470701)
Balance Sheet as at 31 March 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	5	2,368	6,717
Current assets
Debtors		49,467	40,012
Cash at bank and in hand		13,244	54,018
		62,711	94,030
Creditors: Amounts falling due within one year		(37,096)	(67,598)
Net current assets		25,615	26,432
Total assets less current liabilities		27,983	33,149
Provisions for liabilities		(1,326)	-
Net assets		26,657	33,149
Capital and reserves
Called up share capital		100	100
Profit and loss account		26,557	33,049
Total equity		26,657	33,149

For the financial year ending 31 March 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the director on 30 April 2017
 

.........................................

IS Deverill

Director

The notes on pages 2 to 4 form an integral part of these financial statements.

Page 1

Devcomp Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
18 Elgin Road
Poole
Dorset
BH14 8ER

These financial statements were authorised for issue by the director on 30 April 2017.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings & equipment	25% straight line
Computer equipment	33% straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised over its useful life.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class	Amortisation method and rate
Goodwill	5 years straight line

Page 2

Devcomp Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

3	Staff numbers

The average number of persons employed by the company (including the director) during the year, was 3 (2016 - 3).

4	Intangible assets

	Goodwill  £	Total £
Cost or valuation
At 1 April 2016	24,997	24,997
Disposals	(24,997)	(24,997)
At 31 March 2017	-	-
Amortisation
At 1 April 2016	24,997	24,997
Amortisation eliminated on disposals	(24,997)	(24,997)
At 31 March 2017	-	-
Carrying amount
At 31 March 2017	-	-

The aggregate amount of research and development expenditure recognised as an expense during the period is £Nil (2016 - £Nil).
 

5	Tangible assets

	Furniture, fittings and equipment  £	Other property, plant and equipment  £	Total £
Cost or valuation
At 1 April 2016	20,981	10,267	31,248
Additions	3,494	52	3,546
At 31 March 2017	24,475	10,319	34,794
Depreciation
At 1 April 2016	14,266	10,267	24,533
Charge for the year	7,880	13	7,893
At 31 March 2017	22,146	10,280	32,426
Carrying amount
At 31 March 2017	2,329	39	2,368
At 31 March 2016	4,528	2,189	6,717

Page 3

Devcomp Ltd

Notes to the Financial Statements for the Year Ended 31 March 2017

6	Related party transactions

Transactions with directors

2017	At 1 April 2016 £	Advances to directors £	Repayments by director £	At 31 March 2017 £
IS Deverill
Loan account	(31,038)	53,759	(29,000)

The company provided the directors with current accounts where items of personal expenditure paid for by the company were charged. The amounts were repaid by the award of bonuses and dividends to the directors.

The amount due to the directors by the company at the year end was £********. All the advances were interest free, repayable on demand and were unsecured.
 

2016	At 1 April 2015 £	Advances to directors £	Repayments by director £	At 31 March 2016 £
IS Deverill
Loan account	(23,797)	21,409	(28,650)	(31,038)

Dividends paid to directors

	2017 £	2016 £
IS Deverill
Dividends	29,000	28,650

Page 4