Developer Eyes Limited Filleted accounts for Companies House (small and micro)

DEVELOPER EYES LIMITED - Company Information

false false false false false false false false false true false false false false false false false No description of principal activity 2017-04-01 Sage Accounts Production Advanced 2018 - FRS 121 121 121 xbrli:pure xbrli:shares iso4217:GBP 08785143 2017-04-01 2018-03-31 08785143 2018-03-31 08785143 2017-03-31 08785143 2016-04-01 2017-03-31 08785143 2017-03-31 08785143 core:PlantMachinery 2017-04-01 2018-03-31 08785143 core:FurnitureFittings 2017-04-01 2018-03-31 08785143 core:MotorVehicles 2017-04-01 2018-03-31 08785143 bus:Director1 2017-04-01 2018-03-31 08785143 core:PlantMachinery 2017-03-31 08785143 core:FurnitureFittings 2017-03-31 08785143 core:MotorVehicles 2017-03-31 08785143 core:PlantMachinery 2018-03-31 08785143 core:FurnitureFittings 2018-03-31 08785143 core:MotorVehicles 2018-03-31 08785143 core:WithinOneYear 2018-03-31 08785143 core:WithinOneYear 2017-03-31 08785143 core:AfterOneYear 2018-03-31 08785143 core:AfterOneYear 2017-03-31 08785143 core:ShareCapital 2018-03-31 08785143 core:ShareCapital 2017-03-31 08785143 core:RetainedEarningsAccumulatedLosses 2018-03-31 08785143 core:RetainedEarningsAccumulatedLosses 2017-03-31 08785143 core:BetweenOneFiveYears 2017-03-31 08785143 core:CostValuation core:Non-currentFinancialInstruments 2018-03-31 08785143 core:Non-currentFinancialInstruments 2018-03-31 08785143 core:Non-currentFinancialInstruments 2017-03-31 08785143 core:PlantMachinery 2017-03-31 08785143 core:FurnitureFittings 2017-03-31 08785143 core:MotorVehicles 2017-03-31 08785143 bus:SmallEntities 2017-04-01 2018-03-31 08785143 bus:AuditExemptWithAccountantsReport 2017-04-01 2018-03-31 08785143 bus:FullAccounts 2017-04-01 2018-03-31 08785143 bus:SmallCompaniesRegimeForAccounts 2017-04-01 2018-03-31 08785143 bus:PrivateLimitedCompanyLtd 2017-04-01 2018-03-31 08785143 core:OfficeEquipment 2017-04-01 2018-03-31 08785143 core:OfficeEquipment 2017-03-31 08785143 core:OfficeEquipment 2018-03-31

COMPANY REGISTRATION NUMBER: 08785143

DEVELOPER EYES LIMITED

FILLETED UNAUDITED FINANCIAL STATEMENTS

31 March 2018

DEVELOPER EYES LIMITED

STATEMENT OF FINANCIAL POSITION

31 March 2018

	2018		2017
Note	£	£	£	£

FIXED ASSETS

Tangible assets	5	32,262	39,265
Investments	6	121	121
		--------	--------
		32,383	39,386

CURRENT ASSETS

Debtors	7	353,600	235,270
Cash at bank and in hand		4,915	4,360
		---------	---------
		358,515	239,630

CREDITORS: amounts falling due within one year	8	373,842		363,314
		---------		---------
NET CURRENT LIABILITIES			15,327		123,684
			--------		---------
TOTAL ASSETS LESS CURRENT LIABILITIES			17,056		( 84,298)

CREDITORS: amounts falling due after more than one year	9		8,235		22,320

PROVISIONS

Taxation including deferred tax	5,259	–
	--------	---------
NET ASSETS/(LIABILITIES)	3,562	( 106,618)
	--------	---------

CAPITAL AND RESERVES

Called up share capital	100	100
Profit and loss account	3,462	( 106,718)
	-------	---------
SHAREHOLDERS FUNDS/(DEFICIT)	3,562	( 106,618)
	-------	---------

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 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 comprehensive income has not been delivered.

For the year ending 31 March 2018 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 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 financial statements .

DEVELOPER EYES LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

31 March 2018

These financial statements were approved by the board of directors and authorised for issue on 18 December 2018 , and are signed on behalf of the board by:

Mr G C Morgan

Director

Company registration number: 08785143

DEVELOPER EYES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

YEAR ENDED 31 MARCH 2018

1. GENERAL INFORMATION

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Broughton Grange Business Centre, Headlands, Kettering, Northamptonshire, NN15 6XA.

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.

Going concern

The company currently meets its daily working capital requirements through financial support from the directors and creditors. On this basis, the directors consider it appropriate to prepare the accounts on the going concern basis. The accounts do not include any adjustments that would result from the failure to raise any additional finance that may prove necessary.

Consolidation

The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.

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. 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 and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

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.

Operating leases

Lease payments are recognised as an expense over the lease term on a straight-line basis. The aggregate benefit of lease incentives is recognised as a reduction to expense over the lease term, on a straight-line basis.

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:

Plant and machinery	-	25% reducing balance
Fixtures and fittings	-	15% reducing balance
Motor vehicles	-	25% reducing balance
Office Equipment	-	33% straight line

Investments

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

Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

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. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit and loss. Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised in profit and loss. 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.

4. EMPLOYEE NUMBERS

The average number of persons employed by the company during the year amounted to 3 (2017: 3 ).

5. TANGIBLE ASSETS

	Plant and machinery	Fixtures and fittings	Motor vehicles	Office Equipment	Total
	£	£	£	£	£
Cost
At 1 April 2017	1,473	6,870	45,025	15,730	69,098
Additions	–	1,327	–	3,909	5,236
	-------	-------	--------	--------	--------
At 31 March 2018	1,473	8,197	45,025	19,639	74,334
	-------	-------	--------	--------	--------
Depreciation
At 1 April 2017	644	2,336	16,028	10,825	29,833
Charge for the year	208	879	7,249	3,903	12,239
	-------	-------	--------	--------	--------
At 31 March 2018	852	3,215	23,277	14,728	42,072
	-------	-------	--------	--------	--------
Carrying amount
At 31 March 2018	621	4,982	21,748	4,911	32,262
	-------	-------	--------	--------	--------
At 31 March 2017	829	4,534	28,997	4,905	39,265
	-------	-------	--------	--------	--------

6. INVESTMENTS

	Shares in group undertakings
	£
Cost
At 1 April 2017 and 31 March 2018	121
	----
Impairment
At 1 April 2017 and 31 March 2018	–
	----

Carrying amount
At 31 March 2018	121
	----
At 31 March 2017	121
	----

7. DEBTORS

	2018	2017
	£	£
Trade debtors	521	–
Amounts owed by group undertakings and undertakings in which the company has a participating interest	349,362	231,646
Other debtors	3,717	3,624
	---------	---------
	353,600	235,270
	---------	---------

8. CREDITORS: amounts falling due within one year

	2018	2017
	£	£
Trade creditors	23,015	13,994
Social security and other taxes	12,063	13,440
Other creditors	338,764	335,880
	---------	---------
	373,842	363,314
	---------	---------

Included within other creditors are amounts totalling £336,787 (2017 - £331,972) relating to hire purchase agreements and directors advances which are secured by the company.

9. CREDITORS: amounts falling due after more than one year

	2018	2017
	£	£
Other creditors	8,235	22,320
	-------	--------

Included within other creditors are amounts totalling £8,235 (2017 - £22,320) relating to hire purchase agreements which are secured by the company.

10. OPERATING LEASES

The total future minimum lease payments under non-cancellable operating leases are as follows:

	2018	2017
	£	£
Not later than 1 year	4,500	–
Later than 1 year and not later than 5 years	–	12,648
	-------	--------
	4,500	12,648
	-------	--------

11. RELATED PARTY TRANSACTIONS

During the year the company undertook the following transactions with related parties: The directors have advanced monies to the company on an interest free basis. At 31 March 2018 the amount due from the company was £322,702 (2017 £326,882). This loan is secured by debenture. As a holding company of wholly owned subsidiaries, the company is exempt from the requirements to disclose transactions with members of the group.

12. GOING CONCERN

The directors have considered the period to 31 December 2019 when assessing the company's ability to continue as a going concern. It is believed that the company will be able to satisfy its liabilities as these become payable.