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

DEVELOPING SYSTEMS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: 03032069

Developing Systems Limited

Filleted Unaudited Financial Statements

31 March 2021

Developing Systems Limited

Financial Statements

Year ended 31 March 2021

Contents	Page

Officers and professional advisers	1

Accountants report to the board of directors on the preparation of the unaudited statutory financial statements	2

Statement of financial position	3

Notes to the financial statements	5

Developing Systems Limited

Officers and Professional Advisers

The board of directors	Nasreen Yazdani
	Naidah Yazdani
	Naison Yazdani

Company secretary	Naidah Yazdani

Registered office	Glenview
	6 Glen Road
	Eldwick
	Bingley
	BD16 3ET

Accountants	Burlinson Shaw & Co
	Accountants
	21 Henrietta Street
	Batley
	West Yorkshire
	WF17 5DN

Developing Systems Limited

Accountants Report to the Board of Directors on the Preparation of the Unaudited Statutory Financial Statements of Developing Systems Limited

Year ended 31 March 2021

As described on the statement of financial position, the directors of the company are responsible for the preparation of the financial statements for the year ended 31 March 2021, which comprise the 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 financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and from information and explanations supplied to us.

Burlinson Shaw & Co Accountants

21 Henrietta Street Batley West Yorkshire WF17 5DN

14 December 2021

Developing Systems Limited

Statement of Financial Position

31 March 2021

	2021		2020
Note	£	£	£

Fixed assets

Tangible assets	5		667,348	667,409

Current assets

Debtors	6	865	761
Cash at bank and in hand		33,175	25,013
		--------	--------
		34,040	25,774

Creditors: amounts falling due within one year	7	28,859		27,716
		--------		--------
Net current assets/(liabilities)			5,181	( 1,942)
			---------	---------
Total assets less current liabilities			672,529	665,467

Creditors: amounts falling due after more than one year	8		248,484	258,242

Provisions

Taxation including deferred tax	11,685	11,697
	---------	---------
Net assets	412,360	395,528
	---------	---------

Developing Systems Limited

Statement of Financial Position (continued)

31 March 2021

	2021		2020
Note	£	£	£

Capital and reserves

Called up share capital	20	20
Other reserves	214,864	214,864
Profit and loss account	197,476	180,644
	---------	---------
Shareholders funds	412,360	395,528
	---------	---------

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 year 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 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 .

These financial statements were approved by the board of directors and authorised for issue on 14 December 2021 , and are signed on behalf of the board by:

Naison Yazdani

Director

Company registration number: 03032069

Developing Systems Limited

Notes to the Financial Statements

Year ended 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 Glenview, 6 Glen Road, Eldwick, Bingley, BD16 3ET.

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.

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.

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. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

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:

	Fixtures and fittings	-	15% reducing balance

Investment property

Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is included at fair value. Gains are recognised in the income statement. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold. Gains less deferred taxation are taken to the non-distributable Fair Value Reserve

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. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

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.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2020: 1 ).

5. Tangible assets

	Land and buildings	Fixtures and fittings	Total
	£	£	£
Cost
At 1 April 2020 and 31 March 2021	667,000	12,333	679,333
	---------	--------	---------
Depreciation
At 1 April 2020	–	11,924	11,924
Charge for the year	–	61	61
	---------	--------	---------
At 31 March 2021	–	11,985	11,985
	---------	--------	---------
Carrying amount
At 31 March 2021	667,000	348	667,348
	---------	--------	---------
At 31 March 2020	667,000	409	667,409
	---------	--------	---------

Investment property is revalued annually by the directors, and is included in the financial statements at fair value. The historical cost of the investment properties is £440,518 (2019 £440,518).

6. Debtors

	2021	2020
	£	£
Other debtors	865	761
	----	----

7. Creditors: amounts falling due within one year

	2021	2020
	£	£
Bank loans and overdrafts	9,687	9,231
Corporation tax	3,931	2,972
Social security and other taxes	227	354
Other creditors	15,014	15,159
	--------	--------
	28,859	27,716
	--------	--------

Bank loans and overdrafts are secured on investment properties.

8. Creditors: amounts falling due after more than one year

	2021	2020
	£	£
Bank loans and overdrafts	248,484	258,242
	---------	---------

Included within creditors: amounts falling due after more than one year is an amount of £Nil (2020: £3,300) in respect of liabilities payable or repayable by instalments which fall due for payment after more than five years from the reporting date.

Included within creditors: amounts falling due after more than one year is an amount of £227,590 (2020: £227,599) in respect of liabilities payable or repayable otherwise than by instalments which fall due for payment after more than five years from the reporting date.

Bank loans and overdrafts are secured on investment properties.