Devtech Limited - Period Ending 2016-12-31

Registration number: 08409744

Devtech Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 31 December 2016

Devtech Limited

(Registration number: 08409744)
Balance Sheet as at 31 December 2016

	Note	2016  £	2015  £
Fixed assets
Tangible assets	4	5,874	5,747
Investments	5	1	1
		5,875	5,748
Current assets
Debtors	6	121,437	138,052
Cash at bank and in hand		36,673	79,107
		158,110	217,159
Creditors: Amounts falling due within one year	7	(37,587)	(106,997)
Net current assets		120,523	110,162
Total assets less current liabilities		126,398	115,910
Deferred tax liabilities		(999)	(1,034)
Net assets		125,399	114,876
Capital and reserves
Called up share capital		100	100
Profit and loss account		125,299	114,776
Total equity		125,399	114,876

For the financial year ending 31 December 2016 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 8 November 2017
 

M Milic

Director

The notes on pages 2 to 7 form an integral part of these financial statements.
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Devtech Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

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:
1 Fore Street
London
EC2Y 5EJ

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 except for, where disclosed in these accounting policies, certain items that are shown at fair value.

The presentational currency of the financial statements is Pounds Sterling, being the functional currency of the primary economic environment in which the company operates. Monetary amounts in these financial statements are rounded to the nearest Pound.

Judgements and estimation uncertainty

These financial statements do not contain any significant judgements or estimation uncertainty.

Foreign currency transactions and balances

Transactions in foreign currencies are initially recorded at the functional currency rate prevailing at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are retranslated into the respective functional currency of the entity at the rates prevailing on the reporting period date. Non-monetary items carried at fair value that are denominated in foreign currencies are retranslated at the rates prevailing on the initial transaction dates.

Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.

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
Office equipment	33.3% straight line

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Devtech Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Investments

Investments in equity shares which are publicly traded or where the fair value can be measured reliably are initially measured at fair value, with changes in fair value recognised in profit or loss. Investments in equity shares which are not publicly traded and where fair value cannot be measured reliably are measured at cost less impairment.


Interest income on debt securities, where applicable, is recognised in income using the effective interest method. Dividends on equity securities are recognised in income when receivable.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. All trade debtors are repayable within one year and hence are included at the undiscounted cost of cash expected to be received. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the debtors.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and all are repayable within one year and hence are included at the undiscounted amount of cash expected to be paid.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

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Devtech Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

Financial instruments

Classification
Financial instruments are classified and accounted for according to the substance of the contractual arrangement, as financial assets, financial liabilities or equity instruments. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities. Where shares are issued, any component that creates a financial liability of the company is presented as a liability on the balance sheet. The corresponding dividends relating to the liability component are charged as interest expenses in the profit and loss account.

 Recognition and measurement
All financial assets and liabilities are initially measured at transaction price (including transaction costs), except for those financial assets classified as at fair value through profit or loss, which are initially measured at fair value (which is normally the transaction price excluding transaction costs), unless the arrangement constitutes a financing transaction. If an arrangement constitutes a financing transaction, the financial asset or financial liability is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 Impairment
Assets, other than those measured at fair value, are assessed for indicators of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss as described below.

A non financial asset is impaired where there is objective evidence that, as a result of one or more events that occurred after initial recognition, the estimated recoverable value of the asset has been reduced. The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use.
 

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was as follows:

	2016  No.	2015  No.
Average number of employees	2	2

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Devtech Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

4

Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost
At 1 January 2016	9,769	9,769
Additions	3,507	3,507
At 31 December 2016	13,276	13,276
Depreciation
At 1 January 2016	4,022	4,022
Charge for the year	3,380	3,380
At 31 December 2016	7,402	7,402
Carrying amount
At 31 December 2016	5,874	5,874
At 31 December 2015	5,747	5,747

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Devtech Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

5

Investments

	2016 £	2015 £
Investments in subsidiaries	1	1

Subsidiaries	£
Cost
At 1 January 2016	1
At 31 December 2016	1
Carrying amount
At 31 December 2016	1
At 31 December 2015	1

Details of undertakings

Details of the investments (including principal place of business of unincorporated entities) in which the company holds 20% or more of the nominal value of any class of share capital are as follows:

Undertaking	Registered office	Holding	Proportion of voting rights and shares held
			2016	2015
Subsidiary undertakings
Devtech d.o.o.	Serbia	Ordinary shares	100%	100%

The principal activity of Devtech d.o.o. is IT Services

The profit for the financial period of Devtech d.o.o. was £86,773 and the aggregate amount of capital and reserves at the end of the period was £296,739.

6

Debtors

	2016  £	2015  £
Trade debtors	102,683	125,640
Other debtors	8,487	9,734
Prepayments	10,267	2,678
	121,437	138,052

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Devtech Limited

Notes to the Financial Statements for the Year Ended 31 December 2016

7

Creditors

	2016  £	2015  £
Due within one year
Trade creditors	16,449	57,887
Social security and other taxes	10,530	39,872
Other creditors	-	783
Accrued expenses	2,222	4,338
Corporation tax liability	8,386	4,117
	37,587	106,997

8

Related party transactions

Summary of transactions with subsidiaries

During the year, Devtech Limited made sales to Devtech d.o.o. of £529,931 (2015: £856,625). At 31 December 2016, Devtech d.o.o. owed Devtech Limited £66,918 (2015: £92,396) for services purchased during the year.

9

Transition to FRS 102

This is the first period that the company has presented its financial statements under Financial Reporting Standard 102 (FRS102) issued by the Financial Reporting Council. The latest financial statements under previous UK GAAP were for the period from 1 January 2015 to 31 December 2015 and the date of transition to FRS102 was therefore 1 January 2015. There are no transitional adjustments as a result of adopting FRS102 for the first time.

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