Registration number:
for the
Year Ended
Devtech Limited
(Registration number: 08409744)
Balance Sheet as at 31 December 2022
Note |
2022 |
2021 |
|
Fixed assets |
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Tangible assets |
|
|
|
Investments |
|
|
|
|
|
||
Current assets |
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Debtors |
|
|
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
( |
|
Creditors: Amounts falling due after more than one year |
( |
- |
|
Net liabilities |
( |
( |
|
Capital and reserves |
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Called up share capital |
101 |
101 |
|
Share premium reserve |
118 |
118 |
|
Profit and loss account |
(248,919) |
(207,022) |
|
Shareholders' deficit |
(248,700) |
(206,803) |
For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
• |
|
• |
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
Devtech Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
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.
Going concern
After reviewing the company's forecasts and projections, the directors have a reasonable expectation that the group and company, which will be supported by other members of the group, have adequate resources to continue in operational existence for the foreseeable future. For this reason, the directors continue to adopt the going concern basis in preparing the group and company annual financial statements.
Judgements and key sources of estimation uncertainty
No significant judgements or key sources of estimation uncertainty have been made by management in preparing these financial statements. |
Revenue recognition
Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts and after eliminating sales within the company.
The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.
Foreign currency transactions and balances
Non-monetary items measured in terms of historical cost in a foreign currency are not retranslated.
Devtech Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
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 |
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.
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Devtech Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Defined contribution pension obligation
A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.
Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.
Financial instruments
Classification
Recognition and measurement
Impairment
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Tangible assets |
Furniture, fittings and equipment |
|
Cost |
|
At 1 January 2022 |
|
Additions |
|
At 31 December 2022 |
|
Depreciation |
|
At 1 January 2022 |
|
Charge for the year |
|
At 31 December 2022 |
|
Carrying amount |
|
At 31 December 2022 |
|
At 31 December 2021 |
|
Devtech Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Investments |
2022 |
2021 |
|
Investments in subsidiaries |
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|
Investments in associates |
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Subsidiaries |
£ |
Cost |
|
At 1 January 2022 |
|
Revaluation |
|
Additions |
|
At 31 December 2022 |
|
Provision |
|
Carrying amount |
|
At 31 December 2022 |
|
At 31 December 2021 |
|
Associates |
£ |
Cost |
|
At 1 January 2022 |
|
Provision |
|
Carrying amount |
|
At 31 December 2022 |
|
At 31 December 2021 |
|
During the year, Devtech Limited invested £nil (2021: a further £50,459) in Matter 365 Inc.
This total investment in Matter 365 Inc. at 31 December 2022 was £1,128,671 (2021: £1,128,671).
At 31 December 2022, the investment in Matter 365 Inc. was deemed to be valued at cost.
Devtech Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
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 |
|
2022 |
2021 |
Subsidiary undertakings |
||||
|
Bulevar Mihajla Pupina
|
Ordinary shares |
|
|
|
Citypoint
|
Ordinary shares |
|
|
|
8 The Green,
|
Ordinary shares |
|
|
USA |
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|
Sime Šolaje 1 Banja Luka
|
Ordinary shares |
|
|
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Jordan Hadzikonstantinov-Dzinot 3, 1000 Skopje, Republic of North Macedonia |
Ordinary shares |
|
|
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Josifa Marinkovica 20,
|
Ordinary shares |
|
|
Serbia |
Associates |
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9 Hearthstone Cres,
|
711,795 Common Shares held at par price of £0.0001 per share |
|
|
Debtors |
Note |
2022 |
2021 |
|
Trade debtors |
|
|
|
Amounts owed by related parties |
|
|
|
Other debtors |
|
|
|
Prepayments |
|
|
|
|
|
Devtech Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Creditors |
2022 |
2021 |
|
Due within one year |
||
Loans and borrowings |
|
- |
Trade creditors |
|
|
Amounts due to related parties |
|
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Social security and other taxes |
- |
|
Outstanding defined contribution pension costs |
|
- |
Other creditors |
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Accrued expenses |
|
|
|
|
Note |
2022 |
2021 |
|
Due after one year |
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Loans and borrowings |
|
- |
Loans and borrowings |
2022 |
2021 |
|
Current loans and borrowings |
||
Other borrowings |
|
- |
2022 |
2021 |
|
Non-current loans and borrowings |
||
Other borrowings |
|
- |
Loans and borrowings are secured by fixed and floating charges over the assets and liabilities of the company in favour of Claret European Speciality Lending Company III, Sarl. The loan is repayable in monthly installements and interest is charged at 11% per annum plus EURIBOR.
Devtech Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022
Related party transactions |
Summary of transactions with subsidiaries
During the year, Devtech Limited made sales to Devtech International LLC of £nil (2021: £nil), purchased services from Devtech International of £30,008 (2021: £276,768). At 31 December 2022, Devtech Limited owed Devtech International LLC £318,336 (2021: £336,474) for services purchased during the year.
At 31 December 2022, Devtech RS owed Devtech Limited £21,164 (2021: £nil) in relation to amounts loaned between the companies.
Summary of transactions with all associates