Company Registration No. 06388309 (England and Wales)
DEVOTE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
PAGES FOR FILING WITH REGISTRAR
DEVOTE LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 8
DEVOTE LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 DECEMBER 2017
31 December 2017
2017
2016
Notes
£
£
£
£
Non-current assets
Property, plant and equipment
4
6,279
3,953
Current assets
Trade and other receivables
5
407,290
253,992
Cash and cash equivalents
241,391
219,412
648,681
473,404
Current liabilities
6
(140,564)
(124,016)
Net current assets
508,117
349,388
Total assets less current liabilities
514,396
353,341
Provisions for liabilities
7
(1,256)
(791)
Net assets
513,140
352,550
Equity
Called up share capital
8
1,000
1,000
Retained earnings
512,140
351,550
Total equity
513,140
352,550
The directors of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 December 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
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DEVOTE LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 DECEMBER 2017
31 December 2017
The financial statements were approved by the board of directors and authorised for issue on 12 June 2018 and are signed on its behalf by:
Ms M S Devonshire
Mr C H Pote
Director
Director
Company Registration No. 06388309
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DEVOTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
Company information
Devote Limited is a
private company
limited
by shares
domiciled and incorporated in England and Wales
.
The registered office is
Priory House, Pilgrims Court, Sydenham Road, Guildford, Surrey, GU1 3RX.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Revenue
Turnover represents amounts receivable for services net of VAT.
1.3
Property, plant and equipment
Property, plant and equipment
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Fixtures, fittings & equipment
25% reducing balance
Computer equipment
33.3% straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
1.4
Impairment of non-current assets
At each reporting end date, the
company
reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the
company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
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DEVOTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
1.6
Financial instruments
- 4 -
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest
method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
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 company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including trade and other payables are
initially recognised at transaction price unless the arrangement constitutes a
financing transaction, where the debt instrument is measured at the present value of
the future receipts discounted at a market rate of interest.
Debt instruments are subsequently carried at amortised cost, using the effective
interest rate method.
Trade payables 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 payment is due within one year or less. If not, they are presented
as non-current liabilities. Trade payables are recognised initially at transaction price
and subsequently measured at amortised cost using the effective interest method.
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 company after deducting all of its liabilities.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs
.
Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
DEVOTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
1
Accounting policies
(Continued)
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The
company’s
liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.11
Retirement benefits
The company contributes to separately administered defined contribution schemes for its directors. Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due and do not form part of the company's assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was: 4 (2016: 4
).
3
Directors' remuneration
2017
2016
£
£
Remuneration paid to directors
150,448
167,936
The number of directors for whom retirement benefits are accruing under defined contribution schemes amounted to 4 (2016 - 4
).
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DEVOTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
4
Property, plant and equipment
Plant and machinery etc
£
Cost
At 1 January 2017
19,687
Additions
3,689
At 31 December 2017
23,376
Depreciation and impairment
At 1 January 2017
15,734
Depreciation charged in the year
1,363
At 31 December 2017
17,097
Carrying amount
At 31 December 2017
6,279
At 31 December 2016
3,953
5
Trade and other receivables
2017
2016
Amounts falling due within one year:
£
£
Trade receivables
397,746
242,597
Other receivables
9,544
11,395
407,290
253,992
6
Current liabilities
2017
2016
£
£
Bank loans and overdrafts
-
521
Trade payables
-
399
Corporation tax
78,797
70,544
Other taxation and social security
45,581
44,238
Other payables
16,186
8,314
140,564
124,016
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DEVOTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
7
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2017
2016
Balances:
£
£
ACAs
1,256
791
2017
Movements in the year:
£
Liability at 1 January 2017
791
Charge to profit or loss
465
Liability at 31 December 2017
1,256
8
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
250 Ordinary A Shares of £1 each
250
250
250 Ordinary B Shares of £1 each
250
250
250 Ordinary C Shares of £1 each
250
250
250 Ordinary D Shares of £1 each
250
250
1,000
1,000
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DEVOTE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2017
9
Directors' transactions
Dividends were paid in the year in respect of shares held by the company's directors as follows;
Ms M S Devonshire
£62,000 (2016 - £51,200
)
Mr N Gartrell
£60,000 (2016 - £51,200
)
Mr C H Pote
£66,100 (2016 - £53,200
)
Mrs J A Pote
£56,900 (2016 - £49,200
)
The directors had balances on their loan accounts with the company as below. No interest is payable to the company in respect of these loans.
Description
2017
2016
Maximum balance owed to company
£
£
£
Ms M S Devonshire
(3,270)
119
2,116
Mr N Gartrell
(3,274)
(3,520)
-
Mr C H Pote
(3,326)
486
1,898
Mrs J A Pote
(1,896)
863
2,104
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