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COMPANY REGISTRATION NUMBER: 03794609
IDEV Limited
Filleted Unaudited Financial Statements
30 June 2023
IDEV Limited
Financial Statements
Year ended 30 June 2023
Contents
Page
Statement of financial position
1
Notes to the financial statements
3
IDEV Limited
Statement of Financial Position
30 June 2023
2023
2022
Note
£
£
£
£
Fixed assets
Tangible assets
5
3,762
3,129
Current assets
Debtors
6
20,880
26,206
Cash at bank and in hand
33,977
28,383
--------
--------
54,857
54,589
Creditors: amounts falling due within one year
7
9,693
7,029
--------
--------
Net current assets
45,164
47,560
--------
--------
Total assets less current liabilities
48,926
50,689
--------
--------
Net assets
48,926
50,689
--------
--------
Capital and reserves
Called up share capital
200
200
Profit and loss account
48,726
50,489
--------
--------
Shareholders funds
48,926
50,689
--------
--------
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 30 June 2023 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 .
IDEV Limited
Statement of Financial Position (continued)
30 June 2023
These financial statements were approved by the board of directors and authorised for issue on 23 February 2024 , and are signed on behalf of the board by:
D J Donald
A A Gent
Director
Director
Company registration number: 03794609
IDEV Limited
Notes to the Financial Statements
Year ended 30 June 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 1st Floor, 59 New Street, Chelmsford, Essex, CM1 1NE.
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
The turnover shown in the profit and loss account represents amounts invoiced during the year, exclusive 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. 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.
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:
Computer Equipment
-
33% straight line
Furniture
-
20% straight line
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.
Financial instruments
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either 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.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 3 (2022: 3 ).
5. Tangible assets
Plant and machinery
Fixtures and fittings
Total
£
£
£
Cost
At 1 July 2022
4,444
1,570
6,014
Additions
1,625
170
1,795
Disposals
( 1,789)
( 238)
( 2,027)
-------
-------
-------
At 30 June 2023
4,280
1,502
5,782
-------
-------
-------
Depreciation
At 1 July 2022
2,356
529
2,885
Charge for the year
1,099
63
1,162
Disposals
( 1,789)
( 238)
( 2,027)
-------
-------
-------
At 30 June 2023
1,666
354
2,020
-------
-------
-------
Carrying amount
At 30 June 2023
2,614
1,148
3,762
-------
-------
-------
At 30 June 2022
2,088
1,041
3,129
-------
-------
-------
6. Debtors
2023
2022
£
£
Trade debtors
18,861
23,287
Prepayments and accrued income
1,789
1,785
Other debtors
230
1,134
--------
--------
20,880
26,206
--------
--------
7. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
99
131
Accruals and deferred income
1,500
1,700
Corporation tax
5,217
3,985
Social security and other taxes
2,877
1,213
-------
-------
9,693
7,029
-------
-------