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REGISTERED NUMBER: 07676726 (England and Wales)
















Develop Group Ltd

Unaudited Financial Statements

for the Year Ended 31st March 2024






Develop Group Ltd (Registered number: 07676726)






Contents of the Financial Statements
for the Year Ended 31st March 2024




Page

Company Information 1

Statement of Financial Position 2

Notes to the Financial Statements 4


Develop Group Ltd

Company Information
for the Year Ended 31st March 2024







Directors: Mr K M Hammond
Mr J Tait





Registered office: Fig Flex
4th Floor
18 King William Street
London
EC4N 7BP





Registered number: 07676726 (England and Wales)





Accountants: Wilson Stevens
Accountants
4th Floor
100 Fenchurch Street
London
EC3M 5JD

Develop Group Ltd (Registered number: 07676726)

Statement of Financial Position
31st March 2024

2024 2023
Notes £    £    £    £   
Fixed assets
Intangible assets 4 3,877 3,670
Tangible assets 5 57,924 80,035
61,801 83,705

Current assets
Debtors 6 1,380,914 1,600,320
Cash at bank 1,135,765 1,294,710
2,516,679 2,895,030
Creditors
Amounts falling due within one year 7 1,326,782 1,288,407
Net current assets 1,189,897 1,606,623
Total assets less current liabilities 1,251,698 1,690,328

Creditors
Amounts falling due after more than one
year

8

(80,000

)

(140,000

)

Provisions for liabilities (15,450 ) (20,641 )
Net assets 1,156,248 1,529,687

Capital and reserves
Called up share capital 10,000 10,000
Capital redemption reserve 53 53
Retained earnings 1,146,195 1,519,634
1,156,248 1,529,687

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

Develop Group Ltd (Registered number: 07676726)

Statement of Financial Position - continued
31st March 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 17th September 2024 and were signed on its behalf by:





Mr J Tait - Director


Develop Group Ltd (Registered number: 07676726)

Notes to the Financial Statements
for the Year Ended 31st March 2024

1. Statutory information

Develop Group Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. Accounting policies

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

Turnover
Revenue represents net invoiced sales of services, excluding value added tax. Revenue is reduced for estimated customer returns, rebates and other similar allowances.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2014, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.
Development costs - 25% reducing balance

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off the cost less estimated residual value of each asset over its estimated useful life.
Improvements to property - Over the life of the lease
Plant and machinery - 25% reducing balance

At each statement of financial position date, the company reviews the carrying amount of its property, plant and equipment to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any.

Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the statement of financial position date.

Deferred tax
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of financial position date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Develop Group Ltd (Registered number: 07676726)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

2. Accounting policies - continued

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. Employees and directors

The average number of employees during the year was 30 (2023 - 50 ) .

4. Intangible fixed assets
Development
Goodwill costs Totals
£    £    £   
Cost
At 1st April 2023 520,500 8,400 528,900
Additions - 1,500 1,500
At 31st March 2024 520,500 9,900 530,400
Amortisation
At 1st April 2023 520,500 4,730 525,230
Amortisation for year - 1,293 1,293
At 31st March 2024 520,500 6,023 526,523
Net book value
At 31st March 2024 - 3,877 3,877
At 31st March 2023 - 3,670 3,670

5. Tangible fixed assets
Improvements
to Plant and
property machinery Totals
£    £    £   
Cost
At 1st April 2023
and 31st March 2024 6,804 125,815 132,619
Depreciation
At 1st April 2023 4,536 48,048 52,584
Charge for year 2,268 19,843 22,111
At 31st March 2024 6,804 67,891 74,695
Net book value
At 31st March 2024 - 57,924 57,924
At 31st March 2023 2,268 77,767 80,035

Develop Group Ltd (Registered number: 07676726)

Notes to the Financial Statements - continued
for the Year Ended 31st March 2024

6. Debtors: amounts falling due within one year
2024 2023
£    £   
Trade debtors 332,532 639,896
Amounts owed by associates 275,718 221,218
Other debtors 772,664 739,206
1,380,914 1,600,320

7. Creditors: amounts falling due within one year
2024 2023
£    £   
Bank loans and overdrafts 143,032 340,849
Trade creditors 470,960 306,235
Taxation and social security 299,026 163,627
Other creditors 413,764 477,696
1,326,782 1,288,407

8. Creditors: amounts falling due after more than one year
2024 2023
£    £   
Bank loans 80,000 140,000

9. Directors' advances, credits and guarantees

The following advances and credits to directors subsisted during the years ended 31st March 2024 and 31st March 2023:

2024 2023
£    £   
Mr K M Hammond
Balance outstanding at start of year (319 ) (425 )
Amounts advanced 160,995 106
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 160,676 (319 )

Mr J Tait
Balance outstanding at start of year (520 ) (2,011 )
Amounts advanced 177,989 1,491
Amounts repaid - -
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 177,469 (520 )