Devere Connect Limited |
Notes to the Accounts |
for the period from 6 February 2023 to 28 February 2024 |
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1 |
Accounting policies |
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Basis of preparation |
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The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
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Turnover |
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Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rendering of services. Turnover from the rendering of services primarily relates to the provision of administrative services to accountancy firms on a contingency fee basis, turnover is recognised only when there is a guaranteed recovery and when the value of the revenue can be reliabily estimated. |
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Work in progress |
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Work in progress is measured under UITF40 and is recognised where it fee income is known to be realised, and it is possible to measure with a reasonable level of accuracy. |
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Debtors |
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Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
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Creditors |
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Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
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Taxation |
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A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted. |
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Provisions |
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Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
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2 |
Employees |
2024 |
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Number |
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Average number of persons employed by the company |
3 |
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3 |
Debtors |
2024 |
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£ |
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Trade debtors |
295 |
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Prepayments |
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6,745 |
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Other debtors |
3,400 |
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10,440 |
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Debtors include work in progress valued under UITF40. |
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4 |
Creditors: amounts falling due within one year |
2024 |
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£ |
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Trade creditors |
15,283 |
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Taxation and social security costs |
11,569 |
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Accruals |
780 |
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Other creditors |
160,000 |
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187,632 |
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5 |
Controlling party |
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The company is controlled by Ms S Patel by virtue of her 100% shareholding. |
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6 |
Going concern |
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The company was insolvent as at the balance sheet date. The director intends to continue to support the company therefore the accounts are prepared on a going concern basis. |
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7 |
Other information |
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Devere Connect Limited is a private company limited by shares and incorporated in England. Its registered office is: |
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120 Bark Street |
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Bolton |
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BL1 2AX |