Caseware UK (AP4) 2023.0.135 2023.0.135 2024-08-312024-08-312024-03-10falseNo description of principal activity1falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 14722607 2024-03-09 14722607 2024-03-10 2024-08-31 14722607 2023-03-10 1900-03-01 14722607 2024-08-31 14722607 c:Director1 2024-03-10 2024-08-31 14722607 d:PlantMachinery 2024-03-10 2024-08-31 14722607 d:PlantMachinery 2024-08-31 14722607 d:PlantMachinery d:OwnedOrFreeholdAssets 2024-03-10 2024-08-31 14722607 d:OfficeEquipment 2024-03-10 2024-08-31 14722607 d:OfficeEquipment 2024-08-31 14722607 d:OfficeEquipment d:OwnedOrFreeholdAssets 2024-03-10 2024-08-31 14722607 d:ComputerEquipment 2024-03-10 2024-08-31 14722607 d:ComputerEquipment 2024-08-31 14722607 d:ComputerEquipment d:OwnedOrFreeholdAssets 2024-03-10 2024-08-31 14722607 d:OwnedOrFreeholdAssets 2024-03-10 2024-08-31 14722607 d:CurrentFinancialInstruments 2024-08-31 14722607 d:Non-currentFinancialInstruments 2024-08-31 14722607 d:CurrentFinancialInstruments d:WithinOneYear 2024-08-31 14722607 d:Non-currentFinancialInstruments d:AfterOneYear 2024-08-31 14722607 d:Non-currentFinancialInstruments d:MoreThanFiveYears 2024-08-31 14722607 d:ShareCapital 2024-08-31 14722607 d:RetainedEarningsAccumulatedLosses 2024-08-31 14722607 d:AcceleratedTaxDepreciationDeferredTax 2024-08-31 14722607 c:OrdinaryShareClass1 2024-03-10 2024-08-31 14722607 c:OrdinaryShareClass1 2024-08-31 14722607 c:FRS102 2024-03-10 2024-08-31 14722607 c:AuditExempt-NoAccountantsReport 2024-03-10 2024-08-31 14722607 c:FullAccounts 2024-03-10 2024-08-31 14722607 c:PrivateLimitedCompanyLtd 2024-03-10 2024-08-31 14722607 2 2024-03-10 2024-08-31 14722607 e:PoundSterling 2024-03-10 2024-08-31 iso4217:GBP xbrli:shares xbrli:pure

Registered number: 14722607










DEV TEAM LTD








UNAUDITED

FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 AUGUST 2024

 
DEV TEAM LTD
REGISTERED NUMBER: 14722607

STATEMENT OF FINANCIAL POSITION
AS AT 31 AUGUST 2024

2024
Note
£

Fixed assets
  

Tangible assets
 4 
142,307

  
142,307

Current assets
  

Debtors: amounts falling due within one year
 5 
643,042

Cash at bank and in hand
 6 
27,531

  
670,573

Creditors: amounts falling due within one year
 7 
(146,726)

Net current assets
  
 
 
523,847

Total assets less current liabilities
  
666,154

Creditors: amounts falling due after more than one year
 8 
(597,259)

Provisions for liabilities
  

Deferred tax
 10 
(35,577)

  
 
 
(35,577)

Net assets
  
33,318


Capital and reserves
  

Called up share capital 
 11 
1

Profit and loss account
  
33,317

  
33,318


Page 1

 
DEV TEAM LTD
REGISTERED NUMBER: 14722607
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 AUGUST 2024

The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the period in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




F C Mangu
Director

Date: 28 November 2024

The notes on pages 3 to 11 form part of these financial statements.

Page 2

 
DEV TEAM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

1.


General information

Dev Team Ltd is a private company limited by shares, incorporated in England and Wales, the company registration number is 14722607. The registered office address is 6th Floor, 2 London Wall Place, London, EC2Y 5AU.
The accounts was prepared for the period from 10 March 2023 to 31 August 2024.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company's functional and presentational currency is GBP, rounded to the nearest £1.

The following principal accounting policies have been applied:

 
2.2

Foreign currency, including cryptocurrency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Page 3

 
DEV TEAM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Sale of goods

Revenue from the sale of goods is recognised when all of the following conditions are satisfied:
the Company has transferred the significant risks and rewards of ownership to the buyer;
the Company retains neither continuing managerial involvement to the degree usually associated with ownership nor effective control over the goods sold;
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the transaction; and
the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the period in which they are incurred.

Page 4

 
DEV TEAM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.7

Current and deferred taxation

The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.8

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Plant and machinery
-
20%
straight line
Office equipment
-
20%
straight line
Computer equipment
-
20%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 5

 
DEV TEAM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.12

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

Page 6

 
DEV TEAM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Page 7

 
DEV TEAM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

2.Accounting policies (continued)


2.13
Financial instruments (continued)

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.


3.


Employees

The average monthly number of employees, including directors, during the period was 1.


4.


Tangible fixed assets





Plant and machinery
Office equipment
Computer equipment
Total

£
£
£
£



Cost or valuation


Additions
137,774
1,483
4,090
143,347



At 31 August 2024

137,774
1,483
4,090
143,347



Depreciation


Charge for the period
1,040
-
-
1,040



At 31 August 2024

1,040
-
-
1,040



Net book value



At 31 August 2024
136,734
1,483
4,090
142,307

Page 8

 
DEV TEAM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

5.


Debtors

2024
£


Trade debtors
318,622

Amounts owed by group undertakings
13,569

Prepayments and accrued income
310,851

643,042



6.


Cash and cash equivalents

2024
£

Cash at bank and in hand
27,531



7.


Creditors: Amounts falling due within one year

2024
£

Trade creditors
56,665

Amounts owed to group undertakings
504

Other taxation and social security
1,199

Other creditors
18,243

Accruals and deferred income
70,115

146,726



8.


Creditors: Amounts falling due after more than one year

2024
£

Other loans
597,259


Page 9

 
DEV TEAM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

9.


Loans


Analysis of the maturity of loans is given below:


2024
£

Amounts falling due after more than 5 years

Other loans
597,259



10.


Deferred taxation



2024


£






Charged to profit or loss
(35,577)



At end of year
(35,577)

The deferred taxation balance is made up as follows:

2024
£


Accelerated capital allowances
(35,577)


11.


Share capital

2024
£
Allotted, called up and fully paid


100 Ordinary shares shares of £0.01 each
1


During the current period, 100 ordinary shares of £0.01 each were issued and fully paid.


12.


Related party transactions

The company has taken advantage of the exemption available of Financial Reporting Standard 102 Section 33 whereby it has not disclosed transactions with any wholly owned subsidiaries of WIF Enterprise Limited. 

Page 10

 
DEV TEAM LTD
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 AUGUST 2024

13.


Parent entity

The controlling party is WIF Enterprise Limited. The company is a wholly owned subsidiary of WIF Enterprise Limited, the parent entity, incorporated in England and Wales.

 
Page 11