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Registered number: 07313256
Da Vinchi Developments Ltd
Financial Statements
For The Year Ended 31 July 2024
TaxAssist Accountants
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—5
Page 1
Balance Sheet
Registered number: 07313256
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 7,548 8,489
7,548 8,489
CURRENT ASSETS
Debtors 5 40,810 85,043
40,810 85,043
Creditors: Amounts Falling Due Within One Year 6 (276,878 ) (254,344 )
NET CURRENT ASSETS (LIABILITIES) (236,068 ) (169,301 )
TOTAL ASSETS LESS CURRENT LIABILITIES (228,520 ) (160,812 )
Creditors: Amounts Falling Due After More Than One Year 7 (65,000 ) (65,000 )
PROVISIONS FOR LIABILITIES
Deferred Taxation 8 (1,887 ) (1,613 )
NET LIABILITIES (295,407 ) (227,425 )
CAPITAL AND RESERVES
Called up share capital 9 100 100
Profit and Loss Account (295,507 ) (227,525 )
SHAREHOLDERS' FUNDS (295,407) (227,425)
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For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Alexey Pilipchuk
Director
12/03/2025
The notes on pages 3 to 5 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
Da Vinchi Developments Ltd is a private company, limited by shares, incorporated in England & Wales, registered number 07313256 . The registered office is 48 Guildford Road, Aldershot, Hampshire, GU12 4BP.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Turnover
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 sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Plant & Machinery 25% reducing balance
Computer Equipment 25% reducing balance
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
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2.6. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 1 (2023: 1)
1 1
4. Tangible Assets
Plant & Machinery Computer Equipment Total
£ £ £
Cost
As at 1 August 2023 51,617 3,618 55,235
Additions 1,244 - 1,244
As at 31 July 2024 52,861 3,618 56,479
Depreciation
As at 1 August 2023 44,238 2,508 46,746
Provided during the period 1,908 277 2,185
As at 31 July 2024 46,146 2,785 48,931
Net Book Value
As at 31 July 2024 6,715 833 7,548
As at 1 August 2023 7,379 1,110 8,489
5. Debtors
2024 2023
£ £
Due within one year
Trade debtors (17,026 ) 15,677
Prepayments and accrued income 52,903 69,366
Director's loan account 4,933 -
40,810 85,043
6. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 66,307 90,290
Bank loans and overdrafts 5,876 38,680
Other taxes and social security 102,188 15,803
VAT 88,147 35,186
Net wages 758 -
Other creditors 12,984 13,624
Accruals and deferred income 618 501
Director's loan account - 60,260
276,878 254,344
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7. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 65,000 65,000
8. Deferred Taxation
The provision for deferred tax is made up as follows:
2024 2023
£ £
Other timing differences 1,887 1,613
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 100 100
10. Pension Commitments
The company operates a defined contribution pension scheme for it's employees. The assets of the scheme are held separately from those of the company in an independently administered fund. At the balance sheet date, all contributions were paid up for the period.
11. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans from the company to the directors:
As at 1 August 2023 Amounts advanced Amounts repaid Amounts written off As at 31 July 2024
£ £ £ £ £
Mr Alexey Pilipchuk 60,260 65,193 60,260 - 4,933
The above loan is unsecured, interest free and has no set repayment date.
This loan was fully repaid within nine months and one day after the accounting period on the 1st August 2024.
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