| DEVTODEV UK LTD |
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| Notes to the financial statements for - 31 December 2024 |
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COMPANY INFORMATION |
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| 1. |
Company Information |
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Devtodev UK Ltd is a private limited company incorporated and domiciled in England & Wales. The address of its registered office is 30 Old Bailey, London, EC4M 7AU. |
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| 2. |
Accounting Policies |
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| 2.1 |
Basis of preparation of financial statements |
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The financial statements have been prepared on a going concern basis, under historical cost convention and in accordance with the provisions of FRS 102 Section 1A small entities and the Companies Act 2006. |
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The financial statements have been prepared on the going concern basis in light of the fact that the parent company, (incorporated in USA) will continue to provide financial support to the company for a period in excess of twelve months from the date the audit report is signed. |
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Devtodev UK Ltd's turnover represents amounts charged to the company's parent on an arm's length basis in line with a transfer pricing agreement, and therefore the company is reliant on its parent, Devtodev Ltd. |
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Devtodev UK Ltd believes that the group has adequate funds to support the group for a period in excess of twelve months from the date the audit report is signed. As a result the financial statements are prepared under the going concern basis. |
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The financial statements are presented in sterling (£). |
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The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated. |
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| 2.2 |
Financial instruments |
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The company has chosen to adapt the sections 11 & 12 of FRS 102 in respect of financial instruments: |
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(i) Financial assets |
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Basic financial assets including trade and other receivables and cash and bank balances are initially recognised at transaction price, unless the arrangement constitutes a financial transaction, where the transaction is measured at present value of the future receipts discounted at the market rate of interest. Such assets are subsequently carried at amortised cost using the effective interest method and are assess for objective evidence of impairment at the end of each reporting period. |
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| DEVTODEV UK LTD |
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| Notes to the financial statements for - 31 December 2024 |
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| 2. |
Accounting Policies (continued) |
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(ii) Financial liabilities |
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Basic financial liabilities including trade and other payable are initially recognised at transaction price unless arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future receipts discounted at a market value of interest debt instruments are subsequently carried at amortised costs using the effective interest rate method. |
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| 2.3 |
Related party exemption |
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The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 |
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'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related |
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party transactions with wholly owned subsidiaries within the group. |
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| 2.4 |
Turnover |
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Turnover represents net invoiced services, excluding VAT. |
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| 2.5 |
Revenue Recognition |
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Revenue is measured at the fair value of the consideration received or receivable for services |
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rendered during the year. |
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Revenue is calculated on an arm's length basis, charged to the parent company. |
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Revenue is recognised at the earliest time: Either when the invoice is raised or by the end of the year. |
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| 2.6 |
Debtors |
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Short term debtors that includes trade and other receivables are measured at transaction price, less any impairment. |
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| 2.7 |
Tangible fixed assets |
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Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |
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Plant and machinery etc. - Straight line over 3 years |
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Computer and software - Straight line over 3 years |
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| 2.8 |
Creditors |
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Basic financial liabilities including trade and other payable are measured at transaction price. |
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| 2.9 |
Current & deferred taxation |
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Deferred taxation is provided using the liability method to take into account timing differences arising from the inclusion of items of expenditure in taxation computations in periods that differ from those in which they are included in the financial statements to the extent that it is probably that an or assets will crystallize in the future. |
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Provision for deferred taxation is set off against debit balance of deferred taxation. |
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The current income tax charged is calculated on the basis of the tax rate and laws that have been enacted or substantially enacted by the reporting date in the countries where the company operated and generates income. |
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| DEVTODEV UK LTD |
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| Notes to the financial statements for - 31 December 2024 |
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| 2. |
Accounting Policies (continued) |
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| 2.10 |
Foreign currencies |
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Monetary assets and liabilities in foreign currencies are translated into Sterling at the rate of exchange ruling at the Balance Sheet date. Transactions in Foreign currencies are translated into Sterling at the rate of exchange ruling at the date of the transaction. |
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| 3. |
Employee information |
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2024 |
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Average number of employees during the period |
0 |
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| 4. |
Directors emoluments |
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No remunerations were paid to the director during the period. |
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| 5. |
Debtors |
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31.12.2024 |
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£ |
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Trade debtors |
13,400 |
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13,400 |
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| 6. |
Creditors: amounts falling due within one year |
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31.12.2024 |
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£ |
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Group company |
43,846 |
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Trade creditors |
55 |
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Corporation tax |
82 |
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Other creditors and accruals |
6,000 |
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49,983 |
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| 7. |
Share capital |
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31.12.2024 |
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£ |
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Allotted, called up and fully paid: |
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100 Ordinary shares of £1 each |
100 |
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| DEVTODEV UK LTD |
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| Notes to the financial statements for - 31 December 2024 |
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| 8. |
Related party transactions |
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Control: |
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The parent company is Devtodev Ltd a company incorporated in Israel, and its address is 14 Maskit St, Suite 19327, Herzliya, Israel. |
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Transaction: |
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The company is exempt from disclosing transactions with related parties that are wholly |
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owned within the same group in accordance with FRS 102 Section 33(1)A. |
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| 9. |
Commitment |
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There were no operating lease commitments |
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| 10. |
Audit report information |
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As the income statement has been omitted from the filing of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444 (5B) of the Companies Act 2006. The auditors' report was unqualified. |
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The senior statutory auditor was Mr. Ran Shahmoon |
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The auditor was Shahmoon & Co. |
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Date auditor signed accounts: 9 July 2025 |
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Name of director signing accounts: Oren Kaniel |
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Date director signed accounts: 9 July 2025 |
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We would like to draw your attention to the following statement contained within the audit |
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report included within the full financial statements. |
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USE OF OUR REPORT |
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This report, including the opinions, has been prepared for and only for the company's members as a body in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and for no other purpose. We do not, in giving these opinions, accept or assume responsibility for any other purpose or to any other person to whom this report is shown or into whose hands it may come save where expressly agreed by our prior consent in writing. |