Company Registration No. 06649443 (England and Wales)
CORE DEVELOPMENT SERVICES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
PAGES FOR FILING WITH REGISTRAR
LB GROUP
Suite E2, 2nd Floor
The Octagon
Middleborough
Colchester
Essex
CO1 1TG
CORE DEVELOPMENT SERVICES LIMITED
COMPANY INFORMATION
Director
Dr R Murray
Company number
06649443
Registered office
5th Floor
Wellington House
90-92 Butt Road
Colchester
Essex
UK
CO3 3DA
Accountants
LB Group (Colchester)
Suite E2, 2nd Floor
The Octagon
Middleborough
Colchester
Essex
CO1 1TG
CORE DEVELOPMENT SERVICES LIMITED
CONTENTS
Page
Statement of financial position
1
Notes to the financial statements
2 - 6
CORE DEVELOPMENT SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JULY 2017
31 July 2017
- 1 -
2017
2016
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
2
929
1,394
Current assets
Debtors
3
1,801
1,787
Cash at bank and in hand
8,703
15,306
10,504
17,093
Creditors: amounts falling due within one year
4
(711)
(6,130)
Net current assets
9,793
10,963
Total assets less current liabilities
10,722
12,357
Provisions for liabilities
(177)
-
Net assets
10,545
12,357
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
10,535
12,347
Total equity
10,545
12,357
The director of the company have elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 July 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
T
he director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The financial statements were approved and signed by the director and authorised for issue on 12 January 2018
Dr R Murray
Director
Company Registration No. 06649443
CORE DEVELOPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2017
- 2 -
1
Accounting policies
Company information
Core Development Services Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
5th Floor, Wellington House, 90-92 Butt Road, Colchester, Essex, UK, CO3 3DA.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
These financial statements for the year ended 31 July 2017 are the first financial statements of Core Development Services Limited prepared in accordance with FRS102, The Financial Reporting Standard applicable in th UK and Republic of Ireland. The date of transition to FRS 102 was 1 June 2015. An explanation of how the transition to FRS 102 has affected the reported financial position and financial performance is given in note 7.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business
, and
is shown net of VAT and other sales related taxes
.
The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer
(usually on dispatch of the goods)
, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Computer equipment
33.33% reducing balance
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and
is credited or charged to profit or loss
.
CORE DEVELOPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
1
Accounting policies
(Continued)
- 3 -
1.4
Impairment of fixed assets
At each reporting
period
end date, the
company
reviews the carrying amounts of its tangible
assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company
estimates the recoverable amount of the cash-generating unit to which the asset belongs.
1.5
Cash at bank and in hand
Cash at bank and in hand
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's statement of financial position when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
1.7
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.8
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the income statement, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the
company
has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
CORE DEVELOPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
1
Accounting policies
(Continued)
- 4 -
1.9
Leases
Rentals payable under operating leases,
including
any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
1.10
Operating lease agreements
Rentals payable under operating leases are charged against income on a straight line basis over the lease term.
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2016 and 31 July 2017
4,683
Depreciation and impairment
At 1 August 2016
3,289
Depreciation charged in the year
465
At 31 July 2017
3,754
Carrying amount
At 31 July 2017
929
At 31 July 2016
1,394
3
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
1,801
1,787
4
Creditors: amounts falling due within one year
2017
2016
£
£
Other creditors
711
6,130
CORE DEVELOPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 5 -
5
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2017
2016
£
£
9,042
15,065
6
Reconciliations on adoption of FRS 102
Reconciliation of equity
1 August
31 July
2015
2016
£
£
Equity as reported under previous UK GAAP and under FRS 102
(1,187)
8,351
Adjustments to prior year (note 7)
-
4,006
As restated
(1,187)
12,357
Reconciliation of profit for the financial period
2016
£
Profit as reported under previous UK GAAP and under FRS 102
9,538
Adjustments to prior year (note 7)
4,006
As restated
13,544
Notes to reconciliations on adoption of FRS 102
There are no changes to equity resulting in the transition to FRS102 Section 1A.
CORE DEVELOPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2017
- 6 -
7
Prior period adjustment
The accounts have been restated to incorporate the impact of
the misallocation of motor vehicle leasing in the prior year.
Changes to the statement of financial position
At 31 July 2016
Balances as restated before FRS 102 transition adjustments:
As previously reported
Adjustment
As restated
£
£
£
Creditors due within one year
Other creditors
(10,136)
4,006
(6,130)
Capital and reserves
Profit and loss
8,341
4,006
12,347
Changes to the income statement
Period ended 31 July 2016
Balances as restated before FRS 102 transition adjustments:
As previously reported
Adjustment
As restated
£
£
£
Administrative expenses
(8,468)
4,006
(4,462)
Profit for the financial period
9,538
4,006
13,544
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