Company Registration No. 06649443 (England and Wales)
CORE DEVELOPMENT SERVICES LIMITED
ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
PAGES FOR FILING WITH REGISTRAR
LB GROUP
Suite E2, 2nd Floor
The Octagon
Middleborough
Colchester
Essex
CO1 1TG
CORE DEVELOPMENT SERVICES LIMITED
CONTENTS
Page
Statement of financial position
1 - 2
Notes to the financial statements
3 - 5
CORE DEVELOPMENT SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT
31 JULY 2018
31 July 2018
- 1 -
2018
2017
Notes
£
£
£
£
Fixed assets
Tangible assets
2
619
929
Current assets
Debtors
3
8,923
1,801
Cash at bank and in hand
17
8,703
8,940
10,504
Creditors: amounts falling due within one year
4
(300)
(711)
Net current assets
8,640
9,793
Total assets less current liabilities
9,259
10,722
Provisions for liabilities
(118)
(177)
Net assets
9,141
10,545
Capital and reserves
Called up share capital
10
10
Profit and loss reserves
9,131
10,535
Total equity
9,141
10,545
The director of the company has elected not to include a copy of the income statement within the financial statements.
true
For the financial year ended 31 July 2018 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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.
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.
CORE DEVELOPMENT SERVICES LIMITED
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT
31 JULY 2018
31 July 2018
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 18 February 2019
Dr R Murray
Director
Company Registration No. 06649443
CORE DEVELOPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 JULY 2018
- 3 -
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.
1.2
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
.
1.3
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.
1.4
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.
CORE DEVELOPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
1
Accounting policies
(Continued)
- 4 -
1.5
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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
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.
CORE DEVELOPMENT SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 JULY 2018
- 5 -
2
Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 August 2017 and 31 July 2018
4,683
Depreciation and impairment
At 1 August 2017
3,754
Depreciation charged in the year
310
At 31 July 2018
4,064
Carrying amount
At 31 July 2018
619
At 31 July 2017
929
3
Debtors
2018
2017
Amounts falling due within one year:
£
£
Other debtors
8,923
1,801
4
Creditors: amounts falling due within one year
2018
2017
£
£
Other creditors
300
711
5
Directors' transactions
No guarantees have been given or received.