ACCOUNTS - Final Accounts preparation

ACCOUNTS - Final Accounts preparation

UPPER RIDINGS LIMITED - Company Information

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Registered number: 4638963









UPPER RIDINGS LIMITED







UNAUDITED

ABBREVIATED ACCOUNTS

FOR THE YEAR ENDED 29 FEBRUARY 2016
 
UPPER RIDINGS LIMITED
 
 
The following reproduces the text of the Chartered accountants' report in respect of the company's annual financial statements, from which the abbreviated accounts (set out on pages 2 to 5) have been prepared.
  
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF UPPER RIDINGS LIMITED
FOR THE YEAR ENDED 29 FEBRUARY 2016

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Upper Ridings Limited for the year ended 29 February 2016 which comprise the Profit and loss account, the Balance sheet and the related notes from the company's accounting records and from information and explanations you have given to us.
 

As a member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at icaew.com/regulations.


This report is made solely to the Board of directors of Upper Ridings Limited, as a body, in accordance with the terms of our engagement letter dated 4 November 2014. Our work has been undertaken solely to prepare for your approval the financial statements of Upper Ridings Limited and state those matters that we have agreed to state to the Board of directors of Upper Ridings Limited, as a body, in this report in accordance with AAF 2/10 as detailed at icaew.com/compilation. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Upper Ridings Limited and its Board of directors, as a body, for our work or for this report.
 
 
It is your duty to ensure that Upper Ridings Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the company's assets, liabilities, financial position and profit. You consider that Upper Ridings Limited is exempt from the statutory audit requirement for the year.
 
 
We have not been instructed to carry out an audit or review of the financial statements of Upper Ridings Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.







MA Partners LLP
 
7 The Close
Norwich
Norfolk
NR1 4DJ

10 June 2016
Page 1
 
UPPER RIDINGS LIMITED
REGISTERED NUMBER: 4638963

ABBREVIATED BALANCE SHEET
AS AT 29 FEBRUARY 2016

29 February
28 February
2016
2015
Note
£
£
£
£
 
FIXED ASSETS





 
Tangible assets
 
2
3,289
3,869
 
CURRENT ASSETS





 
Debtors
-
93,495

 
Cash at bank and in hand

21,141
28,797







 
21,141
122,292
 
CREDITORS: amounts falling due within one year
(22,985)
(35,181)
 
NET CURRENT (LIABILITIES)/ASSETS


(1,844)

87,111
 
TOTAL ASSETS LESS CURRENT LIABILITIES
1,445
90,980
 
PROVISIONS FOR LIABILITIES





 
Deferred tax
(418)
(481)

NET ASSETS




 1,027


 90,499
  
CAPITAL AND RESERVES

 
Called up share capital
3
100
100
 
Profit and loss account
927
90,399
 
SHAREHOLDERS' FUNDS
 

 1,027

 90,499


The directors consider that the company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 ("the Act") and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Act. 

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and for preparing financial statements which give a true and fair view of the state of affairs of the company as at 29 February 2016 and of its profit for the year in accordance with the requirements of sections 394 and 395 of the Act and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.


Page 2
 
UPPER RIDINGS LIMITED
 
    
ABBREVIATED BALANCE SHEET (continued)
AS AT 29 FEBRUARY 2016

The abbreviated accounts, which have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006, were approved and authorised for issue by the board and were signed on its behalf on 10 June 2016.







V J Pearson
Director

The notes on pages 4 to 5 form part of these financial statements.

Page 3
 
UPPER RIDINGS LIMITED
 
 
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 29 FEBRUARY 2016

1.ACCOUNTING POLICIES

1.1
Basis of preparation of financial statements

The full financial statements, from which these abbreviated accounts have been extracted, have been prepared under the historical cost convention and in accordance with the Financial Reporting Standard for Smaller Entities (effective January 2015).

1.2
Turnover

Turnover comprises revenue recognised by the company in respect of goods and services supplied during the year, exclusive of Value Added Tax and trade discounts.

1.3
Tangible fixed assets and depreciation

Tangible fixed assets are stated at cost less depreciation.  Depreciation is provided at rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives on the following bases:

Fixtures and fittings
-
15% reducing balance
Office equipment
-
Straight line over 3 years

1.4
Deferred taxation

Full provision is made for deferred tax assets and liabilities arising from all timing differences between the recognition of gains and losses in the financial statements and recognition in the tax computation.

A net deferred tax asset is recognised only if it can be regarded as more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted.
Deferred tax assets and liabilities are calculated at the tax rates expected to be effective at the time the timing differences are expected to reverse.
Deferred tax assets and liabilities are not discounted.

Page 4
 
UPPER RIDINGS LIMITED
 
 
NOTES TO THE ABBREVIATED ACCOUNTS
FOR THE YEAR ENDED 29 FEBRUARY 2016

2.TANGIBLE FIXED ASSETS



£


Cost 



At 1 March 2015 and 29 February 2016

16,675



Depreciation


At 1 March 2015
12,806

Charge for the year
580


At 29 February 2016

13,386




Net book value


At 29 February 2016
 3,289


At 28 February 2015

 3,869


3.SHARE CAPITAL
     29 February
      28 February
        2016
        2015
        £

        £

Allotted, called up and fully paid



100 Ordinary shares of £1 each
 100
 100


4.DIRECTORS' BENEFITS: ADVANCES, CREDIT AND GUARANTEES

As at 1 March 2015, the overdrawn balance due from the directors V J Pearson and L Baxter was £80,859.  During the year, the directors advanced to the company £15,438, withdrew funds of £44,333 and dividends of £112,000 were declared.
The credit balance on the loan account as at 29 February 2016 was £2,246. 
 
Page 5