URBANLINK SERVICES LTD - Filleted accounts

URBANLINK SERVICES LTD - Filleted accounts

URBANLINK SERVICES LIMITED - Company Information

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Registered number
06647846
URBANLINK SERVICES LTD
Filleted Accounts
31 July 2017
URBANLINK SERVICES LTD
Registered number: 06647846
Balance Sheet
as at 31 July 2017
Notes 2017 2016
£ £
Fixed assets
Tangible assets 2 336,103 387,710
Current assets
Stocks 4,989 -
Debtors 3 27,899 25,200
Cash at bank and in hand 62,800 40,367
95,688 65,567
Creditors: amounts falling due within one year 4 (197,988) (133,513)
Net current liabilities (102,300) (67,946)
Net assets 233,803 319,764
Capital and reserves
Called up share capital 100 100
Profit and loss account 233,703 319,664
Shareholders' funds 233,803 319,764
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit 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 the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Mr S J F Harris
Director
Approved by the board on 21 February 2018
URBANLINK SERVICES LTD
Notes to the Accounts
for the year ended 31 July 2017
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
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 from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. 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.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and equipment 20% straight line
Motor vehicles 25% straight line
Stocks
Work-in-progress is measured at the lower of cost and estimated selling price less costs to complete and sell.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Tangible fixed assets
Land and buildings Plant and equip Motor vehicles Total
£ £ £ £
Cost
At 1 August 2016 23,920 366,746 307,681 698,347
Additions - 75,129 95,672 170,801
Disposals - (27,880) (68,855) (96,735)
At 31 July 2017 23,920 413,995 334,498 772,413
Depreciation
At 1 August 2016 - 158,270 152,367 310,637
Charge for the year - 73,879 83,625 157,504
On disposals - (14,617) (17,214) (31,831)
At 31 July 2017 - 217,532 218,778 436,310
Net book value
At 31 July 2017 23,920 196,463 115,720 336,103
At 31 July 2016 23,920 208,476 155,314 387,710
3 Debtors 2017 2016
£ £
Trade debtors 22,980 22,666
Other debtors 4,919 2,534
27,899 25,200
4 Creditors: amounts falling due within one year 2017 2016
£ £
Bank loans and overdrafts 73,930 83,630
Hire purchase agreements - 3,333
Trade creditors 41,263 14,308
Directors' loan accounts 392 7,241
Corporation tax 11,130 -
Other taxes and social security costs 21,316 16,912
Other creditors 49,957 8,089
197,988 133,513
5 Other information
URBANLINK SERVICES LTD is a private company limited by shares and incorporated in England. Its registered office is:
Lydmore House
St Ann's Fort
Kings Lynn
Norfolk
PE30 2EU
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