Upland Access Limited Filleted accounts for Companies House (small and micro)

UPLAND ACCESS LIMITED - Company Information

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COMPANY REGISTRATION NUMBER: SC193011

Upland Access Limited

Filleted Unaudited Financial Statements

29 February 2020

Upland Access Limited

Statement of Financial Position

29 February 2020

	2020		2019
Note	£	£	£

Fixed assets

Tangible assets	5		5,714	7,417

Current assets

Debtors	6	4,030	9,860
Cash at bank and in hand		11,556	25,314
		--------	--------
		15,586	35,174

Creditors: amounts falling due within one year	7	8,606		20,102
		--------		--------
Net current assets			6,980	15,072
			--------	--------
Total assets less current liabilities			12,694	22,489
			--------	--------

Capital and reserves

Called up share capital	2	2
Capital redemption reserve	2	2
Profit and loss account	12,690	22,485
	--------	--------
Shareholders funds	12,694	22,489
	--------	--------

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

For the year ending 29 February 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .

Upland Access Limited

Statement of Financial Position (continued)

29 February 2020

These financial statements were approved by the board of directors and authorised for issue on 12 October 2020 , and are signed on behalf of the board by:

Mr M McConway
Director

Company registration number: SC193011

Upland Access Limited

Notes to the Financial Statements

Year ended 29 February 2020

1. General information

The company is a private company limited by shares, registered in Scotland. The address of the registered office is Hillside Cottage, James Street, Blairgowrie, Perthsire, PH10 6EZ.

2. Statement of compliance

These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Judgements and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances. No significant judgements or estimates were necessary to provide a true and fair view.

Revenue recognition

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Motor Vehicles	-	25% reducing balance
Equipment	-	25% reducing balance

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 1 (2019: 1 ).

5. Tangible assets

	Motor vehicles	Equipment	Total
	£	£	£
Cost
At 1 March 2019 and 29 February 2020	17,905	35,108	53,013
	--------	--------	--------
Depreciation
At 1 March 2019	12,524	33,072	45,596
Charge for the year	1,344	359	1,703
	--------	--------	--------
At 29 February 2020	13,868	33,431	47,299
	--------	--------	--------
Carrying amount
At 29 February 2020	4,037	1,677	5,714
	--------	--------	--------
At 28 February 2019	5,381	2,036	7,417
	--------	--------	--------

6. Debtors

	2020	2019
	£	£
Other debtors	4,030	9,860
	-------	-------

7. Creditors: amounts falling due within one year

	2020	2019
	£	£
Social security and other taxes	2,451	5,859
Other creditors	6,155	14,243
	-------	--------
	8,606	20,102
	-------	--------

8. Director's advances, credits and guarantees

During the year the director entered into the following advances and credits with the company:

	2020
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M McConway	( 11,945)	8,200	( 2,410)	( 6,155)
	--------	-------	-------	-------

	2019
	Balance brought forward	Advances/ (credits) to the director	Amounts repaid	Balance outstanding
	£	£	£	£
Mr M McConway	( 7,074)	129	( 5,000)	( 11,945)
	-------	----	-------	--------

9. Related party transactions

The company was under the control of Mr M McConway throughout the current and previous year. Mr M McConway is the managing director and majority shareholder. No other transactions with related parties were undertaken such as are required to be disclosed under Financial Reporting Standard 8.