Ullswater View Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 05938729 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 SEPTEMBER 2020

FOR

ULLSWATER VIEW LIMITED

Page

Company Information

1

Chartered Accountants' Report

2

Balance Sheet

3

Notes to the Financial Statements

5

DIRECTOR:

Mrs J Miller-Crook

REGISTERED OFFICE:

Watermillock

Penrith

Cumbria

CA11 0JP

REGISTERED NUMBER:

05938729 (England and Wales)

ACCOUNTANTS:

SBCA Chartered Accountants

17 Moor Park Avenue

Preston

Lancashire

PR1 6AS

The following reproduces the text of the report prepared for the director in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Director are not required to be filed with the Registrar of Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Ullswater View Limited for the year ended 30 September 2020 which comprise the Statement of Income and Retained Earnings, Balance Sheet and the related notes from the company's accounting records and from information and explanations you have given us.

As a practising 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

This report is made solely to the director of Ullswater View Limited in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Ullswater View Limited and state those matters that we have agreed to state to the director of Ullswater View Limited in this report in accordance with ICAEW Technical Release 07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Ullswater View Limited and its director for our work or for this report.

It is your duty to ensure that Ullswater View Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Ullswater View Limited. You consider that Ullswater View Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the financial statements of Ullswater View 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.

SBCA Chartered Accountants

17 Moor Park Avenue

Preston

Lancashire

PR1 6AS

17 March 2021

FIXED ASSETS

Intangible assets

4

-

-

Tangible assets

5

35,271

29,090

35,271

29,090

CURRENT ASSETS

Stocks

6

2,600

2,600

Debtors

7

4,507

955

Cash at bank

-

64

7,107

3,619

CREDITORS

Amounts falling due within one year

8

(54,476

)

(74,181

)

NET CURRENT LIABILITIES

(47,369

)

(70,562

)

TOTAL ASSETS LESS CURRENT LIABILITIES

(12,098

)

(41,472

)

CREDITORS

Amounts falling due after more than one year

9

(8,000

)

(8,000

)

PROVISIONS FOR LIABILITIES

10

(3,775

)

(1,639

)

NET LIABILITIES

(23,873

)

(51,111

)

CAPITAL AND RESERVES

Called up share capital

11

100

100

Retained earnings

12

(23,973

)

(51,211

)

SHAREHOLDERS' FUNDS

(23,873

)

(51,111

)

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2020 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her responsibilities for:

(a)	ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and

(b)

preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Statement of Income and Retained Earnings has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 March 2021 and were signed by:

Mrs J Miller-Crook - Director

1.	STATUTORY INFORMATION

Ullswater View Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The director has reviewed the company's forecasts and projections and, in particular, has considered the potential implications of the Coronavirus (COVID-19) pandemic. Whilst the eventual financial impact of the pandemic on the company, and on the overall economy, remains uncertain.

With the benefit of government support packages available to help businesses through the pandemic, the director has a reasonable expectation that the company will have adequate resources to continue in operational existence for the foreseeable future.

The director has also indicated that financial support is likely to continue in respect of the loan of £2,570 (2019 £20,917) provided to the company by the director.

The company therefore continues to adopt the going concern basis in preparing its financial statements.

Turnover

Turnover represents invoiced value of goods and services provided in the year.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of the business in 2006, is being amortised evenly over its estimated useful life of ten years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Improvements to property

-

10% on cost

Hotel Furnishings

-

15% on cost

Equipment

-

20% on cost

Computer equipment

-

33% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

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.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future cash flows discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of future cash flows discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if the payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest rate method.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Statement of Income and Retained Earnings, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 4 (2019 - 5 ) .

4.	INTANGIBLE FIXED ASSETS

Goodwill

£

COST

At 1 October 2019

and 30 September 2020

35,000

AMORTISATION

At 1 October 2019

and 30 September 2020

35,000

NET BOOK VALUE

At 30 September 2020

-

At 30 September 2019

-

5.	TANGIBLE FIXED ASSETS

Improvements

to

Hotel

Computer

property

Furnishings

Equipment

equipment

Totals

£

£

£

£

£

COST

At 1 October 2019

92,415

10,112

28,633

6,398

137,558

Additions

1,096

4,916

9,283

-

15,295

At 30 September 2020

93,511

15,028

37,916

6,398

152,853

DEPRECIATION

At 1 October 2019

72,979

5,747

23,468

6,274

108,468

Charge for year

5,972

1,157

1,936

49

9,114

At 30 September 2020

78,951

6,904

25,404

6,323

117,582

NET BOOK VALUE

At 30 September 2020

14,560

8,124

12,512

75

35,271

At 30 September 2019

19,436

4,365

5,165

124

29,090

6.

STOCKS

30.9.20

30.9.19

£

£

Stocks

2,600

2,600

7.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Trade debtors

2,927

955

Other debtors

1,580

-

4,507

955

8.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.20

30.9.19

£

£

Bank loans and overdrafts

11,655

12,648

Trade creditors

23,783

22,017

Taxation and social security

10,205

11,103

Other creditors

8,833

28,413

54,476

74,181

9.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.20

30.9.19

£

£

Other creditors

8,000

8,000

10.	PROVISIONS FOR LIABILITIES

30.9.20

30.9.19

£

£

Deferred tax

Accelerated Capital Allowances

3,775

1,639

Deferred

tax

£

Balance at 1 October 2019

1,639

Charge to Statement of Income and Retained Earnings during year

2,136

Balance at 30 September 2020

3,775

11.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.20

30.9.19

value:

£

£

100

Ordinary

£1

100

100

12.

RESERVES

Retained

earnings

£

At 1 October 2019

(51,211

)

Profit for the year

27,238

At 30 September 2020

(23,973

)