Utile Dulci Limited - Filleted accounts

Utile Dulci Limited - Filleted accounts


Registered number
04562810
Utile Dulci Limited
Filleted Accounts
31 October 2020
Utile Dulci Limited
Registered number: 04562810
Balance Sheet
as at 31 October 2020
Notes 2020 2019
£ £
Fixed assets
Tangible assets 3 3,286 504
Current assets
Debtors 4 38,962 3,936
Cash at bank 14,004 43,946
52,966 47,882
Creditors: amounts falling due within one year 5 (56,119) (48,257)
Net current liabilities (3,153) (375)
Net assets 133 129
Capital and reserves
Called up share capital 100 100
Profit and loss account 33 29
Shareholders' funds 133 129
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.
…………………………
J Pitras
Director
Approved by the board on 29 June 2021
Utile Dulci Limited
Notes to the Accounts
for the year ended 31 October 2020
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 rendering of services. 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 machinery 15% straight line
Motor Vehicle 20% straight line
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.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2020 2019
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Plant and machinery etc Motor bike Total
£ £ £
Cost
At 1 November 2019 2,268 - 2,268
Additions - 3,613 3,613
At 31 October 2020 2,268 3,613 5,881
Depreciation
At 1 November 2019 1,764 - 1,764
Charge for the year 108 723 831
At 31 October 2020 1,872 723 2,595
Net book value
At 31 October 2020 396 2,890 3,286
At 31 October 2019 504 - 504
4 Debtors 2020 2019
£ £
Other debtors 38,962 3,936
5 Creditors: amounts falling due within one year 2020 2019
£ £
Bank loans and overdrafts 13 -
Trade creditors 12,614 12,169
Corporation tax 22,019 22,620
Other taxes and social security costs 17,223 9,204
Other creditors 4,250 4,264
56,119 48,257
6 Loans to directors
Description and conditions B/fwd Paid Repaid C/fwd
£ £ £ £
Mr J Pitras
Interest attached to this loan is agreed at 4% per annum. Repayable after the year ended. 2,665 21,700 - 24,365
Ms J Kofman
Interest attached to this loan is agreed at 4% per annum. Repayable after the year ended. 1,211 13,326 - 14,537
3,876 35,026 - 38,902
7 Other information
Utile Dulci Limited is a private company limited by shares and incorporated in England. Its registered office is:
Stanmore BIC
Stanmore Place
Howard Road
Stanmore
HA7 1GB
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