Company Registration No. 08941113 (England and Wales)
Urban Space Property Holdings Limited
Unaudited accounts
for the year ended 31 December 2016
Urban Space Property Holdings Limited
Unaudited accounts
Contents
Urban Space Property Holdings Limited
Company Information
for the year ended 31 December 2016
Directors
Mr James Wright
Mr Marc Collins
Company Number
08941113 (England and Wales)
Registered Office
The Vault
8 Boughton
Chester
CH3 5AG
Urban Space Property Holdings Limited
Statement of financial position
as at 31 December 2016
Inventories
1,746,050
613,425
Cash at bank and in hand
33,468
1,176
Creditors: amounts falling due within one year
(782,958)
(635,199)
Net current assets
1,035,751
980
Total assets less current liabilities
1,035,751
980
Creditors: amounts falling due after more than one year
(1,034,771)
-
Called up share capital
1,000
1,000
Profit and loss account
(20)
(20)
Shareholders' funds
980
980
For the year ending 31 December 2016 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
Approved by the Board on 26 September 2017.
Mr James Wright
Director
Company Registration No. 08941113
Urban Space Property Holdings Limited
Notes to the Accounts
for the year ended 31 December 2016
Urban Space Property Holdings Limited is a private company, limited by shares, registered in England and Wales, registration number 08941113. The registered office and principal place of business is The Vault, 8 Boughton, Chester, CH3 5AG.
2
Compliance with accounting standards
These financial statements have been prepared in compliance with the provisions of FRS 102, Section 1A, 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
These financial statements for the year ended 31 December 2016 are the first financial statements that comply with FRS 102 Section 1A Small Entities. The date of transition is 1 January 2015
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 and loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Urban Space Property Holdings Limited
Notes to the Accounts
for the year ended 31 December 2016
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Work in progress
1,746,050
613,425
Accrued income and prepayments
3,290
3,290
Other debtors
35,901
18,288
6
Creditors: amounts falling due within one year
2016
2015
Trade creditors
43,686
1,592
Taxes and social security
(20)
-
Other creditors
739,292
633,607
7
Creditors: amounts falling due after more than one year
2016
2015
Urban Space Property Holdings Limited
Notes to the Accounts
for the year ended 31 December 2016
8
Average number of employees
During the year the average number of employees was 0 (2015: 0).
