U-stay Ltd - Period Ending 2017-01-31

Registration number: 06659349

U-stay Ltd

Annual Report and Unaudited Financial Statements

for the Year Ended 31 January 2017

U-stay Ltd

Contents

Balance Sheet	1
Notes to the Financial Statements	2 to 4

U-stay Ltd

(Registration number: 06659349)
Balance Sheet as at 31 January 2017

	Note	2017 £	2016 £
Fixed assets
Tangible assets	5	37,113	37,113
Current assets
Debtors	6	570	569
Cash at bank and in hand		1,129	606
		1,699	1,175
Creditors: Amounts falling due within one year	7	(34,296)	(30,786)
Net current liabilities		(32,597)	(29,611)
Net assets		4,516	7,502
Capital and reserves
Called up share capital		2	2
Profit and loss account		4,514	7,500
Total equity		4,516	7,502

For the financial year ending 31 January 2017 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 26 October 2017 and signed on its behalf by:
 

.........................................

Mr Malachi William Chambers

Director

The notes on pages 2 to 4 form an integral part of these financial statements.

Page 1

U-stay Ltd

Notes to the Financial Statements for the Year Ended 31 January 2017

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
31a Charnham Street
Hungerford
Berkshire
RG17 0EJ
United Kingdom

The principal place of business is:
Huntsmead
Ogbourne St George
Marlborough
Wilts
SN8 1SQ

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Tangible assets

Tangible assets are stated in the statement of financial position at valuation, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Freehold Property	Not Provided

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for goods sold or services performed in the ordinary course of business.

Page 2

U-stay Ltd

Notes to the Financial Statements for the Year Ended 31 January 2017

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Taxation

	2017		2016
	£		£
Corporation tax	-		-
Deferred tax	-		-
	-		-

4	Staff numbers

The average number of persons employed by the company (including directors) during the year, was 1 (2016 - 1).

5	Tangible assets

	Land and buildings £	Total £
Cost or valuation
At 1 February 2016	37,113	37,113
At 31 January 2017	37,113	37,113
Depreciation
Carrying amount
At 31 January 2017	37,113	37,113
At 31 January 2016	37,113	37,113

Included within the net book value of land and buildings above is £37,113 (2016 - £37,113) in respect of freehold land and buildings.
 

Whilst this is cost price, the directors have considered market value and believe it equates to cost price.

Page 3

U-stay Ltd

Notes to the Financial Statements for the Year Ended 31 January 2017

6

Debtors

	2017 £	2016 £
Other debtors	570	569
Total current trade and other debtors	570	569

7

Creditors

	Note	2017 £	2016 £
Due within one year
Other creditors		34,296	30,786

8	Related party transactions

Transactions with directors

2017	At 1 February 2016 £	Advances to directors £	At 31 January 2017 £
Mr Malachi William Chambers
made loans to the company. The loans are repayable on demand and are non interest bearing	(7,266)	(2,390)	(9,656)
Mrs Jacqueline Bridget Huntley
made loans to the company. The loans are repayable on demand and are non interest bearing	(170)	-	(170)

2016	At 1 February 2015 £	Repayments by director £	At 31 January 2016 £
Mr Malachi William Chambers
made loans to the company. The loans are repayable on demand and are non interest bearing	789	(8,055)	(7,266)
Mrs Jacqueline Bridget Huntley
made loans to the company. The loans are repayable on demand and are non interest bearing	(170)	-	(170)

9	Transition to FRS 102

There were no changes required as a result of transition to FRS 102.

Page 4