Urban_Green_Developments_ - Accounts

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2017 the company was entitled to exemption from audit under section 477 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 financial statements.

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.

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

Urban Green Developments Limited is a private company limited by shares incorporated in England and Wales. The registered office is 18 Brokes Road, Reigate, Surrey, RH2 9LJ.

These financial statements have been prepared in accordance with Section 1A of FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest pound.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

These financial statements for the year ended 30 June 2017 are the first financial statements of Urban Green Developments Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 January 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

Turnover represents amounts receivable for goods and services net of VAT and trade discounts.

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

Stock are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stock to their present location and condition.

Cash and cash equivalents include cash in hand and balances held at call with banks.

The company has only financial instruments classified as basic and measured at amortised cost. The company has no financial instruments classified as 'other' or financial instruments measured at fair value.

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

The tax expense represents the sum of the tax currently payable and deferred tax.

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals payable under operating leases, including any lease incentives received, are charged to expenditure on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease are consumed.

The average monthly number of persons (including directors) employed by the company during the year was:

During the year interest of £56,956 (2016: £6,877) was payable to the company in respect of the year by Reside Developments (Number 2) Limited, a company under the control of the directors of the company. Included within other debtors at the year end is £782,392 (2016: £249,725), including accrued interest, owed by Reside Developments (Number 2) Limited.

During the year interest of £nil (2016: £176,012) and management fees of £nil (2016: £124,128) were payable to the company in respect of the period by Reside Developments (Number 4) Limited, a wholly owned subsidiary.

During the year interest of £nil (2016: £113,586) was payable to the company in respect of the year by Reside Developments (Number 5) Limited, a wholly owned subsidiary. A credit in respect of management fees of £nil (2016: £76,352) became due during the year.

During the year interest of £nil (2016: £168,913) and management fees of £nil (2016: £211,747) were payable to the company in respect of the year by Reside Developments (Number 8) Limited, a wholly owned subsidiary.

During the year interest of £9,858 (2016: £7,891) was payable to the company in respect of the year by Reside Developments (Number 9) Limited, a company under the control of the directors of the company. Included within other creditors at year end is £94,425 (2016: £nil) owed to Reside Developments (Number 9) Limited. Included within other debtors at year end is £17,749 (2016: £518,226), including accrued interest, owed by Reside Developments (Number 9) Limited.

During the year interest of £43,864 (2016: £nil) was payable to the company in respect of the year by Reside Developments (Number 10) Limited, a company under the control of the directors of the company. Included within other debtors at year end is £918,740 (2016: £874,876), including accrued interest, owed by Reside Developments (Number 10) Limited.

Included within amounts owed to group undertakings at the year end is an amount of £2,622 (2016: £70,251) due to Urban Green Holdings Limited, the parent company.

Included within creditors at the year end is an amount of £2,057,879 (2016: £2,057,879) owing to the directors of the company. No interest has been charged and the balance is repayable on demand.

The company is a wholly owned subsidiary undertaking of Urban Green Holdings Limited, a company incorporated in England and Wales. The directors are the ultimate controlling party by the virtue of their shareholdings in the parent company.