Ultimate Demolition & Construction Service Limited Small abridged accounts

ULTIMATE DEMOLITION AND CONSTRUCTION SERVICE LIMITED - Company Information

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STATEMENT OF CONSENT TO PREPARE ABRIDGED FINANCIAL STATEMENTS

All of the members of Ultimate Demolition & Construction Service Limited have consented to the preparation of the abridged statement of income and retained earnings and the abridged statement of financial position for the year ending 31 July 2017 in accordance with Section 444(2A) of the Companies Act 2006.

COMPANY REGISTRATION NUMBER: 07665997

ULTIMATE DEMOLITION & CONSTRUCTION SERVICE LIMITED

FILLETED UNAUDITED ABRIDGED FINANCIAL STATEMENTS

FOR THE YEAR ENDED

31 July 2017

ULTIMATE DEMOLITION & CONSTRUCTION SERVICE LIMITED

ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2017

Contents	Page

Officers and professional advisers	1

Abridged statement of financial position	2

Notes to the abridged financial statements	4

ULTIMATE DEMOLITION & CONSTRUCTION SERVICE LIMITED

OFFICERS AND PROFESSIONAL ADVISERS

Director	M Browne

Registered office	The Old Bottle Yard
	Great Northern Terrace
	Lincoln
	Lincolnshire
	LN5 8HN

Accountants	Streets LLP
	Chartered accountant
	Tower House
	Lucy Tower Street
	Lincoln
	Lincolnshire
	LN1 1XW

ULTIMATE DEMOLITION & CONSTRUCTION SERVICE LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION

31 July 2017

	2017		2016
			(restated)
Note	£	£	£

FIXED ASSETS

Tangible assets	5		400,108	302,419

CURRENT ASSETS

Debtors	234,211	132,476
Cash at bank and in hand	212,144	44,046
	----------	----------
	446,355	176,522

CREDITORS: amounts falling due within one year	245,880		175,462
	----------		----------
NET CURRENT ASSETS		200,475	1,060
		----------	----------
TOTAL ASSETS LESS CURRENT LIABILITIES		600,583	303,479

CREDITORS: amounts falling due after more than one year		104,365	92,601

PROVISIONS

Taxation including deferred tax	61,071	48,714
	----------	----------
NET ASSETS	435,147	162,164
	----------	----------

ULTIMATE DEMOLITION & CONSTRUCTION SERVICE LIMITED

ABRIDGED STATEMENT OF FINANCIAL POSITION (continued)

31 July 2017

	2017		2016
			(restated)
Note	£	£	£

CAPITAL AND RESERVES

Called up share capital	1	1
Profit and loss account	435,146	162,163
	----------	----------
SHAREHOLDERS FUNDS	435,147	162,164
	----------	----------

These abridged financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

In accordance with section 444 of the Companies Act 2006, the abridged statement of income and retained earnings has not been delivered.

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

Director's responsibilities:

- The members have not required the company to obtain an audit of its abridged financial statements for the year in question in accordance with section 476 ;

- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of abridged financial statements .

These abridged financial statements were approved by the board of directors and authorised for issue on 12 March 2018 , and are signed on behalf of the board by:

M Browne
Director

Company registration number: 07665997

ULTIMATE DEMOLITION & CONSTRUCTION SERVICE LIMITED

NOTES TO THE ABRIDGED FINANCIAL STATEMENTS

YEAR ENDED 31 JULY 2017

1. General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is The Old Bottle Yard, Great Northern Terrace, Lincoln, Lincolnshire, LN5 8HN.

2. Statement of compliance

These abridged financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.

3. Accounting policies

Basis of preparation

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 or loss. The financial statements are prepared in sterling, which is the functional currency of the entity. All members have consented to the abridgements of these financial statements in accordance with Section 444(2A) of the Companies Act 2006.

Transition to FRS 102

The entity transitioned from previous UK GAAP to FRS 102 as at 1 August 2015. Details of how FRS 102 has affected the reported financial position and financial performance is given in note 8.

Revenue recognition

The turnover shown in the profit and loss account represents the value of all goods sold during the period, less returns received, at selling price exclusive of Value Added Tax. Sales are recognised at the point at which the company has fulfilled its contractual obligations and the risks and rewards attaching to the product, such as obsolescence, have been transferred to the customer.

Income tax

Deferred tax is recognised in respect of all material timing differences that have originated but not reversed at the balance sheet date where transactions or events have occurred at that date that will result in an obligation to pay more, or a right to pay less or to receive more tax. The only exception is that deferred tax assets are recognised only to the extent that the directors consider that it is more likely than not that there will be suitable taxable profits from which the future reversal of the underlying timing differences can be deducted. Deferred tax is measured on an undiscounted basis at the tax rates that are expected to apply in the periods in which timing differences reverse, based on tax rates and laws enacted or substantively enacted at the balance sheet date.

Tangible assets

Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:

Plant & machinery	-	20% reducing balance
Fixtures & Fittings	-	20% straight line
Motor Vehicles	-	20% reducing balance

Freehold land is not depreciated.

Impairment of fixed assets

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets. For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the company are assigned to those units.

Finance leases and hire purchase contracts

Assets held under finance leases and hire purchase contracts are recognised in the abridged statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.

Provisions

Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the abridged statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.

Financial instruments

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 entity after deducting all of its financial liabilities.

4. Employee numbers

The average number of persons employed by the company during the year amounted to 6 (2016: 6 ).

5. Tangible assets

	£
Cost
At 1 August 2016 as restated	412,407
Additions	182,930
Disposals	( 31,583)
	----------
At 31 July 2017	563,754
	----------
Depreciation
At 1 August 2016	109,988
Charge for the year	66,814
Disposals	( 13,156)
	----------
At 31 July 2017	163,646
	----------
Carrying amount
At 31 July 2017	400,108
	----------
At 31 July 2016	302,419
	----------

6. Prior period errors

During the preparation of these accounts it was discovered that the balance on the share capital account had been misstated since the incorporation of the company. A prior period adjustment has been made to the share capital account reducing the balance by £99, this has been posted against the original share issue transaction in the directors current account.

7. Related party transactions

No transactions with related parties were undertaken such as are required to be disclosed in accordance with FRS102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

8. Transition to FRS 102

These are the first abridged financial statements that comply with FRS 102. The company transitioned to FRS 102 on 1 August 2015.

No transitional adjustments were required in equity or profit or loss for the year.