Urban Space Property Holdings Limited 31/12/2017 iXBRL

Urban Space Property Holdings Limited 31/12/2017 iXBRL

URBAN SPACE PROPERTY HOLDINGS LIMITED - Company Information

Print Friendly Version

31/12/2017 2017-12-31 false false false false false false false false false false true false false true false false false false false false false false No description of principal activities is disclosed 2017-01-01 Sage Accounts Production 18.30 - FRS xbrli:pure xbrli:shares iso4217:GBP 08941113 2017-01-01 2017-12-31 08941113 2017-12-31 08941113 2016-12-31 08941113 bus:RegisteredOffice 2017-01-01 2017-12-31 08941113 bus:LeadAgentIfApplicable 2017-01-01 2017-12-31 08941113 bus:Director1 2017-01-01 2017-12-31 08941113 bus:Director2 2017-01-01 2017-12-31 08941113 bus:CompanySecretary1 2017-01-01 2017-12-31 08941113 core:AfterOneYear 2016-12-31 08941113 core:WithinOneYear 2017-12-31 08941113 core:WithinOneYear 2016-12-31 08941113 core:ShareCapital 2017-12-31 08941113 core:ShareCapital 2016-12-31 08941113 core:RetainedEarningsAccumulatedLosses 2017-12-31 08941113 core:RetainedEarningsAccumulatedLosses 2016-12-31 08941113 bus:SmallEntities 2017-01-01 2017-12-31 08941113 bus:AuditExempt-NoAccountantsReport 2017-01-01 2017-12-31 08941113 bus:FullAccounts 2017-01-01 2017-12-31 08941113 bus:SmallCompaniesRegimeForAccounts 2017-01-01 2017-12-31 08941113 bus:PrivateLimitedCompanyLtd 2017-01-01 2017-12-31
Company registration number: 08941113
Urban Space Property Holdings Limited
Unaudited filleted financial statements
31 December 2017
Urban Space Property Holdings Limited
Contents
Directors and other information
Statement of financial position
Notes to the financial statements
Urban Space Property Holdings Limited
Directors and other information
Directors Mr James Wright
Mr Marc Collins
Secretary A Morris
Company number 08941113
Registered office The Vault
8 Boughton
Chester
CH3 5AG
Accountants Hargreaves and Woods
Cholmondeley House
Dee Hills Park
Chester
Cheshire
CH3 5AR
Urban Space Property Holdings Limited
Statement of financial position
31 December 2017
2017 2016
Note £ £ £ £
Current assets
Stocks 123,500 1,746,050
Debtors 4 30,992 39,191
Cash at bank and in hand 151,076 33,468
_______ _______
305,568 1,818,709
Creditors: amounts falling due
within one year 5 ( 287,361) ( 782,958)
_______ _______
Net current assets 18,207 1,035,751
_______ _______
Total assets less current liabilities 18,207 1,035,751
Creditors: amounts falling due
after more than one year 6 - ( 1,034,771)
_______ _______
Net assets 18,207 980
_______ _______
Capital and reserves
Called up share capital 1,000 1,000
Profit and loss account 17,207 ( 20)
_______ _______
Shareholders funds 18,207 980
_______ _______
For the year ending 31 December 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 financial statements for the year in question in accordance with section 476;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These 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 income statement has not been delivered.
These financial statements were approved by the board of directors and authorised for issue on 19 September 2018 , and are signed on behalf of the board by:
Mr James Wright
Director
Company registration number: 08941113
Urban Space Property Holdings Limited
Notes to the financial statements
Year ended 31 December 2017
1. General information
The company is a private company limited by shares, registered in England & Wales. The address of the registered office is The Vault, 8 Boughton, Chester, CH3 5AG.
2. Statement of compliance
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'.
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.
Turnover
Turnover, which is stated net of VAT, represents properties which have been developed and sold. Rent receivable in relation to properties which have been developed and are being marketed for sale and in the meantime are being rented out.
Taxation
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
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.
Construction contracts
Where the outcome of construction contracts can be reliably estimated, contract revenue and contract costs are recognised by reference to the stage of completion of the contract activity as at the year end. Where the outcome of construction contracts cannot be estimated reliably, revenue is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred. When it is probable that total contract costs will exceed total contract revenue, the expected loss is expenses immediately, with a corresponding provision for an onerous contract being recognised. Where the collectability of an amount already recognised as contract revenue is no longer probable, the uncollectible amount is expensed rather than recognised as an adjustment to the amount of contract revenue. The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Financial instruments
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.
4. Debtors
2017 2016
£ £
Other debtors 30,992 39,191
_______ _______
5. Creditors: amounts falling due within one year
2017 2016
£ £
Trade creditors 23,948 43,686
Corporation tax 4,086 ( 20)
Social security and other taxes 23,006 -
Other creditors 236,321 739,292
_______ _______
287,361 782,958
_______ _______
6. Creditors: amounts falling due after more than one year
2017 2016
£ £
Bank loans and overdrafts - 1,034,771
_______ _______