Registered number
SC490499
URBANMINDED LTD
Filleted Accounts
31 March 2018
URBANMINDED LTD
Registered number: SC490499
Balance Sheet
as at 31 March 2018
Notes 2018 2017
£ £
Fixed assets
Intangible assets 3 9,847 11,131
Tangible assets 4 2,223 3,056
12,070 14,187
Current assets
Cash at bank and in hand 5,613 2,249
Creditors: amounts falling due within one year 5 (36,462) (9,587)
Net current liabilities (30,849) (7,338)
Total assets less current liabilities (18,779) 6,849
Provisions for liabilities (422) (611)
Net (liabilities)/assets (19,201) 6,238
Capital and reserves
Called up share capital 3 3
Profit and loss account (19,204) 6,235
Shareholder's funds (19,201) 6,238
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Iain C Crouch
Director
Approved by the board on 9 November 2018
URBANMINDED LTD
Notes to the Accounts
for the year ended 31 March 2018
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Intangible fixed assets
Intangible fixed assets are measured at cost less accumulative amortisation and any accumulative impairment losses.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Short term debtors and creditors
.Short-term debtors and creditors with no stated interest rate are reported at transaction price. Any impairment losses are recognised in the profit and loss account.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference. Current and deferred tax assets and liabilities are not discounted.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Going concern
The financial statements have been prepared on a going concern basis. This basis is dependent on the continued support of the director. No material uncertainties that cast significant doubt over the company's ability to trade as a going concern have been identified by the company director.
Research and Development
Expenditure on research and development is written off in the year in which it is incurred.
2 Employees 2018 2017
Number Number
Average number of persons employed by the company 2 3
3 Intangible fixed assets £
Patents, software etc
Cost
At 1 April 2017 12,844
At 31 March 2018 12,844
Amortisation
At 1 April 2017 1,713
Provided during the year 1,284
At 31 March 2018 2,997
Net book value
At 31 March 2018 9,847
At 31 March 2017 11,131
Intangible fixed assets are being written off in equal annual instalments over their estimated economic life of 10 years.
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 April 2017 4,167
At 31 March 2018 4,167
Depreciation
At 1 April 2017 1,111
Charge for the year 833
At 31 March 2018 1,944
Net book value
At 31 March 2018 2,223
At 31 March 2017 3,056
5 Creditors: amounts falling due within one year 2018 2017
£ £
Corporation tax - 2,393
Other taxes and social security costs (241) 4,701
Intercompany loan - Radial Electronics Ltd 36,200 -
Other creditors 503 2,493
36,462 9,587
The intercompany loan from Radial Electronics Ltd is unsecured, interest-free and repayable on demand. Radial Electronics Ltd is a wholly-owned subsidiary of Radial Holdings Ltd, a private limited company under the ultimate control of the director Iain Crouch and Jane Crouch by virtue of their holding 100% of the issued share capital.

Since the balance sheet date, Radial Electronics Ltd has introduced a further loan of £53,800 on the same terms. The loan is stated at the transaction price.
6 Other information
URBANMINDED LTD is a private company limited by shares and incorporated in Scotland. Its registered office and business address is:
The Whisky Bond
2 Dawson Road
Glasgow
Scotland
G4 9SS
The financial statements are denominated in Sterling, which is the functional currency of the company.
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