Registered number
05290103
Uses.co.uk Limited
Unaudited Filleted Accounts
28 February 2022
Uses.co.uk Limited
Registered number: 05290103
Balance Sheet
as at 28 February 2022
Notes 2022 2021
£ £
Fixed assets
Tangible assets 4 25,401 16,908
Current assets
Stocks 145,175 93,565
Debtors 5 4,189 13,508
Cash at bank and in hand 44,122 77,316
193,486 184,389
Creditors: amounts falling due within one year 6 (86,933) (51,716)
Net current assets 106,553 132,673
Total assets less current liabilities 131,954 149,581
Creditors: amounts falling due after more than one year 7 (34,027) (45,000)
Net assets 97,927 104,581
Capital and reserves
Called up share capital 1 1
Profit and loss account 97,926 104,580
Shareholders' funds 97,927 104,581
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their 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.
P J House
Director
Approved by the board on 5 July 2022
Uses.co.uk Limited
Notes to the Accounts
for the year ended 28 February 2022
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:
Freehold buildings over 50 years
Leasehold land and buildings over the lease term
Plant and machinery 20% Straight line method
Fixtures, fittings, tools and equipment 20% Straight line method
Motor Vehciles 25% Straight line method
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. 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.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2022 2021
Number Number
Average number of persons employed by the company 8 9
3 Intangible fixed assets £
Goodwill:
Cost
At 1 March 2021 11,000
At 28 February 2022 11,000
Amortisation
At 1 March 2021 11,000
At 28 February 2022 11,000
Net book value
At 28 February 2022 -
Goodwill is being written off in equal annual instalments over its estimated economic life of 5 years.
4 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 March 2021 67,166 23,819 90,985
Additions 2,800 20,219 23,019
Disposals - (9,050) (9,050)
At 28 February 2022 69,966 34,988 104,954
Depreciation
At 1 March 2021 56,229 17,848 74,077
Charge for the year 6,264 6,942 13,206
On disposals - (7,730) (7,730)
At 28 February 2022 62,493 17,060 79,553
Net book value
At 28 February 2022 7,473 17,928 25,401
At 28 February 2021 10,937 5,971 16,908
5 Debtors 2022 2021
£ £
Trade debtors 880 -
Other debtors 3,309 13,508
4,189 13,508
6 Creditors: amounts falling due within one year 2022 2021
£ £
Bank loans and overdrafts 10,648 5,000
Trade creditors 60,969 10,456
Taxation and social security costs 12,873 25,859
Other creditors 2,443 10,401
86,933 51,716
7 Creditors: amounts falling due after one year 2022 2021
£ £
Bank loans 34,027 45,000
8 Other information
Uses.co.uk Limited is a private company limited by shares and incorporated in England. Its registered office is:
193-199 Northfield Avenue
London
W13 9QU
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