2022-04-012023-03-312023-03-31false07968619URBAN DEVELOPMENTS AND CONSTRUCTION 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URBAN DEVELOPMENTS AND CONSTRUCTION LIMITED

Registered Number
07968619
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

URBAN DEVELOPMENTS AND CONSTRUCTION LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Directors

CUNNINGHAM, Nathan Lee
CUNNINGHAM, Jacqueline Mary

Registered Address

Pinfold Works Rossett Road, Trevalyn
Rossett
Wrexham
LL12 0DQ

Registered Number

07968619 (England and Wales)
URBAN DEVELOPMENTS AND CONSTRUCTION LIMITED
Statement of Financial Position
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets7138,78146,460
138,78146,460
Current assets
Stocks9931,734873,016
Debtors10523,943799,101
Cash at bank and on hand12,07525,049
1,467,7521,697,166
Creditors amounts falling due within one year11(804,965)(774,202)
Net current assets (liabilities)662,787922,964
Total assets less current liabilities801,568969,424
Creditors amounts falling due after one year12(249,435)(144,917)
Provisions for liabilities13(27,321)(8,846)
Net assets524,812815,661
Capital and reserves
Called up share capital100100
Profit and loss account524,712815,561
Shareholders' funds524,812815,661
The financial statements were approved and authorised for issue by the Board of Directors on 3 October 2023, and are signed on its behalf by:
CUNNINGHAM, Nathan Lee
Director
Registered Company No. 07968619
URBAN DEVELOPMENTS AND CONSTRUCTION LIMITED
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Principal activities
The company's principal activity during the year continued to be Building & Development
4.Basis of measurement used in financial statements
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).
5.Accounting policies
Functional and presentation currency policy
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
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.
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Stocks policy
Inventories are valued at the lower of cost and estimated selling price (less any associated costs to enable such sales to complete).
Revenue recognition policy
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.
Deferred tax policy
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.
Government grants and other government assistance policy
The grant is recognised as income over the period necessary to match them with the related costs, for which they are intended to compensate, on a systematic basis A grant receivable as compensation for costs already incurred or for immediate financial support, with no future related costs, should be recognised as income in the period in which it is receivable The Company received both CJRS & a Government Grant in this financial year
6.Employee information

20232022
Average number of employees during the year33
7.Property, plant and equipment

Land & buildings

Plant & machinery

Vehicles

Office Equipment

Total

£££££
Cost or valuation
At 01 April 2211,750114,603-34,466160,819
Additions--129,200-129,200
At 31 March 2311,750114,603129,20034,466290,019
Depreciation and impairment
At 01 April 2211,75090,812-11,797114,359
Charge for year-10,42617,2279,22636,879
At 31 March 2311,750101,23817,22721,023151,238
Net book value
At 31 March 23-13,365111,97313,443138,781
At 31 March 22-23,791-22,66946,460
8.Dividends proposed and payable
Preference Dividends are in arrears total £103,250 (2018 to 2021 £22,500, 2022 £13,250, 2023 £22,500)
9.Stocks

2023

2022

££
Work in progress931,734873,016
Total931,734873,016
10.Debtors

2023

2022

££
Trade debtors / trade receivables521,921710,107
Other debtors2,02288,994
Total523,943799,101
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.
11.Creditors within one year

2023

2022

££
Trade creditors / trade payables1,51019,293
Bank borrowings and overdrafts50,000-
Taxation and social security7222,353
Redeemable preference shares, liability750,000750,000
Other creditors133-
Accrued liabilities and deferred income2,6002,556
Total804,965774,202
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.
12.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts123,68541,667
Other creditors125,750103,250
Total249,435144,917
Non-equity preference shares £750,000 (2023), £750,000 (2022 & 2021) Bank Borrowings £31,669 (2023) £41,667 (2022), £50,000 (2021) Borrowings £92,018 (2023)
13.Provisions for liabilities

2023

2022

££
Net deferred tax liability (asset)27,3218,846
Total27,3218,846