Registered number
10348530
Uludag Group Ltd
Filleted Accounts
31 July 2023
Uludag Group Ltd
Registered number: 10348530
Balance Sheet
as at 31 July 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 47,263 45,351
Current assets
Stocks 30,000 30,000
Debtors 4 97,641 112,614
Cash at bank and in hand 43,114 47,225
170,755 189,839
Creditors: amounts falling due within one year 5 (78,914) (49,934)
Net current assets 91,841 139,905
Total assets less current liabilities 139,104 185,256
Creditors: amounts falling due after more than one year 6 (109,614) (111,324)
Net assets 29,490 73,932
Capital and reserves
Called up share capital 1 1
Profit and loss account 29,489 73,931
Shareholders' funds 29,490 73,932
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.
Cem Uludag
Director
Approved by the board on 16 August 2023
Uludag Group Ltd
Notes to the Accounts
for the year ended 31 July 2023
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.
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 over 5 years
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.
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.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 5 6
3 Tangible fixed assets
Plant and machinery etc Motor vehicles Total
£ £ £
Cost
At 1 August 2022 27,515 55,599 83,114
Additions 18,470 - 18,470
At 31 July 2023 45,985 55,599 101,584
Depreciation
At 1 August 2022 13,723 24,040 37,763
Charge for the year 5,438 11,120 16,558
At 31 July 2023 19,161 35,160 54,321
Net book value
At 31 July 2023 26,824 20,439 47,263
At 31 July 2022 13,792 31,559 45,351
4 Debtors 2023 2022
£ £
Trade debtors 90,348 105,112
Other debtors 7,293 7,502
97,641 112,614
5 Creditors: amounts falling due within one year 2023 2022
£ £
Bank loans and overdrafts - 1,203
Trade creditors 34,959 (17,206)
Taxation and social security costs 8,517 39,748
Other creditors 35,438 26,189
78,914 49,934
6 Creditors: amounts falling due after one year 2023 2022
£ £
Bank loans 29,167 38,487
Obligations under finance lease and hire purchase contracts 13,222 1,612
Other creditors 67,225 71,225
109,614 111,324
7 Related party transactions
As at the balance sheet date, the company owed its directors £55,255 (2022: £55,225) which has been included under other creditors due after one year.
8 Controlling party
The company is under the control of its own directors.
9 Other information
Uludag Group Ltd is a private company limited by shares and incorporated in England. Its registered office is:
11a Anthony Way
Edmonton
London
N18 3QT
Uludag Group Ltd 10348530 false 2022-08-01 2023-07-31 2023-07-31 VT Final Accounts October 2023 release 2 Cem Uludag No description of principal activity 10348530 2021-08-01 2022-07-31 10348530 core:WithinOneYear 2022-07-31 10348530 core:AfterOneYear 2022-07-31 10348530 core:ShareCapital 2022-07-31 10348530 core:RetainedEarningsAccumulatedLosses 2022-07-31 10348530 2022-08-01 2023-07-31 10348530 bus:PrivateLimitedCompanyLtd 2022-08-01 2023-07-31 10348530 bus:AuditExemptWithAccountantsReport 2022-08-01 2023-07-31 10348530 bus:Director40 2022-08-01 2023-07-31 10348530 1 2022-08-01 2023-07-31 10348530 2 2022-08-01 2023-07-31 10348530 core:PlantMachinery 2022-08-01 2023-07-31 10348530 core:Vehicles 2022-08-01 2023-07-31 10348530 countries:England 2022-08-01 2023-07-31 10348530 bus:FRS102 2022-08-01 2023-07-31 10348530 bus:FullAccounts 2022-08-01 2023-07-31 10348530 2023-07-31 10348530 core:WithinOneYear 2023-07-31 10348530 core:AfterOneYear 2023-07-31 10348530 core:ShareCapital 2023-07-31 10348530 core:RetainedEarningsAccumulatedLosses 2023-07-31 10348530 core:PlantMachinery 2023-07-31 10348530 core:Vehicles 2023-07-31 10348530 2022-07-31 10348530 core:PlantMachinery 2022-07-31 10348530 core:Vehicles 2022-07-31 iso4217:GBP xbrli:pure