UK REFURBISHMENT LIMITED

Company Registration Number:
04420207 (England and Wales)

Unaudited abridged accounts for the year ended 30 September 2023

Period of accounts

Start date: 01 October 2022

End date: 30 September 2023

UK REFURBISHMENT LIMITED

Contents of the Financial Statements

for the Period Ended 30 September 2023

Balance sheet
Notes

UK REFURBISHMENT LIMITED

Balance sheet

As at 30 September 2023


Notes

2023

2022


£

£
Fixed assets
Tangible assets: 3 315,352 321,223
Total fixed assets: 315,352 321,223
Current assets
Stocks: 604,865 823,688
Debtors:   531,940 456,514
Cash at bank and in hand: 2,631 2,031
Total current assets: 1,139,436 1,282,233
Creditors: amounts falling due within one year:   (708,452) (623,661)
Net current assets (liabilities): 430,984 658,572
Total assets less current liabilities: 746,336 979,795
Creditors: amounts falling due after more than one year:   (315,126) (529,032)
Provision for liabilities: (28,331) (15,599)
Total net assets (liabilities): 402,879 435,164
Capital and reserves
Called up share capital: 100 100
Revaluation reserve:481,14783,383
Profit and loss account: 321,632 351,681
Shareholders funds: 402,879 435,164

The notes form part of these financial statements

UK REFURBISHMENT LIMITED

Balance sheet statements

For the year ending 30 September 2023 the company was entitled to exemption under section 477 of the Companies Act 2006 relating to small companies.

The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

The members have agreed to the preparation of abridged accounts for this accounting period in accordance with Section 444(2A).

These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The directors have chosen to not file a copy of the company’s profit & loss account.

This report was approved by the board of directors on 17 April 2024
and signed on behalf of the board by:

Name: Mr L S Hurlock
Status: Director

The notes form part of these financial statements

UK REFURBISHMENT LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

1. Accounting policies

These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

Turnover policy

Turnover is recognised at the fair value of the consideration received or receivable for goods and services net of VAT.

Tangible fixed assets and depreciation policy

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net ofdepreciation and any impairment losses.Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over theiruseful lives on the following bases: Freehold land and buildings Straight line over 50 years; Fixtures, fittings and equipment 15% reducing balance; Computer equipment 33.33% straight line; Motor vehicles 25% reducing balance.The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to the profit and loss account.

Valuation and information policy

Stock and work in progress is stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs.

Other accounting policies

Financial instrumentsThe company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.Financial instruments are recognised in the company's balance sheet when the company becomes party tothe contractual provisions of the instrument.Basic financial assetsBasic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.Derecognition of financial assetsFinancial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.Basic financial liabilitiesBasic financial liabilities, including creditors and the bank loan are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.Derecognition of financial liabilitiesFinancial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.TaxationThe tax expense represents the sum of the tax currently payable and deferred tax.Current taxThe tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.Deferred taxDeferred tax liabilities are generally recognised for all timing differences and 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 calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity.

UK REFURBISHMENT LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

2. Employees

2023 2022
Average number of employees during the period 6 7

UK REFURBISHMENT LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

3. Tangible Assets

Total
Cost £
At 01 October 2022 394,248
Additions 3,720
At 30 September 2023 397,968
Depreciation
At 01 October 2022 73,025
Charge for year 9,591
At 30 September 2023 82,616
Net book value
At 30 September 2023 315,352
At 30 September 2022 321,223

UK REFURBISHMENT LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

4. Revaluation reserve

2023
£
Balance at 01 October 2022 83,383
Surplus or deficit after revaluation (2,236)
Balance at 30 September 2023 81,147

UK REFURBISHMENT LIMITED

Notes to the Financial Statements

for the Period Ended 30 September 2023

5. Related party transactions

Name of the related party:
Relationship:
Director
Description of the Transaction: The unsecured loan is free of any interest charge and without any repayment terms.
£
Balance at 01 October 2022 91,339
Balance at 30 September 2023 464