Caseware UK (AP4) 2023.0.135 2023.0.135 2023-08-312023-08-3152022-09-01falseconstruction company5falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 08665305 2022-09-01 2023-08-31 08665305 2021-09-01 2022-08-31 08665305 2023-08-31 08665305 2022-08-31 08665305 c:Director1 2022-09-01 2023-08-31 08665305 d:OtherPropertyPlantEquipment 2022-09-01 2023-08-31 08665305 d:OtherPropertyPlantEquipment 2023-08-31 08665305 d:OtherPropertyPlantEquipment 2022-08-31 08665305 d:OtherPropertyPlantEquipment d:OwnedOrFreeholdAssets 2022-09-01 2023-08-31 08665305 d:CurrentFinancialInstruments 2023-08-31 08665305 d:CurrentFinancialInstruments 2022-08-31 08665305 d:Non-currentFinancialInstruments 2023-08-31 08665305 d:Non-currentFinancialInstruments 2022-08-31 08665305 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 08665305 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 08665305 d:Non-currentFinancialInstruments d:AfterOneYear 2023-08-31 08665305 d:Non-currentFinancialInstruments d:AfterOneYear 2022-08-31 08665305 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2023-08-31 08665305 d:Non-currentFinancialInstruments d:BetweenOneTwoYears 2022-08-31 08665305 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2023-08-31 08665305 d:Non-currentFinancialInstruments d:BetweenTwoFiveYears 2022-08-31 08665305 d:ShareCapital 2023-08-31 08665305 d:ShareCapital 2022-08-31 08665305 d:RetainedEarningsAccumulatedLosses 2023-08-31 08665305 d:RetainedEarningsAccumulatedLosses 2022-08-31 08665305 c:OrdinaryShareClass1 2022-09-01 2023-08-31 08665305 c:OrdinaryShareClass1 2023-08-31 08665305 c:OrdinaryShareClass1 2022-08-31 08665305 c:FRS102 2022-09-01 2023-08-31 08665305 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 08665305 c:FullAccounts 2022-09-01 2023-08-31 08665305 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 08665305 d:AcceleratedTaxDepreciationDeferredTax 2023-08-31 08665305 d:AcceleratedTaxDepreciationDeferredTax 2022-08-31 xbrli:shares iso4217:GBP xbrli:pure
Registered number: 08665305









URBAN SUMMIT CONSTRUCTION LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
URBAN SUMMIT CONSTRUCTION LIMITED
REGISTERED NUMBER: 08665305

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

Fixed assets
  

Tangible assets
 4 
5,977
8,401

Current assets
  

Debtors: amounts falling due within one year
 5 
400,622
312,949

Bank and cash balances
  
41,704
60,481

  
442,326
373,430

Creditors: amounts falling due within one year
 6 
(439,465)
(337,909)

Net current assets
  
 
 
2,861
 
 
35,521

Total assets less current liabilities
  
8,838
43,922

Creditors: amounts falling due after more than one year
 7 
(19,167)
(29,167)

Provisions for liabilities
  

Deferred tax
 9 
(1,136)
(1,597)

Net (liabilities)/assets
  
(11,465)
13,158


Capital and reserves
  

Called up share capital 
 10 
2
2

Profit and loss account
  
(11,467)
13,156

  
(11,465)
13,158


The director considers that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of income and retained earnings in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 30 August 2024.


S Dunnett
Director

The notes on pages 2 to 7 form part of these financial statements.

Page 1

 
URBAN SUMMIT CONSTRUCTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


GENERAL INFORMATION

Urban Summit Construction Limited is a private company limited by shares, incorporated in England and Wales, United Kingdom. The address of the registered office is Tennyson House, Cambridge Business Park, Cambridge, CB4 0WZ. The principal activity of the Company continued to be that of building contractors.

2.ACCOUNTING POLICIES

 
2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The financial statements are presented in pounds sterling, which is the functional currency of the Company and are rounded to the nearest pound.

The following principal accounting policies have been applied:

 
2.2

GOING CONCERN

At the time of approving the financial statements, the Director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Thus the Director continues to adopt the going concern basis of accounting in preparing the financial statements.

 
2.3

TURNOVER

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before turnover is recognised:

Rendering of services

Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of turnover can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

  
2.4

LONG-TERM CONTRACTS

Profit on long-term contracts is taken as the work is carried out if the final outcome can be assessed with reasonable certainty. The profit included is calculated on a prudent basis to reflect the proportion of the work carried out at the year end, by recording turnover and related costs as contract activity progresses. Turnover is calculated as that proportion of total contract value which costs incurred to date bear to total expected costs for that contract. Revenues derived from variations on contracts are recognised only when they have been accepted by the customer. Full provision is made for losses on all contracts in the year in which they are first foreseen.

Page 2

 
URBAN SUMMIT CONSTRUCTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.ACCOUNTING POLICIES (CONTINUED)

  
2.5

DEBTORS

Short term debtors are measured at transaction price, less any impairment.

 
2.6

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.7

FINANCIAL INSTRUMENTS

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of Income and Retained Earnings.

  
2.8

CREDITORS

Short term creditors are measured at the transaction price.

 
2.9

PROVISIONS FOR LIABILITIES

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance Sheet.

  
2.10

DIVIDENDS

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

 
2.11

OPERATING LEASES: THE COMPANY AS LESSEE

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Page 3

 
URBAN SUMMIT CONSTRUCTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.ACCOUNTING POLICIES (CONTINUED)

 
2.12

PENSIONS

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance Sheet. The assets of the plan are held separately from the Company in independently administered funds.

 
2.13

BORROWING COSTS

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

  
2.14

GOVERNMENT GRANTS

Grants are accounted under the accruals model as permitted by FRS 102. Grants of a revenue nature are recognised in the Statement of Comprehensive Income in the same period as the related expenditure.

  
2.15

TAXATION

Tax is recognised in the Statement of Income and Retained Earnings, except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The corporation tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Balance Sheet date, except that:
- The recognition of deferred tax assets is limited to the extent that it is probable that they will be    recovered against the reversal of deferred tax liabilities or other future taxable profits; and
- Any deferred tax balances are reversed if and when all conditions for retaining associated tax    allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Page 4

 
URBAN SUMMIT CONSTRUCTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

3.


EMPLOYEES

The average monthly number of employees, including directors, during the year was 5 (2022 - 5).


4.


TANGIBLE FIXED ASSETS





Plant and machinery etc

£



COST


At 1 September 2022
11,214


Additions
2,073



At 31 August 2023

13,287



Depreciation


At 1 September 2022
2,813


Charge for the year on owned assets
4,497



At 31 August 2023

7,310



Net book value



At 31 August 2023
5,977



At 31 August 2022
8,401


5.


DEBTORS

2023
2022
£
£


Trade debtors
251,563
274,164

Amounts owed by group undertakings
110,185
-

Other debtors
38,874
13,785

Amounts recoverable on long term contracts
-
25,000

400,622
312,949


Page 5

 
URBAN SUMMIT CONSTRUCTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

6.


CREDITORS: Amounts falling due within one year

2023
2022
£
£

Bank loans
10,000
10,000

Trade creditors
16,012
67,563

Amounts owed to group undertakings
389,150
253,387

Other taxation and social security
19,284
1,940

Other creditors
2,269
2,269

Accruals and deferred income
2,750
2,750

439,465
337,909



7.


CREDITORS: Amounts falling due after more than one year

2023
2022
£
£

Bank loans
19,167
29,167



8.


LOANS


Analysis of the maturity of loans is given below:


2023
2022
£
£

Amounts falling due within one year

Bank loans
10,000
10,000

Amounts falling due 1-2 years

Bank loans
10,000
10,000

Amounts falling due 2-5 years

Bank loans
9,167
19,167


29,167
39,167


The bank loan is 100% government-backed under the Bounce Back Loan Scheme and is repayable by installments. Interest is charged at 2.5% p.a.

Page 6

 
URBAN SUMMIT CONSTRUCTION LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


DEFERRED TAXATION




2023


£






At beginning of year
(1,597)


Charged to profit or loss
461



At end of year
(1,136)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
1,136
1,597


10.


SHARE CAPITAL

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary shares of £1.00 each
2
2



11.


PENSION COMMITMENTS

The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £1,423 (2022 - £6,524). contributions totalling £172 (2022 - £851) were payable to the fund at the balance sheet date and are included in creditors.


12.


RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemption from the requirement to disclose transactions with wholly owned group companies.


13.


CONTROLLING PARTY

The immediate controlling party is Urban Summit Group Limited, a company incorporated in England and Wales, United Kingdom.
The ultimate controlling party is S Dunnett.


Page 7