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COMPANY REGISTRATION NUMBER: 5022050
Uzmaston Projects Ltd
Filleted Unaudited Financial Statements
5 April 2024
Uzmaston Projects Ltd
Financial Statements
Year ended 5 April 2024
Contents
Pages
Statement of financial position
1
Notes to the financial statements
2 to 5
Uzmaston Projects Ltd
Statement of Financial Position
5 April 2024
2024
2023
Note
£
£
Fixed assets
Tangible assets
5
3,488
4,476
Current assets
Stocks
30,000
858,830
Debtors
6
2,064
7,017
Cash at bank and in hand
76,739
10,587
---------
---------
108,803
876,434
Creditors: amounts falling due within one year
7
( 101,886)
( 270,257)
---------
---------
Net current assets
6,917
606,177
--------
---------
Total assets less current liabilities
10,405
610,653
Creditors: amounts falling due after more than one year
8
( 46,415)
( 698,824)
--------
---------
Net liabilities
( 36,010)
( 88,171)
--------
---------
Capital and reserves
Called up share capital
9
102
102
Profit and loss account
( 36,112)
( 88,273)
--------
--------
Shareholders deficit
( 36,010)
( 88,171)
--------
--------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 5 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
These financial statements were approved by the board of directors and authorised for issue on 29 November 2024 , and are signed on behalf of the board by:
Mr J Edwards
Director
Company registration number: 5022050
Uzmaston Projects Ltd
Notes to the Financial Statements
Year ended 5 April 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 44 Hamilton House, Hamilton Terrace, Milford Haven, Pembrokeshire, SA73 3JP.
2. Statement of compliance
These financial statements have been prepared in accordance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
The director has a reasonable expectation that the company has adequate resources to continue operational existence for the foreseeable future. For this reason, the director continues to adopt the going concern basis of accounting in preparing the annual financial statements.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods supplied and services rendered, stated net of discounts and of Value Added Tax. Revenue from the sale of goods and services is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer, usually on despatch of the goods, the amount of revenue can be measured reliably, it is probable that the associated economic benefits will flow to the entity, and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Operating leases
Lease income is recognised in profit or loss on a straight line basis over the lease term. The aggregate cost of lease incentives are recognised as a reduction to income over the lease term on a straight-line basis. Costs, including depreciation, incurred in earning the lease income are recognised as an expense. Any initial direct costs incurred in negotiating and arranging the operating lease are added to the carrying amount of the lease and recognised as an expense over the lease term on the same basis as the lease income.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Freehold Property
-
2% straight line
Fixtures and Fittings
-
15% reducing balance
Motor Vehicles
-
25% reducing balance
Equipment
-
15% reducing balance
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date. For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stock to its present location and condition.
Finance leases and hire purchase contracts
Assets held under finance leases and hire purchase contracts are recognised in the statement of financial position as assets and liabilities at the lower of the fair value of the assets and the present value of the minimum lease payments, which is determined at the inception of the lease term. Any initial direct costs of the lease are added to the amount recognised as an asset. Lease payments are apportioned between the finance charges and reduction of the outstanding lease liability using the effective interest method. Finance charges are allocated to each period so as to produce a constant rate of interest on the remaining balance of the liability.
Financial instruments
A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Debt instruments are subsequently measured at amortised cost.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 1 (2023: 3 ).
5. Tangible assets
Fixtures and Fittings
Motor Vehicles
Equipment
Total
£
£
£
£
Cost
At 6 April 2023 and 5 April 2024
1,250
19,462
2,590
23,302
-------
--------
-------
--------
Depreciation
At 6 April 2023
347
16,289
2,190
18,826
Charge for the year
135
793
60
988
-------
--------
-------
--------
At 5 April 2024
482
17,082
2,250
19,814
-------
--------
-------
--------
Carrying amount
At 5 April 2024
768
2,380
340
3,488
-------
--------
-------
--------
At 5 April 2023
903
3,173
400
4,476
-------
--------
-------
--------
6. Debtors
2024
2023
£
£
Other debtors
2,064
7,017
-------
-------
Other debtors include an amount of £Nil (2023 - £Nil) falling due after more than one year.
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts (secured)
11,936
5,991
Trade creditors
1,109
42,445
Social security and other taxes
8,555
982
Other creditors
80,286
220,839
---------
---------
101,886
270,257
---------
---------
The bank facilities are secured by legal charges held by HSBC Bank Plc over the property of the company.
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts (secured)
46,415
698,824
--------
---------
9. Called up share capital
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
100
100
100
100
Ordinary A shares of £ 1 each
1
1
1
1
Ordinary B shares of £ 1 each
1
1
1
1
----
----
----
----
102
102
102
102
----
----
----
----
10. Related party transactions
The company was under the control of Mr J Edwards throughout the current and previous year. Mr J Edwards is the managing director and majority shareholder.