0 false false false false false false false false false false true false false false false false false No description of principal activity 2023-08-01 Sage Accounts Production Advanced 2023 - FRS102_2023 1,730 1,730 1,646 13 1,659 84 110,000 110,000 110,000 xbrli:pure xbrli:shares iso4217:GBP 04252327 2023-08-01 2024-07-31 04252327 2024-07-31 04252327 2023-07-31 04252327 2022-08-01 2023-07-31 04252327 2023-07-31 04252327 2022-07-31 04252327 core:FurnitureFittings 2023-08-01 2024-07-31 04252327 bus:OrdinaryShareClass1 2023-08-01 2024-07-31 04252327 bus:Director3 2023-08-01 2024-07-31 04252327 core:WithinOneYear 2024-07-31 04252327 core:WithinOneYear 2023-07-31 04252327 core:FurnitureFittings 2023-07-31 04252327 core:ShareCapital 2024-07-31 04252327 core:ShareCapital 2023-07-31 04252327 core:OtherReservesSubtotal 2024-07-31 04252327 core:OtherReservesSubtotal 2023-07-31 04252327 core:RetainedEarningsAccumulatedLosses 2024-07-31 04252327 core:RetainedEarningsAccumulatedLosses 2023-07-31 04252327 core:CostValuation core:Non-currentFinancialInstruments 2024-07-31 04252327 core:Non-currentFinancialInstruments 2024-07-31 04252327 core:Non-currentFinancialInstruments 2023-07-31 04252327 core:RevaluationInvestmentPropertyDeferredTax 2024-07-31 04252327 core:RevaluationInvestmentPropertyDeferredTax 2023-07-31 04252327 core:FurnitureFittings 2023-07-31 04252327 bus:SmallEntities 2023-08-01 2024-07-31 04252327 bus:AuditExemptWithAccountantsReport 2023-08-01 2024-07-31 04252327 bus:SmallCompaniesRegimeForAccounts 2023-08-01 2024-07-31 04252327 bus:PrivateLimitedCompanyLtd 2023-08-01 2024-07-31 04252327 bus:FullAccounts 2023-08-01 2024-07-31 04252327 bus:OrdinaryShareClass1 2024-07-31 04252327 bus:OrdinaryShareClass1 2023-07-31
COMPANY REGISTRATION NUMBER: 04252327
UNDERPLAY LIMITED
FILLETED UNAUDITED FINANCIAL STATEMENTS
31 July 2024
UNDERPLAY LIMITED
FINANCIAL STATEMENTS
YEAR ENDED 31st JULY 2024
CONTENTS
PAGES
Statement of financial position
1 to 2
Notes to the financial statements
3 to 7
UNDERPLAY LIMITED
STATEMENT OF FINANCIAL POSITION
31 July 2024
2024
2023
Note
£
£
£
£
FIXED ASSETS
Tangible assets
5
84
Investment property
6
110,000
110,000
----------
----------
110,000
110,084
CURRENT ASSETS
Debtors
7
109
96
Cash at bank and in hand
3,956
1,288
-------
-------
4,065
1,384
CREDITORS: amounts falling due within one year
8
24,770
21,560
---------
---------
NET CURRENT LIABILITIES
20,705
20,176
----------
----------
TOTAL ASSETS LESS CURRENT LIABILITIES
89,295
89,908
PROVISIONS
Taxation including deferred tax
2,451
2,451
---------
---------
NET ASSETS
86,844
87,457
---------
---------
CAPITAL AND RESERVES
Called up share capital
10
110
110
Non distributable reserves
56,371
56,371
Profit and loss account
30,363
30,976
---------
---------
SHAREHOLDERS FUNDS
86,844
87,457
---------
---------
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 31st July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' 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 directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
UNDERPLAY LIMITED
STATEMENT OF FINANCIAL POSITION (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 22 April 2025 , and are signed on behalf of the board by:
R. Crawford
Director
Company registration number: 04252327
UNDERPLAY LIMITED
NOTES TO THE FINANCIAL STATEMENTS
YEAR ENDED 31st JULY 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 The Old Post Office, 63 Saville Street, North Shields, Tyne & Wear, NE30 1AY.
2. STATEMENT OF COMPLIANCE
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
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 and loss. The financial statements are prepared in sterling, which is the functional currency of the entity. Monetary amounts in these financial statements are rounded to the nearest £.
Going concern
The financial statements have been prepared on the going concern basis. The directors consider that this basis is appropriate following due consideration of the present financial position, the expected prospects of the company during the twelve months from the date of approval of these financial statements and the continued support of the company's directors, bankers and other lending agents during this time.
Revenue recognition
Turnover is measured at the fair value of the consideration and represents amounts receivable for rent.
Taxation
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date. Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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 measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and 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:
Fixtures and fittings
-
15% reducing balance
Investment property
The investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. The investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised through the income statement.
If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
The investment property is not depreciated.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset.
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, being the directors of the company, amounted to 2 (2023: 2).
5. TANGIBLE ASSETS
Fixtures and fittings
£
Cost
At 1st August 2023
1,730
Disposals
( 1,730)
-------
At 31st July 2024
-------
Depreciation
At 1st August 2023
1,646
Charge for the year
13
Disposals
( 1,659)
-------
At 31st July 2024
-------
Carrying amount
At 31st July 2024
-------
At 31st July 2023
84
-------
6. INVESTMENT PROPERTY
Investment property
£
Cost/valuation
At 1st August 2023 and 31st July 2024
110,000
----------
Impairment
At 1st August 2023 and 31st July 2024
----------
Carrying amount
At 31st July 2024
110,000
----------
At 31st July 2023
110,000
----------
The investment property is stated at the directors' opinion of fair value.
7. DEBTORS
2024
2023
£
£
Prepayments
109
96
----
----
8. CREDITORS: amounts falling due within one year
2024
2023
£
£
Accruals
4,810
1,204
Corporation tax
396
Director loan accounts
3,365
3,365
Other creditors
16,595
16,595
---------
---------
24,770
21,560
---------
---------
9. DEFERRED TAX
The deferred tax included in the statement of financial position is as follows:
2024
2023
£
£
Included in provisions
2,451
2,451
-------
-------
The deferred tax account consists of the tax effect of timing differences in respect of:
2024
2023
£
£
Fair value adjustment of investment property
2,451
2,451
-------
-------
10. CALLED UP SHARE CAPITAL
Issued, called up and fully paid
2024
2023
No.
£
No.
£
Ordinary shares of £ 1 each
110
110
110
110
----
----
----
----
11. RELATED PARTY TRANSACTIONS
No transactions with related parties were undertaken such as are required to be disclosed under FRS 102 Section 1A small entities.