Registration number:
Utopia Living Ltd
for the Year Ended 31 October 2025
Utopia Living Ltd
Contents
|
Statement of Financial Position |
|
|
Notes to the Unaudited Financial Statements |
Utopia Living Ltd
(Registration number: 15239689)
Statement of Financial Position as at 31 October 2025
|
Note |
2025 |
(As restated) |
|
|
Fixed assets |
|||
|
Tangible assets |
|
|
|
|
Current assets |
|||
|
Stocks |
|
|
|
|
Debtors |
|
|
|
|
Cash at bank and in hand |
|
|
|
|
|
|
||
|
Creditors: Amounts falling due within one year |
( |
( |
|
|
Net current liabilities |
( |
( |
|
|
Total assets less current liabilities |
( |
( |
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
|
Net liabilities |
( |
( |
|
|
Capital and reserves |
|||
|
Called up share capital |
2 |
2 |
|
|
Profit and loss account |
(25,675) |
(73,003) |
|
|
Shareholders' deficit |
(25,673) |
(73,001) |
For the financial year ending 31 October 2025 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
|
• |
|
|
• |
The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts. |
Approved and authorised by the
|
|
Utopia Living Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025
|
General information |
The company is a private company limited by share capital, incorporated in England and Wales.
The address of its registered office is:
Principal activity
The principal activity of the company is that of the development of building projects.
|
Accounting policies |
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).
Basis of preparation
These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.
The financial statements are prepared in sterling which is the functional currency of the entity.
Reclassification of comparative amounts
The effect of the restatement on the prior period is as follows:
• Trade creditors have decreased by £18,737.
• Loans and borrowings due within one year have increased by £2,622.
• Loans and borrowings due after more than one year have increased by £16,115.
This adjustment has no impact on net assets or profit for the prior period; it solely relates to the reclassification of liabilities.
Utopia Living Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025 (continued)
|
2 |
Accounting policies (continued) |
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. |
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual outcome. |
Tangible assets
Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.
Depreciation
Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:
|
Asset class |
Depreciation method and rate |
|
Motor vehicles |
25% reducing balance |
|
Office equipment |
3 years straight line |
Impairment
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.
Cash and cash equivalents
Cash and cash equivalents comprise cash at bank and in hand, demand deposits with banks, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value. In the statement of financial position, bank overdrafts are shown within borrowing or current liabilities
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Costs include all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition. .
The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.
Utopia Living Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025 (continued)
|
2 |
Accounting policies (continued) |
Borrowings
Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the statement of comprehensive income over the period of the relevant borrowing.
Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.
Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.
Leases
Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.
Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the statement of financial position as a finance lease obligation.
Lease payments are apportioned between finance costs in the statement of comprehensive income and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.
Financial instruments
Recognition and measurement
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.
|
Staff numbers |
The average number of persons employed by the company (including the director) during the year, was
Utopia Living Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025 (continued)
|
Tangible assets |
|
Office equipment |
Motor vehicles |
Total |
|
|
Cost or valuation |
|||
|
At 1 November 2024 |
- |
|
|
|
Additions |
|
- |
|
|
At 31 October 2025 |
|
|
|
|
Depreciation |
|||
|
Charge for the year |
|
|
|
|
At 31 October 2025 |
|
|
|
|
Carrying amount |
|||
|
At 31 October 2025 |
|
|
|
|
At 31 October 2024 |
- |
|
|
|
Debtors |
|
2025 |
2024 |
|
|
Other debtors |
|
|
|
|
|
Utopia Living Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025 (continued)
|
Creditors |
Creditors: amounts falling due within one year
|
Note |
2025 |
(As restated) |
|
|
Loans and borrowings |
|
|
|
|
Trade creditors |
- |
|
|
|
Taxation and social security |
|
- |
|
|
Accruals and deferred income |
|
|
|
|
Other creditors |
|
|
|
|
|
|
Creditors: amounts falling due after more than one year
|
Note |
2025 |
(As restated) |
|
|
Loans and borrowings |
|
|
|
Reserves |
Profit and loss account:
This reserve records retained earnings and accumulated losses.
Utopia Living Ltd
Notes to the Unaudited Financial Statements for the Year Ended 31 October 2025 (continued)
|
Loans and borrowings |
Current loans and borrowings
|
2025 |
(As restated) |
|
|
Hire purchase contracts |
|
|
|
Other borrowings |
|
- |
|
|
|
|
Non-current loans and borrowings
|
2025 |
(As restated) |
|
|
Hire purchase contracts |
|
|
|
Exceptional income |
During the year, an intercompany balance of £140,604 between Utopia Living Ltd and RR & DJ Properties Ltd was written off. The write-off has been recognised in the Statement of Comprehensive Income as exceptional income, reflecting its non-recurring nature.
The transaction has no corporation tax impact for the Company.