Company Registration No. 07107424 (England and Wales)
ACTIVE URBAN PROPERTY GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
PAGES FOR FILING WITH REGISTRAR
ACTIVE URBAN PROPERTY GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ACTIVE URBAN PROPERTY GROUP LIMITED
BALANCE SHEET
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Investments
3
65
65
Current assets
Debtors
5
587,297
586,357
Cash at bank and in hand
20,344
3,339
607,641
589,696
Creditors: amounts falling due within one year
6
(727,346)
(708,319)
Net current liabilities
(119,705)
(118,623)
Total assets less current liabilities
(119,640)
(118,558)
Capital and reserves
Called up share capital
7
450
450
Profit and loss reserves
(120,090)
(119,008)
Total equity
(119,640)
(118,558)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 May 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 18 May 2021 and are signed on its behalf by:
Mr D R Hughes
Director
Company Registration No. 07107424
ACTIVE URBAN PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2020
- 2 -
1
Accounting policies
Company information
Active Urban Property Group Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is
Cardinal House, 46 St Nicholas Street, Ipswich, Suffolk, IP1 1TT.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in
sterling
, which is the functional currency of the company.
Monetary a
mounts
in these financial statements are
rounded to the nearest £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section
399
of the
Companies Act 2006 not to prepare consolidated accounts
, on the basis that the group of which this is the parent qualifies as a small group
. The financial statements present information about the company as an individual entity and not about its group
.
1.2
Going concern
These financial statements are prepared on the going concern basis. The directors have a reasonable expectation that the company will continue in operational existence for the foreseeable future due to the continued support from the directors.
The directors are of the opinion that ongoing and future projects of the group will produce income sufficient to eliminate the adverse balance on the profit and loss account.
The company is relying on support of its main shareholders, Mr and Mrs D Hughes, Mr and Mrs Mutty and Mr Walker, who have expressed their intention to continue this support for at least 12 months following the approval of these financial statements.
Based upon this support the financial statements are prepared on a going concern basis.
1.3
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses.
The investments are assessed for impairment at each reporting date
and
any
impairment
losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company
. Control is
the power to govern the financial and operating policies of
the
entity so as to obtain benefits from its activities.
An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
ACTIVE URBAN PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
1
Accounting policies
(Continued)
- 3 -
Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities
.
1.4
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.5
Financial instruments
The 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 to the contractual provisions of the instrument.
Financial assets and liabilities are offset
, with
the net amounts presented in the financial statements
,
when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic 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.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from
fellow group companies and preference shares that are classified as debt, 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
paymen
ts 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. A
m
ounts 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.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
ACTIVE URBAN PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
1
Accounting policies
(Continued)
- 4 -
1.7
Derivatives
Derivatives are initially recognised at fair value at the date a derivative contract is entered into and are subsequently remeasured to fair value at each reporting end date. The resulting gain or loss is recognised in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in which event the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognised as a financial asset, whereas a derivative with a negative fair value is recognised as a financial liability.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
3
Fixed asset investments
2020
2019
£
£
Shares in group undertakings and participating interests
65
65
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 June 2019 & 31 May 2020
65
Carrying amount
At 31 May 2020
65
At 31 May 2019
65
4
Subsidiaries
Details of the company's subsidiaries at 31 May 2020 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Active Urban (Woodbridge) Limited*
United Kingdom
Ordinary
65.00
ACTIVE URBAN PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
4
Subsidiaries
(Continued)
- 5 -
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Active Urban (Woodbridge) Limited*
(10,247)
(6,028)
*The registered office address of the subsidiary company is Cardinal House, St. Nicholas Street, Ipswich, IP1 1TT.
5
Debtors
2020
2019
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
587,285
586,357
Other debtors
12
587,297
586,357
6
Creditors: amounts falling due within one year
2020
2019
£
£
Trade creditors
875
43
Other creditors
726,471
708,276
727,346
708,319
7
Called up share capital
2020
2019
£
£
Ordinary share capital
Issued and fully paid
450 Ordinary shares of £1 each
450
450
8
Related party transactions
ACTIVE URBAN PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2020
8
Related party transactions
(Continued)
- 6 -
As at year end, the balance receivable from entities in which the directors have a significant interest was £587,285 (2019: £586,357). During the year payments to the value of of £59,187 which related mainly to work in progress were paid by these entities on behalf of the company and a deposit of £58,258 was returned.
As at year end, the total balance payable to the directors was £223,004 (2019: £216,919). During the year transfers of £6,085 were made.
As at year end, the total balance payable to entities in which the directors have a significant interest was £474,149 (2019: £462,039). During the year transfers of £65,367 were made.