Company Registration No. 07107424 (England and Wales)
ACTIVE URBAN PROPERTY GROUP LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
PAGES FOR FILING WITH REGISTRAR
ACTIVE URBAN PROPERTY GROUP LIMITED
COMPANY INFORMATION
Directors
Mr D R Hughes
Mr R  Mutty
Mr A I Walker
Secretary
Mr D R Hughes
Company number
07107424
Registered office
Cardinal House
46 St Nicholas Street
Ipswich
Suffolk
IP1 1TT
Accountants
Ensors Accountants LLP
Cardinal House
46 St Nicholas Street
Ipswich
Suffolk
IP1 1TT
Business address
1 Station Court
Great Shelford
Cambridge
Cambridgeshire
CB22 5NE
ACTIVE URBAN PROPERTY GROUP LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
ACTIVE URBAN PROPERTY GROUP LIMITED
BALANCE SHEET
AS AT
31 MAY 2017
31 May 2017
- 1 -
2017
2016
Notes
£
£
£
£
Fixed assets
Investments
2
166
101
Current assets
Stocks
-
106,326
Debtors
4
333,915
21,070
Cash at bank and in hand
20,805
27,951
354,720
155,347
Creditors: amounts falling due within one year
5
(462,107)
(247,817)
Net current liabilities
(107,387)
(92,470)
Total assets less current liabilities
(107,221)
(92,369)
Capital and reserves
Called up share capital
6
450
300
Profit and loss reserves
(107,671)
(92,669)
Total equity
(107,221)
(92,369)

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 2017 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 Act with respect to accounting records and the preparation of financial statements.

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.

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 23 February 2018 and are signed on its behalf by:
Mr D R Hughes
Mr R  Mutty
Director
Director
Company Registration No. 07107424
ACTIVE URBAN PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2017
- 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

The financial statements are prepared under the historical cost convention.

 

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 and MPM Properties Limited, 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.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.

These financial statements for the year ended 31 May 2017 are the first financial statements of Active Urban Property Group Limited prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland. The date of transition to FRS 102 was 1 June 2015. The reported financial position and financial performance for the previous period are not affected by the transition to FRS 102.

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

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.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

ACTIVE URBAN PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 3 -
1.4
Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

1.5
Cash at bank and in hand

Cash at bank and in hand 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.

1.6
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 payments 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. Amounts 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.

ACTIVE URBAN PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
1
Accounting policies
(Continued)
- 4 -
1.7
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

1.8
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
Fixed asset investments
2017
2016
£
£
Investments
166
101

 

Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 June 2016
101
Additions
65
At 31 May 2017
166
Carrying amount
At 31 May 2017
166
At 31 May 2016
101
ACTIVE URBAN PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 5 -
3
Subsidiaries

Details of the company's subsidiaries at 31 May 2017 are as follows:

Name of undertaking
Registered
Nature of business
Class of
% Held
office
shares held
Direct
Indirect
Active Urban Property No. 2 Limited*
United Kingdon
Dormant
Ordinary
100.00
Univer-City Living Limited*
United Kingdon
Dormant
Ordinary
100.00
Active Urban (Woodbridge) Limited*
United Kingdom
Development of building projects
Ordinary
65.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
Name of undertaking
Profit/(Loss)
Capital and Reserves
£
£
Active Urban Property No. 2 Limited*
-
100
Univer-City Living Limited*
-
1
Active Urban (Woodbridge) Limited*
(1,392)
(1,292)

*The registered office address of the subsidiary companies is Cardinal House, St. Nicholas Street, Ipswich, IP1 1TT.

4
Debtors
2017
2016
Amounts falling due within one year:
£
£
Other debtors
333,915
21,070
5
Creditors: amounts falling due within one year
2017
2016
£
£
Trade creditors
60,941
91,087
Amounts due to group undertakings and undertakings in which the company has a participating interest
150,811
61,159
Other creditors
250,355
95,571
462,107
247,817
ACTIVE URBAN PROPERTY GROUP LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2017
- 6 -
6
Called up share capital
2017
2016
£
£
Ordinary share capital
Issued and fully paid
450 Ordinary shares of £1 each
450
300
450
300
Reconciliation of movements during the year:
Ordinary
Number
At 1 June 2016
300
Issue of fully paid shares
150
At 31 May 2017
450

150 £1 ordinary shares were issued at par on 17 August 2016.

7
Related party transactions

During the year, MPM Properties Limited (controlled by Mr R Mutty and Mrs E Mutty) either loaned or paid for expenditure on behalf of the company worth £108,833 (2016: £25,362), and repaid a loan to Blue Sky Limited of £19,167. At the year end, the company owed MPM Properties Limited £152,086 (2016: £62,420).

 

During the year, the company received loans of £nil (2016: £121) from Mr R Mutty (Director). At the year end, the company owed Mr R Mutty £1,816 (2016: £1,816).

 

During the year, the company was loaned funds by Mr and Mrs D Hughes £26,500 (2016: £24,000). At the year end the company owed Mr and Mrs D Hughes a total of £88,691 (2016: £62,191).

 

Blue Sky Limited, a company in which Mr A Walker is a director, loaned Active Urban Property Group Limited £69,667 (2016: £24,000) and the company repaid £93,667 (2016: £nil). The company owed Blue Sky Limited a balance of £nil (2016: £24,000) at the year end.

 

Finally, Mr A Walker (Director) loaned the company £152,000 (2016: £nil) during the year, and the cost of share issued to Mr A Walker was £85. The company owed him a balance of £151,915 (2016: £nil) at the year end.

 

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