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Registration number: 05563189

Urbina Limited

Annual Report and Unaudited Financial Statements

for the Year Ended 30 April 2023

 

Urbina Limited

Contents

Balance Sheet

1

Notes to the Unaudited Financial Statements

2 to 7

 

Urbina Limited

(Registration number: 05563189)
Balance Sheet as at 30 April 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

4

3,240

2,717

Investment property

5

200,000

300,000

 

203,240

302,717

Current assets

 

Debtors

6

117,513

30,362

Cash at bank and in hand

 

175,098

43,594

 

292,611

73,956

Creditors: Amounts falling due within one year

7

(89,732)

(34,027)

Net current assets

 

202,879

39,929

Net assets

 

406,119

342,646

Capital and reserves

 

Called up share capital

401

401

Other reserves

996

996

Retained earnings

404,722

341,249

Shareholders' funds

 

406,119

342,646

For the financial year ending 30 April 2023 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 accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 10 October 2023 and signed on its behalf by:
 

D N S Pigott
Director

K N King
Company secretary

 
     
 

Urbina Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

1

General information

The company is a private company limited by share capital, incorporated and domiciled in England and Wales.

The address of its registered office is:
Freshford House
Redcliffe Way
Bristol
Avon
BS1 6NL
England

These financial statements were authorised for issue by the Board on 10 October 2023.

2

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 - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

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 company, and rounded to the nearest £.

Going concern

At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the forseeable future. The directors have been mindful of any potential future impact from events such as the cost of living crisis, energy crisis and the current situation in Ukraine and have reviewed budgets and projections for the next twelve months. From this review, the directors consider that the company is unlikely to be significantly affected and thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.

 

Urbina Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- specific criteria have been met for each of the company's activities; and
- the costs incurred or to be incurred in respect of the transaction can be measured reliably.

Other operating income

Other operating income which is made up of government grants has been recognised on an accruals basis in line with the overall revenue recognition policy.

Finance income and costs policy

Finance income and costs are recognised using the effective interest method.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the Balance Sheet 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

Plant and machinery

25% on reducing balance

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually. The valuers use observable market prices, adjusted if necessary for any difference in nature, location or condition of the specific asset. Changes in fair value are recognised in the profit and loss account.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, 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.

 

Urbina Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year was 4 (2022 - 4).

 

Urbina Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

4

Tangible assets

Office equipment
£

Total
£

Cost or valuation

At 1 May 2022

4,082

4,082

Additions

1,374

1,374

At 30 April 2023

5,456

5,456

Depreciation

At 1 May 2022

1,365

1,365

Charge for the year

851

851

At 30 April 2023

2,216

2,216

Carrying amount

At 30 April 2023

3,240

3,240

At 30 April 2022

2,717

2,717

5

Investment properties

2023
£

At 1 May 2022 and 30 April 2023

300,000

Fair value adjustments

(100,000)

At 30 April

200,000

The directors, who are Chartered Surveyors, have revalued the investment properties at the their open market value as at the 30 April 2023.

6

Debtors

Note

2023
£

2022
£

Trade debtors

 

43,832

4,767

Amounts owed by related parties

8

70,080

20,000

Prepayments

 

3,601

1,623

Accrued income

 

-

3,972

 

117,513

30,362

 

Urbina Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

7

Creditors

Due within one year

Note

2023
£

2022
£

 

Trade creditors

 

-

788

Amounts due to related parties

8

3,917

15,861

Social security and other taxes

 

36,433

3,479

Accruals

 

6,748

6,759

Corporation tax liability

39,818

2,740

Deferred income

 

2,816

4,400

 

89,732

34,027

8

Related party transactions

Summary of transactions with other related parties

During the year the company maintained a loan from an entity under common control. Amounts due at the year end totalled £70,080 (2020 - £20,000). The terms of the outstanding balance are interest free and repayable on demand.
 

Loans to related parties

2023

Other related parties
£

Total
£

Advanced

70,080

70,080

At end of period

70,080

70,080

 

Urbina Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 April 2023

Loans from related parties

2023

Key management
£

Other related parties
£

Total
£

At start of period

5,941

9,920

15,861

Advanced

6,749

-

6,749

Repaid

(8,773)

(9,920)

(18,693)

At end of period

3,917

-

3,917

2022

Key management
£

Other related parties
£

Total
£

At start of period

4,943

9,920

14,863

Advanced

6,294

-

6,294

Repaid

(5,296)

-

(5,296)

At end of period

5,941

9,920

15,861

Terms of loans from related parties

The loan from key management is interest free and repayable on demand.