Company registration number 03511760 (England and Wales)
URBAN RESOLVE LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
PAGES FOR FILING WITH REGISTRAR
URBAN RESOLVE LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 9
URBAN RESOLVE LIMITED
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 1 -
2023
2022
as restated
Notes
£
£
£
£
Fixed assets
Tangible assets
3
1,007
-
0
Investment properties
4
2,100,000
2,100,000
Investments
5
2
2
2,101,009
2,100,002
Current assets
Debtors
7
979,355
1,013,253
Cash at bank and in hand
46,609
23,863
1,025,964
1,037,116
Creditors: amounts falling due within one year
8
(207,298)
(209,521)
Net current assets
818,666
827,595
Total assets less current liabilities
2,919,675
2,927,597
Creditors: amounts falling due after more than one year
9
(2,350,000)
(2,350,000)
Provisions for liabilities
(128,149)
(128,149)
Net assets
441,526
449,448
Capital and reserves
Called up share capital
10
18
18
Profit and loss reserves
441,508
449,430
Total equity
441,526
449,448

The director of the company has elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 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.

URBAN RESOLVE LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 MARCH 2023
31 March 2023
- 2 -
The financial statements were approved and signed by the director and authorised for issue on 1 October 2023
Mr T R Brent
Director
Company Registration No. 03511760
URBAN RESOLVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
1
Accounting policies
Company information

Urban Resolve Limited is a private company limited by shares incorporated in England and Wales. The registered office is 66 Prescot Street, London, E1 8NN.

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 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.

1.2
Turnover

Turnover represents rental income receivable net of VAT from investment properties.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

1.3
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost less estimated residual value of each asset over its expected useful life.
Computer equipment
33.33% straight line
1.4
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. Changes in fair value are recognised in profit or loss.

1.5
Fixed asset investments

Interests in subsidiaries 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.

URBAN RESOLVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 4 -
1.6
Impairment of fixed assets

At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

 

If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

1.7
Cash at bank and in hand

Cash at bank and in hand are basic financial assets and include deposits held at call with banks.

1.8
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. 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.

URBAN RESOLVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, are initially recognised at transaction price. 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.

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.9
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2023
2022
Number
Number
Total
-
0
-
0
URBAN RESOLVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 6 -
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 April 2022
2,103
Additions
1,249
At 31 March 2023
3,352
Depreciation and impairment
At 1 April 2022
2,103
Depreciation charged in the year
242
At 31 March 2023
2,345
Carrying amount
At 31 March 2023
1,007
At 31 March 2022
-
0
4
Investment property
2023
£
Fair value
At 1 April 2022 and 31 March 2023
2,100,000

Investment property comprises properties used for rental income and capital appreciation. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2023 by the directors of the company on an open market basis, by reference to market evidence of transaction prices for similar properties.

5
Fixed asset investments
2023
2022
£
£
Shares in group undertakings and participating interests
2
2
6
Subsidiaries

Details of the company's subsidiaries at 31 March 2023 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Urban Resolve Residential Limited
England & Wales
Ordinary
100.00
The aggregate capital and reserves and the result for the year of the subsidiaries noted above was as follows:
URBAN RESOLVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
6
Subsidiaries
(Continued)
- 7 -
Name of undertaking
Capital and Reserves
Profit/(Loss)
£
£
Urban Resolve Residential Limited
508,729
27,154
7
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
602
3,019
Corporation tax recoverable
-
0
2,985
Amounts owed by group undertakings
972,846
999,700
Prepayments and accrued income
5,907
7,549
979,355
1,013,253
8
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
255
435
Taxation and social security
10,216
7,517
Other creditors
139,531
165,536
Accruals and deferred income
57,296
36,033
207,298
209,521
9
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
1,350,000
1,350,000
Other creditors
1,000,000
1,000,000
2,350,000
2,350,000

The bank loan is secured by the property held in Urban Resolve Residential Limited in favor of the bank in respect of its interest held in a long lease.

URBAN RESOLVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 8 -
10
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
4
4
4
4
Ordinary shares of £1 each
5
5
5
5
Ordinary shares of £1 each
9
9
9
9
18
18
18
18
11
Related party transactions

At the balance sheet date, the company was owed £972,846 (2022: £999,700) from Urban Resolve Residential Limited.

 

 

12
Prior period adjustment

Subsequent to finalising March 2022 accounts, the directors discovered that the company shareholdings were not shown correctly in the accounts filed. Therefore, the accounts are restated to correct brought forward share capital position as a result.

 

This restatement has had no effect on the profit and loss result of the company in the year to 31 March 2022 but has resulted in a £16 net assets position at the balance sheet date.

Changes to the balance sheet
As previously reported
Adjustment
As restated at 31 Mar 2022
£
£
£
Creditors due within one year
Other creditors
(202,020)
16
(202,004)
Capital and reserves
Share capital
2
16
18
Total equity
449,432
16
449,448
Changes to the profit and loss account
As previously reported
Adjustment
As restated
Period ended 31 March 2022
£
£
£
Profit for the financial period
122,897
-
122,897
URBAN RESOLVE LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
12
Prior period adjustment
(Continued)
- 9 -
Reconciliation of changes in equity
1 April
31 March
2021
2022
£
£
Adjustments to prior year
Change in share capital
-
16
Equity as previously reported
326,535
449,432
Equity as adjusted
326,535
449,448
Analysis of the effect upon equity
Share capital
-
16
Reconciliation of changes in profit for the previous financial period
2022
£
Total adjustments
-
Profit as previously reported
122,897
Profit as adjusted
122,897
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