Company registration number: 09035679

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Urban High Developments Ltd

 

Filleted Unaudited financial statements

 

31 May 2023

Urban High Developments Ltd

Contents

 

 

Page

 

 

Directors and other information

3

 

 

Directors report

4

 

 

Statement of financial position

5-6

 

 

Notes to the financial statements

7-10

Urban High Developments Ltd

Directors and other information

 

Directors

O Kisacikoglu

 

 

 

 

Company number

09035679

 

 

 

 

Registered office

Lynton House

 

7-12 Tavistock Square

 

London

 

WC1H 9LT

Urban High Developments Ltd

Directors report

Year ended 31 May 2023

 

The directors present their report and the unaudited financial statements of the company for year ended 31 May 2023.

 

Directors

The directors who served the company during the year were as follows:

 

O Kisacikoglu

 

Small companies provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

 

This report was approved by the board of directors on the 15th February 2024 and signed on behalf of the board by:

 

 

 

 

 

O Kisacikoglu

Director

Urban High Developments Ltd

Statement of financial position

31 May 2023

 

 

 

2023

2022

    

 

Note

£

£

£

£

Fixed assets

 

 

 

 

 

Tangible assets

5

1,477,331

 

2,189,627

 

 

 

 

1,477,331

 

2,189,627

Current assets

 

 

 

 

 

Debtors

6

9,313

 

42,968

 

Cash at bank and in hand

 

73,802

 

3,900,954

 

 

 

 

 

 

 

 

 

83,115

 

3,943,922

 

Creditors: amounts falling due within one year

7

(4,107,450)

 

(8,520,842)

 

 

 

 

 

 

 

Net current assets

 

 

(4,024,335)

 

(4,576,920)

 

 

 

 

 

 

Total assets less current liabilities

 

 

(2,547,004)

 

(2,387,293)

 

 

 

 

 

 

Capital and reserves

 

 

 

 

 

Called up share capital

 

 

10,000

 

10,000

Profit and loss account

 

 

(2,557,004)

 

(2,397,293)

 

 

 

 

 

 

Shareholders deficit

 

 

(2,547,004)

 

(2,387,293)

 

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

 

Directors' responsibilities:

The shareholders have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

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 notes on pages 5 to 8 form part of these financial statements.

Urban High Developments Ltd

Statement of financial position (continued)

31 May 2023

 

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

 

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

 

These financial statements were approved by the board of directors and authorised for issue on the 15th February 2024 and are signed on behalf of the board by:

 

 

 

 

O Kisacikoglu

Director

 

Company registration number: 09035679

 

 

 

 

 

The notes on pages 5 to 8 form part of these financial statements.

Urban High Developments Ltd

Notes to the financial statements

Year ended 31 May 2023

 

1.     General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9LT.

 

2.     Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS102, Section 1A, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

 

3.     Accounting policies

 

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

 

The financial statements are prepared in sterling, which is the functional currency of the entity.

 

Going concern

At the balance sheet date, the reporting entity had net liabilities in the sum of £2,547,004 (2022: £2,387,293). The company is reliant on the support of the shareholders. On the basis that the shareholders will continue to support the reporting entity for the foreseeable future, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the support of the shareholders.

true

 

Turnover

Turnover is measured at the fair value of the consideration received or receivable for services rendered, net of discounts and Value Added Tax.

 

Revenue from the rendering of services is measured by reference to the stage of completion of the service transactions at the end of the reporting period provided that the outcome can be reliably estimated. When the outcome cannot be reliably measured, revenue is recognised only to the extent that expenses recognised are recoverable.

 

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.

 

In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

 

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

 

No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.

Urban High Developments Ltd

Notes to the financial statements

Year ended 31 May 2023

 

3.     Accounting policies (continued)

 

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

 

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.

 

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value over the useful economic life of that asset as follows:

 

Short leasehold property - Not depreciated

Fittings fixtures and equipment - 25% straight line

 

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

 

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

 

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.

 

Debt instruments are subsequently measured at amortised cost.

 

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

 

4.     Loss before taxation

 

Loss before taxation is stated after charging:

 

 

 

2023

2022

 

£

£

Depreciation of tangible assets

164

295

 

Urban High Developments Ltd

Notes to the financial statements

Year ended 31 May 2023

 

5.     Tangible assets

 

 

Short

Fixtures,

Total

 

Leasehold

fittings and

 

 

Property

equipment

 

 

£

£

£

Cost

 

 

 

At 1 June 2022

2,189,443

10,355

2,199,798

Disposals

(712,132)

-

(712,132)

 

 

 

 

At 31 May 2023

1,477,311

10,355

1,487,666

 

 

 

 

Depreciation

 

 

 

At 1 June 2022

-

10,171

10,171

Charge for the year

-

164

164

 

 

 

 

At 31 May 2023

-

10,335

10,335

 

 

 

 

Carrying amount

 

 

 

At 31 May 2023

1,477,311

20

1,477,331

 

 

 

 

At 31 May 2022

2,189,443

184

2,189,627

 

6.     Debtors

 

 

2023

2022

 

£

£

Other debtors

9,313

42,968

 

7.     Creditors: amounts falling due within one year

 

 

 

2023

2022

 

Note

£

£

Trade creditors

 

8,880

22,946

Other creditors

 

2,211

1,537

Amounts owing to related company

7.1

4,096,359

8,496,359

 

 

 

 

 

 

4,107,450

8,520,842

 

7.1     Amounts owing to related company are interest free.

Urban High Developments Ltd

Notes to the financial statements

Year ended 31 May 2023

 

8.     Related party balances and transactions

 

8.1     Related party balances and transactions

Information on balances due to related parties is set out in note 7 to these financial statements.

 

8.2     Related party transactions

 

 

Transaction value

for the year ended

31 May

 

2023

2022

 

£

£

Financing transactions

 

 

Amounts owing to related company

4,400,000

-