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Registration number: 04316483

Urbanmajor Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

Urbanmajor Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 13

 

Urbanmajor Limited

Company Information

Directors

Mr J Woods

Mrs M Woods

Registered office

Unit 29
Brunel Court
Quedgley
Gloucester
GL2 2AL

 

Urbanmajor Limited

(Registration number: 04316483)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

5

74,239

106,998

Current assets

 

Stocks

6

50,241

54,391

Debtors

7

432,368

365,447

Cash at bank and in hand

 

21,348

9,509

 

503,957

429,347

Creditors: Amounts falling due within one year

8

(303,481)

(246,968)

Net current assets

 

200,476

182,379

Total assets less current liabilities

 

274,715

289,377

Creditors: Amounts falling due after more than one year

8

(149,126)

(179,832)

Provisions for liabilities

(14,105)

(20,330)

Net assets

 

111,484

89,215

Capital and reserves

 

Called up share capital

1,000

1,000

Retained earnings

110,484

88,215

Shareholders' funds

 

111,484

89,215

 

Urbanmajor Limited

(Registration number: 04316483)
Balance Sheet as at 30 November 2023 (continued)

For the financial year ending 30 November 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 9 April 2024 and signed on its behalf by:
 

.........................................
Mr J Woods
Director

   
     
 

Urbanmajor Limited

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

1

General information

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

The address of its registered office is:
Unit 29
Brunel Court
Quedgley
Gloucester
GL2 2AL

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 smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

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.

Going concern

The financial statements have been prepared on a going concern basis.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and 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;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current and deferred 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.

 

Urbanmajor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

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

10 year straight line

Motor vehicles

3 year straight line

Office equipment

5 year straight line

Goodwill

Goodwill arising on the acquisition of an entity represents the excess of the cost of acquisition over the company’s interest in the net fair value of the identifiable assets, liabilities and contingent liabilities of the entity recognised at the date of acquisition. Goodwill is initially recognised as an asset at cost and is subsequently measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is held in the currency of the acquired entity and revalued to the closing rate at each reporting period date. Goodwill is amortised over its useful life, which shall not exceed ten years if a reliable estimate of the useful life cannot be made.

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Goodwill

10 year straight line

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.

 

Urbanmajor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or 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.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first-in, first-out (FIFO) method.

The cost of finished goods and work in progress comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition. At each reporting date, stocks are assessed for impairment. If stocks are impaired, the carrying amount is reduced to its selling price less costs to complete and sell; the impairment loss is recognised immediately in profit or loss.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable 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.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

 

Urbanmajor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

2

Accounting policies (continued)

Leases

Leases are classified as finance leases whenever the terms of the lease transfer substantially all the risks and rewards of ownership to the lessee.

Assets held under finance leases are recognised at the lower of their fair value at inception of the lease and the present value of the minimum lease payments. These assets are depreciated on a straight-line basis over the shorter of the useful life of the asset and the lease term. The corresponding liability to the lessor is included in the balance sheet as a finance lease obligation.

Lease payments are apportioned between finance costs in the profit and loss account and reduction of the lease obligation so as to achieve a constant periodic rate of interest on the remaining balance of the liability.

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.

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 5 (2022 - 5).

 

Urbanmajor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

4

Intangible assets

Goodwill
 £

Total
£

Cost or valuation

At 1 December 2022

176,292

176,292

At 30 November 2023

176,292

176,292

Amortisation

At 1 December 2022

176,292

176,292

At 30 November 2023

176,292

176,292

Carrying amount

At 30 November 2023

-

-

 

Urbanmajor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

5

Tangible assets

Fixtures and fittings
£

Plant and machinery
£

Office equipment
£

Motor vehicles
 £

Total
£

Cost or valuation

At 1 December 2022

42,757

90,797

106,671

180,112

420,337

Additions

-

4,375

-

32,645

37,020

Disposals

-

-

-

(33,490)

(33,490)

At 30 November 2023

42,757

95,172

106,671

179,267

423,867

Depreciation

At 1 December 2022

31,496

89,204

91,572

101,067

313,339

Charge for the year

1,877

740

7,466

49,462

59,545

Eliminated on disposal

-

-

-

(23,256)

(23,256)

At 30 November 2023

33,373

89,944

99,038

127,273

349,628

Carrying amount

At 30 November 2023

9,384

5,228

7,633

51,994

74,239

At 30 November 2022

11,261

1,593

15,099

79,045

106,998

 

Urbanmajor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

6

Stocks

2023
£

2022
£

Raw materials and consumables

50,241

54,391

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

178,179

195,924

Amounts owed by group undertakings and undertakings in which the company has a participating interest

11

68,109

68,109

Prepayments

 

29,729

23,163

Other debtors

 

156,351

78,251

 

432,368

365,447

Current

Note

2023
£

2022
£

Trade debtors

 

178,179

195,924

Amounts owed by related parties

11

68,109

68,109

Prepayments

 

29,729

23,163

Other debtors

 

156,351

78,251

   

432,368

365,447

 

Urbanmajor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

9

32,749

33,696

Trade creditors

 

119,053

119,493

Taxation and social security

 

54,837

34,095

Accruals and deferred income

 

24,755

30,096

Other creditors

 

72,087

29,588

 

303,481

246,968

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

149,126

179,832

9

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

81,927

99,608

HP and finance lease liabilities

67,199

80,224

149,126

179,832

 

Urbanmajor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

9

Loans and borrowings (continued)

Current loans and borrowings

2023
£

2022
£

Bank overdrafts

-

2,303

Directors current account

5,107

5,123

Hire purchase liabilities

27,642

26,270

32,749

33,696

Bank borrowings

Bank Overdraft is denominated in Sterling with a nominal interest rate over base. The carrying amount at year end is £Nil (2022 - £Nil).

The Company has an Overdraft facility with the Royal Bank Of Scotland Plc secured by a fixed and floating charge over the undertakings of the Company.

Other Loans is denominated in Sterling with a nominal interest rate . The carrying amount at year end is £Nil (2022 - £Nil).

Lloyds Bank Plc has a fixed and floating charge over all property and undertakings of the Company.

 

Urbanmajor Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023 (continued)

10

Dividends

Interim dividends paid

2023
£

2022
£

Interim dividend of £450.00 per each Ordinary £1

45,000

45,000

 

 

11

Related party transactions

Summary of transactions with parent

M & J Woods Limited
 The Company paid a dividend to the ultimate parent company M & J Woods Limited.

 

Loans from related parties

2023

Key management
£

Total
£

At start of period

5,123

5,123

Repaid

(16)

(16)

At end of period

5,107

5,107

2022

Key management
£

Total
£

At start of period

5,123

5,123

At end of period

5,123

5,123

12

Parent and ultimate parent undertaking

The company's immediate parent is M & J Woods Limited, incorporated in England.