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Registration number: 11027479

Urban Space Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2022

 

Urban Space Solutions Ltd

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 11

 

Urban Space Solutions Ltd

Company Information

Director

Mr Joel Berger

Registered office

Studio 408 The Archives
Unit 10 High Cross Centre
Tottenham Hale
London
N15 4QN

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Urban Space Solutions Ltd

(Registration number: 11027479)
Balance Sheet as at 31 December 2022

Note

2022
£

2021
£

Fixed assets

 

Tangible assets

5

178,980

292,730

Current assets

 

Debtors

6

771,988

827,818

Cash at bank and in hand

 

33,029

28,349

 

805,017

856,167

Creditors: Amounts falling due within one year

7

(2,888,506)

(2,635,390)

Net current liabilities

 

(2,083,489)

(1,779,223)

Total assets less current liabilities

 

(1,904,509)

(1,486,493)

Creditors: Amounts falling due after more than one year

7

(35,110)

(40,738)

Net liabilities

 

(1,939,619)

(1,527,231)

Capital and reserves

 

Called up share capital

9

100

100

Retained earnings

(1,939,719)

(1,527,331)

Shareholders' deficit

 

(1,939,619)

(1,527,231)

For the financial year ending 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and delivered in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

 

Urban Space Solutions Ltd

(Registration number: 11027479)
Balance Sheet as at 31 December 2022 (continued)

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.

These financial statements were approved and authorised for issue by the director on 18 April 2024
 

.........................................
Mr Joel Berger
Director

 

Urban Space Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022

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:
Studio 408 The Archives
Unit 10 High Cross Centre
Tottenham Hale
London
N15 4QN
United Kingdom

These financial statements were authorised for issue by the director on 18 April 2024.

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.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Going concern

The company is dependent on continuing finance being made available from other undertakings within the group to enable it to continue operating and to meet its debts as they fall due. The directors believe it is therefore appropriate to prepare the financial statements on a going concern.

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.

 

Urban Space Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

2

Accounting policies (continued)

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

Short leasehold

Over 3 years

Furniture and fittings

25% straight line

Office equipment

25% straight line

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

Website development

over 3 years

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.

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.

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.

 

Urban Space Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

2

Accounting policies (continued)

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.

Leases

Leases in which substantially all the risks and rewards of ownership are retained by the lessor are classified as operating leases. Payments made under operating leases are charged to profit or loss on a straight-line basis over the period of the lease.

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.

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.

 

Urban Space Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

3

Staff numbers

The average monthly number of persons employed by the company (including the director) during the year, was 11 (2021: 11).

 

Urban Space Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

4

Intangible assets

Other intangible assets
 £

Cost

At 1 January 2022

28,050

At 31 December 2022

28,050

Amortisation

At 1 January 2022

28,050

At 31 December 2022

28,050

Carrying amount

At 31 December 2022

-

5

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 January 2022

647,696

283,096

930,792

Additions

-

4,915

4,915

At 31 December 2022

647,696

288,011

935,707

Depreciation

At 1 January 2022

421,409

216,653

638,062

Charge for the year

78,333

40,332

118,665

At 31 December 2022

499,742

256,985

756,727

Carrying amount

At 31 December 2022

147,954

31,026

178,980

At 31 December 2021

226,287

66,443

292,730

Included within the net book value of land and buildings above is £147,953 (2021 - £226,287) in respect of short leasehold land and buildings.
 

 

Urban Space Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

6

Debtors

Note

2022
£

2021
£

Trade debtors

 

46,884

35,454

Amounts owed by group undertakings

10

396,332

562,814

Other debtors

 

162,488

155,020

Prepayments

 

166,284

74,530

Total current trade and other debtors

 

771,988

827,818

7

Creditors

Creditors: amounts falling due within one year

Note

2022
£

2021
£

Due within one year

 

Bank loans and overdrafts

8

5,472

5,556

Trade creditors

 

467,798

464,757

Amounts owed to group undertakings

10

1,660,123

1,646,178

Taxation and social security

 

267,689

114,787

Other creditors

 

381,034

365,314

Accrued expenses

 

52,339

2,500

Deferred income

 

53,338

35,585

Directors current account

 

713

713

 

2,888,506

2,635,390

Creditors: amounts falling due after more than one year

Note

2022
£

2021
£

Due after one year

 

Loans and borrowings

8

35,110

40,738

 

Urban Space Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

8

Loans and borrowings

2022
£

2021
£

Current loans and borrowings

Bank borrowings

5,472

5,556

2022
£

2021
£

Non-current loans and borrowings

Bank borrowings

35,110

40,738

Bank borrowings consists of a government-backed Bounce Back Loan with a repayment term of 6 years from May 2021. The interest rate applicable to the loan is 2.5% with the first 12 months interest being covered by the government.

9

Share capital

Allotted, called up and fully paid shares

 

2022

2021

 

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

         

10

Related party transactions

Director's remuneration

The director's remuneration for the year was as follows:

2022
£

2021
£

Remuneration

91,795

100,000

Summary of transactions with other related parties


The company has taken advantage of the exemption available in accordance with FRS 102 not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

 

Urban Space Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2022 (continued)

11

Parent and ultimate parent undertaking

The ultimate parent is Purpose Serviced Offices Limited, incorporated in England and Wales.

  These financial statements are available upon request from Studio 408, The Archives, Unit10 High Cross Centre, Tottenham Hale, London, N15 4QN.

 The ultimate controlling party is Mr Joel Berger.