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Company registration number: 10938077
Urban Nu Ltd
Trading as Urban Nu
Unaudited abridged financial statements
31 August 2023
Urban Nu Ltd
Contents
Directors and other information
Director's report
Accountant's report
Statement of comprehensive income
Abridged statement of financial position
Statement of changes in equity
Notes to the financial statements
Urban Nu Ltd
Directors and other information
Director Mr Michael Banjo
Company number 10938077
Registered office Suite 6
9 - 11 Marsden Road
Bolton
BL1 4AA
Business address Suite 6
9 - 11 Marsden Road
Bolton
BL1 4AA
Accountant Shafiq and Co
400 Cheetham Hill Road
Manchester
M8 9LE
Bankers Barclays Bank
Urban Nu Ltd
Director's report
Year ended 31 August 2023
The director presents his report and the unaudited financial statements of the company for the year ended 31 August 2023.
Director
The director who served the company during the year was as follows:
Mr Michael Banjo
Small company 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 22 February 2024 and signed on behalf of the board by:
Mr Michael Banjo
Director
Urban Nu Ltd
Report to the director on the preparation of the
unaudited statutory financial statements of Urban Nu Ltd
Year ended 31 August 2023
In order to assist you to fulfil your duties under the Companies Act 2006, I have prepared for your approval the financial statements of Urban Nu Ltd for the year ended 31 August 2023 which comprise the statement of comprehensive income, abridged statement of financial position, statement of changes in equity and related notes from the company's accounting records and from information and explanations you have given me.
As a practising member of the Association of Chartered Certified Accountants , I am subject to its ethical and other professional requirements which are detailed at http://www.accaglobal.com/en/member/ professional-standards/ rules-standards/acca-rulebook.html.
My work has been undertaken in accordance with the requirements of the Association of Chartered Certified Accountants as detailed at http://www.accaglobal.com/content/dam/ACCA_Global /Technical/fact/technical-factsheet-163.pdf.
Shafiq and Co
Chartered Certified Accountants
400 Cheetham Hill Road
Manchester
M8 9LE
22 February 2024
Urban Nu Ltd
Statement of comprehensive income
Year ended 31 August 2023
2023 2022
Note £ £
Turnover 1,082,519 529,732
Change in stocks of finished goods and in work in progress ( 382,587) ( 147,079)
_______ _______
699,932 382,653
Raw materials ( 223) -
Other external charges ( 358,906) ( 202,482)
Staff costs ( 218,990) ( 60,777)
Depreciation and other amounts written off tangible and intangible fixed assets ( 3,785) ( 339)
Other operating expenses ( 324,938) ( 137,906)
_______ _______
Operating loss ( 206,910) ( 18,851)
Other interest receivable and similar income 145 -
Interest payable and similar expenses ( 9) -
_______ _______
Loss before taxation ( 206,774) ( 18,851)
Tax on loss ( 87,500) -
_______ _______
Loss for the financial year ( 294,274) ( 18,851)
_______ _______
Reclassification from hedging reserve to profit and loss account 350,000 -
_______ _______
Total comprehensive income for the year 55,726 ( 18,851)
_______ _______
All the activities of the company are from continuing operations.
Urban Nu Ltd
Abridged statement of financial position
31 August 2023
2023 2022
Note £ £ £ £
Fixed assets
Intangible assets 6 546,557 -
Tangible assets 7 618,448 10,922
_______ _______
1,165,005 10,922
Current assets
Stocks 227,136 47,500
Debtors 19,682 7,541
Cash at bank and in hand 18,105 3,262
_______ _______
264,923 58,303
Creditors: amounts falling due
within one year ( 877,129) ( 161,533)
_______ _______
Net current liabilities ( 612,206) ( 103,230)
_______ _______
Total assets less current liabilities 552,799 ( 92,308)
Creditors: amounts falling due
after more than one year ( 63,675) ( 21,794)
Provisions for liabilities ( 547,500) -
_______ _______
Net liabilities ( 58,376) ( 114,102)
_______ _______
Capital and reserves
Called up share capital 1 1
Profit and loss account ( 58,377) ( 114,103)
_______ _______
Shareholder deficit ( 58,376) ( 114,102)
_______ _______
For the year ending 31 August 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Director's responsibilities:
- The member has not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;
- The director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
All of the members have consented to the preparation of the abridged statement of financial position for the current year ending 31 August 2023 in accordance with Section 444(2A) of the Companies Act 2006.
These financial statements were approved by the board of directors and authorised for issue on 22 February 2024 , and are signed on behalf of the board by:
Mr Michael Banjo
Director
Company registration number: 10938077
Urban Nu Ltd
Statement of changes in equity
Year ended 31 August 2023
Called up share capital Profit and loss account Total
£ £ £
At 1 September 2021 1 ( 95,252) ( 95,251)
Loss for the year ( 18,851) ( 18,851)
_______ _______ _______
Total comprehensive income for the year - ( 18,851) ( 18,851)
_______ _______ _______
At 31 August 2022 and 1 September 2022 1 ( 114,103) ( 114,102)
Loss for the year ( 294,274) ( 294,274)
Other comprehensive income for the year:
Reclassification from fair value reserve to profit and loss account 350,000 350,000
_______ _______ _______
Total comprehensive income for the year - 55,726 55,726
_______ _______ _______
At 31 August 2023 1 ( 58,377) ( 58,376)
_______ _______ _______
Urban Nu Ltd
Notes to the financial statements
Year ended 31 August 2023
1. General information
The company is a private company limited by shares, registered in England. The address of the registered office is Urban Nu Ltd, Suite 6, 9 - 11 Marsden Road, Bolton, BL1 4AA.
2. Statement of compliance
These financial statements have been prepared in compliance with the provisions of FRS 102, 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.
Turnover
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
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.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Intangible assets
Intangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated amortisation and impairment losses. Any intangible assets carried at a revalued amount, are recorded at the fair value at the date of revaluation, as determined by reference to an active market, less any subsequent accumulated amortisation and subsequent accumulated impairment losses. Intangible assets acquired as part of a business combination are only recognised separately from goodwill when they arise from contractual or other legal rights, are separable, the expected future economic benefits are probable and the cost or value can be measured reliably.
Amortisation
Amortisation is calculated so as to write off the cost of an asset, less its estimated residual value, over the useful life of that asset as follows:
If there is an indication that there has been a significant change in amortisation rate, useful life or residual value of an intangible asset, the amortisation is revised prospectively to reflect the new estimates.
Research and development
Research expenditure is written off in the year in which it is incurred. Development expenditure incurred is capitalised as an intangible asset only when all of the following criteria are met: - It is technically feasible to complete the intangible asset so that it will be available for use or sale; - There is the intention to complete the intangible asset and use or sell it; - There is the ability to use or sell the intangible asset; - The use or sale of the intangible asset will generate probable future economic benefits; - There are adequate technical, financial and other resources available to complete the development and to use or sell the intangible asset; and - The expenditure attributable to the intangible asset during its development can be measured reliably. Expenditure that does not meet the above criteria is expensed as incurred.
Tangible assets
tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in capital and reserves, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in capital and reserves in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in capital and reserves in respect of that asset, the excess shall be recognised in profit or loss.
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:
Fittings fixtures and equipment - 15 % reducing balance
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.
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. When it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that are largely independent of the cash inflows from other assets or groups of assets.
Stocks
Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost includes all costs of purchase, costs of conversion and other costs incurred in bringing the stocks to their present location and condition.
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event; it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised in finance costs in profit or loss in the period it arises.
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. Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment. Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument. Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
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. For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics. Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund. When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
4. Staff costs
The average number of persons employed by the company during the year amounted to 15 (2022: 3 ).
The aggregate payroll costs incurred during the year were:
2023 2022
£ £
Wages and salaries 172,462 58,808
Social security costs 40,994 -
Other pension costs 5,534 1,969
_______ _______
218,990 60,777
_______ _______
5. Loss before taxation
Loss before taxation is stated after charging/(crediting):
2023 2022
£ £
Depreciation of tangible assets 3,785 339
_______ _______
6. Intangible assets
£
Cost
At 1 September 2022 -
Additions 546,557
_______
At 31 August 2023 546,557
_______
Amortisation
At 1 September 2022 and 31 August 2023 -
_______
Carrying amount
At 31 August 2023 546,557
_______
At 31 August 2022 -
_______
7. Tangible assets
£
Cost or valuation
At 1 September 2022 11,771
Additions 261,311
Revaluation 350,000
_______
At 31 August 2023 623,082
_______
Depreciation
At 1 September 2022 849
Charge for the year 3,785
_______
At 31 August 2023 4,634
_______
Carrying amount
At 31 August 2023 618,448
_______
At 31 August 2022 10,922
_______
8. Directors advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2023
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Michael Banjo ( 769) ( 2,748) ( 3,517)
_______ _______ _______
2022
Balance brought forward Advances /(credits) to the director Balance o/standing
£ £ £
Mr Michael Banjo ( 4,016) 3,247 ( 769)
_______ _______ _______