Company registration number 07107143 (England and Wales)
URBAN LEISURE (QP) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
URBAN LEISURE (QP) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
URBAN LEISURE (QP) LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
3
203,840
213,626
Current assets
Stocks
16,042
11,496
Debtors
4
150,707
116,475
Cash at bank and in hand
108,075
52,365
274,824
180,336
Creditors: amounts falling due within one year
5
(654,734)
(584,193)
Net current liabilities
(379,910)
(403,857)
Total assets less current liabilities
(176,070)
(190,231)
Creditors: amounts falling due after more than one year
6
(23,835)
Provisions for liabilities
(34,032)
(28,270)
Net liabilities
(210,102)
(242,336)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(210,202)
(242,436)
Total equity
(210,102)
(242,336)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial year ended 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their 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 LEISURE (QP) LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2023
31 December 2023
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 29 July 2024 and are signed on its behalf by:
H Yechiel
Director
Company registration number 07107143 (England and Wales)
URBAN LEISURE (QP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information
Urban Leisure (QP) Limited is a private company limited by shares incorporated in England and Wales. The registered office is 2 Leman Street, London, United Kingdom, E1W 9US.
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. The principal accounting policies adopted are set out below.
1.2
Going concern
At the time of approving the financial statements, the directors have reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This depends on the continued support of the directors and shareholders and the directors therefore continue to adopt the going concern basis of accounting in preparing the financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
1.4
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.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Leasehold
Over the length of the lease
Plant and machinery
15%, 25% Reducing balance
Fixtures, fittings & equipment
25% Reducing balance
Computer equipment
33.33% Straight line
Development cost
20% Straight line
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.
URBAN LEISURE (QP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
1.5
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.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire or are settled, or when the company transfers the financial asset and substantially all the risks and rewards of ownership to another entity, or if some significant risks and rewards of ownership are retained but control of the asset has transferred to another party that is able to sell the asset in its entirety to an unrelated third party.
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.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price.
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.
Derecognition of financial liabilities
Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.
1.6
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
1.7
Government grants
Government grants receivable recognise contributions to expenses received from the government Job Retention Scheme (JRS) set up to assist companies during the covid pandemic.
URBAN LEISURE (QP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
35
31
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2023
295,154
564,059
859,213
Additions
11,554
44,034
55,588
At 31 December 2023
306,708
608,093
914,801
Depreciation and impairment
At 1 January 2023
289,054
356,533
645,587
Depreciation charged in the year
1,348
64,026
65,374
At 31 December 2023
290,402
420,559
710,961
Carrying amount
At 31 December 2023
16,306
187,534
203,840
At 31 December 2022
6,100
207,526
213,626
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
3,756
9,677
Other debtors
146,951
106,798
150,707
116,475
URBAN LEISURE (QP) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 6 -
5
Creditors: amounts falling due within one year
2023
2022
£
£
Bank loans and overdrafts
20,056
Trade creditors
156,477
108,337
Amounts owed to group undertakings
226,483
322,342
Taxation and social security
96,124
50,546
Other creditors
175,650
82,912
654,734
584,193
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
23,835
7
Financial commitments, guarantees and contingent liabilities
National Westminster Bank Plc holds a fixed and floating charge over the property undertakings of the company.
8
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
943,000
1,053,000
9
Related party transactions
At the year end the company owed £226,483 (2022 - £322,342) to Urban Leisure Holdings Limited, the parent company, in respect of an interest free loan which is repayable on demand.
During the year management charges of £154,731 (2022 - £61,957) were receivable from Urban Leisure (MV) Limited, £146,649 (2022 - £73,164) from Urban Leisure (NW6) Limited, £80,308 (2022 - £43,820) from Urban Leisure (West Hampstead) Limited, £66,430 (2022 - £41,665) from Urban Leisure (WEL) Limited, £291,138 (2022 - £137,779) from Urban Leisure (W2) Limited and £128,822 (2022 - £58,423) from Urban Leisure (EM) Limited.
10
Parent company
The parent company of Urban Leisure (QP) Limited is Urban Leisure Holdings Limited and its registered office is 2 Leman Street, London, United Kingdom, E1W 9US.