Company registration number 11732583 (England and Wales)
URBAN ZONE HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
PAGES FOR FILING WITH REGISTRAR
URBAN ZONE HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Statement of changes in equity
2
Notes to the financial statements
3 - 7
URBAN ZONE HOLDINGS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2023
31 December 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Investments
3
4,000,015
4,000,015
Current assets
Debtors
4
292,984
110,564
Creditors: amounts falling due within one year
5
(282,899)
(100,479)
Net current assets
10,085
10,085
Total assets less current liabilities
4,010,100
4,010,100
Creditors: amounts falling due after more than one year
6
(3,113,000)
(3,216,500)
Net assets
897,100
793,600
Capital and reserves
Called up share capital
7
100
100
Capital redemption reserve
887,000
783,500
Profit and loss reserves
10,000
10,000
Total equity
897,100
793,600

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.

The financial statements were approved by the board of directors and authorised for issue on 18 July 2024 and are signed on its behalf by:
M A Livesey
Director
Company registration number 11732583 (England and Wales)
URBAN ZONE HOLDINGS LIMITED
STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023
- 2 -
Share capital
Capital redemption reserve
Profit and loss reserves
Total
Notes
£
£
£
£
Balance at 1 January 2022
100
557,000
10,000
567,100
Year ended 31 December 2022:
Profit and total comprehensive income
-
-
232,156
232,156
Dividends
2
-
-
(5,656)
(5,656)
Redemption of shares
7
-
0
226,500
(226,500)
-
0
Balance at 31 December 2022
100
783,500
10,000
793,600
Year ended 31 December 2023:
Profit and total comprehensive income
-
-
263,398
263,398
Dividends
2
-
-
(159,898)
(159,898)
Redemption of shares
7
-
0
103,500
(103,500)
-
0
Balance at 31 December 2023
100
887,000
10,000
897,100
URBAN ZONE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
- 3 -
1
Accounting policies
Company information

Urban Zone Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is James House, Yew Tree Way, Golborne, Warrington, Cheshire, WA3 3JD.

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.

The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.

1.2
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
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 and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

URBAN ZONE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
1
Accounting policies
(Continued)
- 4 -
Impairment of financial assets

Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date.

 

Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in profit or loss.

 

If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised. The impairment reversal is recognised in profit or loss.

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 unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

 

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. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.5
Equity instruments

Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

URBAN ZONE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 5 -
2
Dividends
2023
2022
£
£
Interim paid
159,898
5,656
3
Fixed asset investments
2023
2022
£
£
Shares in group undertakings
4,000,015
4,000,015
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 January 2023 & 31 December 2023
4,000,015
Carrying amount
At 31 December 2023
4,000,015
At 31 December 2022
4,000,015
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
292,984
110,564
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
282,899
100,479
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Other creditors
3,113,000
3,216,500
URBAN ZONE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
6
Creditors: amounts falling due after more than one year
(Continued)
- 6 -

Included within other creditors are 2,000,000 Non-redeemable 0.01% Preference shares of £1 each and £1,113,000 (2022: £1,216,500) Redeemable 0.01% Preference shares of £1 each. There are no fixed dates of redemption for the redeemable preference shares. The preference shares carry no right to vote and will take priority for return of capital in a winding up situation.

Creditors which fall due after five years are as follows:
2023
2022
£
£
Payable other than by instalments
2,000,000
2,000,000
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
5
5
5
5
Ordinary B shares of £1 each
85
85
85
85
Ordinary C shares of £1 each
10
10
10
10
100
100
100
100
2023
2022
2023
2022
Preference share capital
Number
Number
£
£
Issued and fully paid
Non-redeemable Preference shares of £1 each
2,000,000
2,000,000
2,000,000
2,000,000
Redeemable Preference shares of £1 each
1,113,000
1,216,500
1,113,000
1,216,500
3,113,000
3,216,500
3,113,000
3,216,500

On 7 April 2023, £103,500 preference shares were redeemed at par.

 

The preference shares are non equity and are included within Creditors due after one year.

8
Financial commitments, guarantees and contingent liabilities

The company is party to a cross guarantee with its subsidiary company in favour of the subsidiary’s banker. At 31 December 2023 the company had a contingent liability under this agreement amounting to £124,673 (2022: £464,516).

URBAN ZONE HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023
- 7 -
9
Related party transactions

Included within other creditors is an amount of £133,654 (2022: £92,916) due to the directors.

 

 

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