Registered number
SC201462
Urbis Ltd
Filleted Accounts
30 November 2023
Urbis Ltd
Registered number: SC201462
Balance Sheet
as at 30 November 2023
Notes 2023 2022
£ £
Fixed assets
Tangible assets 3 421,285 423,959
Current assets
Debtors 4 5,143 2,444
Cash at bank and in hand 57,515 69,421
62,658 71,865
Creditors: amounts falling due within one year 5 (45,956) (35,408)
Net current assets 16,702 36,457
Net assets 437,987 460,416
Capital and reserves
Called up share capital 2 2
Profit and loss account 437,985 460,414
Shareholders' funds 437,987 460,416
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ms Jill Malvenan
Director
Approved by the board on 23 August 2024
Urbis Ltd
Notes to the Accounts
for the year ended 30 November 2023
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Fixtures & fittings 25% reducing balance
Computer equipment 33% on cost
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only 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 and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2023 2022
Number Number
Average number of persons employed by the company 2 2
3 Tangible fixed assets
Land and buildings Fixtures & Fittings Computer equipment Total
£ £ £ £
Cost
At 1 December 2022 469,997 14,013 19,367 503,377
At 30 November 2023 469,997 14,013 19,367 503,377
Depreciation
At 1 December 2022 47,275 13,136 19,007 79,418
Charge for the year 2,276 219 179 2,674
At 30 November 2023 49,551 13,355 19,186 82,092
Net book value
At 30 November 2023 420,446 658 181 421,285
At 30 November 2022 422,722 877 360 423,959
4 Debtors 2023 2022
£ £
Trade debtors 418 542
Prepayments and accrued income 868 1,902
Deferred tax asset 3,857 -
5,143 2,444
5 Creditors: amounts falling due within one year 2023 2022
£ £
Trade creditors 294 611
Accruals and deferred income 500 500
Taxation and social security costs - 4,482
Directors loan account 40,606 26,106
Other creditors 4,556 3,709
45,956 35,408
6 Controlling party
The company is controlled by the Directors and shareholders, DS Fleming and Ms J Malvenan.
7 Other information
Urbis Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is:
34 Cotton Street
Balfron
Glasgow
G63 0PG
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