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REGISTERED NUMBER: 09893985 (England and Wales)















URBACON TRADING & CONTRACTING UK LTD

Strategic Report, Report of the Director and

Financial Statements for the Year Ended 30 November 2023






URBACON TRADING & CONTRACTING UK LTD (REGISTERED NUMBER: 09893985)






Contents of the Financial Statements
for the year ended 30 November 2023




Page

Company Information 1

Strategic Report 2

Report of the Director 3

Report of the Independent Auditors 4

Income Statement 8

Other Comprehensive Income 9

Balance Sheet 10

Statement of Changes in Equity 11

Cash Flow Statement 12

Notes to the Cash Flow Statement 13

Notes to the Financial Statements 14


URBACON TRADING & CONTRACTING UK LTD

Company Information
for the year ended 30 November 2023







DIRECTOR: Jean Alias Akari





REGISTERED OFFICE: Suite 2
Exhibition House
Addison Bridge Place
London
W14 8XP





REGISTERED NUMBER: 09893985 (England and Wales)





AUDITORS: Xeinadin Audit Limited
Chartered Accountants and Statutory Auditors
Nightingale House
46-48 East Street
Epsom
Surrey
KT17 1HQ

URBACON TRADING & CONTRACTING UK LTD (REGISTERED NUMBER: 09893985)

Strategic Report
for the year ended 30 November 2023

The director presents his strategic report for the year ended 30 November 2023.

REVIEW OF BUSINESS
The main activity of the company is the development and refurbishment of prestigious properties in the UK.

During the year, the company performed development work on seven projects (2022 - eight projects) and recognised revenues of £8.0m (2022 - £10.3m).

The company is largely funded by a loan from its holding company, Urbacon Trading & Contracting WLL.

PRINCIPAL RISKS AND UNCERTAINTIES
The principal risk and uncertainty faced by the company relates to the value of development work completed, which could be affected by market fluctuations in property values.

ON BEHALF OF THE BOARD:





Jean Alias Akari - Director


26 August 2024

URBACON TRADING & CONTRACTING UK LTD (REGISTERED NUMBER: 09893985)

Report of the Director
for the year ended 30 November 2023

The director presents his report with the financial statements of the company for the year ended 30 November 2023.

DIVIDENDS
No dividends will be distributed for the year ended 30 November 2023.

DIRECTORS
The directors who have held office during the period from 1 December 2022 to the date of this report are as follows:

Salim Ata Salim Jarrar - resigned 13 September 2023
Jean Alias Akari - appointed 13 September 2023

STATEMENT OF DIRECTOR'S RESPONSIBILITIES
The director is responsible for preparing the Strategic Report, the Report of the Director and the financial statements in accordance with applicable law and regulations.

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

-select suitable accounting policies and then apply them consistently;
-make judgements and accounting estimates that are reasonable and prudent;
-prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS
So far as the director is aware, there is no relevant audit information (as defined by Section 418 of the Companies Act 2006) of which the company's auditors are unaware, and he has taken all the steps that he ought to have taken as a director in order to make himself aware of any relevant audit information and to establish that the company's auditors are aware of that information.

AUDITORS
The auditors, Xeinadin Audit Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

ON BEHALF OF THE BOARD:





Jean Alias Akari - Director


26 August 2024

Report of the Independent Auditors to the Members of
Urbacon Trading & Contracting UK Ltd

Opinion
We have audited the financial statements of Urbacon Trading & Contracting UK Ltd (the 'company') for the year ended 30 November 2023 which comprise the Income Statement, Other Comprehensive Income, Balance Sheet, Statement of Changes in Equity, Cash Flow Statement and Notes to the Cash Flow Statement, Notes to the Financial Statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:
-give a true and fair view of the state of the company's affairs as at 30 November 2023 and of its profit for the year then ended;
-have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-have been prepared in accordance with the requirements of the Companies Act 2006.

Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern
In auditing the financial statements, we have concluded that the director's use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the director with respect to going concern are described in the relevant sections of this report.

Other information
The director is responsible for the other information. The other information comprises the information in the Strategic Report and the Report of the Director, but does not include the financial statements and our Report of the Auditors thereon.

Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.

Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
- the information given in the Strategic Report and the Report of the Director for the financial year for which the financial statements are prepared is consistent with the financial statements; and
- the Strategic Report and the Report of the Director have been prepared in accordance with applicable legal requirements.

Report of the Independent Auditors to the Members of
Urbacon Trading & Contracting UK Ltd


Matters on which we are required to report by exception
In the light of the knowledge and understanding of the company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Report of the Director.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
- adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
- the financial statements are not in agreement with the accounting records and returns; or
- certain disclosures of director's remuneration specified by law are not made; or
- we have not received all the information and explanations we require for our audit.

Responsibilities of director
As explained more fully in the Statement of Director's Responsibilities set out on page three, the director is responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the director determines necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the director is responsible for assessing the company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the director either intends to liquidate the company or to cease operations, or has no realistic alternative but to do so.

Report of the Independent Auditors to the Members of
Urbacon Trading & Contracting UK Ltd


Auditors' responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

We design and implement procedures designed to:

- Identify and assess the risk of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.

- Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purposes of expressing an opinion on the effectiveness of the company's internal control.

- Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and the related disclosures made by the directors.

- Conclude on the appropriateness of the directors' use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to event or conditions that may cast significant doubt on the company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the related disclosure in the financial statements or, if such disclosures are inadequate to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern.

- Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Auditors.

Report of the Independent Auditors to the Members of
Urbacon Trading & Contracting UK Ltd


Use of our report
This report is made solely to the company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company's members those matters we are required to state to them in a Report of the Auditors and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company's members as a body, for our audit work, for this report, or for the opinions we have formed.




Donald Nelson, FCA (Senior Statutory Auditor)
for and on behalf of Xeinadin Audit Limited
Chartered Accountants and Statutory Auditors
Nightingale House
46-48 East Street
Epsom
Surrey
KT17 1HQ

27 August 2024

URBACON TRADING & CONTRACTING UK LTD (REGISTERED NUMBER: 09893985)

Income Statement
for the year ended 30 November 2023

2023 2022
Notes £    £   

TURNOVER 7,978,410 10,348,734

Cost of sales 5,855,725 8,075,550
GROSS PROFIT 2,122,685 2,273,184

Administrative expenses 1,829,049 2,203,603
OPERATING PROFIT 4 293,636 69,581


Interest payable and similar expenses 5 36,842 6,331
PROFIT BEFORE TAXATION 256,794 63,250

Tax on profit 6 64,093 5,002
PROFIT FOR THE FINANCIAL YEAR 192,701 58,248

URBACON TRADING & CONTRACTING UK LTD (REGISTERED NUMBER: 09893985)

Other Comprehensive Income
for the year ended 30 November 2023

2023 2022
Notes £    £   

PROFIT FOR THE YEAR 192,701 58,248


OTHER COMPREHENSIVE INCOME - -
TOTAL COMPREHENSIVE INCOME
FOR THE YEAR

192,701

58,248

URBACON TRADING & CONTRACTING UK LTD (REGISTERED NUMBER: 09893985)

Balance Sheet
30 November 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Tangible assets 7 25,149 33,533

CURRENT ASSETS
Debtors 8 36,981,265 33,322,818
Cash at bank and in hand 102,022 89,618
37,083,287 33,412,436
CREDITORS
Amounts falling due within one year 9 36,872,772 33,403,006
NET CURRENT ASSETS 210,515 9,430
TOTAL ASSETS LESS CURRENT
LIABILITIES

235,664

42,963

CAPITAL AND RESERVES
Called up share capital 10 1 1
Retained earnings 11 235,663 42,962
SHAREHOLDERS' FUNDS 235,664 42,963

The financial statements were approved by the director and authorised for issue on 26 August 2024 and were signed by:





Jean Alias Akari - Director


URBACON TRADING & CONTRACTING UK LTD (REGISTERED NUMBER: 09893985)

Statement of Changes in Equity
for the year ended 30 November 2023

Called up
share Retained Total
capital earnings equity
£    £    £   
Balance at 1 December 2021 1 (15,286 ) (15,285 )

Changes in equity
Total comprehensive income - 58,248 58,248
Balance at 30 November 2022 1 42,962 42,963

Changes in equity
Total comprehensive income - 192,701 192,701
Balance at 30 November 2023 1 235,663 235,664

URBACON TRADING & CONTRACTING UK LTD (REGISTERED NUMBER: 09893985)

Cash Flow Statement
for the year ended 30 November 2023

2023 2022
Notes £    £   
Cash flows from operating activities
Cash generated from operations 1 (2,604,527 ) (10,628,825 )
Interest paid (36,842 ) (7,672 )
Tax paid (5,001 ) -
Net cash from operating activities (2,646,370 ) (10,636,497 )

Cash flows from investing activities
Purchase of tangible fixed assets - (484 )
Net cash from investing activities - (484 )

Cash flows from financing activities
Amounts received from group undertaking 2,658,774 10,459,945
Net cash from financing activities 2,658,774 10,459,945

Increase/(decrease) in cash and cash equivalents 12,404 (177,036 )
Cash and cash equivalents at beginning of
year

2

89,618

266,654

Cash and cash equivalents at end of year 2 102,022 89,618

URBACON TRADING & CONTRACTING UK LTD (REGISTERED NUMBER: 09893985)

Notes to the Cash Flow Statement
for the year ended 30 November 2023

1. RECONCILIATION OF PROFIT BEFORE TAXATION TO CASH GENERATED FROM OPERATIONS
2023 2022
£    £   
Profit before taxation 256,794 63,250
Depreciation charges 8,383 11,177
Finance costs 36,842 6,331
302,019 80,758
Increase in trade and other debtors (3,658,447 ) (9,312,898 )
Increase/(decrease) in trade and other creditors 751,901 (1,396,685 )
Cash generated from operations (2,604,527 ) (10,628,825 )

2. CASH AND CASH EQUIVALENTS

The amounts disclosed on the Cash Flow Statement in respect of cash and cash equivalents are in respect of these Balance Sheet amounts:

Year ended 30 November 2023
30.11.23 1.12.22
£    £   
Cash and cash equivalents 102,022 89,618
Year ended 30 November 2022
30.11.22 1.12.21
£    £   
Cash and cash equivalents 89,618 266,654


3. ANALYSIS OF CHANGES IN NET FUNDS

At 1.12.22 Cash flow At 30.11.23
£    £    £   
Net cash
Cash at bank and in hand 89,618 12,404 102,022
89,618 12,404 102,022
Total 89,618 12,404 102,022

URBACON TRADING & CONTRACTING UK LTD (REGISTERED NUMBER: 09893985)

Notes to the Financial Statements
for the year ended 30 November 2023

1. STATUTORY INFORMATION

Urbacon Trading & Contracting UK Ltd is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

BASIS OF PREPARING THE FINANCIAL STATEMENTS
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements have been prepared on the going concern basis.

The financial statements are presented in Sterling which is the functional currency of the company.

TURNOVER
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Revenue is generated from work on construction contracts in respect of which invoices are issued on the basis of full cost reimbursement. Revenue is recocognised on the basis of invoiced sales together with allowance for amounts recoverable but not yet invoiced at the period end.

TANGIBLE FIXED ASSETS
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on reducing balance
Fixtures and fittings - 25% on reducing balance
Computer equipment - 25% on reducing balance

FINANCIAL INSTRUMENTS
Financial instruments are classified and accounted for, according to the substance of the contractual arrangement, as either financial assets, financial liabilities or equity instruments.

TAXATION
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

DEFERRED TAX
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

URBACON TRADING & CONTRACTING UK LTD (REGISTERED NUMBER: 09893985)

Notes to the Financial Statements - continued
for the year ended 30 November 2023

2. ACCOUNTING POLICIES - continued

HIRE PURCHASE AND LEASING COMMITMENTS
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

PENSION COSTS AND OTHER POST-RETIREMENT BENEFITS
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3. EMPLOYEES AND DIRECTORS
2023 2022
£    £   
Wages and salaries 1,185,534 1,358,621
Social security costs 141,617 179,000
Other pension costs 11,620 16,635
1,338,771 1,554,256

The average number of employees during the year was as follows:
2023 2022

Employees 11 15

2023 2022
£    £   
Directors' remuneration - -

4. OPERATING PROFIT

The operating profit is stated after charging:

2023 2022
£    £   
Other operating leases 127,296 137,161
Depreciation - owned assets 8,384 11,177
Auditors' remuneration 5,500 5,000
Foreign exchange differences 3,504 22,125

5. INTEREST PAYABLE AND SIMILAR EXPENSES
2023 2022
£    £   
Other interest 36,842 6,331

URBACON TRADING & CONTRACTING UK LTD (REGISTERED NUMBER: 09893985)

Notes to the Financial Statements - continued
for the year ended 30 November 2023

6. TAXATION

Analysis of the tax charge
The tax charge on the profit for the year was as follows:
2023 2022
£    £   
Current tax:
UK corporation tax 64,093 5,002
Tax on profit 64,093 5,002

RECONCILIATION OF TOTAL TAX CHARGE INCLUDED IN PROFIT AND LOSS
The tax assessed for the year is higher than the standard rate of corporation tax in the UK. The difference is explained below:

2023 2022
£    £   
Profit before tax 256,794 63,250
Profit multiplied by the standard rate of corporation tax in the UK of
23.011% (2022 - 19%)

59,091

12,018

Effects of:
Expenses not deductible for tax purposes 3,073 1,230
Depreciation in excess of capital allowances 1,929 2,004

Tax losses utilised - (10,250 )
Total tax charge 64,093 5,002

7. TANGIBLE FIXED ASSETS
Fixtures
Plant and and Computer
machinery fittings equipment Totals
£    £    £    £   
COST
At 1 December 2022
and 30 November 2023 979 32,308 35,942 69,229
DEPRECIATION
At 1 December 2022 428 16,139 19,129 35,696
Charge for year 138 4,042 4,204 8,384
At 30 November 2023 566 20,181 23,333 44,080
NET BOOK VALUE
At 30 November 2023 413 12,127 12,609 25,149
At 30 November 2022 551 16,169 16,813 33,533

URBACON TRADING & CONTRACTING UK LTD (REGISTERED NUMBER: 09893985)

Notes to the Financial Statements - continued
for the year ended 30 November 2023

8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 738,612 3,451,678
Amounts recoverable on contract 36,049,008 29,460,461
Other debtors 25,998 25,596
VAT 139,770 309,901
Prepayments and accrued income 27,877 75,182
36,981,265 33,322,818

9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade creditors 2,070,766 2,200,516
Amounts owed to group undertakings 33,679,588 31,020,814
Tax 64,094 5,002
Social security and other taxes 24,216 45,639
Other creditors 65,184 32,811
Accruals and deferred income 968,924 98,224
36,872,772 33,403,006

Amounts payable to group companies comprise a loan from the holding company, Urbacon Trading & Contracting WLL, which is repayable on maturity in April 2025, or on demand if earlier.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
1 Ordinary £1 1 1

11. RESERVES
Retained
earnings
£   

At 1 December 2022 42,962
Profit for the year 192,701
At 30 November 2023 235,663

URBACON TRADING & CONTRACTING UK LTD (REGISTERED NUMBER: 09893985)

Notes to the Financial Statements - continued
for the year ended 30 November 2023

12. RELATED PARTY DISCLOSURES

Entities with control, joint control or significant influence over the entity
2023 2022
£    £   
Sales 76,155 277,794
Amount due from related party 2,604,203 5,908,661
Amount due to related party 33,679,588 31,020,814

13. ULTIMATE CONTROLLING PARTY

The controlling party is Urbacon Trading & Contracting WLL, a company registered in Qatar.