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REGISTERED NUMBER: 01825612 (England and Wales)















URBANCIRCLE LIMITED

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST MARCH 2024






URBANCIRCLE LIMITED (REGISTERED NUMBER: 01825612)

CONTENTS OF THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024










Page

Company Information 1

Abridged Statement of Financial Position 2

Notes to the Financial Statements 4


URBANCIRCLE LIMITED

COMPANY INFORMATION
FOR THE YEAR ENDED 31ST MARCH 2024







DIRECTORS: S Klor
N Klor





REGISTERED OFFICE: 923 Finchley Road
London
NW11 7PE





REGISTERED NUMBER: 01825612 (England and Wales)





ACCOUNTANTS: Joseph Kahan Associates LLP
Chartered Accountants
923 Finchley Road
London
NW11 7PE

URBANCIRCLE LIMITED (REGISTERED NUMBER: 01825612)

ABRIDGED STATEMENT OF FINANCIAL POSITION
31ST MARCH 2024

2024 2023
Notes £    £    £    £   
FIXED ASSETS
Investment property 4 8,344,406 8,344,406

CURRENT ASSETS
Debtors 3,523,905 1,366,519
Investments 275 275
Cash at bank 45,266 1,864,878
3,569,446 3,231,672
CREDITORS
Amounts falling due within one year 2,427,323 2,273,184
NET CURRENT ASSETS 1,142,123 958,488
TOTAL ASSETS LESS CURRENT
LIABILITIES

9,486,529

9,302,894

PROVISIONS FOR LIABILITIES 1,310,689 996,124
NET ASSETS 8,175,840 8,306,770

CAPITAL AND RESERVES
Called up share capital 6 2 2
Non distributable reserve 7 5,436,817 5,751,382
Retained earnings 2,739,021 2,555,386
SHAREHOLDERS' FUNDS 9 8,175,840 8,306,770

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st March 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st March 2024 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for:
(a)ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and
(b)preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company.

URBANCIRCLE LIMITED (REGISTERED NUMBER: 01825612)

ABRIDGED STATEMENT OF FINANCIAL POSITION - continued
31ST MARCH 2024


The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Income Statement and an abridged Statement of Financial Position for the year ended 31st March 2024 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 27th August 2024 and were signed on its behalf by:





S Klor - Director


URBANCIRCLE LIMITED (REGISTERED NUMBER: 01825612)

NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31ST MARCH 2024


1. STATUTORY INFORMATION

Urbancircle Limited 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.

The presentation currency of the financial statements is the Pound Sterling (£).


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" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Turnover
Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services
Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
* the amount of revenue can be measured reliably;
* it is probable that the Company will receive the consideration due under the contract;
* the stage of completion of the contract at the end of the reporting period can be measured reliably; and
* the costs incurred and the costs to complete the contract can be measured reliably.

Investment property
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.

Financial instruments
The Company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in non-puttable ordinary shares.

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in profit or loss.

Financial assets and liabilities are offset and the net amount reported in the Balance Sheet when there is an 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.

Debtors
Basic financial assets, including trade and other debtors, are initially recognised at transaction price, 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. Such assets are subsequently carried at amortised cost using the effective interest method, less any impairment.

Cash and cash equivalents
Cash and cash equivalents are represented by cash in hand, deposits held at call with financial institutions, and other short-term highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

URBANCIRCLE LIMITED (REGISTERED NUMBER: 01825612)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


2. ACCOUNTING POLICIES - continued

Creditors
Basic financial liabilities, including trade and other creditors, loans from third parties and loans from related parties, 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. Such instruments are subsequently carried at amortised cost using the effective interest method, less any impairment.

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - NIL).

4. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1st April 2023
and 31st March 2024 8,344,406
NET BOOK VALUE
At 31st March 2024 8,344,406
At 31st March 2023 8,344,406

Fair value at 31st March 2024 is represented by:
£   
Valuation in 1999 403,100
Valuation in 2000 1,000,000
Valuation in 2003 500,000
Valuation in 2006 500,000
Valuation in 2008 2,740,000
Valuation in 2015 1,604,406
Cost 1,596,900
8,344,406

If Central Mansions, Hendon had not been revalued it would have been included at the following historical cost:

2024 2023
£    £   
Cost 1,596,900 1,596,900

Central Mansions, Hendon was valued on an open market basis on 31st March 2021 by the directors .

5. SECURED DEBTS

The company has given an unlimited all monies guarantee and a first legal charge over its leasehold land and buildings to LLoyds Bank plc dated 21st April 2015 as security for a bank loan to to Rico Healthcare Limited.

URBANCIRCLE LIMITED (REGISTERED NUMBER: 01825612)

NOTES TO THE FINANCIAL STATEMENTS - continued
FOR THE YEAR ENDED 31ST MARCH 2024


6. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2024 2023
value: £    £   
2 Ordinary £1 2 2

7. RESERVES
Non
distributable
reserve
£   
At 1st April 2023 5,751,382
Deferred tax transfer (314,565 )

At 31st March 2024 5,436,817

8. POST BALANCE SHEET EVENTS

Current asset investments were disposed of after the year end by exit tender offer made by Bank of Ireland.

9. RECONCILIATION OF MOVEMENTS IN SHAREHOLDERS' FUNDS
2024 2023
£    £   
(Loss)/profit for the financial year (130,930 ) 173,141
Opening shareholder funds - 8,133,629
Net (reduction)/addition to shareholders' funds (130,930 ) 8,306,770
Opening shareholders' funds 8,306,770 -
Closing shareholders' funds 8,175,840 8,306,770