Company registration number 08577561 (England and Wales)
URBAN WHOLESALERS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
PAGES FOR FILING WITH REGISTRAR
URBAN WHOLESALERS LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
URBAN WHOLESALERS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
3,588
781
Current assets
Stocks
31,435
34,940
Debtors
5
127,028
24,117
Cash at bank and in hand
26,543
30,032
185,006
89,089
Creditors: amounts falling due within one year
6
(66,214)
(27,867)
Net current assets
118,792
61,222
Total assets less current liabilities
122,380
62,003
Creditors: amounts falling due after more than one year
7
(3,624)
(7,625)
Provisions for liabilities
(897)
(148)
Net assets
117,859
54,230
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
117,759
54,130
Total equity
117,859
54,230
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 30 June 2024 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 WHOLESALERS LIMITED
BALANCE SHEET (CONTINUED)
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 2 September 2024 and are signed on its behalf by:
Mr M Singh
Director
Company registration number 08577561 (England and Wales)
URBAN WHOLESALERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2024
- 3 -
1
Accounting policies
Company information
Urban Wholesalers Limited is a private company limited by shares incorporated in England and Wales. The registered office is 27 Burnham Close, Windsor, SL4 4PN.
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, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value]. The principal accounting policies adopted are set out below.
1.2
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.
Revenue from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have passed to the buyer (usually on dispatch of the goods), the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.
1.3
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:
Fixtures and fittings
25% on reducing balance
Computers equipment
25% on reducing balance
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.
URBAN WHOLESALERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
1
Accounting policies
(Continued)
- 4 -
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
URBAN WHOLESALERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 5 -
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
23,974
14,374
Deferred tax
Origination and reversal of timing differences
749
121
Total tax charge
24,723
14,495
4
Tangible fixed assets
Fixtures and fittings
Computers equipment
Total
£
£
£
Cost
At 1 July 2023
836
900
1,736
Additions
2,180
1,823
4,003
At 30 June 2024
3,016
2,723
5,739
Depreciation and impairment
At 1 July 2023
730
225
955
Depreciation charged in the year
571
625
1,196
At 30 June 2024
1,301
850
2,151
Carrying amount
At 30 June 2024
1,715
1,873
3,588
At 30 June 2023
106
675
781
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
28,725
24,117
Other debtors
98,303
127,028
24,117
URBAN WHOLESALERS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2024
- 6 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
4,042
4,042
Trade creditors
22,482
854
Taxation and social security
26,647
18,680
Other creditors
13,043
4,291
66,214
27,867
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
8
3,624
7,625
8
Loans and overdrafts
2024
2023
£
£
Bank loans
7,666
11,667
Payable within one year
4,042
4,042
Payable after one year
3,624
7,625
9
Related party transactions
Transactions with related parties
The following amounts were outstanding at the reporting end date:
2024
2023
Amounts due from related parties
£
£
Other related parties
90,000
-
Included in the other debtors is the above amount owed by related entities with some common shareholders and directors. The outstanding balance is unsecured, interest free and repayable on demand.