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Registered number: 09425929
URBAN LIVING CONSTRUCTIONS LIMITED
Financial Statements
For The Year Ended 31 March 2024
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 09425929
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 5,607 7,010
5,607 7,010
CURRENT ASSETS
Stocks 5 335,172 527,891
Debtors 6 373,877 340,740
Cash at bank and in hand 34,211 12,412
743,260 881,043
Creditors: Amounts Falling Due Within One Year 7 (371,346 ) (490,658 )
NET CURRENT ASSETS (LIABILITIES) 371,914 390,385
TOTAL ASSETS LESS CURRENT LIABILITIES 377,521 397,395
Creditors: Amounts Falling Due After More Than One Year 8 (269,530 ) (390,072 )
NET ASSETS 107,991 7,323
CAPITAL AND RESERVES
Called up share capital 9 200 200
Profit and Loss Account 107,791 7,123
SHAREHOLDERS' FUNDS 107,991 7,323
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For the year ending 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr Paul Pereira
Director
Mr Carlos Periera
Director
06/09/2024
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Profit and Loss Account Total
£ £ £
As at 1 April 2022 200 1,138 1,338
Profit for year - 444,673 444,673
Other comprehensive income (expense) type A - - -
Other comprehensive income for the year - - -
Total comprehensive income for the year - 444,673 444,673
Dividends paid - (438,688) (438,688)
As at 31 March 2023 and 1 April 2023 200 7,123 7,323
Profit for year - 100,668 100,668
Other comprehensive income (expense) type A - - -
Other comprehensive income for the year - - -
Total comprehensive income for the year - 100,668 100,668
Dividends paid - - -
As at 31 March 2024 200 107,791 107,991
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Page 4
Notes to the Financial Statements
1. General Information
URBAN LIVING CONSTRUCTIONS LIMITED is a private company, limited by shares, incorporated in England & Wales, registered number 09425929 . The registered office is 15 The Broadway, Woodford Green, IG8 0HL.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. 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 is reduced for estimated customer returns, rebates and other similar allowances.
Sale of goods
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods has transferred to the buyer. This is usually at the point that the customer has signed for the delivery of the goods.
Rendering of services
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. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Tangible Fixed Assets and Depreciation
Tangible fixed assets are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Motor Vehicles 25% reducing balance method
Fixtures & Fittings 25% reducing balance method
Computer Equipment 25% reducing balance method
2.4. Stocks and Work in Progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks. Cost includes all direct costs and an appropriate proportion of fixed and variable overheads. Work-in-progress is reflected in the accounts on a contract by contract basis by recording turnover and related costs as contract activity progresses.
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2.5. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and 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 end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period 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 assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 33 (2023: 32)
33 32
4. Tangible Assets
Motor Vehicles Fixtures & Fittings Computer Equipment Total
£ £ £ £
Cost
As at 1 April 2023 22,255 4,641 11,574 38,470
As at 31 March 2024 22,255 4,641 11,574 38,470
Depreciation
As at 1 April 2023 19,392 3,893 8,175 31,460
Provided during the period 573 150 680 1,403
As at 31 March 2024 19,965 4,043 8,855 32,863
Net Book Value
As at 31 March 2024 2,290 598 2,719 5,607
As at 1 April 2023 2,863 748 3,399 7,010
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5. Stocks
2024 2023
£ £
Stock & work in progress 335,172 527,891
6. Debtors
2024 2023
£ £
Due within one year
Trade debtors 326,370 265,208
Prepayments and accrued income 37,759 41,032
Other debtors 9,748 34,500
373,877 340,740
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors 163,769 174,077
Corporation tax 35,390 105,259
Other taxes and social security 2,283 2,254
VAT - 135,928
Net wages 48,736 50,712
Other creditors 2,120 -
Credit cards Liability 38,600 22,428
Directors' loan accounts 80,448 -
371,346 490,658
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 62,500 112,500
Amounts owed to associates 207,030 277,572
269,530 390,072
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 200 200
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