URBAN FURNITURE LTD.

Company Registration Number:
SC280050 (Scotland)

Unaudited statutory accounts for the year ended 31 December 2023

Period of accounts

Start date: 1 January 2023

End date: 31 December 2023

URBAN FURNITURE LTD.

Contents of the Financial Statements

for the Period Ended 31 December 2023

Balance sheet
Additional notes
Balance sheet notes

URBAN FURNITURE LTD.

Balance sheet

As at 31 December 2023

Notes 2023 2022


£

£
Called up share capital not paid: 0 0
Fixed assets
Intangible assets:   0 0
Tangible assets: 3 0 1,404
Investments:   0 0
Total fixed assets: 0 1,404
Current assets
Stocks: 4 5,000 5,000
Debtors: 5 25,390 34,802
Cash at bank and in hand: 44,119 77,470
Investments:   0 0
Total current assets: 74,509 117,272
Prepayments and accrued income: 0 0
Creditors: amounts falling due within one year: 6 ( 37,333 ) ( 116,833 )
Net current assets (liabilities): 37,176 439
Total assets less current liabilities: 37,176 1,843
Creditors: amounts falling due after more than one year: 7 ( 16,735 ) 0
Provision for liabilities: 0 0
Accruals and deferred income: 0 0
Total net assets (liabilities): 20,441 1,843
Capital and reserves
Called up share capital: 100 100
Share premium account: 0 0
Other reserves: 0 0
Profit and loss account: 20,341 1,743
Total Shareholders' funds: 20,441 1,843

The notes form part of these financial statements

URBAN FURNITURE LTD.

Balance sheet statements

For the year ending 31 December 2023 the company was entitled to exemption 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 directors have chosen not to file a copy of the company's profit and loss account.

This report was approved by the board of directors on 23 September 2024
and signed on behalf of the board by:

Name: David Barnes
Status: Director

The notes form part of these financial statements

URBAN FURNITURE LTD.

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 1. Accounting policies

    Basis of measurement and preparation

    These financial statements have been prepared in accordance with the provisions of Section 1A (Small Entities) of Financial Reporting Standard 102

    Turnover policy

    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 depreciation policy

    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: Freehold buildings over 50 years Leasehold land and buildings over the lease term Plant and machinery over 5 years Fixtures, fittings, tools and equipment over 5 years

    Other accounting policies

    Stocks Stocks are measured at the lower of cost and estimated selling price less costs to complete and sell. Cost is determined using the first in first out method. The carrying amount of stock sold is recognised as an expense in the period in which the related revenue is recognised. 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. Provisions Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. Foreign currency translation Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.

URBAN FURNITURE LTD.

Notes to the Financial Statements

for the Period Ended 31 December 2023

  • 2. Employees

    2023 2022
    Average number of employees during the period 2 2

URBAN FURNITURE LTD.

Notes to the Financial Statements

for the Period Ended 31 December 2023

3. Tangible assets

Land & buildings Plant & machinery Fixtures & fittings Office equipment Motor vehicles Total
Cost £ £ £ £ £ £
At 1 January 2023 3,516 9,518 0 0 3,000 16,034
Additions
Disposals ( 3,516 ) ( 9,518 ) 0 0 ( 3,000 ) ( 16,034 )
Revaluations
Transfers
At 31 December 2023 0 0 0 0 0 0
Depreciation
At 1 January 2023 2,112 9,518 0 0 3,000 14,630
Charge for year
On disposals ( 2,112 ) ( 9,518 ) 0 0 ( 3,000 ) ( 14,630 )
Other adjustments
At 31 December 2023 0 0 0 0 0 0
Net book value
At 31 December 2023 0 0 0 0 0 0
At 31 December 2022 1,404 0 0 0 0 1,404

URBAN FURNITURE LTD.

Notes to the Financial Statements

for the Period Ended 31 December 2023

4. Stocks

2023 2022
£ £
Stocks 5,000 5,000
Payments on account 0 0
Total 5,000 5,000

URBAN FURNITURE LTD.

Notes to the Financial Statements

for the Period Ended 31 December 2023

5. Debtors

2023 2022
£ £
Trade debtors 7,200 24,718
Prepayments and accrued income 0 0
Other debtors 18,190 10,084
Total 25,390 34,802
Debtors due after more than one year: 0 0

URBAN FURNITURE LTD.

Notes to the Financial Statements

for the Period Ended 31 December 2023

6. Creditors: amounts falling due within one year note

2023 2022
£ £
Bank loans and overdrafts 9,845 0
Amounts due under finance leases and hire purchase contracts 0 0
Trade creditors 0 21,390
Taxation and social security 1,099 8,131
Accruals and deferred income 1,500 0
Other creditors 24,889 87,312
Total 37,333 116,833

URBAN FURNITURE LTD.

Notes to the Financial Statements

for the Period Ended 31 December 2023

7. Creditors: amounts falling due after more than one year note

2023 2022
£ £
Bank loans and overdrafts 16,735 0
Amounts due under finance leases and hire purchase contracts 0 0
Other creditors 0 0
Total 16,735 0