REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Six Miles Across London Limited |
REGISTERED NUMBER: |
Report of the Directors and |
Unaudited Financial Statements for the Year Ended 31 December 2023 |
for |
Six Miles Across London Limited |
Six Miles Across London Limited (Registered number: 09016246) |
Contents of the Financial Statements |
for the Year Ended 31 December 2023 |
Page |
Company Information | 1 |
Report of the Directors | 2 |
Balance Sheet | 5 |
Notes to the Financial Statements | 7 |
Report of the Accountants | 11 |
Six Miles Across London Limited |
Company Information |
for the Year Ended 31 December 2023 |
DIRECTORS: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
Chartered Certified Accountants |
30 Moorgate |
London |
EC2R 6PJ |
Six Miles Across London Limited (Registered number: 09016246) |
Report of the Directors |
for the Year Ended 31 December 2023 |
The directors present their report with the financial statements of the company for the year ended 31 December 2023. |
PRINCIPAL ACTIVITY |
The principal activity of the company in the year under review was that of management and consultancy services to it's subsidiary companies. |
REVIEW OF BUSINESS |
April 29th of 2023 marked the ninth full year since Six Miles Across London was incorporated. I write this with one eye very much on the last nine years (six years of which we have been commercially trading since 2017) but also with one eye keenly on the future, where in April 2024 this innovative Group will celebrate a decade of innovation in the built environment. |
As I reflect, during Climate Week in New York, what occurs to me is how Six Miles Across London, "small." has become a pseudo transport infrastructure & technology investment company. Through our wholly and majority owned companies Urban-Air Port (Advanced Air Mobility & Aerospace) & Urban.MASS (Personal Urban & Mass Transit) respectively, we have been laser focused on reducing transport emissions that are an unseen, but deadly nuisance to our health & wellbeing. |
Our soon to be, decade of innovation in transport is, I believe, set to be foundational for the economic and environmental success of our planet as we are already seeing a global market response to our technologies. I think it's important to remind ourselves of the context as to why small. has such a strong sense of responsibility for this sector. |
The authors of ukfoundations.co argue that the UK's economy has stagnated for a fundamentally simple reason, that being - it has 'banned' investment in housing, transport and energy and therefore has denied the country the foundations it needs to grow. As a private company our focus has been on decarbonising transport - but ultimately, it's more than just that. Transport infrastructure hasn't advanced since the advent of the railways, our airports haven't grown to capitalise on the burgeoning market demand. Transport infrastructure has become UK's Achilles heel. The Government hasn't invested in its technological advancement or paved the way from a policy perspective and has therefore become all too expensive to build - when it's recognized. Remember Urban.MASS is 50% cheaper than a monorail/lightrail/tram project. This national eye-not-on-the-ball over the last 75 years has stunted and restricted economic growth. |
Building more reliable, cost-effective & quicker to construct / deploy transport infrastructure allows families to access a wider range of jobs, and businesses to access a wider range of talent. Spreading social equity. More and better-connected cities powered with better transport infrastructure & technologies expands the economic size and stature of a city. |
The authors very neatly go on to surmise precisely why small. is so fundamental to our future, from a transport perspective. They argue, and I don't disagree, that from the 18th century to the early 20th the UK had the best transport infrastructure in the world. The railways were invented in a small town in County Durham, Shildon, UK with the Stockton and Darlington public railway in 1825. Almost 200 years ago. |
Six Miles Across London Limited (Registered number: 09016246) |
Report of the Directors |
for the Year Ended 31 December 2023 |
In the 18th century it's reported that 1116 private companies built and renewed 22,000 miles of tolled roads and others dug 4000 miles of canals. Resulting in the best transport system in Europe. In the 19th century Britons built the railways that we still very much rely on today. In fact, rather tellingly, we have half as many miles of railway today than we did then. London's underground was designed and built 40 years before anywhere else in the world. The Metropolitan Line being the 1st in London and exported the term "Metro" globally. Private companies continued to extend and build more transport infrastructure including more underground lines, tram systems, bus fleets resulting in a revolutionary economic expansion with London at the epi-centre. |
The reason we as a Group proudly pursue our transport infrastructure revolution is because we know what is possible, and we know that transport underpins everything - everywhere. We also know ground breaking technology invented in the UK is not only transformative here in the UK but exportable globally - we are backed by the biggest names in global transport already inc. Hyundai Motor Group. |
Our transport infrastructure patent portfolio has grown throughout the year to over a dozen patents. Our addressable markets have been identified with precise definition and our teams have been working hard to service those markets with a laser focus be it the Middle East or Africa for Urban.MASS or Europe, Asia or North America for Urban-Air Port. |
The ability to already serve distinct market needs with our distinct transport technology is an incredible way to near our 10 year milestone. |
I will refer you to the Annual Statements of our subsidiaries to avoid repetition but as a Co-Founders, Andrea and I could not be prouder of our team, grateful to our advisors and shareholders and appreciative of our clients from all across the globe who have recognized our technologies and their place in the world. It's through the market that any product can live, and we are confident that our product-market fit is unrivalled and the timing is not a second too late, as in order to get on track with net zero emissions by 2050, transport CO2 emissions must decrease by 3% per year to 2030, that's double the rate of increase (1.7%) which in and of itself is the fastest rate of increase from any sector. |
So the fight to decarbonize is very much a fight and the economic plight of not only the UK but other countries around the world needs to be rescued through breakthrough technologies like ours, and adoption of those technologies to create a more productive society to build prosperity for us and future generations. |
DIRECTORS |
The directors shown below have held office during the whole of the period from 1 January 2023 to the date of this report. |
Six Miles Across London Limited (Registered number: 09016246) |
Report of the Directors |
for the Year Ended 31 December 2023 |
This report has been prepared in accordance with the provisions of Part 15 of the Companies Act 2006 relating to small companies. |
ON BEHALF OF THE BOARD: |
Six Miles Across London Limited (Registered number: 09016246) |
Balance Sheet |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
Investments | 5 |
CURRENT ASSETS |
Debtors | 6 |
Cash at bank |
CREDITORS |
Amounts falling due within one year | 7 |
NET CURRENT (LIABILITIES)/ASSETS | ( |
) |
TOTAL ASSETS LESS CURRENT LIABILITIES |
( |
) |
CREDITORS |
Amounts falling due after more than one year |
8 |
NET LIABILITIES | ( |
) | ( |
) |
Six Miles Across London Limited (Registered number: 09016246) |
Balance Sheet - continued |
31 December 2023 |
31.12.23 | 31.12.22 |
Notes | £ | £ | £ | £ |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings | ( |
) | ( |
) |
( |
) | ( |
) |
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. |
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 |
Six Miles Across London Limited (Registered number: 09016246) |
Notes to the Financial Statements |
for the Year Ended 31 December 2023 |
1. | STATUTORY INFORMATION |
Six Miles Across London Limited is a |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Turnover |
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
Tangible fixed assets |
Office equipment | - |
Fixtures and fittings | - |
Computer equipment | - |
Investments in subsidiaries |
Investments in subsidiaries are measured at cost less accumulated impairment. |
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. |
Six Miles Across London Limited (Registered number: 09016246) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
2. | ACCOUNTING POLICIES - continued |
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. |
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 |
The average number of employees during the year was |
4. | TANGIBLE FIXED ASSETS |
Fixtures |
Office | and | Computer |
equipment | fittings | equipment | Totals |
£ | £ | £ | £ |
COST |
At 1 January 2023 |
and 31 December 2023 |
DEPRECIATION |
At 1 January 2023 |
Charge for year |
At 31 December 2023 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
Six Miles Across London Limited (Registered number: 09016246) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
5. | FIXED ASSET INVESTMENTS |
Shares in |
group |
undertakings |
£ |
COST |
At 1 January 2023 |
and 31 December 2023 |
PROVISIONS |
At 1 January 2023 |
and 31 December 2023 | 236,624 |
NET BOOK VALUE |
At 31 December 2023 |
At 31 December 2022 |
The company's investments at the Balance Sheet date in the share capital of companies include the following: |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) | ( |
) |
Profit/(loss) for the year/period | ( |
) |
Registered office: United Kingdom |
Nature of business: |
% |
Class of shares: | holding |
£ | £ |
Aggregate capital and reserves | ( |
) |
Loss for the year/period | ( |
) | ( |
) |
Six Miles Across London Limited (Registered number: 09016246) |
Notes to the Financial Statements - continued |
for the Year Ended 31 December 2023 |
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Amounts owed by group undertakings |
Other debtors |
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans and overdrafts |
Trade creditors |
Amounts owed to group undertakings |
Other creditors |
8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.23 | 31.12.22 |
£ | £ |
Bank loans |
9. | RELATED PARTY DISCLOSURES |
Included in turnover are management fees and expense recharges of £6,936 (2022 - £41,000) to subsidiary companies. |
10. | ULTIMATE CONTROLLING PARTY |
In the directors opinion the company is controlled by Mr H Sandhu. |
Six Miles Across London Limited |
Report of the Accountants to the Directors of |
Six Miles Across London Limited |
The following reproduces the text of the report prepared for the directors in respect of the company's annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other primary statements and the Report of the Directors are not required to be filed with the Registrar of Companies. |
As described on the Balance Sheet you are responsible for the preparation of the financial statements for the year ended 31 December 2023 set out on pages five to twelve and you consider that the company is exempt from an audit. |
In accordance with your instructions, we have compiled these unaudited financial statements in order to assist you to fulfil your statutory responsibilities, from the accounting records and information and explanations supplied to us. |
Chartered Certified Accountants |
30 Moorgate |
London |
EC2R 6PJ |