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Company No: 04738780 (England and Wales)

URBANFANTASIST LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

URBANFANTASIST LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

URBANFANTASIST LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 March 2024
URBANFANTASIST LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 5,190 6,196
5,190 6,196
Current assets
Stocks 733 1,648
Debtors 4 956 21,409
Cash at bank and in hand 56,305 28,877
57,994 51,934
Creditors: amounts falling due within one year 5 ( 4,644) ( 5,535)
Net current assets 53,350 46,399
Total assets less current liabilities 58,540 52,595
Provision for liabilities ( 986) ( 1,177)
Net assets 57,554 51,418
Capital and reserves
Called-up share capital 100 100
Profit and loss account 57,454 51,318
Total shareholder's funds 57,554 51,418

For the financial 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.

Director's responsibilities:

The financial statements of Urbanfantasist Limited (registered number: 04738780) were approved and authorised for issue by the Director. They were signed on its behalf by:

Mrs Jane Christian
Director

27 September 2024

URBANFANTASIST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
URBANFANTASIST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Urbanfantasist Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is Oak Lodge, Darrow Green Road Denton, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

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.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Office equipment 10 % reducing balance

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Income Statement as described below.

Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to sell, which is equivalent to the net realisable value. Cost includes materials, direct labour and an attributable proportion of manufacturing overheads based on normal levels of activity. Cost is calculated using the FIFO (first-in, first-out) method. Provision is made for obsolete, slow-moving or defective items where appropriate.

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.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the directors 1 2

3. Tangible assets

Office equipment Total
£ £
Cost
At 01 April 2023 26,950 26,950
Disposals ( 469) ( 469)
At 31 March 2024 26,481 26,481
Accumulated depreciation
At 01 April 2023 20,754 20,754
Charge for the financial year 804 804
Disposals ( 267) ( 267)
At 31 March 2024 21,291 21,291
Net book value
At 31 March 2024 5,190 5,190
At 31 March 2023 6,196 6,196

4. Debtors

2024 2023
£ £
Trade debtors 0 120
Prepayments 856 766
Corporation tax 0 1,187
Other debtors 100 19,336
956 21,409

5. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 138 1,033
Amounts owed to director 626 1,770
Accruals 2,250 2,140
Taxation and social security 1,630 592
4,644 5,535