Urban Heritage Limited 06430750 false 2023-02-01 2024-01-31 2024-01-31 The principal activity of the company is that of a property investment company. Digita Accounts Production Advanced 6.30.9574.0 true 06430750 2023-02-01 2024-01-31 06430750 2024-01-31 06430750 core:RetainedEarningsAccumulatedLosses 2024-01-31 06430750 core:ShareCapital 2024-01-31 06430750 core:CurrentFinancialInstruments 2024-01-31 06430750 core:CurrentFinancialInstruments core:WithinOneYear 2024-01-31 06430750 core:InvestmentPropertyIncludedWithinPPE 2024-01-31 06430750 core:LandBuildings 2024-01-31 06430750 bus:SmallEntities 2023-02-01 2024-01-31 06430750 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 06430750 bus:FullAccounts 2023-02-01 2024-01-31 06430750 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 06430750 bus:RegisteredOffice 2023-02-01 2024-01-31 06430750 bus:Director1 2023-02-01 2024-01-31 06430750 bus:Director2 2023-02-01 2024-01-31 06430750 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 06430750 core:InvestmentPropertyIncludedWithinPPE 2023-02-01 2024-01-31 06430750 countries:EnglandWales 2023-02-01 2024-01-31 06430750 2023-01-31 06430750 core:LandBuildings 2023-01-31 06430750 2022-02-01 2023-01-31 06430750 2023-01-31 06430750 core:RetainedEarningsAccumulatedLosses 2023-01-31 06430750 core:ShareCapital 2023-01-31 06430750 core:CurrentFinancialInstruments 2023-01-31 06430750 core:CurrentFinancialInstruments core:WithinOneYear 2023-01-31 06430750 core:InvestmentPropertyIncludedWithinPPE 2023-01-31 06430750 core:LandBuildings 2023-01-31 iso4217:GBP xbrli:pure

Registration number: 06430750

Urban Heritage Limited

Filleted Unaudited Financial Statements

for the Year Ended 31 January 2024

 

Urban Heritage Limited
(Registration number: 06430750)

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 6

 

Urban Heritage Limited
(Registration number: 06430750)

Company Information

Directors

Mr A Darkin

Mrs H Darkin

Registered office

28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

Accountants

Thompson Jenner LLP
Chartered Accountants
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD

 

Urban Heritage Limited
(Registration number: 06430750)

Balance Sheet as at 31 January 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

437,465

437,465

Current assets

 

Debtors

5

141,632

107,356

Cash at bank and in hand

 

768,982

746,433

 

910,614

853,789

Creditors: Amounts falling due within one year

6

(1,143,368)

(1,197,446)

Net current liabilities

 

(232,754)

(343,657)

Net assets

 

204,711

93,808

Capital and reserves

 

Called up share capital

100

100

Profit and loss account

204,611

93,708

Total equity

 

204,711

93,808

For the financial year ending 31 January 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 19 October 2024 and signed on its behalf by:
 

.........................................
Mr A Darkin
Director

 

Urban Heritage Limited
(Registration number: 06430750)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
28 Alexandra Terrace
Exmouth
Devon
EX8 1BD
England

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

 

Urban Heritage Limited
(Registration number: 06430750)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Investment Properties

Not depreciated

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the directors. If the directors suspect the value to be materially different then a professional valuation is to be carried out by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

Urban Heritage Limited
(Registration number: 06430750)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

Defined contribution pension obligation

A defined contribution plan is a pension plan under which fixed contributions are paid into a pension fund and the company has no legal or constructive obligation to pay further contributions even if the fund does not hold sufficient assets to pay all employees the benefits relating to employee service in the current and prior periods.

Contributions to defined contribution plans are recognised as employee benefit expense when they are due. If contribution payments exceed the contribution due for service, the excess is recognised as a prepayment.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

4

Tangible assets

Land and buildings
£

Total
£

Cost or valuation

At 1 February 2023

437,465

437,465

At 31 January 2024

437,465

437,465

Carrying amount

At 31 January 2024

437,465

437,465

At 31 January 2023

437,465

437,465

Included within the net book value of land and buildings above is £437,465 (2023 - £437,465) in respect of freehold land and buildings.
 

Revaluation

The fair value of the company's Investment properties was revalued on 30 November 2018. An independent valuer was not involved.
The directors have assessed the market value of the properties held by the company as investment properties. It is their opinion that the carrying value within the accounts is a fair reflection of their market value and therefore no formal revaluation by an independent valuer has been undertaken during the period.
Had this class of asset been measured on a historical cost basis, the carrying amount would have been £437,465 (2023 - £437,465).

 

Urban Heritage Limited
(Registration number: 06430750)

Notes to the Unaudited Financial Statements for the Year Ended 31 January 2024

5

Debtors

2024
£

2023
£

Other debtors

141,632

107,356

Total current trade and other debtors

141,632

107,356

6

Creditors

2024
£

2023
£

Due within one year

Taxation and social security

30,238

-

Other creditors

1,111,240

1,195,556

Accrued expenses

1,890

1,890

1,143,368

1,197,446