URBAN LIFESTYLE LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Urban Lifestyle Limited is a private company limited by shares and registered in England and Wales. The registered office and principal place of business is Montreal Farm, Coulton Lane, Hovingham, York, England, YO62 4NQ.
2.Accounting policies
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Basis of preparation of financial statements
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The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. The disclosure requirements of Section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The following principal accounting policies have been applied:
At the financial year end date there was a deficit on the Statement of Financial Position. However, the director intends to continue to provide financial support to the company so that it can meet its liabilities as they fall due for payment and accordingly these financial statements are prepared on the basis that the company will continue to be a going concern.
The company's functional and presentational currency is GBP.
Turnover comprises property sales and rental income.
Short-term debtors are measured at transaction price, less any impairment.
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Cash and cash equivalents
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Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.
Short-term creditors are measured at the transaction price.
The company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors.
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