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REGISTERED NUMBER: SC294234 (Scotland)














UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

FOR

URBAN KANDI LIMITED

URBAN KANDI LIMITED (REGISTERED NUMBER: SC294234)






CONTENTS OF THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


URBAN KANDI LIMITED

COMPANY INFORMATION
for the Year Ended 31 December 2023







DIRECTOR: Mr Ryan Kenfield Campbell





SECRETARY: Mrs Siobhan Campbell





REGISTERED OFFICE: 6 Miller Road
Ayr
Ayrshire
KA7 2AY





REGISTERED NUMBER: SC294234 (Scotland)





ACCOUNTANTS: K M Stewart & Company
6 Miller Road
Ayr
KA7 2AY

URBAN KANDI LIMITED (REGISTERED NUMBER: SC294234)

BALANCE SHEET
31 December 2023

2023 2022
Notes £    £    £    £   
FIXED ASSETS
Intangible assets 4 - -
Tangible assets 5 873,754 1,006,678
873,754 1,006,678

CURRENT ASSETS
Stocks 1,549,963 2,880,391
Debtors 6 994,823 767,658
Cash at bank and in hand 395,432 327,281
2,940,218 3,975,330
CREDITORS
Amounts falling due within one year 7 3,193,825 3,783,081
NET CURRENT (LIABILITIES)/ASSETS (253,607 ) 192,249
TOTAL ASSETS LESS CURRENT
LIABILITIES

620,147

1,198,927

CREDITORS
Amounts falling due after more than one
year

8

(286,061

)

(1,110,833

)

PROVISIONS FOR LIABILITIES (75,252 ) (86,768 )
NET ASSETS 258,834 1,326

CAPITAL AND RESERVES
Called up share capital 10 100 100
Retained earnings 11 258,734 1,226
SHAREHOLDERS' FUNDS 258,834 1,326

URBAN KANDI LIMITED (REGISTERED NUMBER: SC294234)

BALANCE SHEET - continued
31 December 2023


The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2023 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 17 October 2024 and were signed by:





Mr Ryan Kenfield Campbell - Director


URBAN KANDI LIMITED (REGISTERED NUMBER: SC294234)

NOTES TO THE FINANCIAL STATEMENTS
for the Year Ended 31 December 2023

1. STATUTORY INFORMATION

Urban Kandi Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2. ACCOUNTING POLICIES

Basis of preparing the financial statements
These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Functional currency
The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are shown to the nearest whole pound.

Significant judgements and estimates
The preparation of financial statements requires the use of certain accounting estimates . It also requires the directors to exercise judgement in applying the Companies Accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below:

Estimation Uncertainty

Useful life of properties, plant and equipment
The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be depreciated based on this.

Recoverability of Debtors
The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the recoverability of these, provision is made against the recoverability of these debts.

Key Judgements made in the application of Accounting Policies
a) Exemptions taken in the application of FRS 102
The Company has considered and taken advantage of the following exemptions in its application of FRS 102:
i) The Company has not revisited previous accounting estimates.

Turnover
Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill
Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of five years.

Intangible assets
Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Tangible fixed assets
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Plant and machinery - 25% on cost
Motor vehicles - 25% on cost
Computer equipment - 25% on cost

URBAN KANDI LIMITED (REGISTERED NUMBER: SC294234)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

2. ACCOUNTING POLICIES - continued

Stocks
Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments
Classification
The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company
recognises these in accordance with Section 11 of the Financial Reporting Standard.

Recognition and measurement
The company's debt instruments are measured at amortised cost using the effective interest rate method.

Impairment
Financial instruments are reviewed annually for 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.

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.

Hire purchase and leasing commitments
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

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 86 (2022 - 90 ) .

URBAN KANDI LIMITED (REGISTERED NUMBER: SC294234)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

4. INTANGIBLE FIXED ASSETS
Goodwill
£   
COST
At 1 January 2023
and 31 December 2023 20,000
AMORTISATION
At 1 January 2023
and 31 December 2023 20,000
NET BOOK VALUE
At 31 December 2023 -
At 31 December 2022 -

5. TANGIBLE FIXED ASSETS
Freehold Long Plant and
property leasehold machinery
£    £    £   
COST OR VALUATION
At 1 January 2023 466,878 99,340 1,356,884
Additions - 109,992 30,406
At 31 December 2023 466,878 209,332 1,387,290
DEPRECIATION
At 1 January 2023 - 99,340 892,396
Charge for year - 23,065 251,784
At 31 December 2023 - 122,405 1,144,180
NET BOOK VALUE
At 31 December 2023 466,878 86,927 243,110
At 31 December 2022 466,878 - 464,488

URBAN KANDI LIMITED (REGISTERED NUMBER: SC294234)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

5. TANGIBLE FIXED ASSETS - continued

Motor Computer
vehicles equipment Totals
£    £    £   
COST OR VALUATION
At 1 January 2023 210,811 10,157 2,144,070
Additions 26,330 17,752 184,480
At 31 December 2023 237,141 27,909 2,328,550
DEPRECIATION
At 1 January 2023 143,839 1,818 1,137,393
Charge for year 37,795 4,759 317,403
At 31 December 2023 181,634 6,577 1,454,796
NET BOOK VALUE
At 31 December 2023 55,507 21,332 873,754
At 31 December 2022 66,972 8,339 1,006,677

Cost or valuation at 31 December 2023 is represented by:

Freehold Long Plant and
property leasehold machinery
£    £    £   
Valuation in 2023 466,878 209,332 1,387,290

Motor Computer
vehicles equipment Totals
£    £    £   
Valuation in 2023 237,141 27,909 2,328,550

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Trade debtors 53,232 47,917
Other debtors 941,591 719,741
994,823 767,658

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
2023 2022
£    £   
Bank loans and overdrafts (see note 9) 272,723 203,643
Trade creditors 596,332 1,236,771
Taxation and social security 649,665 709,179
Other creditors 1,675,105 1,633,488
3,193,825 3,783,081

URBAN KANDI LIMITED (REGISTERED NUMBER: SC294234)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR
2023 2022
£    £   
Bank loans (see note 9) 286,061 410,833
Other Creditors After 1 Year - 700,000
286,061 1,110,833

9. LOANS

Bank loans represent a CBIL's loan outstanding at the year of £410,833 (2022: £580,833) & ESME loan of £Nil (2022: £33,643) and RBS loan outstanding at the year of £153,103.23.

ESME loan has been fully repaid on 23 November 2023 with interest rate of 0.44% per month.

CBIL's loan is due to be repaid during the year ending 31st December 2026. The loan is guaranteed by government and carries an interest rate of 2.5% p.a.

10. CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:
Number: Class: Nominal 2023 2022
value: £    £   
100 Ordinary £1 100 100

11. RESERVES
Retained
earnings
£   

At 1 January 2023 1,226
Profit for the year 257,508
At 31 December 2023 258,734

12. DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2023 and 31 December 2022:

2023 2022
£    £   
Mr Ryan Kenfield Campbell
Balance outstanding at start of year 161,521 15,606
Amounts advanced 160,013 446,021
Amounts repaid (4,070 ) (300,106 )
Amounts written off - -
Amounts waived - -
Balance outstanding at end of year 317,464 161,521

URBAN KANDI LIMITED (REGISTERED NUMBER: SC294234)

NOTES TO THE FINANCIAL STATEMENTS - continued
for the Year Ended 31 December 2023

13. RELATED PARTY DISCLOSURES

At the year end date, there were amounts owed to TDR Group Holdings Limited of £550,000 (2022: £550,000). This forms part of other creditors amounts falling due within one year note.

As at 31st December 2023, Urban Kandi Limited, is a wholly owned subsidiary of TDR Group Holdings Limited.

At the year end date, there were amounts owed to Sensum Scents Limited of £73,732 (2022: £134,425), a company under common directorship.

The loans were interest free with no fixed repayment terms.