Company registration number 06178402 (England and Wales)
URBO REGENERATION LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
URBO REGENERATION LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
URBO REGENERATION LIMITED
BALANCE SHEET
AS AT 31 MARCH 2024
31 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investments
3
1,311
1,311
Current assets
Stocks
1,302
1,302
Debtors falling due after more than one year
5
79,918
426,407
Debtors falling due within one year
5
87,950
-
Cash at bank and in hand
1,194,550
352,762
1,363,720
780,471
Creditors: amounts falling due within one year
6
(1,086,871)
(787,974)
Net current assets/(liabilities)
276,849
(7,503)
Net assets/(liabilities)
278,160
(6,192)
Capital and reserves
Called up share capital
7
1,000
1,000
Profit and loss reserves
277,160
(7,192)
Total equity
278,160
(6,192)
For the financial year ended 31 March 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 November 2024 and are signed on its behalf by:
M R Bower
Director
Company registration number 06178402 (England and Wales)
URBO REGENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
1
Accounting policies
Company information
Urbo Regeneration Limited is a private company limited by shares incorporated in England and Wales. The registered office is 36 The Bridge Business Centre, Beresford Way, Chesterfield, Derbyshire, S41 9FG.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.2
Turnover
Turnover represents amounts receivable for goods and services net of VAT and trade discounts.
1.3
Fixed asset investments
Interests in subsidiaries and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.4
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell.
1.5
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
URBO REGENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 3 -
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
1.6
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.7
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
1.8
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
URBO REGENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
4
4
3
Fixed asset investments
2024
2023
£
£
Shares in group undertakings and participating interests
1,311
1,311
4
Subsidiaries
Details of the company's subsidiaries at 31 March 2024 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Canal Road Urban Village Limited
England & Wales
Ordinary
80.10
-
Urbo (West Bar) Limited
England & Wales
Ordinary
51.00
-
Urbo (West Bar) 2 Limited
England & Wales
Ordinary
-
51.00
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
87,950
2024
2023
Amounts falling due after more than one year:
£
£
Amounts owed by group undertakings
79,918
45,941
Prepayments and accrued income
380,466
79,918
426,407
Total debtors
167,868
426,407
URBO REGENERATION LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
36
1,134
Amounts owed to group undertakings
127,414
Corporation tax
94,785
Other taxation and social security
30,508
108,334
Other creditors
961,542
551,092
1,086,871
787,974
7
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
380
380
380
380
Ordinary B shares of £1 each
380
380
380
380
Ordinary C shares of £1 each
240
240
240
240
1,000
1,000
1,000
1,000
8
Related party transactions
Bolsterstone Group Limited
P D Swallow is a director and indirectly owns all of the share capital of Bolsterstone Group Limited. The amount due to Bolsterstone Group Limited at the year end was £720,000 (2023: £350,000).
Bolsterstone Holdings Limited
P D Swallow is a director and indirectly owns all of the share capital of Bolsterstone Holdings Limited.
Laver Regeneration Limited
M R Bower and A J Laver are directors and shareholders of Laver Regeneration Limited. The amount due to Laver Regeneration Limited at the year end was £150,000 (2023: £190,000).
Canal Road Urban Village Limited
Canal Road Urban Village Limited is a business in which Urbo Regeneration Limited have an 80% direct interest. At the year end there was an amount due from Canal Road Urban Village Limited of £79,918 (2023: amount due to Canal Road Urban Village of £127,414).
Urbo West Bar Limited
Urbo West Bar Limited is a business in which Urbo Regeneration Limited have a 50% direct interest. At the year end there was an amount due from Urbo West Bar Limited of £87,950 (2023: £45,941).
9
Control
The company is a joint venture between Bolsterstone Group Limited, Laver Regeneration Limited and Mr A Dainty. Each party holds 38%, 38% and 24% respectively of the issued share capital of the company.