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Registration number: 11027479

Urban Space Solutions Ltd

Unaudited Filleted Financial Statements

for the Year Ended 31 December 2023

 

Urban Space Solutions Ltd

Contents

Company Information

1

Director's Report

2

Statement of Director's Responsibilities

3

Accountants' Report

4

Profit and Loss Account

5

Balance Sheet

6

Statement of Changes in Equity

7

Notes to the Unaudited Financial Statements

8 to 15

 

Urban Space Solutions Ltd

Company Information

Director

Mr Joel Berger

Registered office

Studio 408 The Archives
Unit 10 High Cross Centre
Tottenham Hale
London
N15 4QN

Accountants

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

 

Urban Space Solutions Ltd

Director's Report for the Year Ended 31 December 2023

The director presents his report and the financial statements for the year ended 31 December 2023.

Director of the company

The director who held office during the year was as follows:

Mr Joel Berger

Principal activity

The principal activity of the company is to offer collaborative workspaces along with infrastructure and services.

Going concern

The company is dependent on continuing finance being made available from other undertakings within the group to enable it to continue operating and to meet its debts as they fall due. The director believes it is therefore appropriate to prepare the financial statements on a going concern.

Small companies provision statement

This report has 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.

This report was approved by the director on 24 December 2024 and signed on its behalf by:

.........................................
Mr Joel Berger
Director

 

Urban Space Solutions Ltd

Statement of Director's Responsibilities

Company law requires the director to prepare financial statements for each financial year. Under that law the director has elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the director must not approve the financial statements unless he is satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period. In preparing these financial statements, the director is required to:

select suitable accounting policies and apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the company will continue in business.

The director is responsible for keeping adequate accounting records that are sufficient to show and explain the company's transactions and disclose with reasonable accuracy at any time the financial position of the company and enable him to ensure that the financial statements comply with the Companies Act 2006. He is also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

 

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Urban Space Solutions Ltd
for the Year Ended 31 December 2023

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Urban Space Solutions Ltd for the year ended 31 December 2023 as set out on pages 5 to 15 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at
http://www.icaew.com/regulation.

This report is made solely to the Board of Directors of Urban Space Solutions Ltd, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Urban Space Solutions Ltd and state those matters that we have agreed to state to the Board of Directors of Urban Space Solutions Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Urban Space Solutions Ltd and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Urban Space Solutions Ltd has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and loss of Urban Space Solutions Ltd. You consider that Urban Space Solutions Ltd is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Urban Space Solutions Ltd. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

............................................................................

Aventus Partners Limited
Hygeia Building
Ground Floor
66-68 College Road
Harrow
Middlesex
HA1 1BE

24 December 2024

 

Urban Space Solutions Ltd

Profit and Loss Account for the Year Ended 31 December 2023

Note

2023
£

2022
£

Turnover

 

1,994,947

2,061,976

Cost of sales

 

(1,467,466)

(1,534,155)

Gross profit

 

527,481

527,821

Administrative expenses

 

(759,113)

(939,359)

Operating loss

 

(231,632)

(411,538)

Interest payable and similar expenses

 

(952)

(850)

Loss before tax

4

(232,584)

(412,388)

Loss for the financial year

 

(232,584)

(412,388)

 

Urban Space Solutions Ltd

(Registration number: 11027479)
Balance Sheet as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Tangible assets

6

102,472

178,979

Current assets

 

Debtors

7

427,590

771,989

Cash at bank and in hand

 

9,167

33,029

 

436,757

805,018

Creditors: Amounts falling due within one year

8

(2,681,793)

(2,888,506)

Net current liabilities

 

(2,245,036)

(2,083,488)

Total assets less current liabilities

 

(2,142,564)

(1,904,509)

Creditors: Amounts falling due after more than one year

8

(29,639)

(35,110)

Net liabilities

 

(2,172,203)

(1,939,619)

Capital and reserves

 

Called up share capital

10

100

100

Retained earnings

(2,172,303)

(1,939,719)

Shareholders' deficit

 

(2,172,203)

(1,939,619)

For the financial year ending 31 December 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's 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 director acknowledges his 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 and delivered 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. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

The financial statements were approved and authorised for issue by the director on 24 December 2024
 

.........................................
Mr Joel Berger
Director

   
     
 

Urban Space Solutions Ltd

Statement of Changes in Equity for the Year Ended 31 December 2023

Share capital
£

Retained earnings
£

Total
£

At 1 January 2022

100

(1,527,331)

(1,527,231)

Loss for the year

-

(412,388)

(412,388)

At 31 December 2022

100

(1,939,719)

(1,939,619)

Share capital
£

Retained earnings
£

Total
£

At 1 January 2023

100

(1,939,719)

(1,939,619)

Loss for the year

-

(232,584)

(232,584)

At 31 December 2023

100

(2,172,303)

(2,172,203)

 

Urban Space Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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:
Studio 408 The Archives
Unit 10 High Cross Centre
Tottenham Hale
London
N15 4QN
United Kingdom

These financial statements were authorised for issue by the director on 24 December 2024.

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.

The functional and presentational currency is GBP Sterling (£), being the currency of the primary economic environment in which the company operates in. The amounts are presented rounded to the nearest pound.

Going concern

The company is dependent on continuing finance being made available from other undertakings within the group to enable it to continue operating and to meet its debts as they fall due. The director believes it is therefore appropriate to prepare the financial statements on a going concern.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the 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.

 

Urban Space Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

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

Short leasehold

Over 3 years

Furniture, fittings and equipment

25% straight line

Amortisation

Amortisation is provided on intangible assets so as to write off the cost, less any estimated residual value, over their useful life as follows:

Asset class

Amortisation method and rate

Website development

over 3 years

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.

 

Urban Space Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

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.

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.

 

Urban Space Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

2

Accounting policies (continued)

Financial instruments

Classification
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties and loans from related parties.

 Recognition and measurement
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other debtors and creditors, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method.

Debt instruments that are payable or receivable within one year, typically trade creditors or debtors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration, expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms of financed at a rate of interest that is not a market rate or in case of an out-right short term loan not at a market rate, the financial asset or liability is measured, initially, at the present value of the future cash flow discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost.


 Impairment
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss if recognised in the Profit and loss account.

For financial assets measured as amortised cost, the impairment loss is measured as the difference between an asset’s carrying amount and the present value of estimated cash flows discounted at the asset’s original effective interest rate. If a financial asset has a variable interest rate, the discounted rate for measuring any impairment loss is the current effective interest rate determined under the contract.

Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

3

Staff numbers

The average monthly number of persons employed by the company (including the director) during the year, was 10 (2022: 11).

 

Urban Space Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

4

Loss before tax

Arrived at after charging/(crediting)

2023
£

2022
£

Depreciation expense

181,165

118,667

5

Intangible assets

Website development
 £

Cost

At 1 January 2023

28,050

At 31 December 2023

28,050

Amortisation

At 1 January 2023

28,050

At 31 December 2023

28,050

Carrying amount

At 31 December 2023

-

 

Urban Space Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

6

Tangible assets

Land and buildings
£

Furniture, fittings and equipment
 £

Total
£

Cost

At 1 January 2023

647,696

288,011

935,707

Additions

103,438

1,219

104,657

At 31 December 2023

751,134

289,230

1,040,364

Depreciation

At 1 January 2023

499,742

256,985

756,727

Charge for the year

153,176

27,989

181,165

At 31 December 2023

652,918

284,974

937,892

Carrying amount

At 31 December 2023

98,216

4,256

102,472

At 31 December 2022

147,953

31,026

178,979

Included within the net book value of land and buildings above is £98,216 (2022 - £147,953) in respect of short leasehold land and buildings.
 

7

Debtors

Note

2023
£

2022
£

Trade debtors

 

38,636

46,884

Amounts owed by group undertakings

11

-

396,332

Other debtors

 

155,118

162,488

Prepayments

 

233,836

166,285

Total current trade and other debtors

 

427,590

771,989

 

Urban Space Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

8

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Bank loans and overdrafts

9

5,472

5,472

Trade creditors

 

419,759

467,798

Amounts owed to group undertakings

11

1,847,174

1,660,123

Taxation and social security

 

60,092

267,689

Other creditors

 

312,308

381,034

Accrued expenses

 

18,175

52,339

Deferred income

 

18,000

53,338

Directors current account

 

813

713

 

2,681,793

2,888,506

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

9

29,639

35,110

9

Loans and borrowings

Current loans and borrowings

2023
£

2022
£

Bank borrowings

5,472

5,472

Non-current loans and borrowings

2023
£

2022
£

Bank borrowings

29,639

35,110

Bank borrowings consists of a government-backed Bounce Back Loan with a repayment term of 6 years from May 2021. The interest rate applicable to the loan is 2.5% with the first 12 months interest being covered by the government.

 

Urban Space Solutions Ltd

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023 (continued)

10

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

11

Related party transactions

Summary of transactions with other related parties

The company has taken advantage of the exemption available in accordance with FRS 102 not to disclose transactions entered into between two or more members of a group, as the company is a wholly owned subsidiary undertaking of the group to which it is party to the transactions.

12

Parent and ultimate parent undertaking

The ultimate parent is Purpose Serviced Offices Limited, incorporated in England and Wales.

  These financial statements are available upon request from Studio 408, The Archives, Unit10 High Cross Centre, Tottenham Hale, London, N15 4QN.

 The ultimate controlling party is Mr Joel Berger.