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Registered number: 09100757














FIRST URBAN ESTATES LIMITED

 
UNAUDITED

FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

 
FIRST URBAN ESTATES LIMITED
 

CONTENTS



Page
Balance sheet
 
1 - 2
Notes to the financial statements
 
3 - 8


 
FIRST URBAN ESTATES LIMITED
REGISTERED NUMBER:09100757

BALANCE SHEET
AS AT 31 MARCH 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 4 
13,017
16,287

Investments
 5 
4
4

  
13,021
16,291

Current assets
  

Debtors: amounts falling due within one year
 6 
1,084,105
1,153,514

Cash at bank and in hand
 7 
504,877
751,137

  
1,588,982
1,904,651

Creditors: amounts falling due within one year
 8 
(123,090)
(131,307)

Net current assets
  
 
 
1,465,892
 
 
1,773,344

Total assets less current liabilities
  
1,478,913
1,789,635

Provisions for liabilities
  

Deferred tax
 9 
-
(3,940)

  
 
 
-
 
 
(3,940)

Net assets
  
1,478,913
1,785,695


Capital and reserves
  

Called up share capital 
 10 
104
104

Profit and loss account
  
1,478,809
1,785,591

  
1,478,913
1,785,695


1

 
FIRST URBAN ESTATES LIMITED
REGISTERED NUMBER:09100757
    
BALANCE SHEET (CONTINUED)
AS AT 31 MARCH 2024

The directors consider that the company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The company has opted not to file the profit and loss account in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




D C Goldberg
Director

Date: 31 January 2025

The notes on pages 3 to 8 form part of these financial statements.

2

 
FIRST URBAN ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

1.


General information

First Urban Estates  Limited is a private company, limited by shares, registered in England and Wales, registration number 09100757. The registered office address is 4th Floor Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.
The principal activity of the company continued to be that of provision of property management services and investment in property trading and development entities.

Post the year end, the company changed its registered office address from 167 Broadhurst Gardens, London, NW6 3AU to 4th Floor Elsley Court, 20-22 Great Titchfield Street, London, W1W 8BE.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The company's functional and presentational currency is pound sterling.
 
The company is not required to prepare consolidated accounts due to exemption under Companies Act 2006 section 383 applicable to small groups.

The following principal accounting policies have been applied:

 
2.2

Turnover

Turnover comprises revenue recognised by the company in respect of property management services supplied during the year, exclusive of value added tax and trade discounts.

 
2.3

Operating leases: the company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

 
2.4

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

3

 
FIRST URBAN ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

2.Accounting policies (continued)


2.5
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Fixtures and fittings
-
25%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment.

 
2.8

 Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours.

 
2.9

 Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

 Financial instruments

The company only enters into basic financial instrument transactions that results in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
 
 
2.11

 Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Employees

The average monthly number of employees, including directors, during the year was 4 (2023 - 4).

4

 
FIRST URBAN ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

4.


Tangible fixed assets





Fixtures and fittings

£



Cost or valuation


At 1 April 2023
55,167


Additions
3,329


Disposals
(11,652)



At 31 March 2024

46,844



Depreciation


At 1 April 2023
38,880


Charge for the year on owned assets
6,037


Disposals
(11,090)



At 31 March 2024

33,827



Net book value



At 31 March 2024
13,017



At 31 March 2023
16,287


5.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 April 2023
4



At 31 March 2024
4




5

 
FIRST URBAN ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

Subsidiary undertakings


The following were subsidiary undertakings of the company:

Name

Principal activity

Class of shares

Holding

First Urban (Rickmansworth) Limited
Property trading
Ordinary shares
100%
First Urban Residential Limited
Property investment
Ordinary shares
100%

During the year, the company held a beneficial interest by way of a direct ownership of the following Limited Liability Partnerships (LLPs), which are all incorporated the United Kingdom.

• First Urban (Portsmouth) LLP
• First Urban (Wellington Street) LLP

The principal activity of the LLPs is that of property investment.

During the year, the company held a beneficial interest by way of an indirect ownership of the following Limited Liability Partnerships (LLPs), which are all incorporated the United Kingdom.

• Portsmouth Investment Properties LLP 
• Wellington Street Investment Properties LLP

The principal activity of the LLPs is that of property development.


6.


Debtors

2024
2023
£
£


Trade debtors
638
-

Other debtors
1,058,800
1,126,306

Called up share capital not paid
100
100

Prepayments
24,567
27,108

1,084,105
1,153,514



7.


Cash and cash equivalents

2024
2023
£
£

Cash at bank
504,877
751,137


6

 
FIRST URBAN ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

8.


Creditors: Amounts falling due within one year

2024
2023
£
£

Trade creditors
13,552
19,031

Other taxation and social security
1,133
3,276

Other creditors
95,601
96,196

Accruals
12,804
12,804

123,090
131,307



9.


Deferred taxation




2024
2023


£

£






At beginning of year
(3,940)
(2,957)


Charged to profit or loss
3,940
(983)



At end of year
-
(3,940)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(3,170)
(3,988)

Tax losses carried forward
3,122
-

Short term timing difference
48
48

-
(3,940)

7

 
FIRST URBAN ESTATES LIMITED
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024

10.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



104 (2023 - 104) Ordinary shares of £1.00 each
104
104



11.


Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £901 (2023 - £901). Contributions totalling £192 (2023 - £192) were payable to the fund at the balance sheet date and are included in creditors.


12.


Related party transactions

Included within other creditors at the year end, the company owed £7,237 (2023 - £9,004) to the directors. The loans are interest free and repayable on demand.

Included within other debtors at the year end, the company was owed £415,332 (2023 - £490,324) by LLPs in which First Urban Estates is a designated member. These loans  are interest free and repayable on demand. 

No disclosure has been made of transactions with other wholly owned group companies in accordance with FRS 102 Section 1A paragraph 1AC.35

 
8