Registered number: 09100757
FIRST URBAN ESTATES LIMITED
UNAUDITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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FIRST URBAN ESTATES LIMITED
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CONTENTS
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Notes to the financial statements
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FIRST URBAN ESTATES LIMITED
REGISTERED NUMBER:09100757
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BALANCE SHEET
AS AT 31 MARCH 2024
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Debtors: amounts falling due within one year
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Creditors: amounts falling due within one year
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Total assets less current liabilities
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Provisions for liabilities
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1
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FIRST URBAN ESTATES LIMITED
REGISTERED NUMBER:09100757
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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:
The notes on pages 3 to 8 form part of these financial statements.
2
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FIRST URBAN ESTATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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
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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 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:
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.
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Operating leases: the company as lessee
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Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.
Interest income is recognised in profit or loss using the effective interest method.
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
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FIRST URBAN ESTATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
2.Accounting policies (continued)
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Tangible fixed assets (continued)
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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:
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.
Investments in subsidiaries are measured at cost less accumulated impairment.
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.
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.
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.
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.
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The average monthly number of employees, including directors, during the year was 4 (2023 - 4).
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4
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FIRST URBAN ESTATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Charge for the year on owned assets
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Investments in subsidiary companies
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5
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FIRST URBAN ESTATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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The following were subsidiary undertakings of the company:
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First Urban (Rickmansworth) Limited
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First Urban Residential Limited
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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.
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Called up share capital not paid
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Cash and cash equivalents
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6
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FIRST URBAN ESTATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Creditors: Amounts falling due within one year
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Other taxation and social security
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Charged to profit or loss
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The deferred taxation balance is made up as follows:
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Accelerated capital allowances
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Tax losses carried forward
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Short term timing difference
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7
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FIRST URBAN ESTATES LIMITED
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NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
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Allotted, called up and fully paid
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104 (2023 - 104) Ordinary shares of £1.00 each
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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.
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Related party transactions
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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
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8
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