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Company No: 03511760 (England and Wales)

URBAN RESOLVE LIMITED

Unaudited Financial Statements
For the financial year ended 31 March 2024
Pages for filing with the registrar

URBAN RESOLVE LIMITED

Unaudited Financial Statements

For the financial year ended 31 March 2024

Contents

URBAN RESOLVE LIMITED

COMPANY INFORMATION

For the financial year ended 31 March 2024
URBAN RESOLVE LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 March 2024
DIRECTOR Mr T R Brent
SECRETARY Mr T R Brent
REGISTERED OFFICE 2 Leman Street
London
E1W 9US
United Kingdom
BUSINESS ADDRESS 84 South Hill Park
Hampstead
London
NW3 2 SN
COMPANY NUMBER 03511760 (England and Wales)
CHARTERED ACCOUNTANTS Gravita III LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
URBAN RESOLVE LIMITED

BALANCE SHEET

As at 31 March 2024
URBAN RESOLVE LIMITED

BALANCE SHEET (continued)

As at 31 March 2024
Note 2024 2023
£ £
Fixed assets
Tangible assets 3 2,026 1,007
Investment property 4 2,200,000 2,100,000
Investments 5 2 2
2,202,028 2,101,009
Current assets
Debtors 6 946,035 979,355
Cash at bank and in hand 32,691 46,609
978,726 1,025,964
Creditors: amounts falling due within one year 7 ( 176,410) ( 207,298)
Net current assets 802,316 818,666
Total assets less current liabilities 3,004,344 2,919,675
Creditors: amounts falling due after more than one year 8 ( 2,350,000) ( 2,350,000)
Provision for liabilities 9 ( 151,874) ( 128,149)
Net assets 502,470 441,526
Capital and reserves
Called-up share capital 10 18 18
Profit and loss account 502,452 441,508
Total shareholders' funds 502,470 441,526

For the financial year ending 31 March 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The financial statements of Urban Resolve Limited (registered number: 03511760) were approved and authorised for issue by the Director on 05 February 2025. They were signed on its behalf by:

Mr T R Brent
Director
URBAN RESOLVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
URBAN RESOLVE LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 March 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Urban Resolve Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom. The principal place of business is 84 South Hill Park, Hampstead, London, NW3 2 SN.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Turnover

Turnover represents rental income receivable net of VAT from investment properties.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 3 years straight line
Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Balance Sheet date. If there is objective evidence of impairment, an impairment loss is recognised in the Profit and Loss Account as described below.

Non-financial assets
At each balance sheet date, the company reviews its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss.

If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). The recoverable amount of an asset is the higher of its fair value less costs to sell and its value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Investments
Investments in non-convertible preference shares and non-puttable ordinary or preference shares (where shares are publicly traded or their fair value is reliably measurable) are measured at fair value through the Profit and Loss Account. Where fair value cannot be measured reliably, investments are measured at cost less impairment.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including the director 0 0

3. Tangible assets

Computer equipment Total
£ £
Cost
At 01 April 2023 3,352 3,352
Additions 1,722 1,722
At 31 March 2024 5,074 5,074
Accumulated depreciation
At 01 April 2023 2,345 2,345
Charge for the financial year 703 703
At 31 March 2024 3,048 3,048
Net book value
At 31 March 2024 2,026 2,026
At 31 March 2023 1,007 1,007

4. Investment property

Investment property
£
Valuation
As at 01 April 2023 2,100,000
Additions 5,102
Fair value movement 94,898
As at 31 March 2024 2,200,000

Investment property comprises properties used for rental income and capital appreciation. The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 March 2024 by the directors of the company on an open market basis, by reference to market evidence of transaction prices for similar properties.

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 April 2023 2
At 31 March 2024 2
Carrying value at 31 March 2024 2
Carrying value at 31 March 2023 2

6. Debtors

2024 2023
£ £
Trade debtors 5,189 602
Amounts owed by Group undertakings 936,716 972,846
Other debtors 4,130 5,907
946,035 979,355

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 478 255
Other taxation and social security 13,663 10,216
Other creditors 162,269 196,827
176,410 207,298

8. Creditors: amounts falling due after more than one year

2024 2023
£ £
Bank loans 1,350,000 1,350,000
Other creditors 1,000,000 1,000,000
2,350,000 2,350,000

The bank loan is secured by the property held in Urban Resolve Residential Limited in favor of the bank in respect of its interest held in a long lease.

9. Deferred tax

2024 2023
£ £
At the beginning of financial year ( 128,149) ( 128,149)
Charged to the Profit and Loss Account ( 23,725) 0
At the end of financial year ( 151,874) ( 128,149)

10. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
450 Ordinary A 1P shares of £ 0.01 each (2023: 400 shares of £ 0.01 each) 4.50 4.00
450 Ordinary B 1P shares of £ 0.01 each (2023: 500 shares of £ 0.01 each) 4.50 5.00
900 Ordinary C 1P shares of £ 0.01 each 9.00 9.00
18.00 18.00

11. Related party transactions

Transactions with entities in which the entity itself has a participating interest

2024 2023
£ £
The aggregate capital and reserves of subsidiary "Urban Resolve Residential Limited" for the year are as follow; 547,909 508,729

At the balance sheet date, the company was owed £936,716 (2023: £972,846) from Urban Resolve Residential Limited.