Caseware UK (AP4) 2023.0.135 2023.0.135 2024-05-31107716842024-05-312023-06-01false2410falsetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006. 10771684 2023-06-01 2024-05-31 10771684 2022-06-01 2023-05-31 10771684 2024-05-31 10771684 2023-05-31 10771684 1 2023-06-01 2024-05-31 10771684 d:Director2 2023-06-01 2024-05-31 10771684 c:MotorVehicles 2023-06-01 2024-05-31 10771684 c:MotorVehicles 2024-05-31 10771684 c:MotorVehicles 2023-05-31 10771684 c:MotorVehicles c:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 10771684 c:FurnitureFittings 2023-06-01 2024-05-31 10771684 c:FurnitureFittings 2024-05-31 10771684 c:FurnitureFittings 2023-05-31 10771684 c:FurnitureFittings c:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 10771684 c:ComputerEquipment 2023-06-01 2024-05-31 10771684 c:ComputerEquipment 2024-05-31 10771684 c:ComputerEquipment 2023-05-31 10771684 c:ComputerEquipment c:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 10771684 c:OwnedOrFreeholdAssets 2023-06-01 2024-05-31 10771684 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-06-01 2024-05-31 10771684 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-05-31 10771684 c:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-05-31 10771684 c:CurrentFinancialInstruments 2024-05-31 10771684 c:CurrentFinancialInstruments 2023-05-31 10771684 c:Non-currentFinancialInstruments 2023-06-01 2024-05-31 10771684 c:Non-currentFinancialInstruments 2024-05-31 10771684 c:Non-currentFinancialInstruments 2023-05-31 10771684 c:CurrentFinancialInstruments c:WithinOneYear 2024-05-31 10771684 c:CurrentFinancialInstruments c:WithinOneYear 2023-05-31 10771684 c:Non-currentFinancialInstruments c:AfterOneYear 2024-05-31 10771684 c:Non-currentFinancialInstruments c:AfterOneYear 2023-05-31 10771684 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2024-05-31 10771684 c:Non-currentFinancialInstruments c:BetweenOneTwoYears 2023-05-31 10771684 c:ShareCapital 2024-05-31 10771684 c:ShareCapital 2023-05-31 10771684 c:SharePremium 2023-06-01 2024-05-31 10771684 c:SharePremium 2024-05-31 10771684 c:SharePremium 2023-05-31 10771684 c:OtherMiscellaneousReserve 2024-05-31 10771684 c:OtherMiscellaneousReserve 2023-05-31 10771684 c:RetainedEarningsAccumulatedLosses 2023-06-01 2024-05-31 10771684 c:RetainedEarningsAccumulatedLosses 2024-05-31 10771684 c:RetainedEarningsAccumulatedLosses 2023-05-31 10771684 c:AcceleratedTaxDepreciationDeferredTax 2024-05-31 10771684 c:AcceleratedTaxDepreciationDeferredTax 2023-05-31 10771684 c:OtherDeferredTax 2024-05-31 10771684 c:OtherDeferredTax 2023-05-31 10771684 d:OrdinaryShareClass1 2023-06-01 2024-05-31 10771684 d:OrdinaryShareClass1 2024-05-31 10771684 d:OrdinaryShareClass1 2023-05-31 10771684 d:OrdinaryShareClass2 2023-06-01 2024-05-31 10771684 d:OrdinaryShareClass2 2024-05-31 10771684 d:OrdinaryShareClass2 2023-05-31 10771684 d:FRS102 2023-06-01 2024-05-31 10771684 d:AuditExempt-NoAccountantsReport 2023-06-01 2024-05-31 10771684 d:FullAccounts 2023-06-01 2024-05-31 10771684 d:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 10771684 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:ExternallyAcquiredIntangibleAssets 2023-06-01 2024-05-31 10771684 2 2023-06-01 2024-05-31 10771684 6 2023-06-01 2024-05-31 10771684 c:DevelopmentCostsCapitalisedDevelopmentExpenditure c:OwnedIntangibleAssets 2023-06-01 2024-05-31 10771684 3 2024-05-31 10771684 3 2023-05-31 10771684 f:PoundSterling 2023-06-01 2024-05-31 iso4217:GBP xbrli:shares xbrli:pure



















UrbanChain Limited

Registered number: 10771684
Information for filing with the Registrar
For the year ended 31 May 2024

 
 10771684
31 May 2024
URBANCHAIN LIMITED
REGISTERED NUMBER: 10771684

STATEMENT OF FINANCIAL POSITION
AS AT 31 MAY 2024

2024
2023
Note
£
£

Fixed assets
  

Intangible fixed assets
 5 
808,177
258,038

Tangible fixed assets
 6 
41,634
18,954

Investments
 7 
40,000
40,000

  
889,811
316,992

Current assets
  

Debtors: amounts falling due within one year
 8 
10,234,943
1,410,390

Cash at bank and in hand
 9 
2,833,674
5,412,200

  
13,068,617
6,822,590

Creditors: amounts falling due within one year
 10 
(7,604,735)
(4,935,986)

Net current assets
  
 
 
5,463,882
 
 
1,886,604

Total assets less current liabilities
  
6,353,693
2,203,596

Creditors: amounts falling due after more than one year
 11 
(90,057)
(65,143)

Provisions for liabilities
  

Deferred tax
  
(3,385)
-

Net assets
  
6,260,251
2,138,453


Capital and reserves
  

Called up share capital 
 14 
16
14

Share premium account
 15 
4,871,195
2,371,197

Equity reserve
 15 
-
2

Profit and loss account
 15 
1,389,040
(232,760)

  
6,260,251
2,138,453


- 1 -

 
 10771684
31 May 2024
URBANCHAIN LIMITED
REGISTERED NUMBER: 10771684
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 MAY 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 statement of comprehensive income 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 on 3 February 2025.




Seyedehsomayeh Taheri Moosavi
Director

The notes on pages 3 to 15 form part of these financial statements.

- 2 -

 
 10771684
31 May 2024
URBANCHAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

1.


General information

Urbanchain Limited is a private company limited by shares, registered number 10771684, incorporated in England and Wales. The address of the registered office is 30 Old Bailey, London, England, EC4M. 
The principle activity of the Company was that of business and domestic software development. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Going concern

The financial statements have been prepared on a going concern basis. The directors, having considered the financial position of the company for a period of at least twelve months from the date of signing these financial statements, have no reason to believe that a material uncertainty exists that may cast doubt about the ability of the company to continue as a going concern.
Accordingly the directors have a reasonable expectation that the company will continue in operational existence and thus they adopt the going concern basis of accounting in preparing the financial statements. The following paragraphs set out the basis of which the directors have reached their conclusion.

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Turnover 
Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.
Revenue from the supply of energy is recognised when consumption has occurred, the amount of revenue can be measured reliably, it is probable that the economic benefits associated with the transaction will flow to the entity and the costs incurred or to be incurred in respect of the transaction can be measured reliably.

- 3 -

 
 10771684
31 May 2024
URBANCHAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.4

Research and development

In the research phase of an internal project it is not possible to demonstrate that the project will generate future economic benefits and hence all expenditure on research shall be recognised as an expense when it is incurred. Intangible assets are recognised from the development phase of a project if and only if certain specific criteria are met in order to demonstrate the asset will generate probable future economic benefits and that its cost can be reliably measured. The capitalised development costs are subsequently amortised on a straight-line basis over their useful economic lives, which range from 3 to 6 years.
If it is not possible to distinguish between the research phase and the development phase of an internal project, the expenditure is treated as if it were all incurred in the research phase only.

 
2.5

Interest income

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

 
2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

 
2.8

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of Financial Position. The assets of the plan are held separately from the Company in independently administered funds.

- 4 -

 
 10771684
31 May 2024
URBANCHAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.9

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.10

Intangible assets

Intangible assets are initially recognised at cost. After recognition, under the cost model, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

All intangible assets are considered to have a finite useful life. If a reliable estimate of the useful life cannot be made, the useful life shall not exceed ten years.

 The estimated useful lives range as follows:

Development costs
-
10
year straight line 

 
2.11

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.

- 5 -

 
 10771684
31 May 2024
URBANCHAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.11
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:

Motor vehicles
-
4 year straight line
Fixtures and fittings
-
5 year straight line
Computer equipment
-
4 year 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.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

Investments in unlisted Company shares, whose market value can be reliably determined, are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in the Statement of Comprehensive Income for the period. Where market value cannot be reliably determined, such investments are stated at historic cost less impairment.

Investments in listed company shares are remeasured to market value at each reporting date. Gains and losses on remeasurement are recognised in profit or loss for the period.

 
2.13

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.14

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. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.15

Creditors

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

- 6 -

 
 10771684
31 May 2024
URBANCHAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of Financial Position 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 trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

- 7 -

 
 10771684
31 May 2024
URBANCHAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

2.Accounting policies (continued)


2.17
Financial instruments (continued)

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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.
 

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.

Compound instruments 
The component parts of component instruments issued by the Company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangement. At the date of issue, the fair value of the liability component is estimated using the prevailing market interest rate for a similar non-convertible instrument. This amount is recorded as a liability on an amortised cost basis using the effective interest method until extinguished upon conversion or at the instrument's maturity date. The equity component is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognised and included in equity net of income tax effects and is not subsequently remeasured. 

- 8 -

 
 10771684
31 May 2024
URBANCHAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

3.


Judgments in applying accounting policies and key sources of estimation uncertainty

In the application of the Company's accounting policies, which are described above, the directors are required to make judgments, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. 
Critical judgments 
The following judgments (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.  
Intangible assets 
The directors have adopted a policy to capitalise specific development expenditure with respect to software. The directors have assessed the feasibility of the project, their intention to complete and use the software, their ability to do so, whether it will generate future economic benefits, have assessed the ability of the Company to complete, and whether they can reliably quantify the attributable expenditure. The overall assessment is essentially subjective and therefore inherently uncertain but they have addressed these concerns by employing relevant and specialised technical resource to ensure delivery of the project as planned. 
Key sources of estimation uncertainty 
The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows. 
Research and Development tax credits 
At the time of approving this report, the directors are in the process of claiming Research and Development (R&D) tax credits, but any claim will be filed after the financial statements have been approved and filed. The directors have included an estimate based on information presently available and chance of success based on prior periods. 
Recoverability of trade debts
The directors assess the recoverability of trade debtors on a regular basis throughout the year using their judgment and consideration of factors such as: the customer profile, historic trends and local market conditions. 


4.


Employees

The average monthly number of employees, including directors, during the year was 24 (2023 - 10).

- 9 -

 
 10771684
31 May 2024
URBANCHAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

5.


Intangible assets




Development expenditure

£



Cost


At 1 June 2023
286,932


Additions
604,462



At 31 May 2024

891,394



Amortisation


At 1 June 2023
28,894


Charge for the year
54,323



At 31 May 2024

83,217



Net book value



At 31 May 2024
808,177



At 31 May 2023
258,038



- 10 -

 
 10771684
31 May 2024
URBANCHAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

6.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost 


At 1 June 2023
21,628
500
7,846
29,974


Additions
-
-
34,169
34,169



At 31 May 2024

21,628
500
42,015
64,143



Depreciation


At 1 June 2023
3,606
393
7,022
11,021


Charge for the year
5,312
107
6,069
11,488



At 31 May 2024

8,918
500
13,091
22,509



Net book value



At 31 May 2024
12,710
-
28,924
41,634



At 31 May 2023
18,022
107
825
18,954


7.


Fixed asset investments





Other fixed asset investments

£



Cost


At 1 June 2023
40,000



At 31 May 2024
40,000






Net book value



At 31 May 2024
40,000



At 31 May 2023
40,000

- 11 -

 
 10771684
31 May 2024
URBANCHAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

8.


Debtors

2024
2023
£
£


Trade debtors
6,142,072
517,422

Other debtors
1,329,329
373,771

Prepayments and accrued income
2,763,542
519,197

10,234,943
1,410,390



9.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
2,833,674
5,412,200

Less: invoice financing
(79,504)
-

2,754,170
5,412,200



10.


Creditors: Amounts falling due within one year

2024
2023
£
£

Convertible loans
-
2,499,998

Invoice financing
79,504
-

Bank loans
7,915
3,787

Other loans
308,000
32,800

Payments received on account
782,338
-

Trade creditors
5,200,794
1,235,884

Corporation tax
541,193
17,672

Other taxation and social security
63,995
41,504

Obligations under finance lease and hire purchase contracts
-
1,765

Other creditors
50,844
151,629

Accruals and deferred income
570,152
950,947

7,604,735
4,935,986


Prior to the year end, the Company had satisfied the conversion clause and the unsecured convertible loan of £2,500,000 was converted into 199,840, £0.00001 Series A shares at a price per share of £12.51.

- 12 -

 
 10771684
31 May 2024
URBANCHAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

11.


Creditors: Amounts falling due after more than one year

2024
2023
£
£

Bank loans
72,250
47,363

Net obligations under finance leases and hire purchase contracts
17,807
17,780

90,057
65,143


Obligations under finance leases are secured on the underlying assets. 


12.


Loans


Analysis of the maturity of loans is given below:


2024
2023
£
£

Amounts falling due within one year

Bank loans
7,915
3,787

Other loans
308,000
32,800

Convertible loans
-
2,499,998


315,915
2,536,585

Amounts falling due 1-2 years

Bank loans
72,250
47,363


72,250
47,363



388,165
2,583,948


- 13 -

 
 10771684
31 May 2024
URBANCHAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

13.


Deferred taxation




2024


£






Charged to profit or loss
(3,385)



At end of year
(3,385)

The deferred taxation balance is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(5,631)
-

Short term timing differences
2,246
-

(3,385)
-


14.


Share capital

2024
2023
£
£
Allotted, called up and fully paid



1,222,826 (2023 - 1,222,826) Ordinary  shares of £0.00001 each
12
12
421,751 (2023 - 221,911) Series A shares of £0.00001 each
4
2

16

14


During the year, the Company issued 199,840 Series A shares at a nominal value of £0.00001 at a price of £12.51 per share following the conversion of the convertible loans. 


15.


Reserves

Share premium account

Share premium account represents the amount paid in excess of the nominal values of shares issued. 

Profit and loss account

The profit and loss account represents cumulative profits and losses. 

- 14 -

 
 10771684
31 May 2024
URBANCHAIN LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024

16.


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 £19,673 (2023: £1,001). 


17.


Related party transactions

The Company has taken advantage of the exemption available in section 33 of FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" related party disclosures from the requirement to disclose transactions with wholly owned group companies.


18.


Post balance sheet events

In November 2024, £3m of further investment was received by the Company. 
 
In December 2024, the Company acquired access to a £5m working debt facility.

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