Company registration number: 09035679

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Urban High Developments Ltd

 

 

Filleted Unaudited financial statements

 

 

31 May 2024

Urban High Developments Ltd

 

 

 

 

Contents

 

 

Page

 

 

Directors and other information

1

 

 

Directors report

2

 

 

Statement of financial position

3 - 4

 

 

Notes to the financial statements

5 - 8

Urban High Developments Ltd

Directors and other information

 

Directors

C Cingi (appointed 3 April 2024)

 

 

Company number

09035679

 

 

Registered office

Lynton House

 

7-12 Tavistock Square

 

London

 

WC1H 9LT

Urban High Developments Ltd

Directors report

Year ended 31 May 2024

 

The directors present their report and the unaudited financial statements of the company for year ended 31 May 2024.

 

Directors

The directors who served the company during the year were as follows:

 

C Cingi (appointed 3 April 2024)

O Kisacikoglu (resigned 4 April 2024)

 

Small companies provisions

This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.

 

This report was approved by the board of directors on the 15th February 2025 and signed on behalf of the board by:

 

 

 

 

C Cingi

Director

Urban High Developments Ltd

Statement of financial position

31 May 2024

 

 

 

2024

2023

 

Note

£

£

£

£

 

 

 

 

 

 

Fixed assets

 

 

 

 

 

Tangible assets

5

1,477,311

 

1,477,311

 

 

 

 

 

 

 

 

 

 

1,477,311

 

1,477,331

 

 

 

 

 

 

Current assets

 

 

 

 

 

Debtors

6

8,820

 

9,313

 

Cash at bank and in hand

 

41,342

 

73,802

 

 

 

 

 

 

 

 

 

50,162

 

83,115

 

 

 

 

 

 

 

Creditors: amounts falling due within one year

7

(4,056,287)

 

(4,107,450)

 

 

 

 

 

 

 

Net current assets

 

 

(4,006,125)

 

(4,024,335)

 

 

 

 

 

 

Total assets less current liabilitie

 

 

(2,528,814)

 

(2,547,004)

 

 

 

 

 

 

Capital and reserves

 

 

 

 

 

Called up share capital

 

 

10,000

 

10,000

Profit and loss account

 

 

(2,538,814)

 

(2,557,004)

 

 

 

 

 

 

Shareholders deficit

 

 

(2,528,814)

 

(2,547,004)

 

For the year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

 

Directors' responsibilities:

The shareholders have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476;

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements.

 

The notes on pages 5 to 8 form part of these financial statements.

Urban High Developments Ltd

Statement of financial position (continued)

31 May 2024

 

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with FRS 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

 

In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.

 

These financial statements were approved by the board of directors and authorised for issue on the 15th February 2025 and are signed on behalf of the board by:

 

 

 

 

C Cingi

Director

 

Company registration number: 09035679

 

 

 

 

The notes on pages 5 to 8 form part of these financial statements.

Urban High Developments Ltd

Notes to the financial statements

Year ended 31 May 2024

 

1.     General information

The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Lynton House, 7-12 Tavistock Square, London, WC1H 9LT.

 

2.     Statement of compliance

These financial statements have been prepared in compliance with the provisions of FRS102, Section 1A, ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

 

3.     Accounting policies

 

Basis of preparation

The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.

 

The financial statements are prepared in sterling, which is the functional currency of the entity.

 

Going concern

At the balance sheet date, the reporting entity had net liabilities in the sum of £2,528,814 (2023: £2,547,004). The company is reliant on the support of the shareholders. On the basis that the shareholders will continue to support the reporting entity for the foreseeable future, the director considers it appropriate to prepare the financial statements on the going concern basis. The financial statements do not include any adjustments that would result from a withdrawal of the support of the shareholders.

true

 

Revenue

Revenue comprises of rental income. Rental income is derived from leasing properties to third parties and is recognised on an accrual basis in line with the terms of the lease agreement. Revenue from rental income is recognised in the period in which it is earned, provided that it is probable that the economic benefits will flow to the company and the amount of revenue can be reliably measured. Where lease payments are due in arrears, rental income is recognised as earned based on the lease agreement terms. For lease payments received in advance, the income is recognised as deferred income and recognised over the lease term.

 

Taxation

The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves.

 

In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.

 

Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.

Urban High Developments Ltd

Notes to the financial statements

Year ended 31 May 2024

 

3.     Accounting policies (continued)

 

Taxation (continued)

No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.

 

Tangible assets

Tangible assets are initially recorded at cost, and are subsequently stated at cost less any accumulated depreciation and impairment losses.

 

Impairment

A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.

 

Depreciation

Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value over the useful economic life of that asset as follows:

 

Short leasehold property - Not depreciated

Fittings fixtures and equipment - 25% straight line

 

If there is an indication that there has been a significant change in depreciation rate, useful life or residual value of tangible assets, the depreciation is revised prospectively to reflect the new estimates.

 

Financial instruments

A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.

 

Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.

 

Debt instruments are subsequently measured at amortised cost.

 

Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.

 

4.     Loss before taxation

Loss before taxation is stated after charging:

 

 

 

2024

2023

 

£

£

 

 

 

Depreciation of tangible assets

20

164

Urban High Developments Ltd

Notes to the financial statements

Year ended 31 May 2024

 

5.     Tangible assets

 

 

Short

Fixtures,

Total

 

Leasehold

fittings and

 

 

Property

equipment

 

 

£

£

£

 

 

 

 

Cost

 

 

 

At 1 June 2023

1,477,311

10,355

1,487,666

Disposals

-

-

-

 

 

 

 

At 31 May 2024

1,477,311

10,355

1,487,666

 

 

 

 

Depreciation

 

 

 

At 1 June 2023

-

10,335

10,335

Charge for the year

-

20

20

 

 

 

 

At 31 May 2024

-

10,355

10,355

 

 

 

 

Carrying amount

 

 

 

At 31 May 2024

1,477,311

-

1,477,311

 

 

 

 

At 31 May 2023

1,477,311

20

1,477,331

 

6.     Debtors

 

 

2024

2023

 

£

£

Other debtors

8,820

9,313

 

7.     Creditors: amounts falling due within one year

 

 

 

2024

2023

 

Note

£

£

Trade creditors

 

7,987

8,880

Other creditors

 

1,941

2,211

Amounts owing to related company

7.1

4,046,359

4,096,359

 

 

 

 

 

 

4,056,287

4,107,450

 

7.1     Amounts owing to related company are interest free and payable on demand.

Urban High Developments Ltd

Notes to the financial statements

Year ended 31 May 2024

 

8.     Related party balances and transactions

 

8.1     Related party balances and transactions

Information on balances due to related parties is set out in note 7 to these financial statements.

 

8.2     Related party transactions

 

Transaction value

 

for the year ended

 

31 May

 

2024

2023

 

£

£

 

 

 

Financing transactions

 

 

Amounts owing to related company

(50,000)

(4,400,000)