Company registration number:
Urban High Global Ltd
Filleted Unaudited financial statements
31 May 2024
Urban High Global Ltd
Contents
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Directors and other information | 1 |
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Directors report | 2 |
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Statement of financial position | 3-4 |
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Notes to the financial statements | 5-8 |
Urban High Global Ltd
Directors and other information
Directors | |
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Company number | 09891597 |
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Registered office | |
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| London |
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Urban High Global Ltd
Directors report
Year ended 31 May 2024
The directors present their report and the unaudited financial statements of the company for the year ended 31 May 2024.
Directors
The directors who served the company during the year were as follows:
C Cingi (appointed
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 Global Ltd
Statement of financial position
31 May 2024
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Fixed assets |
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Investments | 4 |
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Current assets |
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Debtors | 5 |
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Cash at bank and in hand |
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Creditors: amounts falling due within one year | 6 | ( |
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Net current liabilities |
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Total assets less current liabilities |
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Capital and reserves |
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Called up share capital |
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Profit and loss account |
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Shareholders deficit |
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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; |
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The notes on pages 5 to 8 form part of these financial statements.
Urban High Global 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'.
These financial statements were approved by
C Cingi
Director
Company registration number: 09891597
The notes on pages 5 to 8 form part of these financial statements.
Urban High Global 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 are prepared in sterling, which is the functional currency of the entity.
Consolidation
The company has taken advantage of the option not to prepare consolidated financial statements contained in Section 398 of the Companies Act 2006 on the basis that the company and its subsidiary undertakings comprise a small group.
Going concern
At the balance sheet date, the reporting entity had net liabilities in the sum of £6,993,913 (2023: £6,987,921). The company is reliant on the support of the creditors. On the basis that the creditors 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 creditors.
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.
No provision for deferred taxation has been provided for in the financial statements, due to the amount not being material.
Urban High Global Ltd
Notes to the financial statements
Year ended 31 May 2024
3. Accounting policies (continued)
Fixed asset investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated 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.
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. Investments
| Shares in group | Total |
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Cost |
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At 1 June 2023 | 7,295 | 7,295 |
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At 31 May 2024 | 7,295 | 7,295 |
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Impairment |
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At 1 June 2023 and 31 May 2024 | - | - |
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Carrying amount |
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At 31 May 2024 | ||
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At 31 May 2023 |
Urban High Global Ltd
Notes to the financial statements
Year ended 31 May 2024
5. Debtors
| Note | 31.05.2024 | 31.05.2023 |
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Loan owed by subsidiary undertaking | 5.1 | ||
Other debtors |
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5.1.
6. Creditors: amounts falling due within one year
| Note | 31.05.2024 | 31.05.2023 |
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Trade creditors: |
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Other trade creditors |
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Amounts owed to related companies | 6.1 | ||
Other creditors and accruals |
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Amount owed to shareholder | 6.1 | ||
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6.1
7. Related parties
7.1 Related party balances and transactions
Information on balances due by/to related parties is set out in notes 5 and 6 to these financial statements.
Urban High Global Ltd
Notes to the financial statements
Year ended 31 May 2024
7. Related parties (continued)
7.2 Related party transactions
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| Note | 31.05.2024 | 31.05.2023 |
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Expense |
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Consultancy fees charged by related company |
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Financing transactions |
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Amounts owed by subsidiary undertaking | 5 | (100,000) | (2,500) |
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Amounts owed to related company | 6 | - |