2 2 Urban View Property Limited 11989259 false 2023-06-01 2024-05-31 2024-05-31 The principal activity of the company is Residential lettings Digita Accounts Production Advanced 6.30.9574.0 true 11989259 2023-06-01 2024-05-31 11989259 2024-05-31 11989259 bus:OrdinaryShareClass1 2024-05-31 11989259 core:CurrentFinancialInstruments 2024-05-31 11989259 core:CurrentFinancialInstruments core:WithinOneYear 2024-05-31 11989259 core:Non-currentFinancialInstruments 2024-05-31 11989259 core:Non-currentFinancialInstruments core:AfterOneYear 2024-05-31 11989259 core:FurnitureFittingsToolsEquipment 2024-05-31 11989259 bus:SmallEntities 2023-06-01 2024-05-31 11989259 bus:AuditExemptWithAccountantsReport 2023-06-01 2024-05-31 11989259 bus:FilletedAccounts 2023-06-01 2024-05-31 11989259 bus:SmallCompaniesRegimeForAccounts 2023-06-01 2024-05-31 11989259 bus:RegisteredOffice 2023-06-01 2024-05-31 11989259 bus:Director1 2023-06-01 2024-05-31 11989259 bus:Director2 2023-06-01 2024-05-31 11989259 bus:OrdinaryShareClass1 2023-06-01 2024-05-31 11989259 bus:PrivateLimitedCompanyLtd 2023-06-01 2024-05-31 11989259 bus:Agent1 2023-06-01 2024-05-31 11989259 core:FurnitureFittings 2023-06-01 2024-05-31 11989259 core:FurnitureFittingsToolsEquipment 2023-06-01 2024-05-31 11989259 countries:AllCountries 2023-06-01 2024-05-31 11989259 2023-05-31 11989259 core:FurnitureFittingsToolsEquipment 2023-05-31 11989259 2022-06-01 2023-05-31 11989259 2023-05-31 11989259 bus:OrdinaryShareClass1 2023-05-31 11989259 core:CurrentFinancialInstruments 2023-05-31 11989259 core:CurrentFinancialInstruments core:WithinOneYear 2023-05-31 11989259 core:Non-currentFinancialInstruments 2023-05-31 11989259 core:Non-currentFinancialInstruments core:AfterOneYear 2023-05-31 11989259 core:FurnitureFittingsToolsEquipment 2023-05-31 xbrli:pure iso4217:GBP xbrli:shares

Registration number: 11989259

Urban View Property Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 May 2024

 

Urban View Property Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

Urban View Property Limited

Company Information

Directors

P J Pringle

D P Pringle

Registered office

3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

Bankers

National Westminster Bank PLC
41 High Street
Billericay
Essex
CM12 9AL

Accountants

Lambert Chapman LLP
Chartered accountants3 Warners Mill
Silks Way
Braintree
Essex
CM7 3GB

 

Urban View Property Limited

(Registration number: 11989259)
Balance Sheet as at 31 May 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

6,889

9,186

Investment property

5

748,000

748,000

 

754,889

757,186

Current assets

 

Debtors

6

2,306

1,417

Cash at bank and in hand

 

34,005

32,698

 

36,311

34,115

Creditors: Amounts falling due within one year

7

(602,550)

(594,010)

Net current liabilities

 

(566,239)

(559,895)

Total assets less current liabilities

 

188,650

197,291

Creditors: Amounts falling due after more than one year

7

(160,028)

(171,649)

Net assets

 

28,622

25,642

Capital and reserves

 

Called up share capital

8

100

100

Retained earnings

28,522

25,542

Shareholders' funds

 

28,622

25,642

For the financial year ending 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 members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 26 March 2025 and signed on its behalf by:
 

P J Pringle
Director

 

Urban View Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

1

General information

The company is a private company limited by share capital, incorporated in England & Wales.

The address of its registered office is: 3 Warners Mill, Silks Way, Braintree, Essex, CM7 3GB, United Kingdom.

These financial statements were authorised for issue by the Board on 26 March 2025.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention.

These financial statements are presented in Sterling (£), which is the company's functional currency.

Revenue recognition

Turnover comprises the fair value of the consideration received for the provision of rents receivable from residential lettings in the ordinary course of the company’s activities. Turnover is shown net of value added tax, returns, rebates and discounts.

The company recognises revenue when:
- the amount of revenue can be reliably measured;
- it is probable that future economic benefits will flow to the entity;
- and specific criteria have been met for each of the company's activities.

Tax

Current Tax is recognised in the profit and loss account, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

Deferred tax is recognised on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements and on unused tax losses or tax credits in the company. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation.

Depreciation

Depreciation is charged so as to write off the cost or valuation of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance method

 

Urban View Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand.

Trade debtors

Trade debtors are amounts due from customers for services performed in the ordinary course of business.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 2 (2023 - 2).

 

Urban View Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

4

Tangible assets

Fixtures and Fittings
 £

Total
£

Cost or valuation

At 1 June 2023

18,663

18,663

At 31 May 2024

18,663

18,663

Depreciation

At 1 June 2023

9,477

9,477

Charge for the year

2,297

2,297

At 31 May 2024

11,774

11,774

Carrying amount

At 31 May 2024

6,889

6,889

At 31 May 2023

9,186

9,186

 

Urban View Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

5

Investment properties

2024
£

At 1 June

748,000

At 31 May

748,000

The Directors consider that the carrying value of the investment properties is not materially different to the current market value.

There has been no valuation of investment property by an independent valuer.

6

Debtors

2024
£

2023
£

Prepayments

756

1,417

Other debtors

1,550

-

2,306

1,417

7

Creditors

Creditors: amounts falling due within one year

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

9

10,581

9,152

Trade creditors

 

-

1,386

Taxation and social security

 

1,707

1,093

Accruals and deferred income

 

9,567

11,250

Other creditors

 

580,695

571,129

 

602,550

594,010

Creditors include bank loans which are secured of £10,581 (2023: £9,152).

Creditors: amounts falling due after more than one year

Note

2024
£

2023
£

Due after one year

 

Loans and borrowings

9

160,028

171,649

Creditors include bank loans which are secured of £160,028 (2021: £171,649).

 

Urban View Property Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024

8

Share capital

Allotted, called up and fully paid shares

2024

2023

No.

£

No.

£

Ordinary shares of £1 each

100

100

100

100

       

9

Loans and borrowings

Current loans and borrowings

2024
£

2023
£

Bank borrowings

10,581

9,152

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

160,028

171,649