Company registration number 11418221 (England and Wales)
URBUNTU LIMITED
Unaudited Financial Statements
for the Year Ended 30 June 2024
URBUNTU LIMITED
Contents
Page
Company information
Balance sheet
1
Notes to the financial statements
2 - 5
URBUNTU LIMITED
Balance Sheet
As at 30 June 2024
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
79,658
66,473
Cash at bank and in hand
1,724
44,150
81,382
110,623
Creditors: amounts falling due within one year
5
(29,899)
(9,899)
Net current assets
51,483
100,724
Creditors: amounts falling due after more than one year
6
(111,673)
(105,352)
Net liabilities
(60,190)
(4,628)
Capital and reserves
Called up share capital
391
391
Share premium account
35,449
35,449
Profit and loss reserves
(96,030)
(40,468)
Total equity
(60,190)
(4,628)

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 June 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the board of directors and authorised for issue on 27 March 2025 and are signed on its behalf by:
Mr S R Dehaene-Gold
Director
Company registration number 11418221 (England and Wales)
URBUNTU LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
- 2 -
1
Accounting policies
Company information

Urbuntu Limited is a private company limited by shares incorporated in England and Wales. The registered office is 1, The Abbotsford, Barrack Street, Warwick, Warwickshire, UK, CV34 4TH.

1.1
Accounting convention

These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. 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 financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

 

The company recognises Turnover when:

The amount of Turnover 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.

1.3
Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.4
Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

 

Financial instruments are recognised in the company's balance sheet 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 debtors and cash and bank balances, are measured at transaction price.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are recognised at transaction price.

 

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 at transaction price.

1.5
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

URBUNTU LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
1
Accounting policies
- 3 -
Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.6
Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

 

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

 

1.7
Foreign exchange

Transactions in currencies other than pounds sterling are recorded at the rates of exchange prevailing at the dates of the transactions. At each reporting end date, monetary assets and liabilities that are denominated in foreign currencies are retranslated at the rates prevailing on the reporting end date. Gains and losses arising on translation in the period are included in profit or loss.

 

 

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
4
URBUNTU LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
- 4 -
3
Subsidiaries

Details of the company's subsidiaries at 30 June 2024 are as follows:

Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Placemakers (Kenya) Limited
PO Box 51693 City Square, Kiambere, Nachu Plaza, Nairobi, Kenya
Ordinary Shares
60.00
Mlolongo 1 (UK) Ltd
Apartment 1, The Abbotsford, Barrack Street, Warwick, England, CV34 4TH
Ordinary shares
Ordinary Shares
100.00

The share capital in Placemakers (Kenya) Limited and Mlolongo (UK) 1 Ltd are unpaid.

4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
78,511
59,778
Other debtors
1,147
6,695
79,658
66,473
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
7
20,000
-
0
Other creditors
9,766
9,766
Accruals and deferred income
133
133
29,899
9,899
6
Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
111,673
105,352
URBUNTU LIMITED
Notes to the Financial Statements
For the Year Ended 30 June 2024
- 5 -
7
Loans and overdrafts
2024
2023
£
£
Preference shares
111,673
105,352
Other loans
20,000
-
0
131,673
105,352
Payable within one year
20,000
-
0
Payable after one year
111,673
105,352

The Other Loan is denominated in GBP, and represents an interest free Returnable Gant. The carrying amount at the year end is £20,000 (2023 - Nil)

 

Redeemable Preference Shares is denominated in GBP with an interest rate of 6% and the final instalment is due on 30 June 2027. The carrying amount at the year end in £111,673 (2023 £105,352).

 

Redeemable Preference Shares a total of 58 Shares.

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