Registered number
10826964
Urbanite Limited
Report and Accounts
30 June 2024
Urbanite Limited
Report and accounts
Contents
Page
Directors' report 1
Income Statement 2
Balance sheet 3
Statement of changes in equity 4
Notes to the accounts 5
Urbanite Limited
Registered number: 10826964
Directors' Report
The directors present their report and accounts for the year ended 30 June 2024.
Principal activities
The company's principal activity during the year continued to be the letting and operating of own leased real estate.
Directors
The following persons served as directors during the year:
Andrew Paul Martinovic
Small company provisions
This report has been prepared in accordance with the provisions in Part 15 of the Companies Act 2006 applicable to companies subject to the small companies regime.
This report was approved by the board on 21 March 2025 and signed on its behalf.
Andrew Martinovic
Director
Urbanite Limited
Income Statement
for the year ended 30 June 2024
2024 2023
£ £
Turnover 92,700 81,707
Cost of sales (18,950) (16,898)
Gross profit 73,750 64,809
Administrative expenses (34,155) (35,086)
Operating profit 39,595 29,723
Income from investments 345,000 490,000
Interest payable (92,791) (47,643)
Profit before taxation 291,804 472,080
Tax on profit - -
Profit for the financial year 291,804 472,080
Urbanite Limited
Registered number: 10826964
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Investment Property 3 2,732,848 2,732,848
Tangible assets 4 6,053 11,441
Investments 5 50 50
2,738,951 2,744,339
Current assets
Debtors 6 6,764 6,572
Cash at bank and in hand 18,278 17,667
25,042 24,239
Creditors: amounts falling due within one year 7 (103,645) (696,168)
Net current liabilities (78,603) (671,929)
Total assets less current liabilities 2,660,348 2,072,410
Creditors: amounts falling due after more than one year 8 (1,934,165) (1,638,031)
Net assets 726,183 434,379
Capital and reserves
Called up share capital 100 100
Profit and loss account 726,083 434,279
Shareholders' funds 726,183 434,379
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Andrew Martinovic
Director
Approved by the board on 21 March 2025
Urbanite Limited
Statement of Changes in Equity
for the year ended 30 June 2024
Share Share Re- Income Total
capital premium valuation Statement
reserve
£ £ £ £ £
At 1 July 2022 100 - - (37,801) (37,701)
Profit for the financial year 472,080 472,080
At 30 June 2023 100 - - 434,279 434,379
At 1 July 2023 100 - - 434,279 434,379
Profit for the financial year 291,804 291,804
At 30 June 2024 100 - - 726,083 726,183
Urbanite Limited
Notes to the Accounts
for the year ended 30 June 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 4 years
Fixtures, fittings, tools and equipment over 4 years
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 2
3 Investment Property £
Cost
At 1 July 2023 2,732,848
At 30 June 2024 2,732,848
Amortisation
At 30 June 2024 -
Net book value
At 30 June 2024 2,732,848
At 30 June 2023 2,732,848
4 Tangible fixed assets
Plant and machinery etc
£
Cost
At 1 July 2023 21,553
At 30 June 2024 21,553
Depreciation
At 1 July 2023 10,112
Charge for the year 5,388
At 30 June 2024 15,500
Net book value
At 30 June 2024 6,053
At 30 June 2023 11,441
5 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 July 2023 50
At 30 June 2024 50
6 Debtors 2024 2023
£ £
Other debtors 6,764 6,572
7 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts - 1,497
Trade creditors 86 159
Other creditors 103,559 694,512
103,645 696,168
8 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 1,934,165 1,638,031
9 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 1,934,165 1,639,527
Mortages are secured and repayble over more than 5 years.The mortages are secured over the investment properties held, along with a floating charge over the assets of the company.
10 Related party transactions
Loans from companies under common control totalled £100,000 (2023 £nil). These loans have no fixed terms of repayment and no interest was charged. The loans were included within other creditors due within one year.
11 Other information
Urbanite Limited is a private company limited by shares and incorporated in England. Its registered office is:
1A Newton Centre
Thorverton Road
Matford Business Park
Exeter
Devon
EX2 8GN
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