Silverfin false false 31/12/2024 01/01/2024 31/12/2024 J Bonnet 19/09/2024 19/03/2018 M Burkley 14/05/2021 D Carruthers 19/09/2024 13/08/2018 J Hazan 14/05/2021 M Joyner 19/09/2024 23/11/2021 M McDwyer 15/12/2017 Matthew John Mcdwyer 06 May 2025 The principal activity of the company since incorporation is that of proprietary data and analytics on the UK property market. 11113204 2024-12-31 11113204 bus:Director1 2024-12-31 11113204 bus:Director2 2024-12-31 11113204 bus:Director3 2024-12-31 11113204 bus:Director4 2024-12-31 11113204 bus:Director5 2024-12-31 11113204 bus:Director6 2024-12-31 11113204 2023-12-31 11113204 core:CurrentFinancialInstruments 2024-12-31 11113204 core:CurrentFinancialInstruments 2023-12-31 11113204 core:ShareCapital 2024-12-31 11113204 core:ShareCapital 2023-12-31 11113204 core:SharePremium 2024-12-31 11113204 core:SharePremium 2023-12-31 11113204 core:RetainedEarningsAccumulatedLosses 2024-12-31 11113204 core:RetainedEarningsAccumulatedLosses 2023-12-31 11113204 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2023-12-31 11113204 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-12-31 11113204 core:ComputerEquipment 2023-12-31 11113204 core:ComputerEquipment 2024-12-31 11113204 core:CostValuation 2023-12-31 11113204 core:CostValuation 2024-12-31 11113204 bus:OrdinaryShareClass1 2024-12-31 11113204 bus:OrdinaryShareClass2 2024-12-31 11113204 2024-01-01 2024-12-31 11113204 bus:FilletedAccounts 2024-01-01 2024-12-31 11113204 bus:SmallEntities 2024-01-01 2024-12-31 11113204 bus:AuditExemptWithAccountantsReport 2024-01-01 2024-12-31 11113204 bus:PrivateLimitedCompanyLtd 2024-01-01 2024-12-31 11113204 bus:Director1 2024-01-01 2024-12-31 11113204 bus:Director2 2024-01-01 2024-12-31 11113204 bus:Director3 2024-01-01 2024-12-31 11113204 bus:Director4 2024-01-01 2024-12-31 11113204 bus:Director5 2024-01-01 2024-12-31 11113204 bus:Director6 2024-01-01 2024-12-31 11113204 bus:Director7 2024-01-01 2024-12-31 11113204 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:BottomRangeValue 2024-01-01 2024-12-31 11113204 core:DevelopmentCostsCapitalisedDevelopmentExpenditure core:TopRangeValue 2024-01-01 2024-12-31 11113204 core:DevelopmentCostsCapitalisedDevelopmentExpenditure 2024-01-01 2024-12-31 11113204 core:ComputerEquipment core:TopRangeValue 2024-01-01 2024-12-31 11113204 2023-01-01 2023-12-31 11113204 core:ComputerEquipment 2024-01-01 2024-12-31 11113204 core:Subsidiary1 2024-01-01 2024-12-31 11113204 core:Subsidiary1 1 2024-01-01 2024-12-31 11113204 core:Subsidiary1 1 2023-01-01 2023-12-31 11113204 bus:OrdinaryShareClass1 2024-01-01 2024-12-31 11113204 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 11113204 bus:OrdinaryShareClass2 2024-01-01 2024-12-31 11113204 bus:OrdinaryShareClass2 2023-01-01 2023-12-31 iso4217:GBP xbrli:pure decimalUnit xbrli:shares

Company No: 11113204 (England and Wales)

URBAN MARKETS LIMITED

Unaudited Financial Statements
For the financial year ended 31 December 2024
Pages for filing with the registrar

URBAN MARKETS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2024

Contents

URBAN MARKETS LIMITED

COMPANY INFORMATION

For the financial year ended 31 December 2024
URBAN MARKETS LIMITED

COMPANY INFORMATION (continued)

For the financial year ended 31 December 2024
DIRECTORS J Bonnet (Resigned 19 September 2024)
M Burkley
D Carruthers (Resigned 19 September 2024)
J Hazan
M Joyner (Resigned 19 September 2024)
M McDwyer
REGISTERED OFFICE 2 Leman Street
London
E1W 9US
United Kingdom
COMPANY NUMBER 11113204 (England and Wales)
ACCOUNTANT Gravita II LLP
Aldgate Tower
2 Leman Street
London
E1 8FA
United Kingdom
URBAN MARKETS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2024
URBAN MARKETS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2024
Note 2024 2023
£ £
Fixed assets
Intangible assets 3 504,792 553,255
Tangible assets 4 7,135 3,044
Investments 5 1 1
511,928 556,300
Current assets
Debtors 6 109,231 115,553
Cash at bank and in hand 227,686 159,540
336,917 275,093
Creditors: amounts falling due within one year 7 ( 59,096) ( 37,328)
Net current assets 277,821 237,765
Total assets less current liabilities 789,749 794,065
Net assets 789,749 794,065
Capital and reserves
Called-up share capital 8 15 14
Share premium account 3,740,994 3,040,995
Profit and loss account ( 2,951,260 ) ( 2,246,944 )
Total shareholder's funds 789,749 794,065

For the financial year ending 31 December 2024 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of Urban Markets Limited (registered number: 11113204) were approved and authorised for issue by the Board of Directors on 06 May 2025. They were signed on its behalf by:

Matthew John Mcdwyer
Director
URBAN MARKETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
URBAN MARKETS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2024
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

Urban Markets Limited (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 2 Leman Street, London, E1W 9US, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Foreign currency

Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies at the Statement of Financial Position date are reported at the rates of exchange prevailing at that date.

Exchange differences are recognised in the Statement of Comprehensive Income in the period in which they arise except for exchange differences arising on gains or losses on non-monetary items which are recognised in the Statement of Comprehensive Income.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.

Revenue from contracts for the provision of professional services is recognised by reference to the stage of completion when the stage of completion, costs incurred and costs to complete can be estimated reliably. The stage of completion is calculated by comparing costs incurred, mainly in relation to contractual hourly staff rates and materials, as a proportion of total costs. Where the outcome cannot be estimated reliably, revenue is recognised only to the extent of the expenses recognised that it is probable will be recovered.

Employee benefits

Short term benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

Defined contribution schemes
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Intangible assets

Intangible assets acquired separately from a business are recognised at cost and are subsequently measured at cost less accumulated amortisation and accumulated impairment losses.

Amortisation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Development costs 5 - 3 years straight line
Research and development

Research expenditure is written off as incurred. Development expenditure is also written off, except where the directors are satisfied as to the technical, commercial and financial viability of individual projects. In such cases, the identifiable expenditure is capitalised as an intangible asset and amortised over the period during which the Company is expected to benefit. This period is between three and five years. Provision is made for any impairment.

Tangible fixed assets

Tangible fixed assets are stated at cost or valuation, net of depreciation and any provision for impairment. Depreciation is provided on all tangible fixed assets, other than investment property and freehold land, at rates calculated to write off the cost or valuation, less estimated residual value, of each asset on a straight-line or reducing balance basis over its expected useful life, as follows:

Computer equipment 3 years straight line

Residual value represents the estimated amount which would currently be obtained from disposal of an asset, after deducting estimated costs of disposal, if the asset were already of the age and in the condition expected at the end of its useful life.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

Leases

The Company as lessee
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the leases asset are consumed.

Impairment of assets

At each reporting period end date, the company reviews the carrying amounts of its tangible and intangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the
impairment loss (if any).

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset is estimated to be less than its carrying amount, the carrying amount of the asset is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the Company after deducting all of its liabilities.

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either 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 initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Financial assets are derecognised when and only when the contractual rights to the cash flows from the financial asset expire or are settled, or the Company transfers to another party substantially all of the risks and rewards of ownership of the financial asset, or the Company, despite having retained some, but not all, significant risks and rewards of ownership, has transferred control of the asset to another party.

Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

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 initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

Equity instruments
Equity instruments issued by the Company are recorded at the fair value of cash or other resources received or receivable, net of direct issue costs. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the Company.

2. Employees

2024 2023
Number Number
Monthly average number of persons employed by the Company during the year, including directors 8 8

3. Intangible assets

Development costs Total
£ £
Cost
At 01 January 2024 1,392,396 1,392,396
Additions 272,361 272,361
At 31 December 2024 1,664,757 1,664,757
Accumulated amortisation
At 01 January 2024 839,141 839,141
Charge for the financial year 320,824 320,824
At 31 December 2024 1,159,965 1,159,965
Net book value
At 31 December 2024 504,792 504,792
At 31 December 2023 553,255 553,255

4. Tangible assets

Computer equipment Total
£ £
Cost
At 01 January 2024 13,622 13,622
Additions 6,800 6,800
At 31 December 2024 20,422 20,422
Accumulated depreciation
At 01 January 2024 10,578 10,578
Charge for the financial year 2,709 2,709
At 31 December 2024 13,287 13,287
Net book value
At 31 December 2024 7,135 7,135
At 31 December 2023 3,044 3,044

5. Fixed asset investments

Investments in subsidiaries

2024
£
Cost
At 01 January 2024 1
At 31 December 2024 1
Carrying value at 31 December 2024 1
Carrying value at 31 December 2023 1

Investments in shares

The company prepares its financial statements in accordance with FRS 102 1A, which allows for the exemption of consolidation of subsidiaries when the group qualifies as small. As such, the below subsidiary has not been consolidated in the financial statements for the period. Details of the company's subsidiaries at 31 December 2024 are as follows:

Name of entity Registered office Class of
shares
Ownership
31.12.2024
Ownership
31.12.2023
Held
Bricks & Logic (Ireland) Limited Ireland Ordinary 100.00% 100.00% Direct

6. Debtors

2024 2023
£ £
Trade debtors 0 120
Corporation tax 93,148 107,738
Other debtors 16,083 7,695
109,231 115,553

7. Creditors: amounts falling due within one year

2024 2023
£ £
Trade creditors 21,821 8,632
Other taxation and social security 13,498 9,748
Other creditors 23,777 18,948
59,096 37,328

8. Called-up share capital

2024 2023
£ £
Allotted, called-up and fully-paid
975 Ordinary A shares of £ 0.001 each 0.98 0.98
13,623 Ordinary shares of £ 0.001 each (2023: 12,923 shares of £ 0.001 each) 13.62 12.93
14.60 13.91

During the year the company issued 700 Ordinary shares of £0.001 each, at a premium of £700 per share.

9. Reserves

Share Premium

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Profit and loss reserves

Retained earnings represents accumulated comprehensive income for the period