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Company No: 05068488 (England and Wales)

URBAN HOUSING SERVICES (WAKEFIELD) LIMITED

Unaudited Financial Statements
For the financial period from 01 August 2023 to 30 September 2024
Pages for filing with the registrar

URBAN HOUSING SERVICES (WAKEFIELD) LIMITED

Unaudited Financial Statements

For the financial period from 01 August 2023 to 30 September 2024

Contents

URBAN HOUSING SERVICES (WAKEFIELD) LIMITED

BALANCE SHEET

As at 30 September 2024
URBAN HOUSING SERVICES (WAKEFIELD) LIMITED

BALANCE SHEET (continued)

As at 30 September 2024
Note 30.09.2024 31.07.2023
£ £
Fixed assets
Investment property 3 2,480,000 2,860,000
Investments 3,465,000 0
5,945,000 2,860,000
Current assets
Debtors 4 1,274,812 1,743,736
Cash at bank and in hand 209,467 95,529
1,484,279 1,839,265
Creditors: amounts falling due within one year 5 ( 3,339,571) ( 305,166)
Net current (liabilities)/assets (1,855,292) 1,534,099
Total assets less current liabilities 4,089,708 4,394,099
Creditors: amounts falling due after more than one year 6 ( 1,338,706) ( 1,377,120)
Provision for liabilities 7 ( 438,060) ( 98,022)
Net assets 2,312,942 2,918,957
Capital and reserves
Called-up share capital 8 1 1
Revaluation reserve 1,314,181 2,034,218
Profit and loss account 998,760 884,738
Total shareholder's funds 2,312,942 2,918,957

For the financial period ending 30 September 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 Housing Services (Wakefield) Limited (registered number: 05068488) were approved and authorised for issue by the Board of Directors. They were signed on its behalf by:

A D Curtis
Director

27 June 2025

URBAN HOUSING SERVICES (WAKEFIELD) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 August 2023 to 30 September 2024
URBAN HOUSING SERVICES (WAKEFIELD) LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial period from 01 August 2023 to 30 September 2024
1. Accounting policies

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

General information and basis of accounting

Urban Housing Services (Wakefield) 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 Langley House, Park Road, London, N2 8EY, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and 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 £.

Going concern

The directors have assessed the Balance Sheet and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Reporting period length

The reporting period length has been extended to 30 September 2024, as such the prior year figures cannot be used as a basis for comparison.

Turnover

Turnover comprises rental income. Rental income is recognised on an accruals basis in the period in which it is earned, in accordance with the terms of the lease.

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 Balance Sheet date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Borrowing costs

All borrowing costs are recognised in the Statement of Comprehensive Income in the period in which they are incurred.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by external valuers and derived from current market rent and investment property yields for comparable real estate, adjusted if necessary, for any difference in nature, location or condition of the specific property.

Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in creditors: amounts falling due within one year.

Financial instruments

The Company only enters into basic financial instruments and transactions that result in the recognition of financial assets and liabilities like other debtors and creditors, loans from banks and other third parties, loans to and from related parties.

Financial assets
Basic financial assets, including trade and other debtors, and amounts due from related companies, are initially recognised at transaction price, 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.

Such assets are subsequently carried at amortised cost using the effective interest method.

At the end of each reporting period financial assets measured at amortised cost are assessed for objective evidence of impairment. If an asset is impaired the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset’s original effective interest rate. The impairment loss is recognised in the Statement of Comprehensive Income.

Financial assets are derecognised when (a) the contractual rights to the cash flows from the asset expire or are settled, or (b) substantially all the risks and rewards of the ownership of the asset are transferred to another party or (c) control of the asset has been transferred to another party who has the practical ability to unilaterally sell the asset to an unrelated third party without imposing additional restrictions.

Financial liabilities
Basic financial liabilities, including trade and other creditors and accruals, 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 receipts discounted at a market rate of interest.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Trade creditors 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 liability is extinguished, that is when the contractual obligation is discharged, cancelled or expires.

Financial assets and liabilities are offset and 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.

Provisions

Provisions are recognised when the company has a present obligation (legal or constructive) as a result of a past event, it is probable that the company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Balance Sheet date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

Period from
01.08.2023 to
30.09.2024
Year ended
31.07.2023
Number Number
Monthly average number of persons employed by the company during the period, including directors 2 2

3. Investment property

Investment property
£
Valuation
As at 01 August 2023 2,860,000
Fair value movement (380,000)
As at 30 September 2024 2,480,000

Valuation

The 2024 valuation was made by the external valuer, on an open market value for existing use basis.

4. Debtors

30.09.2024 31.07.2023
£ £
Trade debtors 0 63,947
Prepayments and accrued income 295,899 199,789
Other debtors 978,913 1,480,000
1,274,812 1,743,736

5. Creditors: amounts falling due within one year

30.09.2024 31.07.2023
£ £
Bank loans 43,889 26,254
Amounts owed to group undertakings 2,784,327 185,341
Accruals and deferred income 475,494 43,377
Taxation and social security 35,861 50,194
3,339,571 305,166

6. Creditors: amounts falling due after more than one year

30.09.2024 31.07.2023
£ £
Bank loans 1,338,706 1,377,120

The bank loan is secured via a fixed and floating charge over the property and undertaking of the entity.

7. Deferred tax

30.09.2024 31.07.2023
£ £
At the beginning of financial period/year ( 98,022) ( 98,022)
Charged to the Profit and Loss Account ( 340,038) 0
At the end of financial period/year ( 438,060) ( 98,022)

8. Called-up share capital

30.09.2024 31.07.2023
£ £
Allotted, called-up and fully-paid
1 Ordinary share of £ 1.00 1 1