REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
URBAN EYE DEVELOPMENTS LTD |
REGISTERED NUMBER: |
UNAUDITED FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
FOR |
URBAN EYE DEVELOPMENTS LTD |
URBAN EYE DEVELOPMENTS LTD (REGISTERED NUMBER: 04783880) |
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
Page |
Company Information | 1 |
Balance Sheet | 2 |
Notes to the Financial Statements | 3 |
URBAN EYE DEVELOPMENTS LTD |
COMPANY INFORMATION |
FOR THE YEAR ENDED 30 JUNE 2024 |
DIRECTOR: |
REGISTERED OFFICE: |
REGISTERED NUMBER: |
ACCOUNTANTS: |
15 West Street |
Brighton |
East Sussex |
BN1 2RL |
URBAN EYE DEVELOPMENTS LTD (REGISTERED NUMBER: 04783880) |
BALANCE SHEET |
30 JUNE 2024 |
2024 | 2023 |
Notes | £ | £ |
CURRENT ASSETS |
Stocks | 4 |
Debtors | 5 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 6 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
CREDITORS |
Amounts falling due after more than one year | 7 | ( |
) | ( |
) |
NET ASSETS |
CAPITAL AND RESERVES |
Called up share capital |
Retained earnings |
The director acknowledges his responsibilities for: |
(a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
(b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
The financial statements were approved by the director and authorised for issue on |
URBAN EYE DEVELOPMENTS LTD (REGISTERED NUMBER: 04783880) |
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 30 JUNE 2024 |
1. | STATUTORY INFORMATION |
Urban Eye Developments Ltd is a |
The presentation currency of the financial statements is the Pound Sterling (£). |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
Going concern |
The company manages it cash flow as part of a group, and in addition to the finance raised within the company, it is also reliant on finance provided by other group companies. The director has reviewed the group finance facilities and the expected cash flow for the group and has a reasonable expectation that the company has adequate resources to continue to operate for the foreseeable future. |
The company's debt facilities of £5,186,178 expire in July 2024. This facility was renewed for a further year on commercial terms, which will provide the company with sufficient cash flow to enable continued operations. The Director is negotiating the refinance of the debt facility and anticipates the new facility will provide the company with sufficient cash flow to enable continued operations for the foreseeable future. |
Stocks |
Stocks comprise properties held for resale and are stated at the lower of cost and net realisable value. The director has considered the net realisable value of each of the properties based on his knowledge of the property market and development. |
3. | EMPLOYEES |
The average number of employees during the year was NIL (2023 - NIL). |
4. | STOCKS |
2024 | 2023 |
£ | £ |
Development property |
Stock includes properties which are held on trust for the company by the director. |
5. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Amounts owed by group companies | 9,239,602 | 9,149,836 |
Other debtors |
6. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans and overdrafts |
Amounts owed to group companies | 4,300,591 | 3,636,911 |
Other creditors |
7. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
2024 | 2023 |
£ | £ |
Bank loans |
URBAN EYE DEVELOPMENTS LTD (REGISTERED NUMBER: 04783880) |
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 30 JUNE 2024 |
8. | SECURED DEBTS |
The following secured debts are included within creditors: |
2024 | 2023 |
£ | £ |
Bank loans |
The loan is secured by way of a fixed and floating charge over the company's property and assets and a personal guarantee from the director. The Lender also has a Subordination Agreement with Urban Eye Properties Limited, Sojobo Limited, Habitat Construction LLP, Hiruko Properties Limited and Villa Fontaine Limited. |
9. | ULTIMATE CONTROLLING PARTY |
The controlling party is Urban Eye Properties Limited, of which the registered office is 11a Sydenham Hill, London, SE26 6SH. |