REGISTERED NUMBER: SC294234 (Scotland)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

FOR

URBAN KANDI LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mr Ryan Kenfield Campbell

SECRETARY:

Mrs Siobhan Campbell

REGISTERED OFFICE:

6 Miller Road

Ayr

Ayrshire

KA7 2AY

REGISTERED NUMBER:

SC294234 (Scotland)

ACCOUNTANTS:

K M Stewart & Company

6 Miller Road

Ayr

KA7 2AY

FIXED ASSETS

Intangible assets

4

73,563

-

Tangible assets

5

516,511

873,754

590,074

873,754

CURRENT ASSETS

Stocks

1,996,922

1,549,963

Debtors

6

546,181

994,823

Cash at bank and in hand

114,518

395,432

2,657,621

2,940,218

CREDITORS

Amounts falling due within one year

7

3,033,888

3,193,825

NET CURRENT LIABILITIES

(376,267

)

(253,607

)

TOTAL ASSETS LESS CURRENT LIABILITIES

213,807

620,147

CREDITORS

Amounts falling due after more than one year

8

(113,878

)

(286,061

)

PROVISIONS FOR LIABILITIES

(80,694

)

(75,252

)

NET ASSETS

19,235

258,834

CAPITAL AND RESERVES

Called up share capital

10

100

100

Retained earnings

11

19,135

258,734

SHAREHOLDERS' FUNDS

19,235

258,834

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 December 2024.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 December 2024 in accordance with Section 476 of the Companies Act 2006.

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

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the director and authorised for issue on 19 December 2025 and were signed by:

Mr Ryan Kenfield Campbell - Director

1.	STATUTORY INFORMATION

Urban Kandi Limited is a private company, limited by shares , registered in Scotland. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

Functional currency

The financial statements are presented in British Pounds Sterling which is the functional currency. Figures are shown to the nearest whole pound.

Significant judgements and estimates

The preparation of financial statements requires the use of certain accounting estimates . It also requires the directors to exercise judgement in applying the Companies Accounting policies. The areas requiring a higher degree of judgement, or complexity, and areas where assumptions or estimates are most significant to the financial statements, are disclosed below:

Estimation Uncertainty

Useful life of properties, plant and equipment

The Company assesses the useful life of its properties, plant and equipment and estimates the annual charge to be depreciated based on this.

Recoverability of Debtors

The Company assesses the recoverability of Debtors on an individual basis, taking into consideration payment history, and perceived liquidity. Where it is considered that there is a higher than normal risk to the recoverability of these, provision is made against the recoverability of these debts.

Key Judgements made in the application of Accounting Policies

a) Exemptions taken in the application of FRS 102

The Company has considered and taken advantage of the following exemptions in its application of FRS 102:

i) The Company has not revisited previous accounting estimates.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Goodwill

Goodwill, being the amount paid in connection with the acquisition of a business in 2018, is being amortised evenly over its estimated useful life of five years.

Intangible assets

Intangible assets are initially measured at cost. After initial recognition, intangible assets are measured at cost less any accumulated amortisation and any accumulated impairment losses.

Patents and licences are being amortised evenly over their estimated useful life of nil years.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant and machinery

-

25% on cost

Motor vehicles

-

25% on cost

Computer equipment

-

25% on cost

Stocks

Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items.

Financial instruments

Classification

The Company believes all financial instruments are Basic Financial Instruments. Therefore, the Company

recognises these in accordance with Section 11 of the Financial Reporting Standard.

Recognition and measurement

The company's debt instruments are measured at amortised cost using the effective interest rate method.

Impairment

Financial instruments are reviewed annually for impairment.

Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

Current or deferred taxation assets and liabilities are not discounted.

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

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.

Hire purchase and leasing commitments

Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.

Pension costs and other post-retirement benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2023 - 86 ).

4.	INTANGIBLE FIXED ASSETS

Patents

and

Goodwill

licences

Totals

£

£

£

COST

At 1 January 2024

20,000

-

20,000

Additions

-

76,100

76,100

At 31 December 2024

20,000

76,100

96,100

AMORTISATION

At 1 January 2024

20,000

-

20,000

Amortisation for year

-

2,537

2,537

At 31 December 2024

20,000

2,537

22,537

NET BOOK VALUE

At 31 December 2024

-

73,563

73,563

At 31 December 2023

-

-

-

5.	TANGIBLE FIXED ASSETS

Freehold

Long

Plant and

property

leasehold

machinery

£

£

£

COST OR VALUATION

At 1 January 2024

466,878

209,332

1,387,290

Additions

-

108,328

26,913

Disposals

(466,878

)

-

-

At 31 December 2024

-

317,660

1,414,203

DEPRECIATION

At 1 January 2024

-

122,405

1,144,180

Charge for year

-

21,832

67,434

At 31 December 2024

-

144,237

1,211,614

NET BOOK VALUE

At 31 December 2024

-

173,423

202,589

At 31 December 2023

466,878

86,927

243,110

Motor

Computer

vehicles

equipment

Totals

£

£

£

COST OR VALUATION

At 1 January 2024

237,141

27,909

2,328,550

Additions

76,700

8,682

220,623

Disposals

-

-

(466,878

)

At 31 December 2024

313,841

36,591

2,082,295

DEPRECIATION

At 1 January 2024

181,634

6,577

1,454,796

Charge for year

18,063

3,659

110,988

At 31 December 2024

199,697

10,236

1,565,784

NET BOOK VALUE

At 31 December 2024

114,144

26,355

516,511

At 31 December 2023

55,507

21,332

873,754

Cost or valuation at 31 December 2024 is represented by:

Long

Plant and

Motor

Computer

leasehold

machinery

vehicles

equipment

Totals

£

£

£

£

£

Valuation in 2024

317,660

1,414,203

313,841

36,591

2,082,295

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Trade debtors

74,141

53,232

Other debtors

472,040

941,591

546,181

994,823

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2024

2023

£

£

Bank loans and overdrafts (see note 9)

217,851

272,723

Hire purchase contracts

25,827

-

Trade creditors

1,119,014

596,332

Taxation and social security

739,145

649,665

Other creditors

932,051

1,675,105

3,033,888

3,193,825

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2024

2023

£

£

Bank loans (see note 9)

70,834

286,061

Hire purchase contracts

43,044

-

113,878

286,061

9.

LOANS

Bank loans represent a CBIL's loan outstanding at the year of £410,833 (2022: £580,833) & ESME loan of £Nil (2022: £33,643) and RBS loan outstanding at the year of £153,103.23.

ESME loan has been fully repaid on 23 November 2023 with interest rate of 0.44% per month.

CBIL's loan is due to be repaid during the year ending 31st December 2026. The loan is guaranteed by government and carries an interest rate of 2.5% p.a.

10.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2024

2023

value:

£

£

100

Ordinary

£1

100

100

11.

RESERVES

Retained

earnings

£

At 1 January 2024

258,734

Profit for the year

209,301

Dividends

(448,900

)

At 31 December 2024

19,135

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 31 December 2024 and 31 December 2023:

2024

2023

£

£

Mr Ryan Kenfield Campbell

Balance outstanding at start of year

317,464

161,521

Amounts advanced

184,142

160,013

Amounts repaid

(504,000

)

(4,070

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

(2,394

)

317,464

13.	RELATED PARTY DISCLOSURES

During the year, the company repaid amounts owed to TDR Group Holdings Limited of £550,000. This formed part of other creditors amounts falling due within one year in 2023.

As at 31st December 2024, Urban Kandi Limited, is a wholly owned subsidiary of TDR Group Holdings Limited.

During the year amounts owed were paid to Sensum Scents Limited of £73,732), a company under common directorship.