Urban Associates UK Limited

	Page
Balance Sheet	1—2
Notes to the Financial Statements	3—6

1. General Information

Urban Associates UK Limited is a private company, limited by shares, incorporated in England & Wales, registered number 04032355 . The registered office is 19-21 Crawford Street, Suite 126, London, W1H 1PJ.

2. Accounting Policies

2.1. Basis of Preparation of Financial Statements

The financial statements are prepared under the historical cost convention modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.

The financial statements are prepared in £sterling which is the functional currency of the company. Monetary amounts are rounded to the nearest £.

The principal accounting policies are set out below.

2.2. Turnover

Turnover is comprised of rents received on investment properties and other income from consultancy services.

Turnover is recognised over the length of the lease period.

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 reliably estimated. 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. When the outcome cannot be reliably estimated, revenue is only recognised to the extent that it is probable expenses that have been incurred will be recovered.

2.3. Investment Properties

Investment property, which is property held to earn rent and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is recognised at fair value at the reporting date. Changes in fair value are recognised in the profit and loss.

Any changes in fair value and any associated deferred tax adjustments are transferred to the non-distributable profit reserve.

2.4. Financial Instruments

The company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instrument Issues' of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enfoceable 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.

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 arrangements constitute a financing transaction, where the transaction is measured at the present value of future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities

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.

Basic financial liabilities

Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preferences 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 future payments discounted at a market rate of interest. Financial liabilities categorised as payable within one year are not amortised.

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

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Urban Associates UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

2.5. Taxation

Income tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other year and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.

Deferred tax

Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and asset reflects the tax consequences that would follow from the manner in which the company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.

2.6. Cash and cash equivalents

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held on call with banks, other short term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown withing borrowings in current liabilities.

2.7. Leases

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 systematic basis is more representative of the time pattern in which economic benefits from the lease are consumed.

3. Average Number of Employees

Average number of employees, including directors, during the year was: 4 (2024: 4)

4. Investment Property

	2025
	£
Fair Value
As at 1 January 2025 and 31 December 2025	6,600,000

5. Debtors

	2025	2024
	£	£
Due within one year
Trade debtors	7,440	-
Prepayments and accrued income	7,985	8,919
Other debtors	111,198	48,853
Amounts owed by associates	4,064,500	2,513,000

	4,191,123	2,570,772

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Urban Associates UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

6. Creditors: Amounts Falling Due Within One Year

	2025	2024
	£	£
Trade creditors	57,897	2,975
Bank loans and overdrafts	-	4,495
Corporation tax	19,123	28,306
Other taxes and social security	-	144
VAT	334	8,837
Other creditors	34,221	32,364
Accruals and deferred income	18,060	10,737

	129,635	87,858

7. Creditors: Amounts Falling Due After More Than One Year

	2025	2024
	£	£
Bank loans	3,907,100	3,907,100

The loans payable after one year are secured against the associated investment property, plant and machinery and any rental income derived from these properties. The balance is due in more than 5 years.

8. Provisions for Liabilities


	Deferred Tax	Total
	£	£
As at 1 January 2025	701,069	701,069

Balance at 31 December 2025	701,069	701,069

9. Share Capital

	2025	2024
	£	£
Allotted, Called up and fully paid	100	100

10. Reserves

	Fair value reserve	Profit and Loss Account
	£	£
As at 1 January 2025	2,651,135	1,871,153
Profit for the year and total comprehensive income	-	1,795,055

Dividends paid	-	(87,307)

As at 31 December 2025	2,651,135	3,578,901

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Urban Associates UK Limited

Notes to the Financial Statements (continued)

For The Year Ended 31 December 2025

11. Related Party Transactions

At the balance sheet date the company was owed £ 4,000,000 (2025 £2,500,000) from UA Asset Management 2 Limited, £13,000 (2025 £13,000) from Urban Associates Limited and £50,000 (2025-£NIL) from UA Vehicle Solutions Lts. All of these companies are under the control of Mr C Homerstone. No interest is charged on these balances.

12. Ultimate Controlling Party

The company's ultimate controlling party is Mr C Homerstone by virtue of his ownership of 100% of the issued share capital in the company.

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		2025		2024
	Notes	£	£	£	£
FIXED ASSETS
Investment Properties	4		6,600,000		6,600,000

			6,600,000		6,600,000
CURRENT ASSETS
Debtors	5	4,191,123		2,570,772
Cash at bank and in hand		176,817		47,643

		4,367,940		2,618,415
Creditors: Amounts Falling Due Within One Year	6	(129,635 )		(87,858 )

NET CURRENT ASSETS (LIABILITIES)			4,238,305		2,530,557

TOTAL ASSETS LESS CURRENT LIABILITIES			10,838,305		9,130,557

Creditors: Amounts Falling Due After More Than One Year	7		(3,907,100 )		(3,907,100 )

PROVISIONS FOR LIABILITIES
Deferred Taxation			(701,069 )		(701,069 )

NET ASSETS			6,230,136		4,522,388

CAPITAL AND RESERVES
Called up share capital	9		100		100
Fair value reserve	10		2,651,135		2,651,135
Profit and Loss Account			3,578,901		1,871,153

SHAREHOLDERS' FUNDS			6,230,136		4,522,388