Urban Apartments Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 03253252 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2018

FOR

URBAN APARTMENTS LIMITED

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

Mrs P MacLean

REGISTERED OFFICE:

Windsor House

Cornwall Road

Harrogate

North Yorkshire

HG1 2PW

REGISTERED NUMBER:

03253252 (England and Wales)

ACCOUNTANTS:

Baty Casson Long

Windsor House

Cornwall Road

Harrogate

North Yorkshire

HG1 2PW

FIXED ASSETS

Tangible assets

4

992,649

990,000

CURRENT ASSETS

Debtors

5

210

2,088

Cash at bank

17,327

-

17,537

2,088

CREDITORS

Amounts falling due within one year

6

249,649

179,137

NET CURRENT LIABILITIES

(232,112

)

(177,049

)

TOTAL ASSETS LESS CURRENT LIABILITIES

760,537

812,951

CREDITORS

Amounts falling due after more than one year

7

(403,123

)

(465,842

)

PROVISIONS FOR LIABILITIES

(49,141

)

(49,141

)

NET ASSETS

308,273

297,968

CAPITAL AND RESERVES

Called up share capital

9

2

2

Fair value reserve

10

209,496

209,496

Retained earnings

10

98,775

88,470

SHAREHOLDERS' FUNDS

308,273

297,968

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2018.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2018 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges her 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 of Part 15 of the Companies Act 2006 relating to small companies.

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 on 24 October 2018 and were signed by:

Mrs P MacLean - Director

1.	STATUTORY INFORMATION

Urban Apartments Limited is a private company, limited by shares , registered in England and Wales. 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 the provisions of Section 1A "Small Entities" of Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention as modified by the revaluation of certain assets.

The accounts have been prepared on the going concern basis which assumes the continued support of the

director and the principal creditor and the company's ability to generate positive cash flow. In the opinion of

the director, the going concern basis is appropriate for the preparation of the accounts.

Turnover

Turnover represents amounts invoiced by the company in respect of car park sales completed during the

year excluding value added tax. Rental income is shown as other income.

Tangible fixed assets

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

Plant and machinery etc

-

25% on cost

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.

Investment property

Investment property is shown at most recent market valuation. Any aggregate surplus or deficit arising from

changes in market value is taken to profit and loss account and transferred to a fair value reserve.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2017 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 October 2017

990,000

2,460

992,460

Additions

-

3,532

3,532

At 30 September 2018

990,000

5,992

995,992

DEPRECIATION

At 1 October 2017

-

2,460

2,460

Charge for year

-

883

883

At 30 September 2018

-

3,343

3,343

NET BOOK VALUE

At 30 September 2018

990,000

2,649

992,649

At 30 September 2017

990,000

-

990,000

The company's freehold property at 85-93 Otley Road, Headingley, Leeds was valued on an open market

basis on 30th September 2016 by Carl Smith MRICS of WSB Property Consultants.

Cost or valuation at 30 September 2018 is represented by:

Land and

buildings

£

Valuation in 2016

990,000

If it had not been revalued it would have been included at the following historical cost:

30.9.18

30.9.17

£

£

Cost

731,364

731,364

In the event of disposal at the market value stated above, a tax charge of £49,141 would arise.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.18

30.9.17

£

£

Trade debtors

-

2,088

Prepayments

210

-

210

2,088

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.18

30.9.17

£

£

Bank loans and overdrafts

26,000

36,679

Trade creditors

51

2,523

Bonds held

11,525

8,025

Tax

5,294

5,243

VAT

3,693

8,811

Director's current account

188,628

109,630

Accrued expenses

14,458

8,226

249,649

179,137

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.18

30.9.17

£

£

Bank loans - 1-2 years

26,000

26,000

Bank loans - 2-5 years

78,000

78,000

Bank loans more 5 yr by instal

299,123

361,842

403,123

465,842

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

299,123

361,842

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.18

30.9.17

£

£

Bank loans

429,123

491,841

The bank loan for a term of 20 years was advanced by Cambridge and Counties Bank on 17th July 2015.

The loan is to be repaid by regular monthly direct debits. This loan is secured by debenture creating a legal

charge over the land and buildings at 85-93 Otley Road, Leeds.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.18

30.9.17

value:

£

£

2

Ordinary

£1

2

2

10.

RESERVES

Fair

Retained

value

earnings

reserve

Totals

£

£

£

At 1 October 2017

88,470

209,496

297,966

Profit for the year

22,305

22,305

Dividends

(12,000

)

(12,000

)

At 30 September 2018

98,775

209,496

308,271

Deferred tax has been provided on the fair value reserve at a rate of 19%.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs P MacLean.