Urbanboom Limited - Period Ending 2020-03-31

Registration number: 04384050

Urbanboom Limited

Unaudited Abridged Financial Statements

(Companies House Version)

for the Year Ended 31 March 2020

Page Kirk LLP
Chartered Accountants
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

Urbanboom Limited

Contents

Accountants' Report	1
Abridged Balance Sheet	2 to 3
Notes to the Abridged Financial Statements	4 to 6

Chartered Accountants' Report to the Director on the Preparation of the Unaudited Statutory Accounts of
Urbanboom Limited
for the Year Ended 31 March 2020

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the accounts of Urbanboom Limited for the year ended 31 March 2020 as set out on pages 2 to 6 from the company's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance/.

This report is made solely to the Board of Directors of Urbanboom Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the accounts of Urbanboom Limited and state those matters that we have agreed to state to the Board of Directors of Urbanboom Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Urbanboom Limited and its Board of Directors as a body for our work or for this report.

It is your duty to ensure that Urbanboom Limited has kept adequate accounting records and to prepare statutory accounts that give a true and fair view of the assets, liabilities, financial position and profit of Urbanboom Limited. You consider that Urbanboom Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or a review of the accounts of Urbanboom Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory accounts.

......................................

Page Kirk LLP
Chartered Accountants
Sherwood House
7 Gregory Boulevard
Nottingham
NG7 6LB

18 December 2020

Page 1

Urbanboom Limited

(Registration number: 04384050)
Abridged Balance Sheet as at 31 March 2020

	Note	2020		2019
		£	£	£	£
Fixed assets
Investment property			775,000		775,000
Current assets
Debtors		609,846		615,013
Cash at bank and in hand		3,020		177
		612,866		615,190
Creditors: Amounts falling due within one year	5	(70,749)		(74,219)
Net current assets			542,117		540,971
Total assets less current liabilities			1,317,117		1,315,971
Creditors: Amounts falling due after more than one year	6		(401,063)		(424,313)
Provisions for liabilities			(61,539)		(61,539)
Net assets			854,515		830,119
Capital and reserves
Called up share capital		10		10
Other reserves		421,102		421,102
Profit and loss account		433,403		409,007
Total equity			854,515		830,119

The notes on pages 4 to 6 form an integral part of these abridged financial statements.

Page 2

Urbanboom Limited

(Registration number: 04384050)
Abridged Balance Sheet as at 31 March 2020

For the financial year ending 31 March 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

•	The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and
•	The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These accounts have been prepared and delivered to the Registrar in accordance with the provisions applicable to companies subject to the small companies' regime and the directors have not delivered to the Registrar a copy of the company's profit and loss account.

All of the company’s members have consented to the preparation of an Abridged Balance Sheet in accordance with Section 444(2A) of the Companies Act 2006.

Approved and authorised by the director on 18 December 2020
 

.........................................

Mr P W Kirk

Director

The notes on pages 4 to 6 form an integral part of these abridged financial statements.

Page 3

Urbanboom Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2020

1	General information

The company is a private company limited by share capital incorporated in England and Wales.

The address of its registered office is:
4 Fern Close
Bramcote
Nottingham
NG9 3DF
England

These financial statements were authorised for issue by the director on 18 December 2020.

2	Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Basis of preparation of financial statements

These financial statements were prepared under the historical cost convention in accordance with applicable United Kingdom accounting standards, including the Financial Reporting Standard 102 ('FRS 102') Section 1A small entities, and with the Companies Act 2006.

Revenue recognition

Turnover relates to rents receivable from thte property and is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when rent falls due.

Tax

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the company operates and generates taxable income.

Tangible assets

Tangible assets are stated in the statement of financial position at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class	Depreciation method and rate
Furniture, fittings and equipment	20% Straight Line

Page 4

Urbanboom Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2020

Investment property

Certain of the company's properties are held for long-term investment. Investment properties are accounted for in accordance with the FRS102, as follows:

No depreciation is provided in respect of investment properties and they are revalued annually. The surplus or deficit on revaluation is recognised in the profit and loss account for the year.

This treatment as regards the company's investment properties may be a departure from the requirements of the Companies Act concerning the depreciation of fixed assets. However, these properties are not held for consumption but for investment and the directors consider that systematic annual depreciation would be inappropriate. The accounting policy adopted is therefore necessary for the financial statements to give a true and fair view. Depreciation or amortisation is only one of many factors reflected in the annual valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the Profit and Loss Account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

3	Staff numbers

During the year, the average number of employees at the company was 1 (2019 - 1).

Page 5

Urbanboom Limited

Notes to the Abridged Financial Statements for the Year Ended 31 March 2020

4	Tangible assets

	Furniture, fittings and equipment  £	Total £
Cost or valuation
At 1 April 2019	3,323	3,323
At 31 March 2020	3,323	3,323
Depreciation
At 1 April 2019	3,323	3,323
At 31 March 2020	3,323	3,323
Carrying amount
At 31 March 2020	-	-

Investment properties

	2020 £	2019 £
At 31 March	775,000	775,000

The members have determined the value of the investment property held using information from recent sales of similar property in the area in which the investment property is held.

The property was revalued by an independent valuer.

5	Creditors: amounts falling due within one year

Creditors include bank loans falling due within one year of £23,250 (2019 - £23,250) which are secured by way of a legal charge and debenture dated 27 March 2002 against the property of the company.

6	Creditors: amounts falling due after more than one year

Creditors include bank loans falling due after one year of £401,063 (2019 - £424,312) which are secured by way of a legal charge and debenture dated 27 March 2002 against the property of the company.

Page 6