4Urban (Harrogate) Limited - Period Ending 2020-03-31

4Urban (Harrogate) Limited

(Registration number: 06996790)
Balance Sheet as at 31 March 2020

	Note	31 March 2020 £	30 June 2019 £
Fixed assets
Investment property	4	13,440,000	13,440,000
Current assets
Debtors	5	249,397	318,022
Cash at bank and in hand		24,446	485,100
		273,843	803,122
Creditors: Amounts falling due within one year	6	(995,317)	(1,586,471)
Net current liabilities		(721,474)	(783,349)
Total assets less current liabilities		12,718,526	12,656,651
Creditors: Amounts falling due after more than one year	6	(7,948,666)	(8,148,666)
Net assets		4,769,860	4,507,985
Capital and reserves
Called up share capital		4	4
Profit and loss account		4,769,856	4,507,981
Shareholders' funds		4,769,860	4,507,985

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

Directors' responsibilities:

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

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Profit and Loss Account has been taken.

Approved and authorised by the Board on 27 January 2021 and signed on its behalf by:
 

4Urban (Harrogate) Limited

(Registration number: 06996790)
Balance Sheet as at 31 March 2020

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

Mrs. R. H. Bletcher
Director

4Urban (Harrogate) Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2019 to 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:
30 Victoria Avenue
Harrogate
North Yorkshire
HG1 5PR

These financial statements were authorised for issue by the Board on 27 January 2021.

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.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

The accounts are presented in UK sterling and rounded to the nearest pound.

Disclosure of long or short period

The company has align its period end to the new parent company during the period.

Going concern

The company depends on its intergroup loan facilities to meet its day to day working capital requirements. The company and its parent entity have sufficient cash resources. The parent entity has confirm that they will not request payment of loans made to the company within a period of 12 months from the date of signing the balance sheet. Whilst COVID-19 has had an impact on the company's activities occupancy levels remain high and the directors have a reasonable expectation that the company has adequate resources to ensure its continued operational existence for the foreseeable future. Accordingly, the directors believe it is appropriate to prepare the financial statements on the going concern basis.

Revenue recognition

Turnover is recognised on the following terms:

- Rental income and service charges are recognised in the period to which they relate including the recognition of lease incentives over the period of the lease.

- Sale of development properties are recognised on the date of sale or the change of purpose to an investment property holding.

4Urban (Harrogate) Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2019 to 31 March 2020

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

3	Staff numbers

The average number of persons employed by the company during the period, was 0 (2019 - 0).

4	Investment properties

	31 March 2020 £
At 1 July	13,440,000
At 31 March	13,440,000

The directors have considered the fair value of the property and believe the last formal independent vaulation is a fair reflection of the property value. This assessment is based on the property being held for long term investment.

Whilst the directors are aware of the potential impact on property values of the COVID-19 pandemic, they believe that any current valuation undertaken today will not reflect the long term fair value of the property.

The property was valued by an independent valuer at market value as at 25 May 2018.

5

Debtors

	31 March 2020 £	30 June 2019 £
Trade debtors	179,077	166,956
Prepayments	70,320	151,066
	249,397	318,022

4Urban (Harrogate) Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2019 to 31 March 2020

6

Creditors

Creditors: amounts falling due within one year

	Note	31 March 2020 £	30 June 2019 £
Due within one year
Trade creditors		1,409	10,805
Amounts owed to parent undertaking	7	800,000	600,000
Taxation and social security		49,549	816,798
Accruals and deferred income		144,359	158,868
		995,317	1,586,471

Creditors include amounts owed to parent undertakings which are secured of £800,000 (2019 - £600,000 in loans and borrowings).

Creditors: amounts falling due after more than one year

	Note	31 March 2020 £	30 June 2019 £
Due after one year
Amounts owed to parent undertakings	7	7,948,666	8,148,666

Creditors include amounts owed to parent undertakings which are secured of £8,148,666 (2019 - £8,148,666 in loans and borrowings).

Creditors include loans repayable to the parent undetaking by instalments of £6,948,666 (2019 - £7,148,666 in loans and borrowings) due after more than five years.

7	Related party transactions

Loans to related parties

2019	Parent £	Total £
At start of period	4	4
Reclassified	(4)	(4)
At end of period	-	-

Loans from related parties

2020	Parent £	Total £
At start of period	8,748,666	8,748,666

4Urban (Harrogate) Limited

Notes to the Unaudited Financial Statements for the Period from 1 July 2019 to 31 March 2020

2019	Parent £	Key management £	Other related parties £	Total £
At start of period	-	275,535	8,575,574	8,851,109
Repaid	-	(275,535)	-	(275,535)
Interest transactions	110,904	-	62,192	173,096
Impairment	8,637,762	-	(8,637,766)	(4)
At end of period	8,748,666	-	-	8,748,666

Terms of loans from related parties

The loan from the parent entity was repayable from 2017 at £200,000 per annum with the balance being repayable in 2026 or other such date as the Lender and Borrower shall agree in writing. The loan is secured on the property held in investment properties and interest was charged up to 30 June 2019.

 The loan from key management was interest free and repayable on demand.
 

8	Parent and ultimate parent undertaking

The company's immediate parent is Gore Hill Investments, incorporated in England and Wales.

  These financial statements are available upon request from Eton House, 89 Station Parade, Harrogate, North Yorkshire, HG1 1HF.