The Urban Flower Company Ltd

The Urban Flower Company Ltd

THE URBAN FLOWER COMPANY LTD - Company Information

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1 April 2020 false No description of principal activity Taxfiler 2021.15.1 07598484business:PrivateLimitedCompanyLtd2020-04-012021-03-31 075984842020-03-31 075984842020-04-012021-03-31 07598484business:AuditExempt-NoAccountantsReport2020-04-012021-03-31 07598484business:FullAccounts2020-04-012021-03-31 075984842021-03-31 07598484business:Director12020-04-012021-03-31 07598484business:Director22020-04-012021-03-31 07598484business:RegisteredOffice2020-04-012021-03-31 075984842020-03-31 07598484core:WithinOneYear2021-03-31 07598484core:WithinOneYear2020-03-31 07598484core:AfterOneYear2021-03-31 07598484core:AfterOneYear2020-03-31 07598484core:ShareCapital2021-03-31 07598484core:ShareCapital2020-03-31 07598484core:RetainedEarningsAccumulatedLosses2021-03-31 07598484core:RetainedEarningsAccumulatedLosses2020-03-31 07598484business:SmallEntities2020-04-012021-03-31 07598484countries:EnglandWales2020-04-012021-03-31 07598484core:MotorVehicles2020-04-012021-03-31 07598484core:FurnitureFittings2020-04-012021-03-31 07598484core:ComputerEquipment2020-04-012021-03-31 07598484core:MotorVehicles2020-03-31 07598484core:FurnitureFittings2020-03-31 07598484core:ComputerEquipment2020-03-31 07598484core:MotorVehicles2021-03-31 07598484core:FurnitureFittings2021-03-31 07598484core:ComputerEquipment2021-03-31 07598484business:OrdinaryShareClass12020-04-012021-03-31 07598484business:OrdinaryShareClass12019-04-012020-03-31 075984842019-04-012020-03-31 iso4217:GBP xbrli:shares xbrli:pure
Company Registration No. 07598484 (England and Wales)
The Urban Flower Company Ltd Unaudited accounts for the year ended 31 March 2021
The Urban Flower Company Ltd Unaudited accounts Contents
Page
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The Urban Flower Company Ltd Company Information for the year ended 31 March 2021
Directors
M A Richardson R Biggi
Company Number
07598484 (England and Wales)
Registered Office
47 Park Road London N8 8TE
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The Urban Flower Company Ltd Statement of financial position as at 31 March 2021
2021 
2020 
Notes
£ 
£ 
Fixed assets
Tangible assets
4
37,860 
32,628 
Current assets
Inventories
34,337 
1,514 
Debtors
5
25,338 
25,468 
Cash at bank and in hand
93,321 
62,034 
152,996 
89,016 
Creditors: amounts falling due within one year
6
(133,367)
(117,078)
Net current assets/(liabilities)
19,629 
(28,062)
Total assets less current liabilities
57,489 
4,566 
Creditors: amounts falling due after more than one year
7
(50,000)
- 
Provisions for liabilities
Deferred tax
(4,184)
(4,184)
Net assets
3,305 
382 
Capital and reserves
Called up share capital
8
2 
2 
Profit and loss account
3,303 
380 
Shareholders' funds
3,305 
382 
For the year ending 31 March 2021 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies. The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their 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 in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 25 October 2021 and were signed on its behalf by
M A Richardson Director Company Registration No. 07598484
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The Urban Flower Company Ltd Notes to the Accounts for the year ended 31 March 2021
1
Statutory information
The Urban Flower Company Ltd is a private company, limited by shares, registered in England and Wales, registration number 07598484. The registered office is 47 Park Road, London, N8 8TE.
2
Compliance with accounting standards
These financial statements have been prepared in accordance with FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" ("FRS 102") and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
3
Accounting policies
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
Basis of preparation
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of fixed assets and to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.
Presentation currency
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary a mounts in these financial statements are rounded to the nearest £.
Turnover
Turnover represents amount receivable for sales of plants and flowers net of VAT.
Tangible fixed assets and depreciation
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit and loss. Impairment of fixed assets: At each reporting period end date, the company review the carrying amounts of its tangible assets to determine whether is any indication that those assets have suffered am impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss(if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimate the recoverable amount of the cash-generating unit to which the asset belongs. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Motor vehicles
25% on reducing balance
Fixtures & fittings
25% on reducing balance
Computer equipment
25% on reducing balance
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The Urban Flower Company Ltd Notes to the Accounts for the year ended 31 March 2021
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted. If the recoverable amount of an asset (or cash-generating unit) is estimated to be less than its carrying amount, the carrying amount of the asset (or cash-generating unit) is reduced to its recoverable amount. An impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease. Recognised impairment losses are reversed if, and only if, the reasons for the impairment loss have ceased to apply. Where an impairment loss subsequently reverses, the carrying amount of the asset (or cash-generating unit) is increased to the revised estimate of its recoverable amount, but so that the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognised for the asset (or cash-generating unit) in prior years. A reversal of an impairment loss is recognised immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. At each reporting date , an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit and loss.
Cash at bank and in hand
Cash at bank and in hand are basic financial assets and included cash in hand, deposit held at call with banks, other short- term liquid investments with original maturities of three months or less, and bank overdrafts.
Financial instruments
he company has elected to apply the provisions of Section 11 'Basic Financial Instruments' and Section 12 'Other Financial Instruments Issues' of FRS 102 to all of its financial instruments. Financial instruments are recognised in the company's statement of financial position when the companybecomes party to the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, whenthere is a legally enforceable 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.
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The Urban Flower Company Ltd Notes to the Accounts for the year ended 31 March 2021
Basic financial assets
Basic financial assets, which include trade and other receivables 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 arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.
Other financial assets
Other financial assets, including investments in equity instruments which are not subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the transaction price. Such assets are subsequently carried at fair value and the changes in fair value are recognised in profit or loss, except that investments in equity instruments that are not publically traded and whose fair values cannot be measured reliably are measured at cost less impairment.
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
Including trade and other payables, bank loans, loans from fellow group companies and preference 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 the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method
Impairment of financial liability
Financial assets, other than those held at fair value through profit and loss, are assessed for indicators of impairment at each reporting end date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. If an asset is impaired, the impairment loss is the difference between the carrying amount and the present value of the estimated cash flows discounted at the asset's original effective interest rate. The impairment loss is recognised in profit or loss. If there is a decrease in the impairment loss arising from an event occurring after the impairment was recognised, the impairment is reversed. The reversal is such that the current carrying amount does not exceed what the carrying amount would have been, had the impairment not previously been recognised.The impairment reversal is recognised in profit or loss.
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
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The Urban Flower Company Ltd Notes to the Accounts for the year ended 31 March 2021
Employee benefits
The cost of short- term employee benefits are recognised as a liability and expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets. The cost of any unused holiday entitlement is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Pension costs
The company operates a defined contribution scheme for the benefit of its employees. Contributions payable are recognised in the profit and loss account when due.
Taxation
The 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 net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes 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 reporting end date.
Deferred taxation
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arise from goodwill or from the initial recognition of the other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit. The carrying amount of deferred tax assets is reviewed at each reporting end date 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 is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, expect when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
Leased assets
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profit on a straight line basis over the lease term. Assets held under finance leases and hire purchase contracts are capitalised and depreciated over their useful lives. The corresponding lease or hire purchase obligation is treated in the balance sheet as a liability. The interest element of rental obligations is charged to the profit and loss account over the period of the lease at a constant proportion of the outstanding balance of capital repayments.
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The Urban Flower Company Ltd Notes to the Accounts for the year ended 31 March 2021
4
Tangible fixed assets
Motor vehicles 
Fixtures & fittings 
Computer equipment 
Total 
£ 
£ 
£ 
£ 
Cost or valuation
At cost 
At cost 
At cost 
At 1 April 2020
28,760 
27,473 
8,734 
64,967 
Additions
13,628 
2,242 
1,485 
17,355 
At 31 March 2021
42,388 
29,715 
10,219 
82,322 
Depreciation
At 1 April 2020
18,710 
8,478 
5,151 
32,339 
Charge for the year
5,919 
5,309 
895 
12,123 
At 31 March 2021
24,629 
13,787 
6,046 
44,462 
Net book value
At 31 March 2021
17,759 
15,928 
4,173 
37,860 
At 31 March 2020
10,050 
18,995 
3,583 
32,628 
5
Debtors: amounts falling due within one year
2021 
2020 
£ 
£ 
Trade debtors
15,230 
21,936 
Accrued income and prepayments
3,623 
3,532 
Other debtors
6,485 
- 
25,338 
25,468 
6
Creditors: amounts falling due within one year
2021 
2020 
£ 
£ 
Trade creditors
15,644 
16,702 
Taxes and social security
26,886 
16,005 
Other creditors
7,650 
187 
Loans from directors
83,187 
83,234 
Accruals
- 
950 
133,367 
117,078 
7
Creditors: amounts falling due after more than one year
2021 
2020 
£ 
£ 
Bank loans
50,000 
- 
8
Share capital
2021 
2020 
£ 
£ 
Allotted, called up and fully paid:
2 Ordinary shares of £1 each
2 
2 
9
Transactions with related parties
Include creditors amounts falling due within one year is an amount of £83,188 (2020: £83,234) jointly due to directors M A Richardson and R Biggi.
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The Urban Flower Company Ltd Notes to the Accounts for the year ended 31 March 2021
10
Average number of employees
During the year the average number of employees was 6 (2020: 4).
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