Urban Apartments Limited - Accounts to registrar (filleted) - small 23.2.5

REGISTERED NUMBER: 03253252 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30 SEPTEMBER 2023

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

1,075,000

1,075,000

CURRENT ASSETS

Debtors

5

4,659

906

CREDITORS

Amounts falling due within one year

6

126,908

195,005

NET CURRENT LIABILITIES

(122,249

)

(194,099

)

TOTAL ASSETS LESS CURRENT LIABILITIES

952,751

880,901

CREDITORS

Amounts falling due after more than one year

7

(382,314

)

(340,149

)

PROVISIONS FOR LIABILITIES

(85,909

)

(65,291

)

NET ASSETS

484,528

475,461

CAPITAL AND RESERVES

Called up share capital

9

2

2

Undistributable reserve

10

257,728

278,346

Retained earnings

10

226,798

197,113

SHAREHOLDERS' FUNDS

484,528

475,461

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 September 2023.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 September 2023 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 applicable to companies subject to the small companies regime.

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 and authorised for issue on 24 June 2024 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 Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" 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 as an undistributable reserve.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 1 (2022 - 1 ) .

4.	TANGIBLE FIXED ASSETS

Plant and

Land and

machinery

buildings

etc

Totals

£

£

£

COST OR VALUATION

At 1 October 2022

and 30 September 2023

1,075,000

5,992

1,080,992

DEPRECIATION

At 1 October 2022

and 30 September 2023

-

5,992

5,992

NET BOOK VALUE

At 30 September 2023

1,075,000

-

1,075,000

At 30 September 2022

1,075,000

-

1,075,000

The company's freehold property at 85-93 Otley Road, Headingley, Leeds was valued on an open market basis on 30th September 2021 by Paul Diakiw MRICS of Walker Singleton, Chartered Surveyors.

Cost or valuation at 30 September 2023 is represented by:

Land and

buildings

£

Valuation in 2021

1,075,000

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

30.9.23

30.9.22

£

£

Cost

731,364

731,364

In the event of disposal at the market value stated above, a tax charge of £85,909 would arise.

5.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.23

30.9.22

£

£

Trade debtors

3,545

-

Prepayments

1,114

906

4,659

906

6.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

30.9.23

30.9.22

£

£

Bank loans and overdrafts

16,528

55,392

Trade creditors

2,174

2,660

Bonds held

7,510

7,510

Tax

20,365

27,673

Income tax on loan interest

2,992

-

VAT

16,271

16,975

Director's current account

49,842

74,438

Accrued expenses

11,226

10,357

126,908

195,005

7.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

30.9.23

30.9.22

£

£

Bank loans - 1-2 years

13,891

46,009

Bank loans - 2-5 years

34,946

134,847

Bank loans more 5 yr by instal

8,477

159,293

Other loans 2-5 years

325,000

-

382,314

340,149

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

8,477

159,293

8.	SECURED DEBTS

The following secured debts are included within creditors:

30.9.23

30.9.22

£

£

Bank loans

34,557

364,323

A bank loan for a term of 20 years was advanced by Cambridge and Counties Bank on 17th July 2015. The loan is 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. The balance outstanding at the year-end was £34,557.

A bank loan for a term of 10 years was advanced by Lloyds Bank under the Government Bounce Back loan scheme on 15th May 2020. The loan is repaid by regular monthly direct debits. This loan is unsecured. The balance outstanding at the year-end was £17,842.

A bank loan for a term of 5 years was advanced by Lloyds Bank on 23rd June 2023. The loan is repaid by regular monthly direct debits. This loan is unsecured. The balance outstanding at the year-end was £20,070.

A commercial loan for a term of 5 years was advanced by an unconnected third party between 12th October and 22nd December 2022. The loan is to be repaid at the end of the term. This loan is unsecured. The balance outstanding at the year-end was £325,000.

9.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

30.9.23

30.9.22

value:

£

£

180

'A' Ordinary

£0.01

2

2

20

'B' Ordinary

£0.01

-

-

2

2

10.

RESERVES

Retained

Undistributable

earnings

reserve

Totals

£

£

£

At 1 October 2022

197,113

278,346

475,459

Profit for the year

35,685

35,685

Dividends

(6,000

)

(6,000

)

Revaluation in period

-

(20,618

)

(20,618

)

At 30 September 2023

226,798

257,728

484,526

Deferred tax has been provided on the property revaluation surplus at a rate of 25%.

11.	ULTIMATE CONTROLLING PARTY

The controlling party is Mrs P MacLean.