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

REGISTERED NUMBER: 04582415 (England and Wales)

URBAN SPACES LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2019

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

5

Chartered Accountants' Report

10

DIRECTORS:

D D McAlister

Mrs S McAlister

SECRETARY:

Mrs S McAlister

REGISTERED OFFICE:

10 St Helens Road

Swansea

SA1 4AW

REGISTERED NUMBER:

04582415 (England and Wales)

ACCOUNTANTS:

Bevan Buckland LLP

Langdon House

Langdon Road

SA1 Swansea Waterfront

Swansea

SA1 8QY

BANKERS:

The Royal Bank of Scotland plc

Scotland Corporate Service Centre

Drummond House

1 Redheughs Avenue

Edinburgh

EH12 9JN

SOLICITORS:

Beor Wilson & Lloyd

Calvert House

Calvert Terrace

Swansaa

West Glamorgan

SA1 6AP

FIXED ASSETS

Tangible assets

4

1,847

2,357

Investment property

5

350,000

350,000

351,847

352,357

CURRENT ASSETS

Debtors

6

-

46,204

Cash at bank

32,139

14,357

32,139

60,561

CREDITORS

Amounts falling due within one year

7

5,110

9,819

NET CURRENT ASSETS

27,029

50,742

TOTAL ASSETS LESS CURRENT LIABILITIES

378,876

403,099

CREDITORS

Amounts falling due after more than one year

8

(237,522

)

(238,003

)

PROVISIONS FOR LIABILITIES

(21,218

)

(21,218

)

NET ASSETS

120,136

143,878

CAPITAL AND RESERVES

Called up share capital

200

200

Fair value reserve

9

111,671

111,671

Retained earnings

8,265

32,007

SHAREHOLDERS' FUNDS

120,136

143,878

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2019 in accordance with Section 476 of the Companies Act 2006.

The directors acknowledge their 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 Board of Directors on 30 September 2019 and were signed on its behalf by:

Mrs S McAlister - Director

1.	STATUTORY INFORMATION

Urban Spaces 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.

Other income

Other income represents rental income for 1 Gore Terrace only. The directors of Urban Spaces Ltd

collect rent on behalf of Landlords and transfer it back out of the Company so that it is not shown as

income within these accounts.

Tangible fixed assets

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

Furniture & Carpets

-

25% reducing balance

Fixtures and fittings

-

20% reducing balance

The freehold property is freehold investment property and in accordance with Statement of Standard

Accounting Practice No 19, no depreciation or amortisation is provided in respect of freehold investment

properties.

Investment property

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

changes in fair value is recognised in profit or loss.

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.

Cash at bank and cash in hand

Cash at bank and cash in hand includes cash and short term highly liquid investments with a short

maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Debtors

Short term debtors are measured at transaction price, less any impairment.

Provision for liabilities

Provisions are recognised when the company has a present obligation (legal and constructive) from a past

event that will probably result in a transfer of funds to a third party and the amount due to settle the

obligation can be measured or estimated reliably.

Functional and Presentation Currency

The company's functional and presentation currency is pounds sterling.

Going Concern

The company continues to adopt the going concern basis in preparing its financial statements.

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.

Trade debtors, loans and other receivables that have fixed or determinable payments that are not quoted

in an active market are classified as 'loans and receivables'. Loans and receivables are measured at

amortised cost using the effective interest method, less any impairment.

Interest is recognised by applying the effective interest rate, except for short-term receivables when the

recognition of interest would be immaterial. The effective interest method is a method of calculating the

amortised cost of a debt instrument and of allocating the interest income over the relevant period. The

effective interest rate is the rate that exactly discounts estimated future cash receipts through the

expected life of the debt instrument to the net carrying amount on initial recognition.

Basic financial 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.

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.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2018 - NIL ) .

4.	TANGIBLE FIXED ASSETS

Fixtures

Furniture

and

& Carpets

fittings

Totals

£

£

£

COST

At 1 April 2018

and 31 March 2019

11,903

8,962

20,865

DEPRECIATION

At 1 April 2018

10,324

8,184

18,508

Charge for year

316

194

510

At 31 March 2019

10,640

8,378

19,018

NET BOOK VALUE

At 31 March 2019

1,263

584

1,847

At 31 March 2018

1,579

778

2,357

The directors feel that the valuation in the accounts is a fair valuation of the market value.

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 April 2018

and 31 March 2019

350,000

NET BOOK VALUE

At 31 March 2019

350,000

At 31 March 2018

350,000

Fair value at 31 March 2019 is represented by:

£

Valuation in 2017

111,671

Cost

238,329

350,000

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

-

46,204

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

2,210

2,557

Tax

2,409

7,262

Directors' current accounts

491

-

5,110

9,819

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Other creditors

237,522

238,003

The other creditors relate to a mortgage obtained from Capital Home Loans Limited on 27 April 2005. The

loan is secured by the company's freehold property. This is an interest only loan and is payable in 7 years.

9.

RESERVES

Fair

value

reserve

£

At 1 April 2018

and 31 March 2019

111,671

10.	NON DISTRIBUTABLE RESERVES

There is a net revaluation gain on Investment Property of £111,671 in reserves, this amount is

non-distributable.

The following reproduces the text of the report prepared for the directors in respect of the company's

annual unaudited financial statements. In accordance with the Companies Act 2006, the company is only

required to file a Balance Sheet. Readers are cautioned that the Income Statement and certain other

primary statements and the Report of the Directors are not required to be filed with the Registrar of

Companies.

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the

financial statements of Urban Spaces Limited for the year ended 31 March 2019 which comprise the Income

Statement, Balance Sheet and the related notes 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 within the ICAEW's regulations and guidance at http://www.icaew.com/en/membership/regulations-standards-and-guidance.

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

It is your duty to ensure that Urban Spaces Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Urban Spaces Limited. You consider that Urban Spaces 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 financial statements of Urban Spaces 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 financial statements.

Bevan Buckland LLP

Langdon House

Langdon Road

SA1 Swansea Waterfront

Swansea

SA1 8QY

30 September 2019