Urban Quarters (Rentals) Ltd - Accounts to registrar (filleted) - small 22.3

REGISTERED NUMBER: 10584734 (England and Wales)

Unaudited Financial Statements for the Year Ended 30th June 2022

for

Urban Quarters (Rentals) Ltd

Page

Company Information

1

Balance Sheet

2

Notes to the Financial Statements

4

DIRECTOR:

N Aitken

REGISTERED OFFICE:

1 Mildrose Court

16-19 Malvern Mews

London

NW6 5PT

REGISTERED NUMBER:

10584734 (England and Wales)

ACCOUNTANTS:

OCG Accountants Ltd

Biz Hub Tees Valley

Belasis Hall Technology Park

Coxwold Way

Billingham

Co. Durham

TS23 4EA

FIXED ASSETS

Investment property

3

2,390,000

2,095,000

CURRENT ASSETS

Debtors

4

642,224

628,384

Cash at bank

5,710

9,473

647,934

637,857

CREDITORS

Amounts falling due within one year

5

(23,769

)

(23,130

)

NET CURRENT ASSETS

624,165

614,727

TOTAL ASSETS LESS CURRENT LIABILITIES

3,014,165

2,709,727

CREDITORS

Amounts falling due after more than one year

6

(2,254,689

)

(2,252,412

)

PROVISIONS FOR LIABILITIES

(129,200

)

(92,150

)

NET ASSETS

630,276

365,165

CAPITAL AND RESERVES

Called up share capital

1

1

Fair value reserve

8

550,800

-

Retained earnings

79,475

365,164

SHAREHOLDERS' FUNDS

630,276

365,165

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30th June 2022 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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 7th December 2022 and were signed by:

N Aitken - Director

1.	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.

TURNOVER

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

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.

2.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

3.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1st July 2021

2,095,000

Revaluations

295,000

At 30th June 2022

2,390,000

NET BOOK VALUE

At 30th June 2022

2,390,000

At 30th June 2021

2,095,000

Fair value at 30th June 2022 is represented by:

£

Valuation in 2019

10,000

Valuation in 2020

285,000

Valuation in 2021

90,000

Valuation in 2022

295,000

Cost

1,710,000

2,390,000

4.

DEBTORS

2022

2021

£

£

Amounts falling due within one year:

Other debtors

642,223

628,383

Amounts falling due after more than one year:

Amounts owed by group undertakings

1

1

Aggregate amounts

642,224

628,384

5.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2022

2021

£

£

Bank loans and overdrafts

5,174

-

Taxation and social security

1,680

1,113

Other creditors

16,915

22,017

23,769

23,130

6.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2022

2021

£

£

Bank loans

1,263,243

1,258,492

Amounts owed to group undertakings

985,000

985,000

Other creditors

6,446

8,920

2,254,689

2,252,412

7.	SECURED DEBTS

The following secured debts are included within creditors:

2022

2021

£

£

Mortgage

1,263,243

1,258,492

8.

RESERVES

Fair

value

reserve

£

Fair value transfer

550,800

At 30th June 2022

550,800

9.	RELATED PARTY DISCLOSURES

At the year end, Urban Quarters Rentals Ltd was owed £640,340 (2021: £626,500) from Urban Quarters Partnership LLP. This balance is included within other debtors (note 4).

At the year end, Urban Quarters Rentals Ltd owed £14,620 (2021: £19,620) to At Home 365 Ltd. This balance is included within other creditors (note 5).

At the year end, Urban Quarters Rentals Ltd owed £985,000 (2021: £985,000) to Urban Quarters Ltd. This balance is included within creditors (note 6).