Company Registration No. 09332275 (England and Wales)
URBAN LEISURE (EM) LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
PAGES FOR FILING WITH REGISTRAR
URBAN LEISURE (EM) LIMITED
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 5
URBAN LEISURE (EM) LIMITED
BALANCE SHEET
AS AT 31 DECEMBER 2020
31 December 2020
- 1 -
2020
2019
Notes
£
£
£
£
Fixed assets
Tangible assets
3
316,173
375,187
Current assets
Stocks
5,146
10,249
Debtors
4
44,992
77,507
Cash at bank and in hand
14,593
1,000
64,731
88,756
Creditors: amounts falling due within one year
5
(72,588)
(167,665)
Net current liabilities
(7,857)
(78,909)
Total assets less current liabilities
308,316
296,278
Creditors: amounts falling due after more than one year
6
(1,320,940)
(1,158,671)
Provisions for liabilities
(14,499)
(14,499)
Net liabilities
(1,027,123)
(876,892)
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
(1,027,223)
(876,992)
Total equity
(1,027,123)
(876,892)
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.
true
For the financial year ended 31 December 2020 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
T
he members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476
.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
URBAN LEISURE (EM) LIMITED
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2020
31 December 2020
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 22 September 2021 and are signed on its behalf by:
H Yechiel
Director
Company Registration No. 09332275
URBAN LEISURE (EM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2020
- 3 -
1
Accounting policies
Company information
Urban Leisure (EM) Limited is a
private
company
limited by shares
incorporated in England and Wales.
The registered office is Finsgate, 5-7 Cranwood Street, London, EC1V 9EE,
1.1
Accounting convention
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.
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 £.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover is recognised at the fair value of the consideration received or receivable
for food and drink
provided in the normal course of business
, and
is shown net of VAT
where applicable.
1.3
Tangible fixed assets
Tangible fixed assets
are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
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:
Land and buildings Leasehold
Over the length of the lease
Development costs
20% Straight line
Fixtures, fittings & equipment
25% Reducing balance
Computer equipment
33.33% Straight line
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 or loss
.
1.4
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.
Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
1.5
Cash and cash equivalents
Cash and cash equivalents
are basic financial assets
and
include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.6
Taxation
The tax expense represents the sum of deferred tax.
URBAN LEISURE (EM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
1
Accounting policies
(Continued)
- 4 -
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Government grants
Government
grants receivable recognise contributions t
o
expenses received from
the
government Job
Retention Scheme (JRS) set
up to
assist
companies during
the
c
ovid pandemic.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2020
2019
Number
Number
Total
19
23
3
Tangible fixed assets
Land and buildings
Plant and machinery etc
Total
£
£
£
Cost
At 1 January 2020
533,753
294,769
828,522
Additions
7,420
7,420
At 31 December 2020
533,753
302,189
835,942
Depreciation and impairment
At 1 January 2020
237,853
215,482
453,335
Depreciation charged in the year
44,025
22,409
66,434
At 31 December 2020
281,878
237,891
519,769
Carrying amount
At 31 December 2020
251,875
64,298
316,173
At 31 December 2019
295,900
79,287
375,187
URBAN LEISURE (EM) LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2020
- 5 -
4
Debtors
2020
2019
Amounts falling due within one year:
£
£
Trade debtors
2,300
Other debtors
44,992
75,207
44,992
77,507
5
Creditors: amounts falling due within one year
2020
2019
£
£
Bank loans and overdrafts
8,643
Trade creditors
6,707
49,928
Taxation and social security
34,949
58,495
Other creditors
30,932
50,599
72,588
167,665
The directors consider that the carrying amount of trade payables approximates to their fair value.
6
Creditors: amounts falling due after more than one year
2020
2019
£
£
Other creditors
1,320,940
1,158,671
7
Related party transactions
At the year end the company owed £1,
320,940
(201
9
-
1,158,671
)
to
Urban Leisure Holdings Limited
, the parent company, in respect of an interest free loan which is repayable on demand.
During the year management fees of
£
36,932 (2019 - £76,194) were charged by
Urban Leisure (QP) Limited
, a company owned by the parent company, Urban Leisure Holdings Limited.
8
Parent company
The parent company of Urban Leisure (EM) Limited is Urban Leisure Holdings Limited and its registered office is Finsgate, 5-7 Cranwood Street, London, EC1V 9EE.