2022-04-012023-03-312023-03-31false11719442UC PROPERTIES (NORTH WEST) 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UC PROPERTIES (NORTH WEST) LIMITED

Registered Number
11719442
(England and Wales)

Unaudited Financial Statements for the Year ended
31 March 2023

UC PROPERTIES (NORTH WEST) LIMITED
Company Information
for the year from 1 April 2022 to 31 March 2023

Director

THOMASSON, John William

Registered Address

C/O Redstone Accountancy 253 Monton Road
Eccles
Manchester
M30 9PS

Registered Number

11719442 (England and Wales)
UC PROPERTIES (NORTH WEST) LIMITED
Balance Sheet as at
31 March 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets63,3053,821
Investment property73,475,0013,475,001
3,478,3063,478,822
Current assets
Debtors8428,384412,557
Cash at bank and on hand1,040,710631,710
1,469,0941,044,267
Creditors amounts falling due within one year9(1,832,338)(1,609,218)
Net current assets (liabilities)(363,244)(564,951)
Total assets less current liabilities3,115,0622,913,871
Creditors amounts falling due after one year10(1,040,000)(1,040,000)
Provisions for liabilities11(156,947)(156,947)
Net assets1,918,1151,716,924
Capital and reserves
Called up share capital651,035651,035
Profit and loss account1,267,0801,065,889
Shareholders' funds1,918,1151,716,924
The financial statements were approved and authorised for issue by the Director on 23 October 2023, and are signed on its behalf by:
THOMASSON, John William
Director
Registered Company No. 11719442
UC PROPERTIES (NORTH WEST) LIMITED
Notes to the Financial Statements
for the year ended 31 March 2023

1.Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
2.Compliance with applicable reporting framework
The financial statements have been prepared in compliance with FRS 102 Section 1A as it applies to the financial statements for the period and there were no material departures from the reporting standard.
3.Accounting policies
Property, plant and equipment policy
Tangible fixed assets are stated at cost or valuation less depreciation. Depreciation is provided on all tangible fixed assets as follows:
Investment property policy
Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss. Where fair value cannot be achieved without undue cost or effort, investment property is accounted for as tangible fixed asset. Investment property relates to a portfolio of commercial properties. The director has considered the value using market value rent and yields for the location. Therefore, values reflect the open market value of the property as at 31 March 2021. No depreciation is provided in respect of investment properties.
Revenue recognition policy
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Deferred tax policy
Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
Foreign currency translation and operations policy
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to profit or loss.
4.Critical estimates and judgements
In the application of the company’s accounting policies, the director is required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. There have been no judgements, estimates or assumptions made in the preparation of these financial statements, except for the valuation of the investment properties held within the accounts. The director has considered the value using market value rent and yields for the location. Therefore, values reflect the open market value of the property as at 31 March 2021.
5.Employee information

20232022
Average number of employees during the year00
6.Property, plant and equipment

Plant & machinery

Office Equipment

Total

£££
Cost or valuation
At 01 April 221,2793,5744,853
At 31 March 231,2793,5744,853
Depreciation and impairment
At 01 April 225115211,032
Charge for year256260516
At 31 March 237677811,548
Net book value
At 31 March 235122,7933,305
At 31 March 227683,0533,821
7.Investment property

£
Fair value at 01 April 223,475,001
At 31 March 233,475,001
8.Debtors

2023

2022

££
Trade debtors / trade receivables39,73262,398
Amounts owed by associates and joint ventures / participating interests383,072319,579
Other debtors-25,000
Prepayments and accrued income5,5805,580
Total428,384412,557
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
9.Creditors within one year

2023

2022

££
Trade creditors / trade payables958958
Amounts owed to related parties1,604,7791,453,119
Taxation and social security153,349121,890
Other creditors26,25126,251
Accrued liabilities and deferred income47,0017,000
Total1,832,3381,609,218
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.
10.Creditors after one year

2023

2022

££
Bank borrowings and overdrafts1,040,0001,040,000
Total1,040,0001,040,000
The long term loan of £1,040,000 is an interest only loan, at a rate of 3% above LIBOR per annum and matures in April 2024. The loan is secured against Leachfield Industrial Estate, Green Lane West, Garstang and Unit 10 Cobra Court, Barton Dock, Trafford Park, Manchester, both properties which are owned by UC Properties (North West) Limited. Also, there is a personal guarantee from Mr J Thomasson, the director, limited to £200,000 plus interest and costs.
11.Provisions for liabilities
Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation. Provisions are charged as an expense to the profit and loss account in the year that the Company becomes aware of the obligation, and are measured at the best estimate at balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties. When payments are eventually made, they are charged to the provision carried in the balance sheet.

2023

2022

££
Net deferred tax liability (asset)156,947156,947
Total156,947156,947