Universal Estates & Developments Ltd |
Registered number: |
SC142629 |
Balance Sheet |
as at 31 March 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
1,268,153 |
|
|
1,298,324 |
|
Current assets |
Debtors |
4 |
|
344,400 |
|
|
194,594 |
Cash at bank and in hand |
|
|
600,161 |
|
|
597,194 |
|
|
|
944,561 |
|
|
791,788 |
|
Creditors: amounts falling due within one year |
5 |
|
(155,638) |
|
|
(92,490) |
|
Net current assets |
|
|
|
788,923 |
|
|
699,298 |
|
Total assets less current liabilities |
|
|
|
2,057,076 |
|
|
1,997,622 |
|
|
Provisions for liabilities |
|
|
|
(240,949) |
|
|
(324,581) |
|
|
Net assets |
|
|
|
1,816,127 |
|
|
1,673,041 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
82,345 |
|
|
82,345 |
Fair value reserve |
6 |
|
|
215,860 |
|
|
215,860 |
Profit and loss account |
|
|
|
1,517,922 |
|
|
1,374,836 |
|
Shareholders' funds |
|
|
|
1,816,127 |
|
|
1,673,041 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
A P Kwiatkowski |
Director |
Approved by the board on 6 February 2024 |
|
Universal Estates & Developments Ltd |
Notes to the Accounts |
for the year ended 31 March 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the rental of property. Property rental is recognised in line with the period of occupation of the rented premises. |
|
|
Tangible fixed assets |
|
Investment properties are measured at fair value as at the balance sheet date and are reviewed for any indication of impairment in value. Accumulated fair value gains and losses are included in Fair Value Reserves, which are non distributable. |
|
|
Debtors |
|
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. |
|
|
Creditors |
|
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. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. 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. |
|
|
Pensions |
|
Contributions to defined contribution plans are expensed in the period to which they relate. |
|
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
2 |
|
2 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
|
|
|
|
Land and buildings |
£ |
|
Cost |
|
At 1 April 2022 |
1,662,686 |
|
At 31 March 2023 |
1,662,686 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 April 2022 |
364,362 |
|
Charge for the year |
30,171 |
|
At 31 March 2023 |
394,533 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 March 2023 |
1,268,153 |
|
At 31 March 2022 |
1,298,324 |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
344,400 |
|
194,594 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Trade creditors |
1,800 |
|
- |
|
Taxation and social security costs |
65,323 |
|
49,519 |
|
Other creditors |
88,515 |
|
42,971 |
|
|
|
|
|
|
155,638 |
|
92,490 |
|
|
|
|
|
|
|
|
|
|
6 |
Fair value reserve |
2023 |
|
2022 |
£ |
£ |
|
|
At 1 April 2022 |
215,860 |
|
215,860 |
|
|
At 31 March 2023 |
215,860 |
|
215,860 |
|
|
|
|
|
|
|
|
|
|
7 |
Related party transactions |
|
|
The company transact with other companies under the common control of the Directors. All transactions are carried out at normal commercial rates. |
|
|
8 |
Controlling party |
|
|
E W Kwiatkowski is the ultimate controlling party, by virtue of his ownership of the majority of the company issued share capital. |
|
|
9 |
Other information |
|
|
Universal Estates & Developments Ltd is a private company limited by shares and incorporated in Scotland. Its registered office is: |
|
Unit 4 |
|
Meadowhead Industrial Estate |
|
Irvine |
|
KA11 5AU |