Company registration number 12025288 (England and Wales)
UXL PROPERTIES LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
PAGES FOR FILING WITH REGISTRAR
UXL PROPERTIES LTD
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 6
UXL PROPERTIES LTD
CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF UXL PROPERTIES LTD FOR THE YEAR ENDED 31 MAY 2023
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In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of UXL Properties Ltd for the year ended 31 May 2023 which comprise, the 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 at https://www.icaew.com/regulation.
This report is made solely to the board of directors of UXL Properties Ltd, as a body, in accordance with the terms of our engagement letter dated 16 February 2023. Our work has been undertaken solely to prepare for your approval the financial statements of UXL Properties Ltd and state those matters that we have agreed to state to the board of directors of UXL Properties Ltd, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than UXL Properties Ltd and its board of directors as a body, for our work or for this report.
It is your duty to ensure that UXL Properties Ltd 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 loss of UXL Properties Ltd. You consider that UXL Properties Ltd 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 UXL Properties Ltd. 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.
Carpenter Box
22 February 2024
Chartered Accountants
5 Peveril Court
6-8 London Road
Crawley
West Sussex
RH10 8JE
UXL PROPERTIES LTD
BALANCE SHEET
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2023
2022
Notes
£
£
£
£
Fixed assets
Investment property
3
430,000
430,000
Current assets
Stocks
1,072,834
931,317
Debtors
4
88,966
Cash at bank and in hand
3,619
6,391
1,076,453
1,026,674
Creditors: amounts falling due within one year
5
(781,779)
(697,605)
Net current assets
294,674
329,069
Total assets less current liabilities
724,674
759,069
Creditors: amounts falling due after more than one year
6
(776,395)
(776,194)
Provisions for liabilities
(4,584)
(4,584)
Net liabilities
(56,305)
(21,709)
Capital and reserves
Called up share capital
7
2
2
Profit and loss reserves
8
(56,307)
(21,711)
Total equity
(56,305)
(21,709)
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 May 2023 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.
The 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.
UXL PROPERTIES LTD
BALANCE SHEET (CONTINUED)
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 22 February 2024 and are signed on its behalf by:
Mr B D L Powell
Director
Company registration number 12025288 (England and Wales)
UXL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2023
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1
Accounting policies
Company information
UXL Properties Ltd is a private company limited by shares incorporated in England and Wales. The registered office is Amelia House, Crescent Road, Worthing, West Sussex, BN11 1RL.
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 amounts 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
Going concern
Not withstanding the net liability position at 31 May 2023, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. This is based on the continued support of the directors.true
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. The directors have considered relevant information, including the company’s principal risks and uncertainties and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the directors have concluded that there is no material uncertainty and that they can continue to adopt the going concern basis in preparing the annual report and financial statements.
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for property sales and rental income provided in the normal course of business.
1.4
Investment property
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. Changes in fair value are recognised in profit or loss.
1.5
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.
1.6
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.
1.7
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
UXL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
1
Accounting policies
(Continued)
- 5 -
Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost.
Basic financial liabilities
Basic financial liabilities, including creditors, 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
1.8
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
1.9
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.
1.10
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was 0 (2022 - 0).
3
Investment property
2023
£
Fair value
At 1 June 2022 and 31 May 2023
430,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31 May 2023 by the directors. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties.
UXL PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2023
- 6 -
4
Debtors
2023
2022
Amounts falling due within one year:
£
£
Other debtors
88,966
5
Creditors: amounts falling due within one year
2023
2022
£
£
Other creditors
781,779
697,605
6
Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
776,395
776,194
The bank loans are secured over the assets to which they relate.
7
Called up share capital
2023
2022
2023
2022
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary shares of £1 each
2
2
2
2
8
Profit and loss reserves
Included within profit and loss reserves are non-distributable reserves relating to fair value adjustments to the carrying value of investment properties of £13,753 (2022 - £13,753).