Company registration number 08918439 (England and Wales)
UNION PROPERTY SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
PAGES FOR FILING WITH REGISTRAR
UNION PROPERTY SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
UNION PROPERTY SERVICES LIMITED
BALANCE SHEET
AS AT
28 FEBRUARY 2023
28 February 2023
- 1 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
4
490,884
421,706
Current assets
Debtors
5
16,335,770
9,936,947
Cash at bank and in hand
100,573
276,093
16,436,343
10,213,040
Creditors: amounts falling due within one year
6
(14,892,162)
(8,153,248)
Net current assets
1,544,181
2,059,792
Total assets less current liabilities
2,035,065
2,481,498
Provisions for liabilities
7
(327)
(1,020)
Net assets
2,034,738
2,480,478
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
2,034,638
2,480,378
Total equity
2,034,738
2,480,478
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 28 February 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 member has 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.
The financial statements were approved by the board of directors and authorised for issue on 14 March 2024 and are signed on its behalf by:
Mr R K Sehgal
Director
Company registration number 08918439 (England and Wales)
UNION PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 2 -
1
Accounting policies
Company information
Union Property Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Colbalt 3.1, Silver Fox Way, Colbalt Business Park, Newcastle upon Tyne, Tyne and Wear, NE27 0QJ.
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 UK sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover represents net invoices sales of services, excluding value added tax,
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:
Short leasehold
Over the term of the lease
Computer equipment
33.33% on cost
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
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.
UNION PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
1
Accounting policies
(Continued)
- 3 -
1.5
Taxation
Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.
Current and deferred taxation assets and liabilities are not discounted.
Current tax
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 form the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the 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.
1.6
Provisions
Provisions are recognised when the company has an obligation at the balance sheet as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.
1.7
Employee benefits
The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.
1.8
Leases
Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.
1.9
Government grants
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the company will comply with conditions attaching to them and the grants will be received using the performance/accrual model.
Grants in respect of revenue expenditure are credited to revenue in order to match the income against the expenditure to which the grants relates.
1.10
Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds the recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.
UNION PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2023
2022
Number
Number
Total
16
15
3
Taxation
2023
2022
£
£
Current tax
UK corporation tax on profits for the current period
7,915
Adjustments in respect of prior periods
(84,042)
11,947
Total current tax
(84,042)
19,862
Deferred tax
Origination and reversal of timing differences
(693)
(1,830)
Total tax (credit)/charge
(84,735)
18,032
4
Tangible fixed assets
Short leasehold
Computer equipment
Total
£
£
£
Cost
At 1 March 2022
952,492
29,409
981,901
Additions
319,012
319,012
At 28 February 2023
1,271,504
29,409
1,300,913
Depreciation and impairment
At 1 March 2022
536,155
24,040
560,195
Depreciation charged in the year
245,774
4,060
249,834
At 28 February 2023
781,929
28,100
810,029
Carrying amount
At 28 February 2023
489,575
1,309
490,884
At 28 February 2022
416,337
5,369
421,706
UNION PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
- 5 -
5
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
76,148
79,812
Unpaid share capital
100
100
Corporation tax recoverable
34,657
Other debtors
15,220,780
7,824,149
Prepayments and accrued income
1,004,085
2,032,886
16,335,770
9,936,947
6
Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
98,472
56,490
Corporation tax
83,249
Other taxation and social security
685,142
567,314
Other creditors
13,590,802
6,857,875
Accruals and deferred income
517,746
588,320
14,892,162
8,153,248
7
Provisions for liabilities
2023
2022
£
£
Deferred tax liabilities
8
327
1,020
8
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
2023
2022
Balances:
£
£
Accelerated capital allowances
327
1,020
UNION PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 28 FEBRUARY 2023
8
Deferred taxation
(Continued)
- 6 -
2023
Movements in the year:
£
Liability at 1 March 2022
1,020
Credit to profit or loss
(693)
Liability at 28 February 2023
327
9
Operating lease commitments
Lessee
At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:
2023
2022
£
£
50,000
110,000
10
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Rent payable
Management charges receivable
2023
2022
2023
2022
£
£
£
£
Key management personnel
60,000
50,000
-
-
Other related parties
-
-
1,060,411
919,700
During the year loan interest of £81,250 (2022 £68,750) was payable to M K and P Sehgal jointly.
The following amounts were outstanding at the reporting end date:
2023
2022
Amounts due to related parties
£
£
Key management personnel
994,195
857,921
Other related parties
12,585,794
5,972,470
2023
2022
Amounts due from related parties
£
£
Other related parties
15,198,897
7,800,316
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