Caseware UK (AP4) 2022.0.179 2022.0.179 2022-12-312022-12-3120No description of principal activity2022-01-01false19falsetrue 02706161 2022-01-01 2022-12-31 02706161 2021-01-01 2021-12-31 02706161 2022-12-31 02706161 2021-12-31 02706161 c:Director1 2022-01-01 2022-12-31 02706161 d:MotorVehicles 2022-01-01 2022-12-31 02706161 d:MotorVehicles 2022-12-31 02706161 d:MotorVehicles 2021-12-31 02706161 d:MotorVehicles d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 02706161 d:FurnitureFittings 2022-01-01 2022-12-31 02706161 d:FurnitureFittings 2022-12-31 02706161 d:FurnitureFittings 2021-12-31 02706161 d:FurnitureFittings d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 02706161 d:ComputerEquipment 2022-01-01 2022-12-31 02706161 d:ComputerEquipment 2022-12-31 02706161 d:ComputerEquipment 2021-12-31 02706161 d:ComputerEquipment d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 02706161 d:OwnedOrFreeholdAssets 2022-01-01 2022-12-31 02706161 d:FreeholdInvestmentProperty 2022-01-01 2022-12-31 02706161 d:FreeholdInvestmentProperty 2022-12-31 02706161 d:FreeholdInvestmentProperty 2021-12-31 02706161 d:CurrentFinancialInstruments 2022-12-31 02706161 d:CurrentFinancialInstruments 2021-12-31 02706161 d:CurrentFinancialInstruments d:WithinOneYear 2022-12-31 02706161 d:CurrentFinancialInstruments d:WithinOneYear 2021-12-31 02706161 d:ShareCapital 2022-12-31 02706161 d:ShareCapital 2021-12-31 02706161 d:OtherMiscellaneousReserve 2022-12-31 02706161 d:OtherMiscellaneousReserve 2021-12-31 02706161 d:RetainedEarningsAccumulatedLosses 2022-12-31 02706161 d:RetainedEarningsAccumulatedLosses 2021-12-31 02706161 d:AcceleratedTaxDepreciationDeferredTax 2022-12-31 02706161 d:AcceleratedTaxDepreciationDeferredTax 2021-12-31 02706161 d:OtherDeferredTax 2022-12-31 02706161 d:OtherDeferredTax 2021-12-31 02706161 c:FRS102 2022-01-01 2022-12-31 02706161 c:Audited 2022-01-01 2022-12-31 02706161 c:FullAccounts 2022-01-01 2022-12-31 02706161 c:PrivateLimitedCompanyLtd 2022-01-01 2022-12-31 02706161 c:SmallCompaniesRegimeForAccounts 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure

Registered number: 02706161










UMS PROPERTY LIMITED










FINANCIAL STATEMENTS

INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 DECEMBER 2022

 
UMS PROPERTY LIMITED
REGISTERED NUMBER: 02706161

STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2022

2022
2021
Note
£
£

Fixed assets
  

Tangible assets
 4 
11,763
5,076

Investment property
 5 
2,637,500
2,375,000

  
2,649,263
2,380,076

Current assets
  

Debtors: amounts falling due within one year
 6 
8,655,735
7,836,922

Cash at bank and in hand
  
138,727
142,017

  
8,794,462
7,978,939

Creditors: amounts falling due within one year
 7 
(10,133,786)
(9,295,556)

Net current liabilities
  
 
 
(1,339,324)
 
 
(1,316,617)

Total assets less current liabilities
  
1,309,939
1,063,459

Provisions for liabilities
  

Deferred tax
 8 
(82,829)
(54,704)

  
 
 
(82,829)
 
 
(54,704)

Net assets
  
1,227,110
1,008,755


Capital and reserves
  

Called up share capital 
  
100
100

Investment property revaluation reserve
  
964,256
729,881

Profit and loss account
  
262,754
278,774

  
1,227,110
1,008,755


Page 1

 
UMS PROPERTY LIMITED
REGISTERED NUMBER: 02706161
    
STATEMENT OF FINANCIAL POSITION (CONTINUED)
AS AT 31 DECEMBER 2022

The financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

The financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime.

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 



Mr S Ghosh
Director
Date: 24 January 2024

The notes on pages 3 to 12 form part of these financial statements.
Page 2

 
UMS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

1.


General information

UMS Property Limited (02706161) is a private company limited by shares and incorporated in England. Its registered office is 14 St Johns Road, Woking, Surrey, GU21 7SE. 

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Section 1A of Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The following principal accounting policies have been applied:

 
2.2

Foreign currency translation

Functional and presentation currency

The Company's functional and presentational currency is GBP.

Transactions and balances

Foreign currency transactions are translated into the functional currency using the spot exchange rates at the dates of the transactions.

At each period end foreign currency monetary items are translated using the closing rate. Non-monetary items measured at historical cost are translated using the exchange rate at the date of the transaction and non-monetary items measured at fair value are measured using the exchange rate when fair value was determined.

Foreign exchange gains and losses resulting from the settlement of transactions and from the translation at period-end exchange rates of monetary assets and liabilities denominated in foreign currencies are recognised in profit or loss except when deferred in other comprehensive income as qualifying cash flow hedges.

Page 3

 
UMS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.3

Revenue

Revenue is recognised to the extent that it is probable that the economic benefits will flow to the Company and the revenue can be reliably measured. Revenue is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. The following criteria must also be met before revenue is recognised:

Rendering of services

Revenue from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied:
the amount of revenue can be measured reliably;
it is probable that the Company will receive the consideration due under the contract;
the stage of completion of the contract at the end of the reporting period can be measured reliably; and
the costs incurred and the costs to complete the contract can be measured reliably.

 
2.4

Operating leases: the Company as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

Benefits received and receivable as an incentive to sign an operating lease are recognised on a straight-line basis over the lease term, unless another systematic basis is representative of the time pattern of the lessee's benefit from the use of the leased asset.

 
2.5

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

Page 4

 
UMS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.6

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.7

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

The Company adds to the carrying amount of an item of fixed assets the cost of replacing part of such an item when that cost is incurred, if the replacement part is expected to provide incremental future benefits to the Company. The carrying amount of the replaced part is derecognised. Repairs and maintenance are charged to profit or loss during the period in which they are incurred.

Page 5

 
UMS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.7
Tangible fixed assets (continued)

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

Motor vehicles
-
25%
straight line
Fixtures and fittings
-
20%
straight line
Computer equipment
-
33%
straight line

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.8

Investment property

IInvestment property is carried at fair value determined annually by the directors.  The basis of the valuation is a professional valuation undertaken in May 2022 taking into consideration movements in the market and property yeilds.  No depreciation is provided. Changes in fair value are recognised in the Statement of comprehensive income.

 
2.9

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.10

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.11

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

Page 6

 
UMS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)

 
2.12

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 profit or loss in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the reporting 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 Statement of financial position.

 
2.13

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

The Company has elected to apply the recognition and measurement provisions of IFRS 9 Financial Instruments (as adopted by the UK Endorsement Board) with the disclosure requirements of Sections 11 and 12 and the other presentation requirements of FRS 102.

Financial instruments are recognised in the Company's Statement of financial position when the Company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in the profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 
Page 7

 
UMS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.13
Financial instruments (continued)


Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in the profit or loss.

Financial liabilities

Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instruments any contract that evidences a residual interest in the assets of the Company after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other payables, bank loans and other loans are initially measured at their transaction price after transaction costs. When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade payables are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade payables are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade payables are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

Other financial instruments

Derivatives, including forward exchange contracts, futures contracts and interest rate swaps, are not classified as basic financial instruments. These are initially recognised at fair value on the date the derivative contract is entered into, with costs being charged to the profit or loss. They are subsequently measured at fair value with changes in the profit or loss.

Debt instruments that do not meet the conditions as set out in FRS 102 paragraph 11.9 are subsequently measured at fair value through the profit or loss. This recognition and measurement would also apply to financial instruments where the performance is evaluated on a fair value basis as with a documented risk management or investment strategy.

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Company transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the
Page 8

 
UMS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

2.Accounting policies (continued)


2.13
Financial instruments (continued)

transfer to another party, then the Company will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Company's contractual obligations expire or are discharged or cancelled.


3.


Employees

The average monthly number of employees, including directors, during the year was 20 (2021 - 19).


4.


Tangible fixed assets





Motor vehicles
Fixtures and fittings
Computer equipment
Total

£
£
£
£



Cost or valuation


At 1 January 2022
112,579
17,964
16,001
146,544


Additions
7,000
-
2,306
9,306


Disposals
(53,000)
(2,402)
-
(55,402)



At 31 December 2022

66,579
15,562
18,307
100,448



Depreciation


At 1 January 2022
112,579
13,695
15,194
141,468


Charge for the year on owned assets
583
1,337
699
2,619


Disposals
(53,000)
(2,402)
-
(55,402)



At 31 December 2022

60,162
12,630
15,893
88,685



Net book value



At 31 December 2022
6,417
2,932
2,414
11,763



At 31 December 2021
-
4,269
807
5,076

Page 9

 
UMS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

5.


Investment property


Freehold investment property

£



Valuation


At 1 January 2022
2,375,000


Additions at cost
262,500



At 31 December 2022
2,637,500

UMS Property Limited provide security of their investment properties for the bank loan of $2,500,000 in Millman Limited.  A fellow subsidiary of Machap Holdings Limited.  This loan was repaid during 2022 and the charge released in February 2023.  

The 2022 valuations were made by the directors, on an open market value for existing use basis.



If the Investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:

2022
2021
£
£


Historic cost
1,813,899
1,813,899

Accumulated depreciation and impairments
(591,459)
(555,181)

1,222,440
1,258,718


6.


Debtors

2022
2021
£
£


Amounts owed by group undertakings
8,621,997
7,813,003

Other debtors
21,671
11,761

Prepayments and accrued income
12,067
12,158

8,655,735
7,836,922


Page 10

 
UMS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

7.


Creditors: Amounts falling due within one year

2022
2021
£
£

Trade creditors
144,147
97,111

Amounts owed to group undertakings
9,630,542
8,828,065

Corporation tax
18
16,869

Other taxation and social security
29,830
47,661

Other creditors
42,597
2,162

Accruals and deferred income
286,652
303,688

10,133,786
9,295,556



8.


Deferred taxation




2022


£






At beginning of year
(54,704)


Charged to profit or loss
(28,125)



At end of year
(82,829)

The provision for deferred taxation is made up as follows:

2022
2021
£
£


Accelerated capital allowances
15,415
15,415

Unrealised gain on investment property
(98,244)
(70,119)

(82,829)
(54,704)


9.


Controlling party

The parent company of the smallest group for which group financial statements are prepared, is Machap Holdings Limited, a company incorporated in England and Wales.
The immediate parent undertaking of UMS Property Limited is SGI Group Limited and Machap Holdings Limited is the parent company, a company incorporated in England and Wales.
Page 11

 
UMS PROPERTY LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2022

10.


Auditor's information

The auditor's report on the financial statements for the year ended 31 December 2022 was unqualified.

The audit report was signed on 24 January 2024 by Mark Dickinson FCA (Senior statutory auditor) on behalf of Shaw Gibbs (Audit) Limited.

Page 12