Silverfin false false 31/12/2023 01/01/2023 31/12/2023 Mr C M Askew 16/07/2010 Mr N A Childs 16/07/2010 Mr M E Dodsworth 01/07/2011 Mr P J Grear 16/07/2010 Mr J S Waldron 16/07/2010 11 March 2024 The principal activity of the Company during the financial year was the letting of property. 07317371 2023-12-31 07317371 bus:Director1 2023-12-31 07317371 bus:Director2 2023-12-31 07317371 bus:Director3 2023-12-31 07317371 bus:Director4 2023-12-31 07317371 bus:Director5 2023-12-31 07317371 2022-12-31 07317371 core:CurrentFinancialInstruments 2023-12-31 07317371 core:CurrentFinancialInstruments 2022-12-31 07317371 core:Non-currentFinancialInstruments 2023-12-31 07317371 core:Non-currentFinancialInstruments 2022-12-31 07317371 core:ShareCapital 2023-12-31 07317371 core:ShareCapital 2022-12-31 07317371 core:CapitalRedemptionReserve 2023-12-31 07317371 core:CapitalRedemptionReserve 2022-12-31 07317371 core:RetainedEarningsAccumulatedLosses 2023-12-31 07317371 core:RetainedEarningsAccumulatedLosses 2022-12-31 07317371 core:CurrentFinancialInstruments core:Secured 2023-12-31 07317371 core:Non-currentFinancialInstruments core:Secured 2023-12-31 07317371 core:MoreThanFiveYears 2023-12-31 07317371 core:MoreThanFiveYears 2022-12-31 07317371 bus:OrdinaryShareClass1 2023-12-31 07317371 2023-01-01 2023-12-31 07317371 bus:FilletedAccounts 2023-01-01 2023-12-31 07317371 bus:SmallEntities 2023-01-01 2023-12-31 07317371 bus:AuditExemptWithAccountantsReport 2023-01-01 2023-12-31 07317371 bus:PrivateLimitedCompanyLtd 2023-01-01 2023-12-31 07317371 bus:Director1 2023-01-01 2023-12-31 07317371 bus:Director2 2023-01-01 2023-12-31 07317371 bus:Director3 2023-01-01 2023-12-31 07317371 bus:Director4 2023-01-01 2023-12-31 07317371 bus:Director5 2023-01-01 2023-12-31 07317371 2022-01-01 2022-12-31 07317371 core:CurrentFinancialInstruments 2023-01-01 2023-12-31 07317371 core:Non-currentFinancialInstruments 2023-01-01 2023-12-31 07317371 bus:OrdinaryShareClass1 2023-01-01 2023-12-31 07317371 bus:OrdinaryShareClass1 2022-01-01 2022-12-31 iso4217:GBP xbrli:pure xbrli:shares

Company No: 07317371 (England and Wales)

UDS PROPERTIES TWO LTD

Unaudited Financial Statements
For the financial year ended 31 December 2023
Pages for filing with the registrar

UDS PROPERTIES TWO LTD

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

UDS PROPERTIES TWO LTD

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
UDS PROPERTIES TWO LTD

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 2023 2022
£ £
Fixed assets
Investment property 3 600,000 600,000
600,000 600,000
Current assets
Debtors 4 2,399 4,738
Cash at bank and in hand 10,216 2,941
12,615 7,679
Creditors: amounts falling due within one year 5 ( 53,366) ( 53,328)
Net current liabilities (40,751) (45,649)
Total assets less current liabilities 559,249 554,351
Creditors: amounts falling due after more than one year 6 ( 164,935) ( 191,785)
Provision for liabilities ( 7,432) ( 7,432)
Net assets 386,882 355,134
Capital and reserves
Called-up share capital 7 92 92
Capital redemption reserve 8 8
Profit and loss account 386,782 355,034
Total shareholders' funds 386,882 355,134

For the financial year ending 31 December 2023 the Company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The financial statements of UDS Properties Two Ltd (registered number: 07317371) were approved and authorised for issue by the Director on 11 March 2024. They were signed on its behalf by:

Mr C M Askew
Director
UDS PROPERTIES TWO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
UDS PROPERTIES TWO LTD

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
1. Accounting policies

The principal accounting policies are summarised below. They have all been applied consistently throughout the financial year and to the preceding financial year, unless otherwise stated.

General information and basis of accounting

UDS Properties Two Ltd (the Company) is a private company, limited by shares, incorporated in the United Kingdom under the Companies Act 2006 and is registered in England and Wales. The address of the Company's registered office is 14 Backfields Lane, Bristol, BS2 8QW, United Kingdom.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain items at fair value, and in accordance with Section 1A of Financial Reporting Standard 102 (FRS 102) ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland’ issued by the Financial Reporting Council and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime.

The financial statements are presented in pounds sterling which is the functional currency of the Company and rounded to the nearest £.

Going concern

The directors have assessed the Statement of Financial Position and likely future cash flows at the date of approving these financial statements. The directors have a reasonable expectation that the Company has adequate resources to continue in operational existence and to meet its financial obligations as they fall due for at least 12 months from the date of signing these financial statements. Accordingly, they continue to adopt the going concern basis in preparing the financial statements.

Turnover

Rental income from investment property leased out under operating leases is recognised in the statement of income and retained earnings on a straight-line basis over the term of the lease.

Taxation

Current tax
Current tax is provided at amounts expected to be paid (or recoverable) using the tax rates and laws that have been enacted or substantively enacted at the Statement of Financial Position date.

Deferred tax
Deferred tax arises as a result of including items of income and expenditure in taxation computations in periods different from those in which they are included in the Company's financial statements. Deferred tax is provided in full on timing differences which result in an obligation to pay more or less tax at a future date, at the average tax rates that are expected to apply when the timing differences reverse, based on current tax rates and laws. Deferred tax assets and liabilities are not discounted.

The carrying amount of deferred tax assets are reviewed at each reporting date and a valuation allowance is set up against deferred tax assets so that the net carrying amount equals the highest amount that is more likely than not to be recovered based on current or future taxable profit.

Investment property

Investment property is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at each reporting date with changes in fair value recognised in profit or loss. Deferred taxation is provided on these gains at the rate expected to apply when the property is sold.

The fair value is determined annually by the directors, on an open market value for existing use basis.

Trade and other debtors

Trade and other debtors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest method less impairment losses for bad and doubtful debts, except where the effect of discounting would be immaterial. In such cases the receivables are stated at cost less impairment losses for bad and doubtful debts.

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 creditors: amounts falling due within one year.

Trade and other creditors

Trade and other creditors are initially recognised at fair value and thereafter stated at amortised cost using the effective interest rate method, unless the effect of discounting would be immaterial, in which case they are stated at cost.

Financial instruments

Financial assets and financial liabilities are recognised when the Company becomes a party to the contractual provisions of the instrument.

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

Financial assets and liabilities are only offset in the Balance Sheet when, and only when there exists a legally enforceable right to set off the recognised amounts and the Company intends either to settle on a net basis, or to realise the asset and settle the liability simultaneously.

Provisions

Provisions are recognised when the Company has a present obligation (legal or constructive) as a result of a past event, it is probable that the Company will be required to settle that obligation and a reliable estimate can be made of the amount of the obligation.

The amount recognised as a provision is the best estimate of the consideration required to settle the present obligation at the Statement of Financial Position date, taking into account the risks and uncertainties surrounding the obligation. Where a provision is measured using the cash flows estimated to settle the present obligation, its carrying amount is the present value of those cash flows (when the effect of the time value of money is material).

When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognised as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably.

2. Employees

2023 2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 5 5

3. Investment property

Investment property
£
Valuation
As at 01 January 2023 600,000
As at 31 December 2023 600,000

Valuation

The 2023 valuations were made by a director who is internal to the company, on an open market value for existing use basis.

Historic cost

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

2023 2022
£ £
Historic cost 511,288 511,288

4. Debtors

2023 2022
£ £
Trade debtors 2,170 2,774
Prepayments 229 1,964
2,399 4,738

5. Creditors: amounts falling due within one year

2023 2022
£ £
Bank loans (secured £ 15,560) 17,960 17,960
Amounts owed to directors 18,400 18,400
Accruals 1,935 2,114
Corporation tax 7,447 7,658
Other taxation and social security 2,745 2,685
Other creditors 4,879 4,511
53,366 53,328

Bank loans of £15,560 (2022: £15,290) due within one year have been secured by way of a debenture and mortgage deed.

6. Creditors: amounts falling due after more than one year

2023 2022
£ £
Bank loans (secured £ 48,425) 52,825 70,475
Amounts owed to directors 112,110 121,310
164,935 191,785

Bank loans of £48,425 (2022: £63,875) due after more than one year have been secured by way of a debenture and mortgage deed.

Amounts repayable after more than 5 years are included in creditors falling due over one year:

2023 2022
£ £
Bank loans (secured / repayable by instalments) 0 1,635

7. Called-up share capital

2023 2022
£ £
Allotted, called-up and fully-paid
92 Ordinary shares of £ 1.00 each 92 92

8. Related party transactions

At 31 December 2022 the directors were owed amounts of £18,400 (2022: £18,400) that is due within one year and £112,110 (2022: £121,310) due after more than one year.

9. Reserves

The profit and loss reserve includes both distributable and non-distributable reserves. Non-distributable reserves represents cumulative gains and losses on the revaluation of investment property, net of deferred tax. At the balance sheet date non-distributable reserves totalled £81,280 (2022: £81,280).