Caseware UK (AP4) 2022.0.179 2022.0.179 2023-08-312023-08-312022-09-012falseThe principal activity of the company during the year continued to be that of property dealing, development and property management.2truetrueThe members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false 04152969 2022-09-01 2023-08-31 04152969 2021-09-01 2022-08-31 04152969 2023-08-31 04152969 2022-08-31 04152969 c:Director1 2022-09-01 2023-08-31 04152969 d:CurrentFinancialInstruments 2023-08-31 04152969 d:CurrentFinancialInstruments 2022-08-31 04152969 d:Non-currentFinancialInstruments 2023-08-31 04152969 d:Non-currentFinancialInstruments 2022-08-31 04152969 d:CurrentFinancialInstruments d:WithinOneYear 2023-08-31 04152969 d:CurrentFinancialInstruments d:WithinOneYear 2022-08-31 04152969 d:ShareCapital 2023-08-31 04152969 d:ShareCapital 2022-08-31 04152969 d:RetainedEarningsAccumulatedLosses 2023-08-31 04152969 d:RetainedEarningsAccumulatedLosses 2022-08-31 04152969 c:OrdinaryShareClass1 2022-09-01 2023-08-31 04152969 c:OrdinaryShareClass1 2023-08-31 04152969 c:OrdinaryShareClass1 2022-08-31 04152969 c:FRS102 2022-09-01 2023-08-31 04152969 c:AuditExempt-NoAccountantsReport 2022-09-01 2023-08-31 04152969 c:FullAccounts 2022-09-01 2023-08-31 04152969 c:PrivateLimitedCompanyLtd 2022-09-01 2023-08-31 04152969 d:ImmediateParent 2023-08-31 04152969 d:ImmediateParent 2022-08-31 04152969 2 2022-09-01 2023-08-31 04152969 e:PoundSterling 2022-09-01 2023-08-31 iso4217:GBP xbrli:shares xbrli:pure
Registered number: 04152969









UNIVERSAL CONSOLIDATED INVESTMENTS LIMITED

UNAUDITED

FINANCIAL STATEMENTS
INFORMATION FOR FILING WITH THE REGISTRAR

FOR THE YEAR ENDED 31 AUGUST 2023

 
UNIVERSAL CONSOLIDATED INVESTMENTS LIMITED
REGISTERED NUMBER: 04152969

BALANCE SHEET
AS AT 31 AUGUST 2023

2023
2022
Note
£
£

  

Current assets
  

Stocks
 4 
4,328,123
4,175,844

Debtors: amounts falling due after more than one year
 5 
11,425
18,089

Debtors: amounts falling due within one year
 5 
960,537
661,473

Cash at bank and in hand
  
111,147
13,276

  
5,411,232
4,868,682

Creditors: amounts falling due within one year
 6 
(322,490)
(232,985)

Net current assets
  
 
 
5,088,742
 
 
4,635,697

Net assets
  
5,088,742
4,635,697


Capital and reserves
  

Called up share capital 
 7 
100
100

Profit and loss account
  
5,088,642
4,635,597

  
5,088,742
4,635,697


The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 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 income and retained earnings 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: 



P J M Williams
Director
Date: 27 March 2024

The notes on pages 2 to 6 form part of these financial statements.

Page 1

 
UNIVERSAL CONSOLIDATED INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

1.


General information

Universal Consolidated Investments Limited is a private company, limited by shares, and is incorporated in England and Wales. The address of its registered office is 26-28 Neal Street, London, WC2H 9QQ.
The financial statements are presented in sterling which is the functional currency of the company. 

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 FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 following principal accounting policies have been applied:

 
2.2

Revenue

Turnover represents proceeds from property sales, and rental income on a receivable basis, and is stated net of value added tax where appropriate.
Rental income is accrued on a time apportioned basis over the term of the lease.

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

 
2.4

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
2.5

Taxation

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

 
2.6

Stocks

Stock, which comprises properties in hand held for resale, is valued at the lower of cost and estimated selling price less future costs expected to be incurred on disposal. Interest and loan arrangement fees payable on loans to acquire properties for resale is written off as incurred.

Purchases and sales of properties are recognised when legally binding contracts which are irrevocable and effectively unconditional are exchanged and, in the case of disposals, where completion has taken place prior to the date on which the financial statements are approved.

Page 2

 
UNIVERSAL CONSOLIDATED INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)

 
2.7

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.

 
2.8

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.

 
2.9

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.

 
2.10

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.

Financial instruments are recognised in the Company's Balance Sheet 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.

Impairment of financial assets

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

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.

Page 3

 
UNIVERSAL CONSOLIDATED INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

2.Accounting policies (continued)


2.10
Financial instruments (continued)

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.

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 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 2 (2022 - 2).


4.


Stocks

2023
2022
£
£

Work in progress (development property)
4,328,123
4,175,844



5.


Debtors

2023
2022
£
£

Due after more than one year
Page 4

 
UNIVERSAL CONSOLIDATED INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

5.Debtors (continued)


Prepayments and accrued income
11,425
18,089


2023
2022
£
£

Due within one year

Trade debtors
11,833
19,897

Amounts owed by group undertakings
916,155
625,151

Other debtors
25,885
5,000

Prepayments and accrued income
6,664
11,425

960,537
661,473



6.


Creditors: Amounts falling due within one year

2023
2022
£
£

Trade creditors
33,943
26,478

Corporation tax
124,193
44,400

Other taxation and social security
26,171
32,102

Other creditors
81,600
53,963

Accruals and deferred income
56,583
76,042

322,490
232,985



7.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



100 (2022 - 100) Ordinary shares of £1.00 each
100
100



8.


Contingent liabilities

The company's parent undertaking, Universal Consolidated Group Limited, has entered into a bank loan of £21,000,000 (2022 - £16,500,000) for which the company has provided a cross guarantee alongside it's fellow subsidiary Penney Limited.
The above bank loan is secured by a first legal charge over specific properties of the charged companies.

Page 5

 
UNIVERSAL CONSOLIDATED INVESTMENTS LIMITED
 

 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 AUGUST 2023

9.


Related party transactions

As at 31 August 2023 the company was owed £916,155 (2022 - £625,151) by Universal Consolidated Group Limited, the company's parent undertaking, which is interest free and repayable on demand


10.


Controlling party

The immediate parent company is Universal Consolidated Group Limited, a company registered in England and Wales.
The ultimate parent company is Universal Consolidated Group Holdings Limited, a company registered in England and Wales. The address of its registered office is 26 - 28 Neal Street, London, WC2H 9QQ.


Page 6