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Company No: 10283659 (England and Wales)

UCMG HOLDINGS LIMITED

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

UCMG HOLDINGS LIMITED

Unaudited Financial Statements

For the financial year ended 31 December 2023

Contents

UCMG HOLDINGS LIMITED

STATEMENT OF FINANCIAL POSITION

As at 31 December 2023
UCMG HOLDINGS LIMITED

STATEMENT OF FINANCIAL POSITION (continued)

As at 31 December 2023
Note 31.12.2023 31.12.2022
£ £
Fixed assets
Investment property 3 2,686,193 1,193,303
Investments 4 0 18,081
2,686,193 1,211,384
Current assets
Debtors 5 117,112 1,007,524
Cash at bank and in hand 37,125 128,030
154,237 1,135,554
Creditors: amounts falling due within one year 6 ( 827,481) ( 316,238)
Net current (liabilities)/assets (673,244) 819,316
Total assets less current liabilities 2,012,949 2,030,700
Provision for liabilities 0 ( 2,619)
Net assets 2,012,949 2,028,081
Capital and reserves
Called-up share capital 7 1,025 1,025
Profit and loss account 2,011,924 2,027,056
Total shareholder's funds 2,012,949 2,028,081

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 UCMG Holdings Limited (registered number: 10283659) were approved and authorised for issue by the Board of Directors on 12 August 2024. They were signed on its behalf by:

Julie Griffiths
Director
UCMG HOLDINGS LIMITED

NOTES TO THE FINANCIAL STATEMENTS

For the financial year ended 31 December 2023
UCMG HOLDINGS LIMITED

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 period, unless otherwise stated.

General information and basis of accounting

UCMG Holdings Limited (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 Suite 120 Watermoor Point Watermoor Road, Cirencester, GL7 1LF, England, 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.

Reporting period length

The prior year accounts were changed to a 9 month reporting period ending 31 December 2022 to bring it in line with companies under common control. As a result of this, the current period figures are not entirely comparable to prior period figures.

Turnover

Turnover is recognised at the fair value of the consideration received or receivable for goods and services provided in the normal course of business, and is shown net of VAT and other sales related taxes. The fair value of consideration takes into account trade discounts, settlement discounts and volume rebates.

Turnover is recognised when the significant risks and rewards are considered to have been transferred to the customer.

Interest income

Interest income is recognised when it is probable that the economic benefits will flow to the Company and the amount of revenue can be measured reliably. Interest income is accrued on a time basis, by reference to the principal outstanding at the effective interest rate applicable, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset's net carrying amount on initial recognition.

Finance costs

Finance costs are charged to the Statement of Income and Retained Earnings over the term of the debt using the effective interest method so 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.

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.

Impairment of assets

Assets, other than those measured at fair value, are assessed for indicators of impairment at each Statement of Financial Position date. If there is objective evidence of impairment, an impairment loss is recognised in the Statement of Income and Retained Earnings as described below.

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.

Ordinary share capital

The ordinary share capital of the Company is presented as equity.

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

2. Employees

Year ended
31.12.2023
Period from
01.04.2022 to
31.12.2022
Number Number
Monthly average number of persons employed by the Company during the year, including directors 3 3

3. Investment property

Investment property
£
Valuation
As at 01 January 2023 1,193,303
Additions 1,694,660
Disposals (201,770)
As at 31 December 2023 2,686,193

Valuation

The 2023 valuations were made by the directors, on an open market value for existing use basis.

Historic cost

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

31.12.2023 31.12.2022
£ £
Historic cost 2,656,193 1,163,303

4. Fixed asset investments

Other investments Total
£ £
Cost or valuation before impairment
At 01 January 2023 18,081 18,081
Disposals ( 18,081) ( 18,081)
At 31 December 2023 0 0
Carrying value at 31 December 2023 0 0
Carrying value at 31 December 2022 18,081 18,081

5. Debtors

31.12.2023 31.12.2022
£ £
Trade debtors 42,599 0
Amounts owed by Group undertakings 2,533 0
Amounts owed by directors 0 951,057
Prepayments 9,364 765
Other debtors 62,616 55,702
117,112 1,007,524

6. Creditors: amounts falling due within one year

31.12.2023 31.12.2022
£ £
Bank loans 0 244,715
Trade creditors 5,885 870
Amounts owed to associates 471 343
Amounts owed to directors 746,406 0
Accruals and deferred income 55,155 5,151
Taxation and social security 19,564 65,159
827,481 316,238

Banks loans are secured against the assets to which they relate.

7. Called-up share capital

31.12.2023 31.12.2022
£ £
Allotted, called-up and fully-paid
1,025 Ordinary shares of £ 1.00 each 1,025 1,025

Included in the profit and loss account is non-distributable reserves of £30,000 (Prior period: £27,381) representing the cumulative fair value movements of the Investment property, net of deferred tax. The remaining amount is distributable.

8. Related party transactions

Transactions with the entity's directors

31.12.2023 31.12.2022
£ £
Amounts owed (to)/from the directors (746,406) 951,057

Interest has been charged at 2% when overdrawn and there are no set repayment terms.