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Registration number: 12292937

UK Propco Limited

Unaudited Filleted Financial Statements

for the Year Ended 30 November 2023

 

UK Propco Limited

Contents

Company Information

1

Balance Sheet

2

Notes to the Unaudited Financial Statements

3 to 7

 

UK Propco Limited

Company Information

Directors

Simon Wanderer

Michael Benjamin Lopian

Registered office

2nd Floor, Rico House
George Street
Prestwich
Manchester
M25 9WS

Accountants

Gordon Levy Limited
Chartered Accountants
Suite 5, 4th Floor
3 Universal Square
Devonshire Street North
Manchester, M12 6JH

 

UK Propco Limited

(Registration number: 12292937)
Balance Sheet as at 30 November 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

415,000

415,000

Current assets

 

Debtors

5

359

690

Cash at bank and in hand

 

10,878

10,035

 

11,237

10,725

Creditors: Amounts falling due within one year

6

(257,708)

(257,992)

Net current liabilities

 

(246,471)

(247,267)

Total assets less current liabilities

 

168,529

167,733

Creditors: Amounts falling due after more than one year

6

(15,000)

(25,000)

Provisions for liabilities

(23,366)

(23,366)

Net assets

 

130,163

119,367

Capital and reserves

 

Called up share capital

7

12

12

Retained earnings

130,151

119,355

Shareholders' funds

 

130,163

119,367

For the financial year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the directors have not delivered to the registrar a copy of the Profit and Loss Account.

Approved and authorised by the Board on 29 August 2024 and signed on its behalf by:
 

.........................................
Simon Wanderer
Director

 

UK Propco Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
2nd Floor, Rico House
George Street
Prestwich
Manchester
M25 9WS

These financial statements were authorised for issue by the Board on 29 August 2024.

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable as rental income from the investment property, held in the ordinary course of the company’s activities.

The company recognises revenue when:
The amount of revenue can be reliably measured;
and it is probable that future economic benefits will flow to the entity.

Tax

The tax expense for the period comprises current tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.

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 taxable income.

 

UK Propco Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.

Unrelieved tax losses and other deferred tax assets are recognised when it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and that are expected to apply to the reversal of the timing difference.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by the director of the company, Simon Alexander Wanderer. Mr Wanderer is a qualified chartered surveyor and the Royal Institution of Chartered Surveyors registered valuer. Where an independent valuer is used, that information is disclosed in the relevant note. The director use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in income statement.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

 

UK Propco Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

3

Staff numbers

The average number of persons employed by the company (including directors) during the year, was 0 (2022 - 0).

4

Investment properties

2023
£

At 1 December

415,000

At 30 November

415,000

The fair value of investment property is determined as per the company's accounting policy detailed in note 2 above. The directors consider the presented value to reflect the fair value as at the current balance sheet date.

There has been no valuation of investment property by an independent valuer.

5

Debtors

2023
£

2022
£

Prepayments

347

678

Other debtors

12

12

359

690

6

Creditors

Creditors: amounts falling due within one year

Note

2023
£

2022
£

Due within one year

 

Loans and borrowings

8

10,000

10,000

Trade creditors

 

1,156

1,156

Taxation and social security

 

4,153

3,720

Accruals and deferred income

 

2,455

3,172

Other creditors

 

239,944

239,944

 

257,708

257,992

 

UK Propco Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Due after one year

 

Loans and borrowings

8

15,000

25,000

7

Share capital

Allotted, called up and fully paid shares

2023

2022

No.

£

No.

£

Ordinary of £1 each

12

12

12

12

       

8

Loans and borrowings

Non-current loans and borrowings

2023
£

2022
£

Other borrowings

15,000

25,000

Current loans and borrowings

2023
£

2022
£

Other borrowings

10,000

10,000

 

UK Propco Limited

Notes to the Unaudited Financial Statements for the Year Ended 30 November 2023

9

Related party transactions

Summary of transactions with other related parties

Commercial Property Investments Limited, Southwell Management Ltd and the reporting entity are companies under common control. Loans from other related parties summarised below, comprises amounts owed to the above mentioned companies.
 

Loans from related parties

2023

Other related parties
£

Total
£

At start of period

239,944

239,944

At end of period

239,944

239,944

2022

Other related parties
£

Total
£

At start of period

239,944

239,944

At end of period

239,944

239,944

Terms of loans from related parties

The loans from the related parties are unsecured, interest free and repayable on demand.