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UNITED PROPERTY DEVELOPMENTS LTD

Registered Number
10893666
(England and Wales)

Unaudited Financial Statements for the Year ended
30 November 2023

UNITED PROPERTY DEVELOPMENTS LTD
Company Information
for the year from 1 December 2022 to 30 November 2023

Directors

Kavita Kohli
Ricky Kohli

Registered Address

213b Western Way
Ponteland
Newcastle Upon Tyne
NE20 9ND

Registered Number

10893666 (England and Wales)
UNITED PROPERTY DEVELOPMENTS LTD
Statement of Financial Position
30 November 2023

Notes

2023

2022

£

£

£

£

Fixed assets
Tangible assets3593,869461,388
Investments4217,911217,911
811,780679,299
Current assets
Debtors511,79312,600
Cash at bank and on hand1,4064,012
13,19916,612
Creditors amounts falling due within one year6(607,729)(472,981)
Net current assets (liabilities)(594,530)(456,369)
Total assets less current liabilities217,250222,930
Creditors amounts falling due after one year7(215,545)(221,160)
Net assets1,7051,770
Capital and reserves
Called up share capital1,0001,000
Profit and loss account705770
Shareholders' funds1,7051,770
The financial statements were approved and authorised for issue by the Board of Directors on 30 August 2024, and are signed on its behalf by:
Ricky Kohli
Director
Registered Company No. 10893666
UNITED PROPERTY DEVELOPMENTS LTD
Notes to the Financial Statements
for the year ended 30 November 2023

1.Accounting policies
Statutory information
The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.
Basis of preparation
The financial statements have been prepared under the historical cost convention on a going concern basis 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.
Functional and presentation currency
The financial statements are presented in sterling and this is the functional currency of the company.
Turnover policy
The turnover shown in the statement of income and retained earnings represents rents receivable during the period.
Foreign currency translation
Transactions in foreign currencies are initially recognised at the rate of exchange ruling at the date of the transaction. At the end of each reporting period foreign currency monetary items are translated at the closing rate of exchange. Non-monetary items that are measured at historical cost are translated at the rate ruling at the date of the transaction. All differences are charged to the Income Statement
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost or valuation less depreciation. 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 disposal are determined by comparing the proceeds with the carrying amount and are recognised in the Income Statement Depreciation is provided on all tangible fixed assets as follows:

Reducing balance (%)
Office Equipment25
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value where the difference between cost and fair value is material. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the Income Statement.
Investment property
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
2.Average number of employees

20232022
Average number of employees during the year11
3.Tangible fixed assets

Land & buildings

Office Equipment

Total

£££
Cost or valuation
At 01 December 22460,0112,585462,596
Additions132,825-132,825
At 30 November 23592,8362,585595,421
Depreciation and impairment
At 01 December 22-1,2081,208
Charge for year-344344
At 30 November 23-1,5521,552
Net book value
At 30 November 23592,8361,033593,869
At 30 November 22460,0111,377461,388
The properties were reviewed by the directors at 30 November 2023, who consider the carrying value to be a reasonable estimate of fair value at year end.
4.Fixed asset investments
The investment represents the purchase of 50% of the ordinary share capital of Ark Property Developments Ltd, an unquoted company registered in England and Wales.

Investments in groups1

Total

££
Cost or valuation
At 01 December 22217,911217,911
At 30 November 23217,911217,911
Net book value
At 30 November 23217,911217,911
At 30 November 22217,911217,911

Notes

1Investments in group undertakings and participating interests
5.Debtors: amounts due within one year

2023

2022

££
Other debtors4,0582,734
Prepayments and accrued income7,7359,866
Total11,79312,600
Short term debtors include an amount of £4,058 due from the directors (2022: £2,734 due from the directors). This overdrawn director's loan account was repaid in full by 31/08/2024.
6.Creditors: amounts due within one year

2023

2022

££
Trade creditors / trade payables1,0201,305
Bank borrowings and overdrafts16,00716,007
Taxation and social security9572
Other creditors589,249454,315
Accrued liabilities and deferred income1,3581,282
Total607,729472,981
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. Other creditors include loans of £589,249 (2022: £454,315) which are repayable on demand and attract no interest. Bank loans of £229,353 are secured on the land and building assets referred to in note 3, tangible fixed assets. £16,007 of this loan is included in short term creditors.
7.Creditors: amounts due after one year

2023

2022

££
Bank borrowings and overdrafts215,545221,160
Total215,545221,160
Bank loans of £229,353 are secured on the land and building assets referred to in note 3, tangible fixed assets. £215,545 of this loan is included in creditors after one year.