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Company registration number: 11535574







ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED
31 DECEMBER 2023


UK PROPERTIES MANAGEMENT LIMITED






































img46b7.png                        

 


UK PROPERTIES MANAGEMENT LIMITED
 


 
COMPANY INFORMATION


Directors
W. Hanif 
E. J. Best (appointed 28 March 2024)




Company secretary
I. M. Farr



Registered number
11535574



Registered office
Lynton House
7-12,Tavistock Square

London

WC1H 9LT




Independent auditors
Menzies LLP
Chartered Accountants & Statutory Auditor

Ashcombe House

5 The Crescent

Leatherhead

Surrey

KT22 8DY





 


UK PROPERTIES MANAGEMENT LIMITED
 



CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of income and retained earnings
9
Statement of financial position
10
Notes to the financial statements
11 - 27


 


UK PROPERTIES MANAGEMENT LIMITED
 


 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present the strategic report for the year ended 31 December 2023.

Business review
 
The results for the year and the financial position at the year end are disclosed in the financial statements and are considered satisfactory by the directors based on their experience of the industry and the size of the company. Turnover has increased by 17.0% (Dec 22: increased by 12.2%) mainly due to the increase in pitch fees and plot numbers managed by the company. Profit in the prior year was surpressed by the exceptional item outlined in note 13 and this is not expected to occur in future years. The stock of homes held for the group increased following the Group Park acquisition at the back end of the prior financial year.

Principal risks and uncertainties
 
The management of the business and the execution of the company's strategies are subject to risk, the main risk being the competition in the market place and the strain on our supply chain leading to increased costs of finished goods.
The company's principal financial instruments comprise bank balances, bank overdrafts, trade creditors, trade debtors and balances due from group and associated companies and individuals. The main purpose of the these instruments is to raise funds for the company's operations and to finance the company's current and future trading activities.
Due to the nature of the financial instruments used by the company there is no exposure to price risk. The company's approach to managing other risks applicable to the financial instruments concerned is shown below.
In respect of bank balances the liquidity risk is managed by maintaining a balance between the continuity of funding and flexibility through the use of overdrafts and bank loan.
Trade debtors are managed in respect of credit and cash flow risk by policies concerning the credit offered to customers and the regular monitoring of amounts outstanding for both time and credit limits.
Trade creditors liquidity risk is managed by ensuring funds are available to meet amounts due.
In respect of balances due to and from related parties, the directors are aware of the individual company's finance requirements and had determined that these will only be repaid, in whole or in part, when sufficient funds are available.

Financial key performance indicators
 
The key financial performance indicators used to determine the progress and performance of the company are set out below:
                       
          2023                               2022 
                                               £                                       £ 
 
Turnover                 22,013,841                        18,820,087
 Gross profit                  14,523,999                        12,881,275
 Gross Profit                      66%                                      68% 
   
 Operating profit             6,416,064                          2,450,049 
   
 EBITDA                   8,104,425                          7,177,374
   
 EBITDA percentage          37%                     38%   
                          

Page 1

 


UK PROPERTIES MANAGEMENT LIMITED
 



STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Other key performance indicators
 
The other key performance indicator is in relation to plots utilised on Parks although the directors believe disclosure of this information would be detrimental to the company.
 


This report was approved by the board and signed on its behalf.



E. J. Best
Director
17 September 2024

W. Hanif
Director
17 September 2024


Page 2

 


UK PROPERTIES MANAGEMENT LIMITED
 


 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' report and the financial statements in accordance with applicable law and regulations.
 
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

 In preparing these financial statements, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgements and accounting estimates that are reasonable and prudent;

state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activity of the Company is that of mobile home traders and mobile home park operators on behalf of group companies..

Dividends

The directors do not recommend payment of a final dividend.
No preference dividends were paid.

Director

The director who served during the year was:

A. W. Best (resigned 28 March 2024) 
W. Hanif

Future developments

The company had a successful year and the directors remain confident that the strategy the business continues to deploy in the market place will ensure its future stability through continued growth.

Page 3

 


UK PROPERTIES MANAGEMENT LIMITED
 


 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There were no post balance sheet events.

Auditors

Under section 487(2) of the Companies Act 2006Menzies LLP will be deemed to have been reappointed as auditors 28 days after these financial statements were sent to members or 28 days after the latest date prescribed for filing the accounts with the registrar, whichever is earlier.

This report was approved by the board and signed on its behalf.
 





E. J. Best
Director
W. Hanif
Director
Date: 17 September 2024
Date:17 September 2024

Page 4

 


UK PROPERTIES MANAGEMENT LIMITED
 

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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UK PROPERTIES MANAGEMENT LIMITED

Opinion


We have audited the financial statements of UK Properties Management Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of income and retained earnings, the Statement of financial position and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Other information


The other information comprises the information included in the Annual report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual reportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Page 5

 


UK PROPERTIES MANAGEMENT LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UK PROPERTIES MANAGEMENT LIMITED (CONTINUED)

Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, based on the work undertaken in the course of the audit:


the information given in the Strategic report and the Directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the Strategic report and the Directors' report have been prepared in accordance with applicable legal requirements.


Matters on which we are required to report by exception
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.


In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 


UK PROPERTIES MANAGEMENT LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UK PROPERTIES MANAGEMENT LIMITED (CONTINUED)

Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Obtaining an understanding of the laws and regulations that are applicable to the Company, focusing on those laws and regulations that directly affect the financial statements, such as provisions of the UK Companies Act and tax legislation or that had a fundamental effect on the operations of the Company. We did not identify any laws and regulations which had a fundamental effect on the operations of the Company other than the Mobile Homes Act 1983.
 
We understood how the Company is complying with those legal and regulatory frameworks by making inquiries to management and those responsible for legal and compliance procedures.
 
The engagement partner assessed whether the engagement team collectively had the appropriate competence and capabilities to identify or recognise non-compliance with laws and regulations. The assessment did not identify any issues in this area.
 
We assessed the susceptibility of the Company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
 
°Identifying and assessing the design and effectiveness of controls management has in place to prevent and detect fraud;
°Understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process; and
°Indentifying and testing journal entries, in particular any journal entries posted with unusual account combinations.
 
As a result of the above procedures, we considered the opportunitites and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: 
 
°Posting of unusual journals and complex transactions; and
°Manipulation of the bad debt provision.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.


A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Page 7

 


UK PROPERTIES MANAGEMENT LIMITED


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INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UK PROPERTIES MANAGEMENT LIMITED (CONTINUED)

Use of our report
 

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.





Andrew Hookway FCA (Senior Statutory Auditor)
for and on behalf of
Menzies LLP
Chartered Accountants
Statutory Auditor
Ashcombe House
5 The Crescent
Leatherhead
Surrey
KT22 8DY

18 September 2024
Page 8

 


UK PROPERTIES MANAGEMENT LIMITED
 


 
STATEMENT OF INCOME AND RETAINED EARNINGS
FOR THE YEAR ENDED 31 DECEMBER 2023

As restated
2023
2022
Note
£
£

  

Turnover
 4 
22,013,841
18,820,087

Cost of sales
  
(7,489,863)
(5,938,812)

Gross profit
  
14,523,978
12,881,275

Administrative expenses
  
(9,586,092)
(7,995,460)

Exceptional administrative expenses
 13 
-
(3,040,650)

Other operating income
 5 
1,478,157
604,884

Operating profit
 6 
6,416,043
2,450,049

Interest receivable and similar income
 10 
13,893
12,435

Interest payable and similar expenses
 11 
(2,206,865)
(1,790,547)

Profit before tax
  
4,223,071
671,937

Tax on profit
 12 
(1,413,222)
(890,842)

Profit/(loss) after tax
  
2,809,849
(218,905)

  

  

Retained earnings at the beginning of the year
  
14,201,563
14,420,468

  
14,201,563
14,420,468

Profit/(loss) for the year
  
2,809,849
(218,905)

Retained earnings at the end of the year
  
17,011,412
14,201,563
The notes on pages 11 to 27 form part of these financial statements.

Page 9

 


UK PROPERTIES MANAGEMENT LIMITED
REGISTERED NUMBER:11535574



STATEMENT OF FINANCIAL POSITION
AS AT 31 DECEMBER 2023

2023
2022
Note
£
£

Fixed assets
  

Intangible assets
 14 
8,631,364
10,258,325

Tangible assets
 15 
125,396
121,179

Investments
 16 
748,156
748,156

  
9,504,916
11,127,660

Current assets
  

Stocks
 17 
11,075,080
7,737,804

Debtors: amounts falling due within one year
 18 
107,650,760
98,464,853

Cash at bank and in hand
  
10,298
175,732

  
118,736,138
106,378,389

Creditors: amounts falling due within one year
 19 
(58,042,317)
(50,849,242)

Net current assets
  
 
 
60,693,821
 
 
55,529,147

Total assets less current liabilities
  
70,198,737
66,656,807

Creditors: amounts falling due after more than one year
 20 
(42,389,748)
(41,662,737)

Provisions for liabilities
  

Deferred tax
 22 
(13,585)
(8,515)

  
 
 
(13,585)
 
 
(8,515)

Net assets
  
27,795,404
24,985,555


Capital and reserves
  

Called up share capital 
 23 
10,783,992
10,783,992

Profit and loss account
 24 
17,011,412
14,201,563

  
27,795,404
24,985,555


The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 




E. J. Best
W. Hanif
Director
Director


Date: 17 September 2024
Date:17 September 2024

The notes on pages 11 to 27 form part of these financial statements.

Page 10

 


UK PROPERTIES MANAGEMENT LIMITED
 


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

1.


General information

UK Properties Management Limited is a private company limited by shares, incorporated in England and Wales under the Companies Act 2006. The address of its registered office is disclosed on the company information page.
The principal place of business is Wyldecrest House, 857 London Road, Thurrock, Essex, RM20 3AT.

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 Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The accounts are prepared in GBP and are rounded to the nearest £.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d).

This information is included in the consolidated financial statements of Best Holdings Group Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
2.3

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

 
2.4

Revenue

The Company acts as an agent and collects revenue on behalf of its group companies in the mobile park home industry. Revenue represents amounts receivable from pitch fees, rent received from properties, commission on the sale of mobile homes, and utilities recharged net of VAT. These are recogised on a net basis, reflecting only the commission or fee earned.

 
2.5

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.

 
2.6

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

Page 11

 


UK PROPERTIES MANAGEMENT LIMITED
 


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

2.Accounting policies (continued)

 
2.7

Pensions

Defined contribution pension plan

The Company operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Company pays fixed contributions into a separate entity. Once the contributions have been paid the Company has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Statement of financial position. The assets of the plan are held separately from the Company in independently administered funds.

 
2.8

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. 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 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 income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the reporting date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.

 
2.9

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
2.10

Intangible assets

Goodwill

Goodwill represents the difference between amounts paid on the cost of a business combination and the acquirer’s interest in the fair value of identifiable assets and liabilities of the acquiree at the date of acquisition. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and accumulated impairment losses. Goodwill is amortised on a straight-line basis over its useful economic life of 5-10 years.

Page 12

 


UK PROPERTIES MANAGEMENT LIMITED
 


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

2.Accounting policies (continued)

 
2.11

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight line and reducing balance basis.

Depreciation is provided on the following basis:

Plant and equipment
-
25%
reducing balance
Motor vehicles
-
20%
straight line
Fixtures and fittings
-
25%
reducing balance
Computers
-
25%
reducing balance

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 disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

 
2.13

Stocks

Stocks are stated at the lower of cost and estimated selling prices less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Stock consists of mobile homes and houses taken in part exchange unsold at the year end.


 
2.14

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.

 
2.15

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.

Page 13

 


UK PROPERTIES MANAGEMENT LIMITED
 


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

2.Accounting policies (continued)

 
2.16

Provisions for liabilities

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.
 
Increases in provisions are generally charged as an expense to profit or loss.

 
2.17

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received. However, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost, unless it qualifies as a loan from a director in the case of a small company, or a public benefit entity concessionary loan.
Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of income and retained earnings.

Page 14

 


UK PROPERTIES MANAGEMENT LIMITED
 


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

3.


Judgements in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Key source of estimation uncertainty
Accounting estimates and assumptions are made concerning the future and, by their nature, will rarely equal the related actual income. The key assumptions and other sources of estimation uncertainty that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year are as follows:
Establishing useful economic lives for amortisation of intangible fixed assets
Intangible fixed assets consist of goodwill. The annual amortisation charge depends on the estimated useful economic life of the asset. The directors regularly review the remaining useful life of the asset. Changes in asset useful economic life can have a significant impact on amortisation charge for the period. Detail of the useful economic life is included in accounting policies (see note 2.10).
Provision for doubtful debts
The Company makes an estimate of the recoverable value of the trade and other debtors. The Company uses estimates based on historical experience determining the level of debts, which the company believes will not be collected. These estimates include such factors as the current credit rating of the debtor, the ageing profile of the debtors and historical experience. Any significant reduction in the level of customers that default on payments or other significant improvements that resulted in a reduction in the level of bad debt provision would have a positive impact on the operating results. The level of provision required is reviewed on an ongoing basis.
Valuation of other creditors
Included in other loans are amounts due to Shelfside Holdings Limited, a company connected to the ultimate controlling party, A. W. Best. The amount is due after more than one year and represents a loan that attracts an interest rate of 3.68% and an appropriate discount rate has been applied to estimate the present value of the creditor.


4.


Turnover

An analysis of turnover by class of business is as follows:


As restated
2023
2022
£
£

Pitch fees and related income
18,359,258
16,273,029

Utilities recharges
3,654,583
2,547,058

22,013,841
18,820,087


All turnover arose within the United Kingdom.

Page 15

 


UK PROPERTIES MANAGEMENT LIMITED
 


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

5.


Other operating income

As restated
2023
2022
£
£

Other operating income
969,220
196,262

Insurance claims receivable
64,700
-

Proceeds from legal claims
444,237
408,622

1,478,157
604,884



6.


Operating profit

The operating profit is stated after charging:

2023
2022
£
£

Depreciation of tangible fixed assets
47,549
47,321

Profit on disposal of assets
(8,100)
-

Amortisation of intangible assets
1,626,961
1,626,899

Exceptional items
-
3,040,650


7.


Auditors' remuneration

During the year, the Company obtained the following services from the Company's auditors:


2023
2022
£
£

Fees payable to the Company's auditors for the audit of the Company's financial statements
34,460
23,925

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 16

 


UK PROPERTIES MANAGEMENT LIMITED
 


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

8.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£
£

Wages and salaries
2,927,990
2,835,197

Social security costs
280,852
270,819

Pension costs
49,307
45,293

3,258,149
3,151,309


The average monthly number of employees, including the directors, during the year was as follows:


        2023
    Restated 2022
            No.
            No.







Employees
145
142


9.


Directors' remuneration

2023
2022
£
£

Directors' emoluments
126,200
83,832

126,200
83,832



10.


Interest receivable

2023
2022
£
£


Interest receivable from group companies
12,300
12,300

Other interest receivable
1,593
135

13,893
12,435

Page 17

 


UK PROPERTIES MANAGEMENT LIMITED
 


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

11.


Interest payable and similar expenses

2023
2022
£
£


Bank interest payable
236,897
133,811

Other loan interest payable
1,545,416
1,527,199

Finance leases and hire purchase contracts
138,255
30,670

Interest on tax payments
286,297
98,867

2,206,865
1,790,547


12.


Taxation


2023
2022
£
£

Corporation tax


Current tax on profits for the year
1,332,816
1,115,010

Adjustments in respect of previous periods
75,336
(218,079)


1,408,152
896,931


Total current tax
1,408,152
896,931

Deferred tax


Accelerated capital losses
5,070
(6,089)

Total deferred tax
5,070
(6,089)


Tax on profit
1,413,222
890,842
Page 18

 


UK PROPERTIES MANAGEMENT LIMITED
 


 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
12.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£
£


Profit on ordinary activities before tax
4,223,071
671,937


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.52% (2022 - 19%)
992,422
127,668

Effects of:


Expenses not deductible for tax purposes, other than goodwill amortisation and impairment
5,232
94,799

Amortisation on assets not qualifying for tax allowances
382,330
309,111

Depreciation added back
11,174
8,991

Capital allowances
(18,552)
(3,283)

Adjustments to tax charge in respect of prior periods
75,336
(218,079)

Group relief
(39,790)
-

Exceptional item
-
577,724

Deferred tax
5,070
(6,089)

Total tax charge for the year
1,413,222
890,842


Factors that may affect future tax charges

There are no factors affecting future tax charges.


13.


Exceptional items

2023
2022
£
£


Investment impairment
-
3,040,650

-
3,040,650

Page 19

 


UK PROPERTIES MANAGEMENT LIMITED
 


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

14.


Intangible assets




Goodwill

£



Cost


At 1 January 2023
16,448,237



At 31 December 2023

16,448,237



Amortisation


At 1 January 2023
6,189,912


Charge for the year on owned assets
1,626,961



At 31 December 2023

7,816,873



Net book value



At 31 December 2023
8,631,364



At 31 December 2022
10,258,325



Page 20

 


UK PROPERTIES MANAGEMENT LIMITED
 


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

15.


Tangible fixed assets





Plant and equipment
Motor vehicles
Fixtures and fittings
Computers
Total

£
£
£
£
£



Cost or valuation


At 1 January 2023
143,310
136,377
1,577
16,118
297,382


Additions
47,690
4,896
5,712
3,969
62,267


Disposals
-
(14,001)
-
-
(14,001)



At 31 December 2023

191,000
127,272
7,289
20,087
345,648



Depreciation


At 1 January 2023
85,632
79,505
839
10,227
176,203


Charge for the year on owned assets
19,211
26,053
647
1,638
47,549


Disposals
-
(3,500)
-
-
(3,500)



At 31 December 2023

104,843
102,058
1,486
11,865
220,252



Net book value



At 31 December 2023
86,157
25,214
5,803
8,222
125,396



At 31 December 2022
57,678
56,872
738
5,891
121,179



Page 21

 


UK PROPERTIES MANAGEMENT LIMITED
 


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

16.


Fixed asset investments





Investments in subsidiary companies

£



Cost or valuation


At 1 January 2023
3,788,806



At 31 December 2023

3,788,806



Impairment


At 1 January 2023
3,040,650



At 31 December 2023

3,040,650



Net book value



At 31 December 2023
748,156



At 31 December 2022
748,156

Subsidiary undertakings


The following were subsidiary undertakings of the Company:

Name

Registered office

Class of shares

Holding

Wyldecrest Golf And Leisure Limited
Lynton House, 7 - 12 Tavistock Square, London, UK, WC1H 9LT
Ordinary
100%
Wyldecrest Parks (Management) Limited
Lynton House, 7 - 12 Tavistock Square, London, UK, WC1H 9LT
Ordinary
100%
Wyldecrest Parks (West) Limited
Lynton House, 7 - 12 Tavistock Square, London, UK, WC1H 9LT
Ordinary
100%
Best Park Home Finance Ltd
Lynton House, 7 - 12 Tavistock Square, London, UK, WC1H 9LT
Ordinary
100%
Wilbrook Parks Limited
Lynton House, 7 - 12 Tavistock Square, London, United Kingdom, WC1H 9LT
Ordinary
100%
Wilbrook Management Limited
Lynton House, 7 - 12 Tavistock Square, London, United Kingdom, WC1H 9LT
Ordinary
100%

Page 22

 


UK PROPERTIES MANAGEMENT LIMITED
 


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

17.


Stocks

2023
2022
£
£

Stock of mobile homes
11,075,080
7,737,804

11,075,080
7,737,804



18.


Debtors

2023
2022
£
£


Trade debtors
4,432,507
4,298,288

Amounts owed by group undertakings
72,387,388
63,700,859

Other debtors
30,677,132
30,065,390

Prepayments and accrued income
153,733
400,316

107,650,760
98,464,853



19.


Creditors: Amounts falling due within one year

2023
2022
£
£

Bank overdrafts
  
3,814,753
3,955,602

Other loans
  
806,900
-

Trade creditors
  
10,987,591
7,743,817

Amounts owed to group undertakings
  
267,236
195,016

Corporation tax
  
2,816,231
2,408,792

Other taxation and social security
  
90,413
162,875

Other creditors
  
34,613,176
32,361,866

Accruals and deferred income
  
4,646,017
4,021,274

  
58,042,317
50,849,242



20.


Creditors: Amounts falling due after more than one year

2023
2022
£
£

Other loans
42,389,748
41,662,737

42,389,748
41,662,737


Page 23

 


UK PROPERTIES MANAGEMENT LIMITED
 


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

21.


Loans


2023
2022
£
£

Amounts falling due within one year

Other loans
806,900
-

Bank overdrafts
3,814,753
3,955,602

Amounts falling due 1-2 years

Other loans
751,909
728,738


751,909
728,738

Amounts falling due 2-5 years

Other loans
3,307,252
3,195,832


3,307,252
3,195,832

Amounts falling due after more than 5 years

Other loans
38,330,587
37,738,167

38,330,587
37,738,167

47,011,401
45,618,339


The company has provided a debenture including a fixed charge over all present freehold and leasehold property. A floating charge is also held over all assets and undertakings both present and future dated 29 June 2018. Cross company guarantees are present in respect of bank overdrafts and bank loans owed by the group. 

Page 24

 


UK PROPERTIES MANAGEMENT LIMITED
 


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

22.


Deferred taxation




2023
2022


£

£






At beginning of year
(8,515)
(14,604)


Charged to profit or loss
(5,070)
6,089



At end of year
(13,585)
(8,515)

The provision for deferred taxation is made up as follows:

2023
2022
£
£


Accelerated capital allowances
(13,585)
(8,515)

(13,585)
(8,515)


23.


Share capital

2023
2022
£
£
Allotted, called up and fully paid



2 (2022 - 2) Ordinary Shares  of £1 each
2
2
10,783,990 (2022 - 10,783,990) Redeemable Preference shares of £1 each
10,783,990
10,783,990

10,783,992

10,783,992

The redeemable preference shares do not have the right to attend or vote at general meetings unless the business is in relation to the winding up of the company or repayment of capital.
Every holder of Ordinary Shares shall be entitled to receive notice, attend and vote at any general meeting of the Company. The holder of Preferred Ordinary Shares shall be entitled to receive notice of and attend, but not vote at any general meeting of the Company.
Redeemable preference shares are classified as equity in accordance with FRS 102 section 22 ( liabilities and equity) as they are redeemable at the option of the issuer and do carry a right to a return. The company is not obliged to redeem these shares and merely has the option to do so. No premium is required to be paid on redemption.



24.


Reserves

Profit and loss account

This reserve records retained earnings and accumulated losses.

Page 25

 


UK PROPERTIES MANAGEMENT LIMITED
 


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

25.


Prior year adjustment

During the year ended 31 December 2023, it was identified that other operating income had been incorrectly included as turnover in the financial statements for the financial year ended 31 December 2022. An adjustment has been made to correct the error of £192,262 and to disclose it separately, impacting notes 4 and 5 to these financial statements. There has been no impact to retained earnings, current tax or deferred tax as a result of this.


26.


Contingent liabilities

The company has a composite unlimited multilateral guarantee dated 29 June 2018 given by the following companies: 
Best Holdings (UK) Limited, Shelfside (Holdings) Limited, Wyldecrest Parks (Northern) Ltd, Best Commercial Holdings Ltd, Shelfside Holding (Northern) Ltd, Shelfside Group LLP, UBC Residential Developments Limited, UK Properties Management Limited, Wyldecrest Parks (Management) Ltd, Wyldecrest Golf and Leisure Limited, Best Holdings Group Limited, Shelfside Management Limited, and Shelfside Holdings Group Limited.


27.


Pension commitments

The Company operates a defined contributions pension scheme.The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £61,634 (2022 - £53,618). Contributions totalling £19,914 (2022 - £20,663)  were payable to the fund at the reporting date and are included in creditors.


28.


Commitments under operating leases

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£
£


Not later than 1 year
84,303
-

Later than 1 year and not later than 5 years
80,289
-

164,592
-

Page 26

 


UK PROPERTIES MANAGEMENT LIMITED
 


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

29.


Related party transactions

The company has taken the advantage of the exemptions provided by Section 33 under FRS 102 'Related Party Disclosures' and has not disclosed transactions entered into between two or more members of a group, provided that any subsidiary undertaken which is party to the transaction is wholly owned by a member of that group.
As at the balance sheet date an amount of £27,028,304 (2022: £26,299,247) was due from companies controlled by the ultlmate controlling party. 
As at the balance sheet date an amount of £103,268,830 (2022: £98,619,249) was due to companies controlled by the ultimate controlling party.
As at the balance sheet date an amount of £2,649,865 (2022: £3,069,131) was due from other related parties which are controlled by family members of the ultimate controlling party. 
As at the balance sheet date an amount of £182,706 (2022: £231,903) was due to other related parties which are controlled by family members of the ultimate controlling party.
During the year, the Company charged licence fees of £1,828,773 (2022: £1,950,314) to Shelfside Holdings Limited, a company connected to A. W. Best.
As at the balance sheet date, £2,300,000 (2022: £1,100,000) was due from the ultimate controlling party.


30.


Information about parents and controlling party

The ultimate parent company is Best Holdings Group Limited and the immediate parent is Best Holdings (UK) Limited. The results of the company are included in the Best Holdings Group Limited consolidated financial statements, and this is the largest and smallest group for which group accounts are drawn up. The registered office of Best Holdings Group Limited is Lynton House, 7 - 12 Tavistock Square, London, United Kingdom, WC1H 9LT.
The ultimate controlling party is A. W. Best.

 
Page 27