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Registered number: 10533420
Union Habitat Limited
Unaudited Financial Statements
For The Year Ended 31 December 2023
Contents
Page
Balance Sheet 1—2
Statement of Changes in Equity 3
Notes to the Financial Statements 4—6
Page 1
Balance Sheet
Registered number: 10533420
2023 2022
Notes £ £ £ £
FIXED ASSETS
Investment Properties 4 140,000 300,000
140,000 300,000
CURRENT ASSETS
Debtors 5 4,380 70
Cash at bank and in hand 35,146 330
39,526 400
Creditors: Amounts Falling Due Within One Year 6 (3,521 ) (8,283 )
NET CURRENT ASSETS (LIABILITIES) 36,005 (7,883 )
TOTAL ASSETS LESS CURRENT LIABILITIES 176,005 292,117
Creditors: Amounts Falling Due After More Than One Year 7 (181,462 ) (263,161 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (2,890 ) (10,866 )
NET (LIABILITIES)/ASSETS (8,347 ) 18,090
CAPITAL AND RESERVES
Called up share capital 8 1 1
Revaluation reserve 10 76,688 86,688
Profit and Loss Account (85,036 ) (68,599 )
SHAREHOLDERS' FUNDS (8,347) 18,090
Page 1
Page 2
For the 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.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime.
The company has taken advantage of section 444(1) of the Companies Act 2006 and opted not to deliver to the registrar a copy of the company's Profit and Loss Account.
On behalf of the board
Mr S J Morton
Director
Mrs J Whiley-Morton
Director
23 September 2024
The notes on pages 4 to 6 form part of these financial statements.
Page 2
Page 3
Statement of Changes in Equity
Share Capital Revaluation reserve Profit and Loss Account Total
£ £ £ £
As at 1 January 2022 1 86,688 (62,299 ) 24,390
Loss for the year and total comprehensive income - - (6,300 ) (6,300)
As at 31 December 2022 and 1 January 2023 1 86,688 (68,599 ) 18,090
Loss for year - - (16,437) (16,437 )
Deficit on revaluation - (10,000) - (10,000)
Other comprehensive income for the year - (10,000 ) - (10,000 )
Total comprehensive income for the year - (10,000) (16,437 ) (26,437)
As at 31 December 2023 1 76,688 (85,036 ) (8,347)
Page 3
Page 4
Notes to the Financial Statements
1. General Information
Union Habitat Limited is a private company, limited by shares, incorporated in England & Wales, registered number 10533420 . The registered office is Ground Floor Unit 15 Somerville Court, Trinity Way, Banbury Business Park, Adderbury, Oxon, OX17 3SN.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements are prepared under the historical cost convention and in accordance with the FRS 102 Section 1A Small Entities - The Financial Reporting Standard applicable in the UK and Republic of Ireland and the Companies Act 2006.
2.2. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the sale of goods and from the rendering of services. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
Rendering of services
Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs. Turnover is only recognised to the extent of recoverable expenses when the outcome of a contract cannot be estimated reliably.
2.3. Investment Properties
All investment properties are carried at fair value determined annually and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided for. Changes in fair value are recognised in the profit and loss account.
2.4. Taxation
Income tax expense represents the sum of the tax currently payable and deferred tax.
The tax currently payable is based on taxable profit for the year. Taxable profit differs from profit as reported in the statement of comprehensive income because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised on timing differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit. Deferred tax liabilities are generally recognised for all taxable timing differences. Deferred tax assets are generally recognised for all deductible temporary differences to the extent that it is probable that taxable profits will be available against which those deductible timing differences can be utilised. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realised, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are presented within provisions for liabilities and deferred tax assets within debtors. The measurement of deferred tax liabilities and assets reflect the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities.
Current or deferred tax for the year is recognised in profit or loss, except when they related to items that are recognised in other comprehensive income or directly in equity, in which case, the current and deferred tax is also recognised in other comprehensive income or directly in equity respectively.
3. Average Number of Employees
Average number of employees, including directors, during the year was as follows: 2 (2022: 2)
2 2
Page 4
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4. Investment Property
2023
£
Fair Value
As at 1 January 2023 300,000
Disposals (150,000 )
Revaluations (10,000)
As at 31 December 2023 140,000
The fair value of the investment property has been arrived at on the basis of a valuation carried out at 31
December 2023 by the company directors. The valuation was made on an open market value basis by
reference to market evidence of transaction prices for similar properties.
5. Debtors
2023 2022
£ £
Due within one year
Other debtors 4,380 70
6. Creditors: Amounts Falling Due Within One Year
2023 2022
£ £
Amounts owed to participating interests 1,440 1,440
Other creditors 2,081 6,843
3,521 8,283
7. Creditors: Amounts Falling Due After More Than One Year
2023 2022
£ £
Bank loans - 95,725
Amounts owed to participating interests 181,462 167,436
181,462 263,161
Paragon Bank PLC has a fixed and floating charge over the undertakings and all property and assets of the
company.
8. Share Capital
2023 2022
£ £
Allotted, Called up and fully paid 1 1
9. Directors Advances, Credits and Guarantees
Included within Debtors are the following loans to directors:
As at 1 January 2023 Amounts advanced Amounts repaid Amounts written off As at 31 December 2023
£ £ £ £ £
Mr Stephen Morton - 4,380 - - 4,380
The above loan is unsecured, interest free and repayable on demand.
Page 5
Page 6
10. Reserves
Revaluation Reserve
£
As at 1 January 2023 86,688
Deficit on revaluation (10,000)
As at 31 December 2023 76,688
Page 6