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Registration number: 04903209

Utchanah Property Consultancy Limited

Unaudited Financial Statements

for the Year Ended 31 December 2023

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Utchanah Property Consultancy Limited

Contents

Company Information

1

Statement of Financial Position

2

Notes to the Unaudited Financial Statements

3 to 6

 

Utchanah Property Consultancy Limited

Company Information

Director

M Utchanah

Registered office

2nd Floor
2-4 Court Yard
Eltham
London
SE9 5PZ

Accountants

Brebners
Chartered Accountants
130 Shaftesbury Avenue
London
W1D 5AR

 

Utchanah Property Consultancy Limited

Statement of Financial Position as at 31 December 2023

Note

2023
£

2022
£

Fixed assets

 

Investment property

4

1,057,885

1,057,885

Current assets

 

Debtors

5

240,406

287,799

Cash at bank and in hand

 

161,224

149,222

 

401,630

437,021

Creditors: Amounts falling due within one year

6

(80,902)

(79,867)

Net current assets

 

320,728

357,154

Total assets less current liabilities

 

1,378,613

1,415,039

Creditors: Amounts falling due after more than one year

6

(556,716)

(554,396)

Provisions for liabilities

(23,501)

(24,638)

Net assets

 

798,396

836,005

Capital and reserves

 

Called up share capital

50

50

Retained earnings

798,346

835,955

Shareholders' funds

 

798,396

836,005

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.

Director's 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 director acknowledges his 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 and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime and the option not to file the Statement of Income and Retained Earnings has been taken.

Approved and authorised by the director on 9 October 2024
 

.........................................

M Utchanah

Director

Company registration number: 04903209

 

Utchanah Property Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 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
2-4 Court Yard
Eltham
London
SE9 5PZ

The principal activity of the company is that of real estate consultancy and investment.

2

Accounting policies

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A - 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006.

Basis of preparation

These financial statements have been prepared using the historical cost convention except any items disclosed in the accounting policies as being shown at fair value and are presented in sterling, which is the functional currency of the entity.

Summary of significant accounting policies

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.

Going concern

The company had net assets at 31 December 2023 amounting to £797,260 including cash at bank of £161,224.

On the basis of the above, and after making enquiries, the director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future. Accordingly, the director continues to adopt the going concern basis in preparing the financial statements.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the provision of services in the ordinary course of the company’s activities. Turnover is shown net of value added tax, rebates and discounts.

The company recognises revenue over the period to which the services relate and rental income is recognised evenly over the period of the lease or licence.

Government grants

Government grants are recognised when it is reasonable to expect that the grants will be received and that all related conditions will be met, usually on submission of a valid claim for payment.

Grants of a revenue nature are credited to income so as to match them with the expenditure to which they relate.

Tax

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

 

Utchanah Property Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

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.

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers 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 profit or loss.

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.

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 income statement 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.

Dividends

Dividend distribution to the company’s shareholders is recognised as a liability in the financial statements in the reporting period in which the dividends are declared.

3

Staff numbers

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

 

Utchanah Property Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

4

Investment properties

Fair value

2023
£

At 1 January 2023

1,057,885

At 31 December 2023

1,057,885

The investment property is reflected at fair value at 31 December 2023 as estimated by the director at an amount of £1,057,885 based on his knowledge and experience of the property market.

5

Debtors

2023
£

2022
£

Trade debtors

58,461

58,712

Other debtors

181,945

229,087

240,406

287,799

6

Creditors

Creditors: amounts falling due within one year

2023
£

2022
£

Loans and borrowings

6,592

6,592

Trade creditors

2,386

8,256

Taxation and social security

948

948

Accruals and deferred income

70,975

64,070

Redeemable preference shares

1

1

80,902

79,867

Creditors: amounts falling due after more than one year

Note

2023
£

2022
£

Loans and borrowings

556,716

554,396

Loans and borrowings relate to bank loans which are secured by fixed charges over the investment property shown in note 4.

 

Utchanah Property Consultancy Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 December 2023

7

Obligations under leases and hire purchase contracts

Operating leases

The total of future minimum lease payments is as follows:

2023
£

2022
£

Not later than one year

24,000

24,000

Later than one year and not later than five years

6,000

30,000

30,000

54,000