Registered number
08658858
UK Ground Rent Estates Limited
Filleted Accounts
31 March 2024
UK Ground Rent Estates Limited
Registered number: 08658858
Balance Sheet
as at 31 March 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 2 4
Current assets
Debtors 4 69,281 102,184
Cash at bank and in hand 754 217
70,035 102,401
Creditors: amounts falling due within one year 5 (27,465) (96,106)
Net current assets 42,570 6,295
Net assets 42,572 6,299
Capital and reserves
Called up share capital 1 1
Profit and loss account 42,571 6,298
Shareholder's funds 42,572 6,299
The director is satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006 relating to small companies.
The member has not required the company to obtain an audit in accordance with section 476 of the Act.
The director acknowledges his responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The financial statements have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies.
Ian Baggett Professor, BSc (Hons), PhD, MRICS, FRGS
Director
Approved by the board on 22 October 2024
UK Ground Rent Estates Limited
Notes to the Accounts
for the year ended 31 March 2024
1 Accounting policies
Basis of preparation
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard).
Exemption from preparing consolidated financial statements
The company has taken advantage of the exemption in section 398 of the Companies Act 2006 from the requirement to prepare consolidated financial statements, on the grounds that the company and its subsidiary undertakings comprise a small sized group.
Investments
Investments in subsidiaries are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Debtors
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.
Creditors
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.
Taxation
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. A current tax asset is recognised in respect of a tax loss that can be carried back to recover tax paid in a previous period. Deferred tax is recognised in respect of all timing differences between the recognition of income and expenses in the financial statements and their inclusion in tax assessments. Unrelieved tax losses and other deferred tax assets are recognised only to the extent that 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, except for revalued land and investment property where the tax rate that applies to the sale of the asset is used. Current and deferred tax assets and liabilities are not discounted.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Investments
Investments in
subsidiary
undertakings
£
Cost
At 1 April 2023 4
Disposals (2)
At 31 March 2024 2
4 Debtors 2024 2023
£ £
Amounts owed by group undertakings 69,233 102,136
Deferred tax asset 47 47
Other debtors 1 1
69,281 102,184
5 Creditors: amounts falling due within one year 2024 2023
£ £
Trade creditors 5,500 -
Amounts owed to related parties 21,963 96,102
Other creditors 2 4
27,465 96,106
6 Related party transactions
The company has taken advantage of the exemption under FRS 102 from disclosing transactions with wholly owned members of the group.
7 Controlling party
The ultimate controlling party is I R Baggett by virtue of owning 100% of the share capital of the company.
8 Other information
UK Ground Rent Estates Limited is a private company limited by shares and incorporated in England. Its registered office is:
Nelson House, The Fleming
Burdon Terrace
Jesmond
Newcastle upon Tyne
NE2 3AE
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