2 false false false false false false false false false false true false false false false false false No description of principal activity 2023-02-01 Sage Accounts Production Advanced 2023 - FRS102_2023 xbrli:pure xbrli:shares iso4217:GBP 09953808 2023-02-01 2024-01-31 09953808 2024-01-31 09953808 2023-01-31 09953808 2022-02-01 2023-01-31 09953808 2023-01-31 09953808 2022-01-31 09953808 core:MotorVehicles 2023-02-01 2024-01-31 09953808 bus:Director1 2023-02-01 2024-01-31 09953808 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 09953808 core:MotorVehicles 2023-01-31 09953808 core:LandBuildings core:OwnedOrFreeholdAssets 2024-01-31 09953808 core:MotorVehicles 2024-01-31 09953808 core:LandBuildings core:OwnedOrFreeholdAssets 2023-02-01 2024-01-31 09953808 core:WithinOneYear 2024-01-31 09953808 core:WithinOneYear 2023-01-31 09953808 core:AfterOneYear 2024-01-31 09953808 core:AfterOneYear 2023-01-31 09953808 core:ShareCapital 2024-01-31 09953808 core:ShareCapital 2023-01-31 09953808 core:RetainedEarningsAccumulatedLosses 2024-01-31 09953808 core:RetainedEarningsAccumulatedLosses 2023-01-31 09953808 core:LandBuildings core:OwnedOrFreeholdAssets 2023-01-31 09953808 core:MotorVehicles 2023-01-31 09953808 bus:Director1 2023-01-31 09953808 bus:Director1 2024-01-31 09953808 bus:Director1 2022-01-31 09953808 bus:Director1 2023-01-31 09953808 bus:Director1 2022-02-01 2023-01-31 09953808 bus:SmallEntities 2023-02-01 2024-01-31 09953808 bus:AuditExemptWithAccountantsReport 2023-02-01 2024-01-31 09953808 bus:SmallCompaniesRegimeForAccounts 2023-02-01 2024-01-31 09953808 bus:PrivateLimitedCompanyLtd 2023-02-01 2024-01-31 09953808 bus:FullAccounts 2023-02-01 2024-01-31
COMPANY REGISTRATION NUMBER: 09953808
UKC Investment Limited
Filleted Unaudited Financial Statements
31 January 2024
UKC Investment Limited
Statement of Financial Position
31 January 2024
2024
2023
Note
£
£
Fixed assets
Investment property
5
3,764,717
3,462,935
Current assets
Debtors
6
2,489,142
2,475,982
Cash at bank and in hand
45,239
24,018
------------
------------
2,534,381
2,500,000
Creditors: amounts falling due within one year
7
2,212,741
2,224,356
------------
------------
Net current assets
321,640
275,644
------------
------------
Total assets less current liabilities
4,086,357
3,738,579
Creditors: amounts falling due after more than one year
8
2,597,339
2,344,895
Provisions
188,404
188,404
------------
------------
Net assets
1,300,614
1,205,280
------------
------------
Capital and reserves
Called up share capital
1
1
Profit and loss account
1,300,613
1,205,279
------------
------------
Shareholders funds
1,300,614
1,205,280
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 31 January 2024 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 financial statements for the year in question in accordance with section 476 ;
- The director acknowledges his responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
UKC Investment Limited
Statement of Financial Position (continued)
31 January 2024
These financial statements were approved by the board of directors and authorised for issue on 16 October 2024 , and are signed on behalf of the board by:
Mr M K Khanna
Director
Company registration number: 09953808
UKC Investment Limited
Notes to the Financial Statements
Year ended 31 January 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9 Craneswater Park, Southall, Middlesex, UB2 5RW.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively. Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other deferred tax assets are recognised 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 that are expected to apply to the reversal of the timing difference.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Motor vehicles
-
20% reducing balance
Investment property
Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit or loss. If a reliable measure of fair value is no longer available without undue cost or effort for an item of investment property, it shall be transferred to tangible assets and treated as such until it is expected that fair value will be reliably measurable on an on-going basis.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 2 (2023: 2 ).
5. Investment property
Freehold property
Motor vehicles
Total
£
£
£
Cost
At 1 February 2023
3,430,000
41,169
3,471,169
Additions
308,369
308,369
------------
--------
------------
At 31 January 2024
3,738,369
41,169
3,779,538
------------
--------
------------
Depreciation
At 1 February 2023
8,234
8,234
Charge for the year
6,587
6,587
------------
--------
------------
At 31 January 2024
14,821
14,821
------------
--------
------------
Carrying amount
At 31 January 2024
3,738,369
26,348
3,764,717
------------
--------
------------
At 31 January 2023
3,430,000
32,935
3,462,935
------------
--------
------------
Included within the above is investment property as follows:
£
At 1 February 2023
3,430,000
Additions
308,369
------------
At 31 January 2024
3,738,369
------------
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in market value is transferred to a revaluation reserve. No depreciation is provided on freehold land and investment property.
6. Debtors
2024
2023
£
£
Other debtors
2,489,142
2,475,982
------------
------------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
10,648
51,843
Corporation tax
34,445
12,489
Other creditors
2,167,648
2,160,024
------------
------------
2,212,741
2,224,356
------------
------------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
15,149
468,014
Other creditors
2,582,190
1,876,881
------------
------------
2,597,339
2,344,895
------------
------------
9. Secured debt:
Included within other creditors are liabilities of Nil (2023: £485,941) which have been secured on the assets of the company.
10. Non distributable reserves
Included within profit and loss account is non-distributable reserves for the sum of £866,522 (2023: £866,522)
11. Director's advances, credits and guarantees
During the year the director entered into the following advances and credits with the company:
2024
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr M K Khanna
( 1,876,881)
( 415,640)
( 2,292,521)
------------
---------
------------
2023
Balance brought forward
Advances/ (credits) to the director
Balance outstanding
£
£
£
Mr M K Khanna
( 2,279,528)
402,647
( 1,876,881)
------------
---------
------------
12. Related party transactions
The company was under the control of the directors. At the balance sheet date other creditors include an interest free loan of £2,248,512 (£1,820,648 - 2023) from Mr Manoj Kumar Khanna who holds 100% shares in the company. and £2,052,861 ( £2,052,861 - 2023) from SRK Electronic Limited. The loan was taken to finance the purchase of the investment properties. It will become payable at the sale of the investment property. This loan is unsecured, interest free and repayable on demand. At the balance sheet date other debtors include an interest free loan of £35,926 (£35,926 - 2023) to Crayon Developments Limited and £54,000 (£54,000 - 2023) to JSK Properties Limited and £655,000 (£655,000 - 2023) to Magic Touch Estates Limited and £1,581,045 (£1,581,046 - 2023) to MKH Real Estates Limited in these companies Mr M K Khanna has vested interest.