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Registered number: 11203104
United Property Group Limited
Unaudited Financial Statements
For The Year Ended 29 February 2024
Contents
Page
Balance Sheet 1—2
Notes to the Financial Statements 3—6
Page 1
Balance Sheet
Registered number: 11203104
2024 2023
Notes £ £ £ £
FIXED ASSETS
Tangible Assets 4 687 193
Investment Properties 5 2,206,657 1,879,408
2,207,344 1,879,601
CURRENT ASSETS
Debtors 6 18,853 7,762
Cash at bank and in hand 17,961 20,664
36,814 28,426
Creditors: Amounts Falling Due Within One Year 7 (1,021,023 ) (982,251 )
NET CURRENT ASSETS (LIABILITIES) (984,209 ) (953,825 )
TOTAL ASSETS LESS CURRENT LIABILITIES 1,223,135 925,776
Creditors: Amounts Falling Due After More Than One Year 8 (1,480,421 ) (1,056,971 )
PROVISIONS FOR LIABILITIES
Deferred Taxation (16,002 ) (16,002 )
NET LIABILITIES (273,288 ) (147,197 )
CAPITAL AND RESERVES
Called up share capital 9 500 500
Profit and Loss Account (273,788 ) (147,697 )
SHAREHOLDERS' FUNDS (273,288) (147,197)
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For the year ending 29 February 2024 the company was entitled to exemption from 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 Companies Act 2006.
The director acknowledges his 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 J P Swain
Director
26/11/2024
The notes on pages 3 to 6 form part of these financial statements.
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Notes to the Financial Statements
1. General Information
United Property Group Limited is a private company, limited by shares, incorporated in England & Wales, registered number 11203104 . The registered office is Unit 3b Aston Industrial Estate Parsons Lane, Hope, Hope Valley, S33 6RB.
2. Accounting Policies
2.1. Basis of Preparation of Financial Statements
The financial statements have been prepared under the historical cost convention and in accordance with Financial Reporting Standard 102 section 1A Small Entities "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Companies Act 2006.
2.2. Going Concern Disclosure
The directors have not identified any material uncertainties related to events or conditions that may cast significant doubt about the company's ability to continue as a going concern.
2.3. Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Income is generated from property lettings in the United Kingdom. Turnover is reduced for estimated customer returns, rebates and other similar allowances.
2.4. Tangible Fixed Assets and Depreciation
Tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided at rates calculated to write off the cost of the fixed assets, less their estimated residual value, over their expected useful lives on the following bases:
Fixtures & Fittings 3 Year Straight Line
Computer Equipment 3 Year Straight Line
2.5. 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.
2.6. Financial Instruments
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.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.
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2.7. Taxation
The tax expense for the period comprises current and deferred tax. Tax is recognised in profit or loss, except that a change attributable to an item of income or expense recognised as other comprehensive income is also recognised directly in other comprehensive income.
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.
Deferred tax is recognised in respect of all timing differences between taxable profits and profits reported in the financial statements.
Unrelieved tax losses and other deferred tax assets are recognised when 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.
2.8. Pensions
The company operates a defined pension contribution scheme. Contributions are charged to the profit and loss account as they become payable in accordance with the rules of the scheme.
2.9.
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 Profit and Loss Account 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.
2.10. 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.
3. Average Number of Employees
Average number of employees, including directors, during the year was: 2 (2023: 2)
2 2
4. Tangible Assets
Plant & Machinery etc.
£
Cost or Valuation
As at 1 March 2023 289
Additions 886
As at 29 February 2024 1,175
Depreciation
As at 1 March 2023 96
Provided during the period 392
As at 29 February 2024 488
...CONTINUED
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Net Book Value
As at 29 February 2024 687
As at 1 March 2023 193
5. Investment Property
2024
£
Fair Value
As at 1 March 2023 1,879,408
Additions 427,304
Revaluations (100,055)
As at 29 February 2024 2,206,657
6. Debtors
2024 2023
£ £
Due within one year
Other debtors 18,853 7,762
7. Creditors: Amounts Falling Due Within One Year
2024 2023
£ £
Trade creditors (1 ) 2,222
Amounts owed to group undertakings 125,440 125,425
Amounts owed to participating interests 76,000 55,000
Other creditors 819,500 799,567
Taxation and social security 84 37
1,021,023 982,251
8. Creditors: Amounts Falling Due After More Than One Year
2024 2023
£ £
Bank loans 1,480,421 1,056,971
At the end of the financial period the company had interest only mortgages to the value of £1,480,421 (2023:£1,056,971), The mortgages are denominated in £ and will be repaid in line with the accepted terms as outlined in the mortgage agreements.
Included in Other Creditors is a loan for £189,360 (2023: £170,720) which is repayable on demand. The loan is denominated in £, a 8% interest rate has been applied.
Included in Other Creditors is a loan for £140,000 (2023 £140,000) which is repayable on demand. The loan is denominated in £, a nominal interest was applied until June 2021. The loan is now interest free.
9. Share Capital
2024 2023
£ £
Allotted, Called up and fully paid 500 500
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10. Related Party Transactions
Included in creditors is an amount owing to Redstar Online Limited of £125,440 (2023: £125,425), a company under common control. This amount is unsecured, interest free and repayable on demand.
Included in creditors is an amount owing to the parent company,  Swain Enterprise Limited of £76,000 (2023: £55,000). This amount is unsecured, interest free and repayable on demand.
11. Ultimate Controlling Party
The company's ultimate controlling party is Swain Enterprise Limited by virtue of its ownership of 100% of the issued share capital in the company.
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