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Registered Number: 13410535


 

 

 

UNION POINT LIMITED


Unaudited Financial Statements
 


Period of accounts

Start date: 01 June 2022

End date: 31 May 2023
 
 
Notes
 
2023
£
  2022
£
Current assets      
Stocks 3 1,965,155    470,167 
Debtors 4 457,728    3,764 
Cash at bank and in hand 2    253,545 
2,422,885    727,476 
Creditors: amount falling due within one year 5 (2,403,929)   (732,177)
Net current assets 18,956    (4,701)
 
Total assets less current liabilities 18,956    (4,701)
Creditors: amount falling due after more than one year 6 (44,100)  
Net assets (25,144)   (4,701)
 

Capital and reserves
     
Called up share capital 7 2    2 
Profit and loss account (25,146)   (4,703)
Shareholders' funds (25,144)   (4,701)
 


For the year ended 31 May 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Directors' responsibilities:
  1. The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476.
  2. The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime. In accordance with Section 444 of the Companies Act 2006, the income statement has not been delivered to the Registrar of Companies.
The financial statements were approved by the board of directors on 03 January 2025 and were signed on its behalf by:


-------------------------------
Kamal Pankhania
Director
1
General Information
Union Point Limited is a private company, limited by shares, registered in , registration number 13410535, registration address Acre House, 11/15 William Road, London, United Kingdom, NW1 3ER.

The presentation currency is £ sterling.
1.

Accounting policies

Accounting Convention
These financial statements have been prepared in accordance with FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.


The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
Going concern basis
At the time of approving the financial statements, the directors have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future, on the basis the company will continue to receive financial support from companies under common control. Thus the directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Stocks
Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition.


Stocks held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.

At each reporting date, an assessment is made for impairment. Any excess of the carrying amount of stocks over its estimated selling price less costs to complete and sell is recognised as an impairment loss in profit or loss. Reversals of impairment losses are also recognised in profit or loss.

Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include deposits held at call with banks.
Financial instruments
The company has elected to apply the provisions of Section 11 Basic Financial Instruments and Section 12 Other Financial Instruments Issues of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual
provisions of the instrument.


Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets
Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted ata market rate of interest. Financial assets classified as receivable within one year are not amortised.

Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.

Basic financial liabilities
Basic financial liabilities, including creditors and loans from fellow group companies, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.


Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.

2.

Average number of employees

Average number of employees during the year was 0 (2022 : 0).
3.

Stocks

2023
£
  2022
£
Stocks 1,965,155    470,167 
1,965,155    470,167 

4.

Debtors: amounts falling due within one year

2023
£
  2022
£
Amount Owed by Group Undertakings 456,317    2,844 
Other Debtors 1,411    920 
457,728    3,764 

5.

Creditors: amount falling due within one year

2023
£
  2022
£
Trade Creditors 27,892    2,651 
Bank Loans & Overdrafts 900,000   
Amounts Owed to Group Undertakings 1,431,925    727,526 
Accrued Expenses 5,000    2,000 
Other Creditors 39,112   
2,403,929    732,177 

6.

Creditors: amount falling due after more than one year

2023
£
  2022
£
Other Creditors 44,100   
44,100   

7.

Share Capital

Allotted, called up and fully paid
2023
£
  2022
£
2 Ordinary shares of £1.00 each  
 

2