Registered number
04751084
UC Solutions Limited
Filleted Accounts
31 August 2024
UC Solutions Limited
Registered number: 04751084
Balance Sheet
as at 31 August 2024
Notes 2024 2023
£ £
Fixed assets
Investments 3 924,557 924,557
Current assets
Debtors 4 27,096 17,846
Cash at bank and in hand 978 23
28,074 17,869
Creditors: amounts falling due within one year 5 (131,227) (116,864)
Net current liabilities (103,153) (98,995)
Total assets less current liabilities 821,404 825,562
Creditors: amounts falling due after more than one year 6 (374,145) (384,870)
Provisions for liabilities (108,750) (108,750)
Net assets 338,509 331,942
Capital and reserves
Called up share capital 200 200
Non-distributable reserve 8 326,250 326,250
Profit and loss account 12,059 5,492
Shareholders' funds 338,509 331,942
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006.
The members have not required the company to obtain an audit in accordance with section 476 of the Act.
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.
The accounts 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.
Ramji Kanth
Director
Approved by the board on 9 January 2025
UC Solutions Limited
Notes to the Accounts
for the year ended 31 August 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).
Turnover
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the return on investment. Turnover from the return on investment is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured when the rent becomes due.
Investment property
Turnover is measured at the fair value of the consideration received or receivable, net of discounts and value added taxes. Turnover includes revenue earned from the return on investment. Turnover from the return on investment is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured when the rent becomes due.
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.
Provisions
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably.
Leased assets
A lease is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership. All other leases are classified as operating leases. The rights of use and obligations under finance leases are initially recognised as assets and liabilities at amounts equal to the fair value of the leased assets or, if lower, the present value of the minimum lease payments. Minimum lease payments are apportioned between the finance charge and the reduction in the outstanding liability using the effective interest rate method. The finance charge is allocated to each period during the lease so as to produce a constant periodic rate of interest on the remaining balance of the liability. Leased assets are depreciated in accordance with the company's policy for tangible fixed assets. If there is no reasonable certainty that ownership will be obtained at the end of the lease term, the asset is depreciated over the lower of the lease term and its useful life. Operating lease payments are recognised as an expense on a straight line basis over the lease term.
Pensions
Contributions to defined contribution plans are expensed in the period to which they relate.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 0 0
3 Investments
Other
investments
£
Cost
Additions 924,557
At 31 August 2024 924,557
Historical cost
At 1 September 2023 489,557
At 31 August 2024 489,557
The valuation of investment property was reviewed during the year by the directors based on the market value in the area. The directors believe that the valuation stated at the year end is a fair valuation as at the balance sheet date.
4 Debtors 2024 2023
£ £
Amounts owed by related undertakings and undertakings in which the company has a participating interest 27,096 17,846
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans 10,717 9,883
Trade creditors 17,867 26,607
Amounts owed to related undertakings and undertakings in which the company has a participating interest - 13,884
Taxation and social security costs 46,215 37,110
Director's loan account 36,339 -
Other creditors 20,089 29,380
131,227 116,864
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 374,145 384,870
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 384,862 394,752
Bank loan is secured on the property of the company.
8 Non-distributable reserve 2024 2023
£ £
At 1 September 2023 326,250 -
Gain on revaluation of investment property - 435,000
Deferred taxation arising on the revaluation of investment property - (108,750)
At 31 August 2024 326,250 326,250
Profit and loss accounts includes non-distributable profits arisen as a result of gains on the revaluation of investment property. These profits are not distributable and hence are stated separately in the Statement of Changes in Equity to differenciate from the distributable profits.
9 Related party transactions
During the year the company let it's business premises to a related company called Icubes Tech Ltd. Both of these companies are under common control. Rent charged this year amounted to £60,000 (2023: £42,946). During this year the company also borrowed interest free funds from UHD Investments Ltd and UC Solutions Inc Ltd, both of these companies are owned by the Kanth family. As at the balance sheet date amount receivable and amount payable to these related companies were £27,096 (2023: £17,846) and £nil (2023: £13,884) respectively.
10 Other information
UC Solutions Limited is a private company limited by shares and incorporated in England. Its registered office is:
Unit 1 Slough Business Centre
Bristol Way
Slough
Berkshire
SL1 3TD
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