Registered number
05225240
Union Incorporated Ltd
Filleted Accounts
30 September 2024
Union Incorporated Ltd
Registered number: 05225240
Balance Sheet
as at 30 September 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 3 2,089,045 2,094,193
Current assets
Debtors 4 12,652 1,864
Cash at bank and in hand 211,266 197,885
223,918 199,749
Creditors: amounts falling due within one year 5 (94,344) (77,704)
Net current assets 129,574 122,045
Total assets less current liabilities 2,218,619 2,216,238
Creditors: amounts falling due after more than one year 6 (283,801) (312,000)
Provisions for liabilities (132,599) (132,599)
Net assets 1,802,219 1,771,639
Capital and reserves
Called up share capital 199 199
Profit and loss account 1,802,020 1,771,440
Shareholder's funds 1,802,219 1,771,639
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 member has 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.
S Puxley
Director
Approved by the board on 5 December 2024
Union Incorporated Ltd
Notes to the Accounts
for the year ended 30 September 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 sale of goods and from the rendering of services. Turnover from the sale of goods is recognised when the significant risks and rewards of ownership of the goods have transferred to the buyer. Turnover from the rendering of services is recognised by reference to the stage of completion of the contract. The stage of completion of a contract is measured by comparing the costs incurred for work performed to date to the total estimated contract costs.
Tangible fixed assets
Tangible fixed assets are measured at cost less accumulative depreciation and any accumulative impairment losses. Depreciation is provided on all tangible fixed assets, other than freehold land, at rates calculated to write off the cost, less estimated residual value, of each asset evenly over its expected useful life, as follows:
Plant and machinery over 5 years
Fixtures, fittings, tools and equipment over 5 years
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.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 1 1
3 Tangible fixed assets
Land and buildings Plant and machinery etc Total
£ £ £
Cost
At 1 October 2023 2,035,000 71,466 2,106,466
Additions - 2,998 2,998
At 30 September 2024 2,035,000 74,464 2,109,464
Depreciation
At 1 October 2023 - 12,273 12,273
Charge for the year - 8,146 8,146
At 30 September 2024 - 20,419 20,419
Net book value
At 30 September 2024 2,035,000 54,045 2,089,045
At 30 September 2023 2,035,000 59,193 2,094,193
Freehold land and buildings: 2024 2023
£ £
Historical cost 965,516 965,516
Cumulative depreciation based on historical cost - -
965,516 965,516
4 Debtors 2024 2023
£ £
Other debtors 12,652 1,864
5 Creditors: amounts falling due within one year 2024 2023
£ £
Bank loans and overdrafts 31,425 33,102
Taxation and social security costs 19,899 674
Other creditors 43,020 43,928
94,344 77,704
6 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans - 28,199
Other creditors 283,801 283,801
283,801 312,000
7 Loans 2024 2023
£ £
Creditors include:
Secured bank loans 31,425 61,301
[Give an indication of the nature and form of the security for the bank loans]
8 Controlling party
The ultimate controlling party is Equify Ltd, it's registered office is Office 6, Town Hall, 86 Watling Street East, Towcester, Northants, NN12 6BS
9 Other information
Union Incorporated Ltd is a private company limited by shares and incorporated in England. Its registered office is:
Office 6, Town Hall
86 Watling Street East
Towcester
Northants
NN12 6BS
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