Company Registration No. NI655941 (Northern Ireland)
UFORM PROPERTIES LTD
UNAUDITED FILLETED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
UFORM PROPERTIES LTD
CONTENTS
Page
Company information
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 10
UFORM PROPERTIES LTD
COMPANY INFORMATION
- 1 -
Directors
Eamon Donnelly
Paul Donnelly
Company number
NI655941
Registered office
Creagh Business Park
Hillhead Road
Toomebridge
BT41 3UF
Accountants
Johnston Kennedy DFK
10 Pilots View
Heron Road
Belfast
BT3 9LE
Business address
Creagh Business Park
Hillhead Road
Toomebridge
BT41 3UF
Bankers
Danske Bank
PO Box 183
Donegall Square West
Belfast
BT1 6JS
Solicitors
DWF (Northern Ireland)
42 Queen Street
Belfast
BT1 6HL
UFORM PROPERTIES LTD
BALANCE SHEET
AS AT 30 APRIL 2024
30 April 2024
- 2 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
51,712
35,870
Investment properties
4
10,637,198
10,616,999
Other investments
5
31
31
10,688,941
10,652,900
Current assets
Debtors
6
1,206,423
891,836
Cash at bank and in hand
53,186
63,959
1,259,609
955,795
Creditors: amounts falling due within one year
7
(504,226)
(367,352)
Net current assets
755,383
588,443
Total assets less current liabilities
11,444,324
11,241,343
Creditors: amounts falling due after more than one year
8
(3,525,000)
(3,687,678)
Provisions for liabilities
11
(182,800)
(178,700)
Net assets
7,736,524
7,374,965
Capital and reserves
Called up share capital
12
4,100,000
4,100,000
Revaluation reserve
302,786
302,786
Profit and loss reserves
3,333,738
2,972,179
Total equity
7,736,524
7,374,965
The notes on pages 4 to 10 form part of these financial statements
Compiled without audit or independent verification
UFORM PROPERTIES LTD
BALANCE SHEET (CONTINUED)
AS AT 30 APRIL 2024
30 April 2024
- 3 -
Directors' statement in respect of the financial statements

The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true

For the financial year ended 30 April 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

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 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and the Financial Reporting Standard FRS102 1A - Small Entities.

The financial statements were approved by the board of directors and authorised for issue on 30 January 2025 and are signed on its behalf by:
Eamon Donnelly
Paul Donnelly
.............................
.............................
Eamon Donnelly
Paul Donnelly
Director
Director
Company Registration No. NI655941
The notes on pages 4 to 10 form part of these financial statements
Compiled without audit or independent verification
UFORM PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 APRIL 2024
- 4 -
1
Accounting policies
General information and basis of preparation

Uform Properties Ltd is a private company limited by shares incorporated in Northern Ireland. The registered office is Creagh Business Park, Hillhead Road, Toomebridge, BT41 3UF. The company registration number is NI655941.

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, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value.

 

The principal accounting policies adopted are set out below.

1.1
Turnover

Turnover is stated net of trade discounts, VAT and similar taxes and derives from rental income and the provision of services falling within the company's ordinary activities.

1.2
Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Equipment
15% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is credited or charged to profit or loss.

1.3
Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

 

Investments held as tangible fixed assets are held at cost. They are not held for short term sale and therefore temporary fluctuations in market value are not reflected in the financial statements.

1.4
Fixed asset investments

Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

UFORM PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 5 -

An associate is an entity, being neither a subsidiary nor a joint venture, in which the company holds a long-term interest and where the company has significant influence. The company considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.

Entities in which the company has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.

1.5
Cash at bank and in hand

Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.6
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 at a 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, bank loans, loans from fellow group companies and preference shares that are classified as debt, 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.

1.7
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.

UFORM PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
1
Accounting policies
(Continued)
- 6 -

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk.

1.8
Taxation

The tax expense represents the sum of the tax currently payable and deferred tax.

Current tax

The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.

Deferred tax

Deferred tax liabilities are generally recognised for all timing differences and 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. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.

 

The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.

1.9
Employee benefits

The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of stock or fixed assets.

 

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.10
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Employees

The average monthly number of persons (including directors) employed by the company during the year was:

2024
2023
Number
Number
Total
4
2
UFORM PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 7 -
3
Tangible fixed assets
Equipment
£
Cost
At 1 May 2023
53,578
Additions
23,454
At 30 April 2024
77,032
Depreciation and impairment
At 1 May 2023
17,708
Depreciation charged in the year
7,612
At 30 April 2024
25,320
Carrying amount
At 30 April 2024
51,712
At 30 April 2023
35,870
4
Investment property
2024
£
Fair value
At 1 May 2023
10,616,998
Additions
20,200
At 30 April 2024
10,637,198

Investment property comprises land and buildings of £10,250,000 and £366,999 of vehicle investments. The fair value of the investment property has been arrived at on the basis of an independent valuation carried out in January 2022 and includes the additions that occurred in the year. The valuation was carried out by O'Connor Kennedy Turtle, an independent professionally qualified valuer, and determined on an open market value basis by reference to market evidence of transaction prices for similar properties and under RICS Valuation Professional Standards.

5
Other investments
2024
2023
£
£
Shares in subsidiaries
31
31
UFORM PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
5
Other investments
(Continued)
- 8 -
Movements in fixed asset investments
Shares in group undertakings
£
Cost or valuation
At 1 May 2023 & 30 April 2024
31
Carrying amount
At 30 April 2024
31
At 30 April 2023
31
6
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
145,176
-
0
Other debtors
1,058,234
890,131
Prepayments and accrued income
3,013
1,705
1,206,423
891,836
7
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
9
240,000
258,416
Amounts owed to related parties
-
0
34,394
Corporation tax
127,747
14,500
Other taxation and social security
56,689
-
0
Accruals and deferred income
79,790
60,042
504,226
367,352
8
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans
9
3,525,000
3,687,678
UFORM PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 9 -
9
Loans and overdrafts
2024
2023
£
£
Bank loans
3,765,000
3,946,094
Payable within one year
240,000
258,416
Payable after one year
3,525,000
3,687,678

The bank loans are secured by a legal charge over the property held and an assignment over the lease on the property, an unlimited inter-company cross guarantee over all of Broadpark Investment Ltd and a deed of subordination and postponement in respect of any inter-group, shareholder and director loans.

 

10
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
11
182,800
178,700
11
Deferred taxation

The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:

Liabilities
Liabilities
2024
2023
Balances:
£
£
Accelerated capital allowances
81,900
77,800
Revaluations
100,900
100,900
182,800
178,700
2024
Movements in the year:
£
Liability at 1 May 2023
178,700
Charge to profit or loss
4,100
Liability at 30 April 2024
182,800

 

UFORM PROPERTIES LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 APRIL 2024
- 10 -
12
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary A shares of £1 each
3,844,160
3,844,160
3,844,160
3,844,160
Ordinary C shares of £1 each
255,840
255,840
255,840
255,840
4,100,000
4,100,000
4,100,000
4,100,000
13
Financial commitments

The company had no financial commitments at 30 April 2024 or at 30 April 2023.

14
Capital commitments

The company has no capital commitments at 30 April 2024.

15
Control

The directors control the company.

16
Related party transactions

At 30 April 2024 the balance due from related entities was £1,203,410 (2023: £812,591) and is included within debtors due within one year. No interest due on this loan.

At 30 April 2024 the balance due to related entities was £NIL(2023: £34,394) and is included within creditors due within one year. No interest due on this loan.

17
Contingent liabilities

The company has provided a guarantee to Invest Northern Ireland in relation to property assistance provided in respect of premises occupied by a related party.

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