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COMPANY REGISTRATION NUMBER: 03121649
UNIVERSAL FLATS LTD
Filleted Unaudited Financial Statements
30 November 2023
UNIVERSAL FLATS LTD
Statement of Financial Position
30 November 2023
2023
2022
Note
£
£
£
Fixed assets
Tangible assets
5
2,778,000
2,400,000
Investments
6
60,000
------------
------------
2,838,000
2,400,000
Current assets
Debtors
7
825,872
198,322
Cash at bank and in hand
104,250
452,564
---------
---------
930,122
650,886
Creditors: amounts falling due within one year
8
1,197,493
508,884
------------
---------
Net current (liabilities)/assets
( 267,371)
142,002
------------
------------
Total assets less current liabilities
2,570,629
2,542,002
Creditors: amounts falling due after more than one year
9
390,000
390,000
Provisions
Taxation including deferred tax
241,450
241,450
------------
------------
Net assets
1,939,179
1,910,552
------------
------------
Capital and reserves
Called up share capital
2
2
Revaluation reserve
1,411,623
1,411,623
Profit and loss account
527,554
498,927
------------
------------
Shareholders funds
1,939,179
1,910,552
------------
------------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of income and retained earnings has not been delivered.
For the year ending 30 November 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
UNIVERSAL FLATS LTD
Statement of Financial Position (continued)
30 November 2023
These financial statements were approved by the board of directors and authorised for issue on 14 February 2025 , and are signed on behalf of the board by:
Mr M Hommel
Director
Company registration number: 03121649
UNIVERSAL FLATS LTD
Notes to the Financial Statements
Year ended 30 November 2023
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is 9 Temple Fortune Mansions, Bridge Lane, London, NW11 0QR.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax. Revenue from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of revenue can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
Income tax
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in profit or loss, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. In this case, tax is recognised in other comprehensive income or directly in equity, respectively.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment
-
25% reducing balance
Investment property
Investment properties are valued at their open market value at the balance sheet date. Any surplus on revaluation is transferred to the investment property revaluation reserve. Any deficit is deducted from the investment property revaluation reserve, except for permanent diminution in value, which are charged to the profit and loss account. No amortisation or depreciation is provided in respect of freehold investment properties and leasehold investment properties with over 20 years to expiry , in accordance with Statement of Standard Accounting Practice for Smaller Entities. This treatment is contrary to the requirements of the Companies Act to provide for depreciation but is considered necessary to ensure the financial statements give a true and fair view. Depreciation is only one of the factors reflected at the balance sheet date valuation and the amount that might otherwise have been shown cannot be separately identified or quantified.
Investments
Fixed asset investments are initially recorded at cost, and subsequently stated at cost less any accumulated impairment losses.
Listed investments are measured at fair value with changes in fair value being recognised in profit or loss.
Financial instruments
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 entity after deducting all of its financial liabilities.
4. Employee numbers
The average number of persons employed by the company during the year amounted to 4 (2022: 6 ).
5. Tangible assets
Investment property
Equipment
Total
£
£
£
Cost
At 1 December 2022
2,400,000
6,255
2,406,255
Additions
378,000
378,000
------------
-------
------------
At 30 November 2023
2,778,000
6,255
2,784,255
------------
-------
------------
Depreciation
At 1 December 2022 and 30 November 2023
6,255
6,255
------------
-------
------------
Carrying amount
At 30 November 2023
2,778,000
2,778,000
------------
-------
------------
At 30 November 2022
2,400,000
2,400,000
------------
-------
------------
The directors considered that the cost price of the property represents the current market value.
6. Investments
Shares in participating interests
£
Cost
At 1 December 2022
Additions
60,000
--------
At 30 November 2023
60,000
--------
Impairment
At 1 December 2022 and 30 November 2023
--------
Carrying amount
At 30 November 2023
60,000
--------
At 30 November 2022
--------
7. Debtors
2023
2022
£
£
Trade debtors
18,844
13,370
Other debtors
807,028
184,952
---------
---------
825,872
198,322
---------
---------
8. Creditors: amounts falling due within one year
2023
2022
£
£
Trade creditors
502
Corporation tax
13,736
6,878
Social security and other taxes
11,406
9,214
Other creditors
1,172,351
492,290
------------
---------
1,197,493
508,884
------------
---------
9. Creditors: amounts falling due after more than one year
2023
2022
£
£
Bank loans and overdrafts
390,000
390,000
---------
---------
10. Directors' advances, credits and guarantees
During the year the directors entered into the following advances and credits with the company:
2023
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr M Hommel
( 221,885)
221,885
---------
---------
----
2022
Balance brought forward
Advances/ (credits) to the directors
Balance outstanding
£
£
£
Mr M Hommel
( 210,063)
( 11,822)
( 221,885)
---------
--------
---------