Registration number:
Yuniv Limited
for the Year Ended 31 May 2024
Yuniv Limited
Contents
Company Information |
|
Balance Sheet |
|
Notes to the Unaudited Financial Statements |
Yuniv Limited
Company Information
Directors |
R Juttla H S Juttla |
Registered office |
|
Yuniv Limited
(Registration number: 14098649)
Balance Sheet as at 31 May 2024
Note |
2024 |
2023 |
|
Fixed assets |
|||
Investment property |
|
|
|
Current assets |
|||
Debtors |
|
- |
|
Cash at bank and in hand |
|
|
|
|
|
||
Creditors: Amounts falling due within one year |
( |
( |
|
Net current liabilities |
( |
( |
|
Total assets less current liabilities |
|
|
|
Creditors: Amounts falling due after more than one year |
( |
( |
|
Net assets/(liabilities) |
|
( |
|
Capital and reserves |
|||
Called up share capital |
|
|
|
Retained earnings |
|
( |
|
Shareholders' funds/(deficit) |
|
( |
For the financial year ending 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
|
|
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 in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006 and the option not to file the Statement of Comprehensive Income and the directors' report at the Registrar of Companies has been taken, in accordance with the special provision applicable to companies subject to small companies regime.
Approved and authorised by the
......................................... |
Yuniv Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
General information |
The company is a private company limited by share capital, incorporated in England. The registered office address is shown on page 1.
Accounting policies |
Statement of compliance
These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A Small Entities and the Companies Act 2006.
Basis of preparation
These financial statements have been prepared using the historical cost convention except where otherwise disclosed in these accounting policies certain items are shown at fair value.
The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A may require the use of certain critical accounting estimates. It may also require the directors to exercise judgement in applying the accounting policies. |
In preparing these financial statements the directors have had to make the following significant judgement: |
- the directors have made an assumption in the determination of the fair value of the investment property in respect of the state of property market in the location where the property is situated and in respect of the range of reasonable fair value estimates of the asset. There is an inevitable degree of judgement involved in that every property is unique and value can only ultimately be reliably tested in the market itself. The valuation method is further described in note 4 together with the valuation of the property at the reporting date. |
There were no other significant judgements or areas of estimation uncertainty. |
Summary of significant accounting policies
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the periods presented, unless otherwise stated.
Going concern
The financial statements have been prepared on a going concern basis. As set out in the statement of directors' responsibilities, the directors are required to prepare the financial statements on a going concern basis unless it is inappropriate to presume that the company will continue in business.
The directors have prepared forecasts and projections covering a period of greater than 12 months from the date of approval of these financial statements which show that the company can continue to operate with the resources currently available. At the time of approving the financial statements, the directors therefore have a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and continue to adopt the going concern basis of accounting in preparing the financial statements.
Yuniv Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Turnover
Turnover is measured at the fair value of the rental income receivable during the year. Turnover arises solely in the United Kingdom.
Tax
The tax expense for the year comprises current and where applicable, deferred tax. Tax is recognised in the statement of comprehensive income, except that a charge attributable to an item of income or expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.
The company's liability for current tax is calculated using tax rates and laws that have been enacted or substantively enacted by the end of the reporting period.
Deferred tax is recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that the recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against suitable future taxable profits.
Deferred tax is measured using 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.
Current and deferred tax assets and liabilities are not discounted.
Investment property
Cash at bank and in hand
Cash comprises cash at bank and in hand.
Borrowings
Loan issue and related costs are charged to profit or loss over the term of the related borrowings. The amortisation charge is included within interest and similar charges in the statement of comprehensive income. Borrowings are shown in the balance sheet net of unamortised loan issue costs.
Financial instruments
Classification
Recognition and measurement
Employee information |
The average number of persons employed by the company (including directors) during the year, was
Yuniv Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Investment property |
2024 |
|
At 1 June 2023 |
|
At 31 May 2024 |
|
The investment property was valued at 31 May 2024 by H S Juttla, a director of the company, at fair value. The valuation which continues to equate to the acquisition costs at the date of acquisition and was arrived at after consideration of the most recently available market evidence of transaction prices for similar properties around its location on a vacant possession basis and takes into account the director's assessment of the state of the rental market around the area where the property is situated.
Debtors |
2024 |
2023 |
|
Other debtors |
|
- |
Creditors |
Creditors: amounts falling due within one year
Note |
2024 |
2023 |
|
Taxation and social security |
|
- |
|
Directors' loans |
205,631 |
205,604 |
|
Other creditors |
|
|
|
|
|
Creditors: amounts falling due after more than one year
2024 |
2023 |
|
Loan |
|
|
The loan is secured by a fixed and floating charge over all the company's assets, including the investment property.
Yuniv Limited
Notes to the Unaudited Financial Statements for the Year Ended 31 May 2024
Share capital |
Allotted, called up and fully paid shares
2024 |
2023 |
|||
No. |
£ |
No. |
£ |
|
|
|
100 |
|
100 |
|
|
100 |
|
100 |
|
|
|
|
Related party transactions |
Loans from related parties
2024 |
Directors |
At start of period |
|
Advanced during the period |
|
At end of period |
|
|
2023 |
Directors |
Advanced during the period |
|
At end of period |
|
|
Terms of loans from related parties