Company registration number 08918439 (England and Wales)
UNION PROPERTY SERVICES LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
PAGES FOR FILING WITH REGISTRAR
UNION PROPERTY SERVICES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
UNION PROPERTY SERVICES LIMITED
BALANCE SHEET
AS AT
29 FEBRUARY 2024
29 February 2024
- 1 -
29 February 2024
28 February 2023
Notes
£
£
£
£
Fixed assets
Tangible assets
4
202,008
490,884
Current assets
Debtors
5
17,304,858
16,335,770
Cash at bank and in hand
34,573
100,573
17,339,431
16,436,343
Creditors: amounts falling due within one year
6
(15,731,488)
(14,892,162)
Net current assets
1,607,943
1,544,181
Total assets less current liabilities
1,809,951
2,035,065
Provisions for liabilities
7
(409)
(327)
Net assets
1,809,542
2,034,738
Capital and reserves
Called up share capital
100
100
Profit and loss reserves
1,809,442
2,034,638
Total equity
1,809,542
2,034,738

For the financial year ended 29 February 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

The member has 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 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.

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

The financial statements were approved by the board of directors and authorised for issue on 26 February 2025 and are signed on its behalf by:
Mr R K Sehgal
Director
Company registration number 08918439 (England and Wales)
UNION PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 2 -
1
Accounting policies
Company information

Union Property Services Limited is a private company limited by shares incorporated in England and Wales. The registered office is Colbalt 3.1, Silver Fox Way, Colbalt Business Park, Newcastle upon Tyne, Tyne and Wear, NE27 0QJ.

1.1
Accounting convention

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 UK sterling which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £1.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Turnover

Turnover represents net invoices sales of services, excluding value added tax,

1.3
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:

Short leasehold
Over the term of the lease
Computer equipment
33.33% on cost

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.

1.4
Cash and cash equivalents

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.

UNION PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
Taxation

Taxation for the year comprises current and deferred tax. Tax is recognised in the profit and loss account, except to the extent that it relates to items recognised in other comprehensive income or directly in equity.

 

Current and deferred taxation assets and liabilities are not discounted.

Current tax

Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

Deferred tax

Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance sheet date.

 

Timing differences arise form the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements. Deferred tax is measured using tax rates and laws that have been enacted or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference.

 

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.

1.6
Provisions

Provisions are recognised when the company has an obligation at the balance sheet as a result of a past event, it is probable that an outflow of economic benefits will be required in settlement and the amount can be reliably estimated.

1.7
Employee benefits

The company operates a defined contribution pension scheme. Contributions payable to the company's pension scheme are charged to profit or loss in the period to which they relate.

1.8
Leases

Rentals paid under operating leases are charged to the profit or loss on a straight line basis over the period of the lease.

1.9

Impairment of assets

Assets not measured at fair value are reviewed for any indication that the asset may be impaired at each balance sheet date. If such indication exists, the recoverable amount of the recoverable amount of the asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds the recoverable amount, an impairment loss is recognised in profit or loss unless the asset is carried at a revalued amount where the impairment loss is a revaluation decrease.

2
Employees

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

2024
2023
Number
Number
Total
15
16
UNION PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 4 -
3
Taxation
2024
2023
£
£
Current tax
UK corporation tax on profits for the current period
32,088
-
0
Adjustments in respect of prior periods
45,772
(84,042)
Total current tax
77,860
(84,042)
Deferred tax
Origination and reversal of timing differences
82
(693)
Total tax charge/(credit)
77,942
(84,735)
4
Tangible fixed assets
Short leasehold
Computer equipment
Total
£
£
£
Cost
At 1 March 2023
1,271,504
29,409
1,300,913
Additions
60,667
2,155
62,822
At 29 February 2024
1,332,171
31,564
1,363,735
Depreciation and impairment
At 1 March 2023
781,929
28,100
810,029
Depreciation charged in the year
349,871
1,827
351,698
At 29 February 2024
1,131,800
29,927
1,161,727
Carrying amount
At 29 February 2024
200,371
1,637
202,008
At 28 February 2023
489,575
1,309
490,884
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
44,884
76,148
Unpaid share capital
100
100
Corporation tax recoverable
-
0
34,657
Other debtors
15,095,435
15,220,780
Prepayments and accrued income
2,164,439
1,004,085
17,304,858
16,335,770
UNION PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 5 -
6
Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
80,755
98,472
Corporation tax
32,088
-
0
Other taxation and social security
554,614
685,142
Other creditors
14,502,901
13,590,802
Accruals and deferred income
561,130
517,746
15,731,488
14,892,162
7
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
8
409
327
8
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
409
327
2024
Movements in the year:
£
Liability at 1 March 2023
327
Charge to profit or loss
82
Liability at 29 February 2024
409
9
Operating lease commitments
Lessee

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, as follows:

2024
2023
£
£
-
0
50,000
UNION PROPERTY SERVICES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 29 FEBRUARY 2024
- 6 -
10
Related party transactions
Transactions with related parties

During the year the company entered into the following transactions with related parties:

Rent payable
Management charges receivable
2024
2023
2024
2023
£
£
£
£
Key management personnel
50,000
60,000
-
-
Other related parties
-
-
1,489,600
1,060,411

During the year loan interest of £42,151 (2023 £81,250) was payable to M K and P Sehgal jointly.

The following amounts were outstanding at the reporting end date:

2024
2023
Amounts due to related parties
£
£
Key management personnel
857,059
994,195
Other related parties
13,630,794
12,585,794
2024
2023
Amounts due from related parties
£
£
Other related parties
15,070,878
15,198,897
2024-02-292023-03-01false26 February 2025CCH SoftwareCCH Accounts Production 2024.210No description of principal activityMrs P SehgalMr R K SehgalMrs V SehgalMr N AbrolMr M K Sehgalfalsefalse089184392023-03-012024-02-29089184392024-02-29089184392023-02-2808918439core:LandBuildingscore:LeasedAssetsHeldAsLessee2024-02-2908918439core:ComputerEquipment2024-02-2908918439core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-02-2808918439core:ComputerEquipment2023-02-2808918439core:CurrentFinancialInstrumentscore:WithinOneYear2024-02-2908918439core:CurrentFinancialInstrumentscore:WithinOneYear2023-02-2808918439core:CurrentFinancialInstruments2024-02-2908918439core:CurrentFinancialInstruments2023-02-2808918439core:ShareCapital2024-02-2908918439core:ShareCapital2023-02-2808918439core:RetainedEarningsAccumulatedLosses2024-02-2908918439core:RetainedEarningsAccumulatedLosses2023-02-2808918439bus:Director22023-03-012024-02-2908918439core:LandBuildingscore:LongLeaseholdAssets2023-03-012024-02-2908918439core:ComputerEquipment2023-03-012024-02-29089184392022-03-012023-02-2808918439core:UKTax2023-03-012024-02-2908918439core:UKTax2022-03-012023-02-2808918439core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-02-2808918439core:ComputerEquipment2023-02-28089184392023-02-2808918439core:LandBuildingscore:LeasedAssetsHeldAsLessee2023-03-012024-02-2908918439bus:PrivateLimitedCompanyLtd2023-03-012024-02-2908918439bus:SmallCompaniesRegimeForAccounts2023-03-012024-02-2908918439bus:FRS1022023-03-012024-02-2908918439bus:AuditExemptWithAccountantsReport2023-03-012024-02-2908918439bus:Director12023-03-012024-02-2908918439bus:Director32023-03-012024-02-2908918439bus:Director42023-03-012024-02-2908918439bus:Director52023-03-012024-02-2908918439bus:FullAccounts2023-03-012024-02-29xbrli:purexbrli:sharesiso4217:GBP