Registered number
05216676
The Una Group Limited
Unaudited
Financial Statements
Information for Filing with the Registrar
30 June 2024
The Una Group Limited
Registered number: 05216676
Balance Sheet
as at 30 June 2024
Notes 2024 2023
£ £
Fixed assets
Tangible assets 5 2,467 3,067
Investment property 6 16,325,880 16,535,000
Investments 7 3,172,110 3,172,110
19,500,457 19,710,177
Current assets
Stocks 8 1,648,473 1,776,925
Debtors 9 3,245,649 2,215,173
Cash at bank and in hand 406,963 1,391,506
5,301,085 5,383,604
Creditors: amounts falling due within one year 10 (2,868,683) (3,604,824)
Net current assets 2,432,402 1,778,780
Total assets less current liabilities 21,932,859 21,488,957
Creditors: amounts falling due after more than one year 11 (15,091,960) (15,221,044)
Deferred Tax 13 (175,643) (46,321)
Net assets 6,665,256 6,221,592
Capital and reserves
Called up share capital 14 13,466 13,466
Share premium 5,193,068 5,193,068
Revaluation reserve 15 3,209,475 3,209,475
Profit and loss account (1,750,753) (2,194,417)
Shareholder's funds 6,665,256 6,221,592
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.
Mr D Pearce
Director
Approved by the board on 24 March 2025
The notes on pages 2 to 10 form part of these financial statements.
The Una Group Limited
Notes to the Accounts
for the year ended 30 June 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, other than investment properties, are stated at historical cost less accumulated 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 25%
Furniture and Fixtures 10%
Investment Property
Investment property is carried at fair value determined annually by suitably qualified individuals and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Profit and Loss.
Investments
Investments in subsidiaries, associates and joint ventures are measured at cost less any accumulated impairment losses. Listed investments are measured at fair value. Unlisted investments are measured at fair value unless the value cannot be measured reliably, in which case they are measured at cost less any accumulated impairment losses. Changes in fair value are included in the profit and loss account.
Stocks and work in progress
Stocks and work in progress are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-moving stocks.
Interest Income
Interest income is recognised in the Profit and Loss using the effective interest method.
Borrowing Costs
All borrowing costs are recognised in the Profit and Loss in the year in which they are incurred.
Current and deferred taxation
The tax expense for the year comprises current and deferred tax. Tax is recognised in the Statement of Comprehensive Income, except that a charge attributable to an item of income and 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 current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the reporting date in the countries where the Company operates and generates income.
Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the Statement of Financial Position date, except that:
•         The recognition of deferred tax assets is limited to the extent that it is probable that they
will be recovered against the reversal of deferred tax liabilities or other future taxable
profits;
and
•        Any deferred tax balances are reversed if and when all conditions for retaining associated
tax allowances have been met.
Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the reporting date.
2 Employees 2024 2023
Number Number
Average number of persons employed by the company 4 5
3 Interest Receivable 2024 2023
£ £
Interest receivable from group companies (105,751) 71,915
Other interest receivable 59,722 10,273
(46,029) 82,188
4 Taxation 2024 2023
£ £
Corporation tax - (72,871)
- (72,871)
Deferred tax
Origination and reversal of timing differences (775,359) (2,037,823)
Deferred tax movement on investment property 904,681 904,681
Total deferred tax 129,322 (1,133,142)
Taxation on profit/(loss) on ordinary actvities 129,322 (1,206,013)
Factors affecting tax charge for the year
There were no factors that affected the tax charge for the year which has been calculated on the profits on ordinary activities before tax at the standard rate of corporation tax in the UK of 25% (2023: 25%).
5 Tangible fixed assets
Plant and machinery etc Furniture and Fixtures Total
£ £ £
Cost
At 1 July 2023 17,085 6,000 23,085
At 30 June 2024 17,085 6,000 23,085
Depreciation
At 1 July 2023 17,085 2,933 20,018
Charge for the year - 600 600
At 30 June 2024 17,085 3,533 20,618
Net book value
At 30 June 2024 - 2,467 2,467
At 30 June 2023 - 3,067 3,067
6 Investment Property
Freehold
investment
property Total
£ £
Cost
At 1 July 2023 16,535,000 16,535,000
Additions - -
Revaluation - -
Disposals (209,120) (209,120)
At 30 June 2024 16,325,880 16,325,880
The 2024 valuations were made by the Directors, based on rental yields, as £16,325,880.
£8,076,665 of unrealised revaluation surpluses in respect of this property are included within the profit and loss account reserves in accordance with FRS 102, this value remains non-distributable.
If the investment properties had been accounted for under the historic cost accounting rules, the properties would have been measured as follows:
2024 2023
£ £
Historical cost 8,249,215 8,249,215
8,249,215 8,249,215
7 Investments
Investments in
subsidiary Unlisted
undertakings investments Total
£ £ £
Cost
At 1 July 2023 3,172,109 4,170,843 7,342,952
Impairment b/fwd and c/fwd - (4,170,842) (4,170,842)
At 30 June 2024 3,172,109 1 3,172,110
At 30 June 2023 3,172,109 1 3,172,110
Subsidiary undertakings
The following were subsidiary undertakings of the company:
Class of
Name shares Holding Principal activity
Airport Business Centre Limited Ordinary 100% Business support and incubation services
Devonshire 24 Limited Ordinary 100% Lettings and operations
Concoctio Limited Ordinary 100% Dormant
The aggregate of the share capital and reserves as at 30 June 2024 and of the profit and loss for the year ended on that date for the subsidiary undertakings were as follows:
Aggregate
of share
capital and
reserves Profit/(loss)
£ £
Airport Business Centre Limited 6,583,188 66,856
Devonshire 24 Limited - -
Concoctio Limited 1 -
6,583,189 66,856
8 Stocks 2024 2023
£ £
Work in progress 1,648,473 1,776,925
1,648,473 1,776,925
9 Debtors 2024 2023
£ £
Trade debtors 330,926 240,242
Amounts owed by group undertakings and undertakings in which the company has a participating interest 550,088 447,524
Other debtors 2,314,419 1,470,337
Prepayments and accrued income 50,216 57,070
3,245,649 2,215,173
Amounts due after more than one year included above 550,088 447,524
10 Creditors: amounts falling due within one year 2024 2023
£ £
Other loans - 330,000
Trade creditors 51,365 54,687
Taxation and social security costs 62,350 83,440
Corporation tax - -
Other creditors 882,775 910,482
Accruals and deferred income 1,872,193 2,226,215
2,868,683 3,604,824
11 Creditors: amounts falling due after one year 2024 2023
£ £
Bank loans 9,000,000 9,000,000
Other creditors 4,571,940 4,572,571
Accruals and deferred income 1,520,020 1,648,473
15,091,960 15,221,044
Secured bank loans 9,000,000 9,000,000
Bank loans of £9,000,000 (2023: £9,000,000) are secured by a fixed charge over the company's freehold investment properties, properties held in work in progress and the property held by a subsidiary company. A floating charge is also held over all other assets.
12 Loans 2024 2023
£ £
Amounts falling due within one year
Other loans - 330,000
Amounts falling due 1-2 years
Bank loans 9,000,000 9,000,000
Amounts falling due 2-5 years
Bank loans - -
Amounts falling due after more than 5 years
Bank loans - -
- -
9,000,000 9,330,000
13 Deferred Tax 2024 2023
£ £
At beginning of year 46,321 1,179,463
Released to profit or loss 129,322 (1,133,142)
At year end 175,643 46,321
In accordance with the requirements of FRS102, the company has recognised the deferred tax in respect of its Fixed Asset Investment Property which is held at its current market value. The deferred tax will only become payable should the company dispose of the property.
The provision for deferred taxation is made up as follows:
2024 2023
£ £
Fixed asset timing differences 11,444 11,452
Short term timing differences (119,030) (157,652)
Capital gains 904,681 904,681
Losses and other deductions (621,452) (712,160)
175,643 46,321
14 Share Capital 2024 2023
£ £
Shares Classified as Equity
Allotted, called up and fully paid
13,466 ordinary shares of £1 each 13,466 13,466
13,466 13,466
15 Revaluation reserve 2024 2023
£ £
At 1 July 2023 3,209,475 3,209,475
At 30 June 2024 3,209,475 3,209,475
16 Contingent liabilities
An unlimited multilateral guarantee has been granted to Barclays Bank PLC by The Una Group Limited and Airport Business Centre Limited.
As at 30/06/2024 an unrecorded company liability existed in respect of a roof sinking fund arrangement at Belliver Industrial Estate, a property held as an investment property within the company balance sheet. Separate funds have been set aside to address any issues arising. The Directors are of the opinion that in accordance with FRS102, any liability is too remote to be accurately estimated and therefore no provision has been made within the accounts.
17 Transactions with directors
At 30 June 2024, the company was owed by the directors £51,431 (2023 the company owed the directors: £12,733).
At 30 June 2024, the company was owed by a director and their partner £832,801 (2023: £801). In addition, the company owed them £476,121 (2023: £675,665) in accrued interest charges as at 30 June 2024. Interest is charged at 7% on the loan from the director and their partner. The interest charge for the year was £33,799 (2023: £42,480).
18 Related party transactions
In accordance with FRS102, the company has not disclosed any transactions with its 100% parent company or transactions with wholly owned subsidiaries.
At 30 June 2024, a subsidiary of a company under common control owed the company £415,208 (2023: £415,208). During the year, interest of £227,586 (2023: £206,826) was charged on this loan and has not yet been paid and is included in other debtors. The Una Group owed this company £426,878 (2023: £495,771) at the year end. During the year, interest of £23,729 (2023: £38,801) was charged on this loan. Interest of £704,022 is included in accruals.
At 30 June 2024, a 65.7% subsidiary owed the company £1,575,778 (2023: £1,585,778). A provision of £1,575,778 (2023: £1,585,778) was made against this balance, making the net balance due as at 30 June 2024 £NIL (2023: £NIL).
At 30 June 2024, a company under common control owed the company £84,865 (2023: £80,258).
At 30 June 2024, the company owed directors £4,571,940 (2023: £4,571,940).
At 30 June 2024, the company owed an individual £NIL (2023: £330,000) which is secured by a legal charge over freehold property personally owned by a director of the company.
At 30 June 2024, a company under common control owed the company £434,303 (2023: £321,756). A provision of £434,303 was made against this balance, making the net balance due as at 30 June 2024 £NIL.
At 30 June 2024, a community interest company under common control owed the company £50,000 (2023: £50,000). A provision of £50,000 was made against this balance, making the net balance due as at 30 June 2024 £NIL. During the year, interest of £2,507 (2023: £767) was charged on this loan and has not yet been paid. Interest of £3,274 (2023: £767) is included in other debtors. A provision of £3,274 was made against this balance, making the net balance due as at 30 June 2024 £NIL.
19 Other information
The Una Group Limited is a private company limited by shares and incorporated in England. Its registered office is:
10 Thornbury Road
Plymouth
Devon
PL6 7PP
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