Company registration number 01100790 (England and Wales)
UNITGRADE LTD
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
PAGES FOR FILING WITH REGISTRAR
UNITGRADE LTD
CONTENTS
Page
Balance sheet
1 - 2
Notes to the financial statements
3 - 6
UNITGRADE LTD
BALANCE SHEET
AS AT
30 MARCH 2024
30 March 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
3
9,314
11,536
Investment property
4
1,015,000
1,015,000
1,024,314
1,026,536
Current assets
Debtors
5
15,576
13,545
Cash at bank and in hand
2,944
15,576
16,489
Creditors: amounts falling due within one year
6
(362,886)
(352,283)
Net current liabilities
(347,310)
(335,794)
Total assets less current liabilities
677,004
690,742
Creditors: amounts falling due after more than one year
7
(25,519)
(76,176)
Provisions for liabilities
(73,337)
(73,337)
Net assets
578,148
541,229
Capital and reserves
Called up share capital
1,000
1,000
Revaluation reserve
8
429,491
429,491
Profit and loss reserves
147,657
110,738
Total equity
578,148
541,229
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 March 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 financial statements.
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.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
UNITGRADE LTD
BALANCE SHEET (CONTINUED)
AS AT
30 MARCH 2024
30 March 2024
- 2 -
The financial statements were approved by the board of directors and authorised for issue on 25 March 2025 and are signed on its behalf by:
Mr J P Wheeler
Director
Company registration number 01100790 (England and Wales)
UNITGRADE LTD
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 MARCH 2024
- 3 -
1
Accounting policies
Company information
Unitgrade Ltd is a private company limited by shares incorporated in England and Wales. The registered office is 24a Pwll Road, Llanelli, Carmarthenshire, SA15 1AP.
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 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.
1.2
Turnover
Turnover represents amounts received and receivable by the company in respect of rental income on investment properties and management charges receivable for property management.
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:
Plant and equipment
25%
Fixtures and fittings
25%
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
Investment property
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. Changes in fair value are recognised in profit or loss.
1.5
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.
1.6
Financial instruments
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.
UNITGRADE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
1
Accounting policies
(Continued)
- 4 -
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
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.
UNITGRADE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 5 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
4
3
Tangible fixed assets
Plant and equipment
Fixtures and fittings
Total
£
£
£
Cost
At 31 March 2023
41,570
4,693
46,263
Additions
485
289
774
At 30 March 2024
42,055
4,982
47,037
Depreciation and impairment
At 31 March 2023
30,469
4,258
34,727
Depreciation charged in the year
2,875
121
2,996
At 30 March 2024
33,344
4,379
37,723
Carrying amount
At 30 March 2024
8,711
603
9,314
At 30 March 2023
11,101
435
11,536
4
Investment property
2024
£
Fair value
At 31 March 2023 and 30 March 2024
1,015,000
The company's investment properties have been valued by the directors at market value at the 30th March 2024. The directors are not professional valuers but have used their experience in the property market to arrive at a fair value.
UNITGRADE LTD
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 MARCH 2024
- 6 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
5,661
3,501
Corporation tax recoverable
1,747
1,747
Other debtors
8,168
8,297
15,576
13,545
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans and overdrafts
4,459
Corporation tax
20,176
21,098
Other creditors
338,251
331,185
362,886
352,283
Included in other creditors is a loan of £46,000 due one year which is secured.
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
25,519
76,176
The loan is secured, repayable by monthly instalments and interest is charged.
8
Revaluation reserve
2024
2023
£
£
At the beginning and end of the year
429,491
429,491
9
Related party transactions
Included in other creditors are monies due to the directors and family members in the amount of £266,023 (2023:- £264,484). The amounts are interest free and repayable on demand. Turnover includes rental of a property to a director in the sum of £500 per annum. Property lease charges refers to a property licensed from a shareholder at £100 per annum.