Registered number |
Unaudited |
Financial Statements |
Registered number: | |||||||
Balance Sheet | |||||||
as at |
|||||||
Notes | 2024 | 2023 | |||||
£ | £ | ||||||
Fixed assets | |||||||
Tangible assets | 5 | ||||||
Investment property | 6 | 16,325,880 | 16,535,000 | ||||
Investments | 7 | ||||||
Current assets | |||||||
Stocks | 8 | ||||||
Debtors | 9 | ||||||
Cash at bank and in hand | |||||||
Creditors: amounts falling due within one year | 10 | ( |
( |
||||
Net current assets | |||||||
Total assets less current liabilities | |||||||
Creditors: amounts falling due after more than one year | 11 | ( |
( |
||||
Deferred Tax | 13 | ( |
( |
||||
Net assets | |||||||
Capital and reserves | |||||||
Called up share capital | 14 | ||||||
Share premium | |||||||
Revaluation reserve | 15 | ||||||
Profit and loss account | ( |
( |
|||||
Shareholder's funds | |||||||
Mr D Pearce | |||||||
Director | |||||||
Approved by the board on |
|||||||
The notes on pages 2 to 10 form part of these financial statements. | |||||||
Notes to the Accounts | ||||||||
for the year ended |
||||||||
1 | Accounting policies | |||||||
Basis of preparation | ||||||||
Turnover | ||||||||
Tangible fixed assets | ||||||||
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 | ||||||||
Stocks and work in progress | ||||||||
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 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 | ||||||||
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 | ||||||||
At 30 June 2024 | ||||||||
Depreciation | ||||||||
At 1 July 2023 | ||||||||
Charge for the year | - | |||||||
At 30 June 2024 | ||||||||
Net book value | ||||||||
At 30 June 2024 | - | |||||||
At 30 June 2023 | - | |||||||
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 | ||||||
7 | Investments | |||||||
Investments in | ||||||||
subsidiary | Unlisted | |||||||
undertakings | investments | Total | ||||||
£ | £ | £ | ||||||
Cost | ||||||||
At 1 July 2023 | 7,342,952 | |||||||
Impairment b/fwd and c/fwd | - | ( |
(4,170,842) | |||||
At 30 June 2024 | ||||||||
At 30 June 2023 | 3,172,109 | 1 | ||||||
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 | ||||||||
Amounts owed by group undertakings and undertakings in which the company has a participating interest | ||||||||
Other debtors | ||||||||
Prepayments and accrued income | 50,216 | 57,070 | ||||||
Amounts due after more than one year included above | ||||||||
10 | Creditors: amounts falling due within one year | 2024 | 2023 | |||||
£ | £ | |||||||
Other loans | - | 330,000 | ||||||
Trade creditors | ||||||||
Taxation and social security costs | ||||||||
Corporation tax | - | - | ||||||
Other creditors | ||||||||
Accruals and deferred income | 1,872,193 | 2,226,215 | ||||||
11 | Creditors: amounts falling due after one year | 2024 | 2023 | |||||
£ | £ | |||||||
Bank loans | ||||||||
Other creditors | ||||||||
Accruals and deferred income | 1,520,020 | 1,648,473 | ||||||
Secured bank loans | 9,000,000 | 9,000,000 | ||||||
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 | ||||||||
At 30 June 2024 | ||||||||
16 | Contingent liabilities | |||||||
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 | |||||||
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 |