Company registration number 02815336 (England and Wales)
UNION RETAIL PROPERTIES LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
UNION RETAIL PROPERTIES LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 8
UNION RETAIL PROPERTIES LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
12,000,000
17,800,000
Current assets
Debtors
5
16,750,693
15,597,142
Cash at bank and in hand
149,953
451,053
16,900,646
16,048,195
Creditors: amounts falling due within one year
6
(8,590,514)
(7,074,056)
Net current assets
8,310,132
8,974,139
Total assets less current liabilities
20,310,132
26,774,139
Creditors: amounts falling due after more than one year
7
(9,987,500)
(10,445,000)
Provisions for liabilities
9
(3,604)
Net assets
10,322,632
16,325,535
Capital and reserves
Called up share capital
11
200
200
Profit and loss reserves
10,322,432
16,325,335
Total equity
10,322,632
16,325,535
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 14 March 2025 and are signed on its behalf by:
Mr R K Sehgal
Director
Company registration number 02815336 (England and Wales)
UNION RETAIL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
Union Retail Properties Limited is a private company limited by shares incorporated in England and Wales. The registered office is c/o Union Property Services Ltd, Cobalt 3.1 Silver Fox Way, Cobalt 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, modified to include investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Rents receivable are recognised in accordance with the underlying property leases and exclusive of Value Added Tax where there are options to tax on properties.
Lease incentives (such as rent free periods) are spread over the entire period of the lease.
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:
Computer equipment
25% straight line
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 properties
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value is recognised in profit or loss.
The methods and significant assumptions used to ascertain the fair value of £12,000,000 and fair value movement of £5,800,000 debited to the profit/loss for the year are as follows:
The investment property has been valued at fair value based on a desktop valuation carried out in December 2024 by Wallace J Walton, a RICS registered valuer.
UNION RETAIL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.5
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 asset, or the asset's cash generating unit, is estimated and compared to the carrying amount. Where the carrying amount exceeds its 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.
1.6
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.
1.7
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 from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in 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.
1.8
Provisions
Provisions are recognised when the company has an obligation at the balance sheet date 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.
1.9
Leases
Rentals paid under operating leases are charged to profit or loss on a straight line basis over the period of the lease.
1.10
Debtors and creditors receivable/payable with one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.
1.11
Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.
UNION RETAIL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
Tangible fixed assets
Computer equipment
£
Cost
At 1 June 2023 and 31 May 2024
9,073
Depreciation and impairment
At 1 June 2023 and 31 May 2024
9,073
Carrying amount
At 31 May 2024
At 31 May 2023
UNION RETAIL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
4
Investment property
2024
£
Fair value
At 1 June 2023
17,800,000
Revaluations
(5,800,000)
At 31 May 2024
12,000,000
The historic cost of the investment property is £10,985,031 (2023 £10,985,031).
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,591
Amounts owed by group undertakings
3,802,494
3,802,494
Other debtors
3,126,139
1,983,664
Prepayments and accrued income
11,294
10,984
6,941,518
5,797,142
Deferred tax asset (note 10)
9,175
6,950,693
5,797,142
2024
2023
Amounts falling due after more than one year:
£
£
Other debtors
9,800,000
9,800,000
Total debtors
16,750,693
15,597,142
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
8
450,000
450,000
Trade creditors
260,106
13,858
Amounts owed to group undertakings
1,199,679
Corporation tax
54,621
Other taxation and social security
72,686
78,853
Other creditors
5,937,721
5,913,217
Accruals and deferred income
670,322
563,507
8,590,514
7,074,056
UNION RETAIL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 6 -
7
Creditors: amounts falling due after more than one year
2024
2023
Notes
£
£
Bank loans and overdrafts
8
9,987,500
10,445,000
8
Loans and overdrafts
2024
2023
£
£
Bank loans
10,437,500
10,895,000
Payable within one year
450,000
450,000
Payable after one year
9,987,500
10,445,000
The bank loan is secured on the company's investment property.
9
Provisions for liabilities
2024
2023
£
£
Deferred tax liabilities
10
3,604
10
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the company and movements thereon:
Liabilities
Liabilities
Assets
Assets
2024
2023
2024
2023
Balances:
£
£
£
£
Accelerated capital allowances
-
(11,190)
9,175
-
Revaluation of investment property
-
14,794
-
-
-
3,604
9,175
-
2024
Movements in the year:
£
Liability at 1 June 2023
3,604
Credit to profit or loss
(12,779)
Asset at 31 May 2024
(9,175)
UNION RETAIL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 7 -
11
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and fully paid
Ordinary of £1 each
200
200
200
200
12
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Peter Charles BSc FCA
Statutory Auditor:
Robson Laidler Accountants Limited
Date of audit report:
14 March 2025
13
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
£
£
6,889
14
Related party transactions
Transactions with related parties
During the year the company entered into the following transactions with related parties:
Description of
Income
Payments
transaction
2024
2023
2024
2023
£
£
£
£
Other related parties
Management charges payable
100,000
722,000
Other related parties
Property management fees payable
52,315
49,355
Other related parties
Loan interest receivable
607,130
373,498
Other related parties
Rent payable
6,000
3,918
UNION RETAIL PROPERTIES LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
14
Related party transactions
(Continued)
- 8 -
Amounts owed by
Amounts owed to
related parties
related parties
2024
2023
2024
2023
£
£
£
£
Other related parties
12,926,140
11,783,662
5,928,911
5,913,217
The following amounts were recognised as an expense in the period in respect of bad and doubtful debts due from related parties:
2024
2023
£
£
Other related parties
607,130
373,498
Other information
The company has taken advantage of exemption, under the terms of Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland', not to disclose related party transactions with wholly owned subsidiaries within the group.
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