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COMPANY REGISTRATION NUMBER: 08479847
Universal Investments And Properties Limited
Filleted Unaudited Financial Statements
31 July 2024
Universal Investments And Properties Limited
Statement of Financial Position
31 July 2024
2024
2023
Note
£
£
£
Fixed assets
Tangible assets
5
3,567,649
3,321,027
Current assets
Debtors
6
478,603
465,980
Cash at bank and in hand
22,073
44,644
---------
---------
500,676
510,624
Creditors: amounts falling due within one year
7
1,274,344
838,873
-----------
---------
Net current liabilities
773,668
328,249
-----------
-----------
Total assets less current liabilities
2,793,981
2,992,778
Creditors: amounts falling due after more than one year
8
379,421
829,421
Provisions
Taxation including deferred tax
311,646
311,646
-----------
-----------
Net assets
2,102,914
1,851,711
-----------
-----------
Capital and reserves
Called up share capital
100
100
Revaluation reserve
1,047,362
1,047,362
Profit and loss account
1,055,452
804,249
-----------
-----------
Shareholders funds
2,102,914
1,851,711
-----------
-----------
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with Section 1A of FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
In accordance with section 444 of the Companies Act 2006, the statement of comprehensive income has not been delivered.
For the year ending 31 July 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors' responsibilities:
- 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 ;
- The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of financial statements .
Universal Investments And Properties Limited
Statement of Financial Position (continued)
31 July 2024
These financial statements were approved by the board of directors and authorised for issue on 3 April 2025 , and are signed on behalf of the board by:
V Shah
Director
Company registration number: 08479847
Universal Investments And Properties Limited
Notes to the Financial Statements
Year ended 31 July 2024
1. General information
The company is a private company limited by shares, registered in England and Wales. The address of the registered office is Unit 7 Bermer Place, Imperial Way, Watford, Hertfordshire WD24 4AY.
2. Statement of compliance
These financial statements have been prepared in compliance with Section 1A of FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland'.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through profit or loss.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Revenue recognition
Turnover represents rent receivable on investment property.
Taxation
Current tax The tax currently payable is based on taxable profit for the year. Taxable profit differs from 'profit before tax' as reported in the profit and loss account because of items of income or expense that are taxable or deductible in other years and items that are never taxable or deductible. The company's current tax is calculated using tax rates that have been enacted or substantively enacted by the end of the reporting period. Deferred tax A deferred tax asset or liability is recognised for tax recoverable or payable in future periods in respect of transactions and events recognised in the financial statements of current and previous periods. Deferred tax arises from timing differences that are differences between taxable profits and total comprehensive income as stated in the financial statements. Timing differences result from the inclusion of income and expenses in tax assessments in periods different from those in which they are recognised in the financial statements.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other comprehensive income and accumulated in equity, except to the extent it reverses a revaluation decrease of the same asset previously recognised in profit or loss. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other comprehensive income to the extent of any previously recognised revaluation increase accumulated in equity in respect of that asset. Where a revaluation decrease exceeds the accumulated revaluation gains accumulated in equity in respect of that asset, the excess shall be recognised in profit or loss.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Fixtures & equipment
-
25% reducing balance
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. The gain or loss on valuation is recognised in profit or loss and is subsequently transferred within equity to the revaluation reserve together with the associated deferred tax.
Impairment of fixed assets
At each reporting period end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Provisions
Provisions are recognised when the entity has an obligation at the reporting date as a result of a past event, it is probable that the entity will be required to transfer economic benefits in settlement and the amount of the obligation can be estimated reliably. Provisions are recognised as a liability in the statement of financial position and the amount of the provision as an expense. Provisions are initially measured at the best estimate of the amount required to settle the obligation at the reporting date and subsequently reviewed at each reporting date and adjusted to reflect the current best estimate of the amount that would be required to settle the obligation. Any adjustments to the amounts previously recognised are recognised in profit or loss unless the provision was originally recognised as part of the cost of an asset. When a provision is measured at the present value of the amount expected to be required to settle the obligation, the unwinding of the discount is recognised as a finance cost in profit or loss in the period it arises.
Financial instruments
The company only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other debtors, cash and cash equivalents, trade and other payables, and loans and borrowings. Financial assets and financial liabilities are recognised when the company becomes a party to the contractual provisions of the instruments. Financial assets and financial liabilities are initially measured at fair value.
4. Tax on profit/(loss)
Major components of tax expense/(income)
2024
2023
£
£
Current tax:
UK current tax expense
83,820
41,825
Deferred tax:
Origination and reversal of timing differences
( 67,705)
-------
-------
Tax on profit/(loss)
83,820
( 25,880)
-------
-------
Reconciliation of tax expense/(income)
The tax assessed on the profit/(loss) on ordinary activities for the year is higher than (2023: lower than) the standard rate of corporation tax in the UK of 25 % (2023: 21 %).
2024
2023
£
£
Profit/(loss) on ordinary activities before taxation
335,023
( 551,576)
---------
---------
Profit/(loss) on ordinary activities by rate of tax
83,756
41,680
Effect of expenses not deductible for tax purposes
73
Effect of capital allowances and depreciation
64
72
Deferred tax
(67,705)
---------
---------
Tax on profit/(loss)
83,820
( 25,880)
---------
---------
5. Tangible assets
Land and buildings
Fixtures and fittings
Total
£
£
£
Cost
At 1 August 2023
3,320,000
5,937
3,325,937
Additions
246,879
246,879
-----------
------
-----------
At 31 July 2024
3,566,879
5,937
3,572,816
-----------
------
-----------
Depreciation
At 1 August 2023
4,910
4,910
Charge for the year
257
257
-----------
------
-----------
At 31 July 2024
5,167
5,167
-----------
------
-----------
Carrying amount
At 31 July 2024
3,566,879
770
3,567,649
-----------
------
-----------
At 31 July 2023
3,320,000
1,027
3,321,027
-----------
------
-----------
Included within the above is investment property as follows:
£
At 1 August 2023
3,320,000
Additions
246,879
-----------
At 31 July 2024
3,566,879
-----------
The fair value of the investment property is measured by the directors based on the current market valuation. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The net historical cost of the investment property was £2,207,872 (2023 - £1,960,993).
6. Debtors
2024
2023
£
£
Trade debtors
59,198
43,727
Other debtors
419,405
422,253
---------
---------
478,603
465,980
---------
---------
7. Creditors: amounts falling due within one year
2024
2023
£
£
Trade creditors
19,291
22,747
Corporation tax
83,820
41,825
Social security and other taxes
17,245
7,659
Other creditors
1,153,988
766,642
-----------
---------
1,274,344
838,873
-----------
---------
8. Creditors: amounts falling due after more than one year
2024
2023
£
£
Other creditors
379,421
829,421
---------
---------
9. Related party transactions
At the year end, a balance of £379,421 (2023 - £829,421) included in other creditors was owed to the directors.