Company registration number 14533519 (England and Wales)
UNION PROPERTY DEVELOPMENT HOLDINGS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
PAGES FOR FILING WITH REGISTRAR
UNION PROPERTY DEVELOPMENT HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mr N Abrol
Mr R K Sehgal
Company number
14533519
Registered office
First Floor Cobalt 3.2
Silver Fox Way
Cobalt Business Park
Newcastle upon Tyne
NE27 0QJ
Accountants
Robson Laidler Accountants Limited
Fernwood House
Fernwood Road
Jesmond
Newcastle upon Tyne
Tyne and Wear
England
NE2 1TJ
UNION PROPERTY DEVELOPMENT HOLDINGS LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 5
UNION PROPERTY DEVELOPMENT HOLDINGS LIMITED
BALANCE SHEET
- 1 -
2024
2023
Notes
£
£
£
£
Current assets
Debtors
4
1,576,350
100
Creditors: amounts falling due within one year
5
(1,713,685)
-
Net current (liabilities)/assets
(137,335)
100
Capital and reserves
Called up share capital
6
200
100
Profit and loss reserves
(137,535)
Total equity
(137,335)
100
For the financial year ended 31 May 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
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 Companies Act 2006 with respect to accounting records and the preparation of financial statements.
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 15 May 2025 and are signed on its behalf by:
Mr R K Sehgal
Director
Company registration number 14533519 (England and Wales)
UNION PROPERTY DEVELOPMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MAY 2024
- 2 -
1
Accounting policies
Company information
Union Property Development Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is First Floor Cobalt 3.2, Silver Fox Way, Cobalt Business Park, Newcastle upon Tyne, NE27 0QJ.
1.1
Reporting period
In the previous period the company's accounting reference date was shortened from 31 December 2023 to 31 May 2023 in order to align it with the other companies within the group. Therefore, the comparative figures are not entirely comparable.
1.2
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. The principal accounting policies adopted are set out below.
The company has taken advantage of the exemption under section 399 of the Companies Act 2006 not to prepare consolidated accounts, on the basis that the group of which this is the parent qualifies as a small group. The financial statements present information about the company as an individual entity and not about its group.
1.3
Going concern
The financial statements have been prepared on a going concern basis which, in the opinion of the directors, is the appropriate basis. The company's ability to continue trading is dependent upon the ongoing support of its shareholderstrue and other group undertakings. In the event that the company is unable to continue trading, adjustments would have to be made to reduce the value of assets to their recoverable amount.
1.4
Fixed asset investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
1.5
Equity instruments
Equity instruments issued by the company are recorded at the proceeds received, net of transaction costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer at the discretion of the company.
UNION PROPERTY DEVELOPMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
1
Accounting policies
(Continued)
- 3 -
1.6
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
The tax currently payable is based on taxable profit for the year. 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 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.
1.7
Debtors and creditors receivable/payable within 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.
1.8
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.
2
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
UNION PROPERTY DEVELOPMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 4 -
3
Subsidiaries
Details of the company's subsidiaries at 31 May 2024 are as follows:
Name of undertaking
Registered office
Nature of business
Class of
% Held
shares held
Direct
Union Property Development Limited
England and Wales
Property investment
Ordinary
100.00
LPH Paddington Holding Limited
England and Wales
Investment holding
Ordinary
70.00
LPH Paddington Limited
England and Wales
Property investment
Ordinary
70.00
Union Property Development (Hexham) Limited
England and Wales
Property investment
Ordinary
100.00
Union Property Development (Gosforth) Limited
England and Wales
Property investment
Ordinary
100.00
Union Property Development (Assembly Rooms) Limited
England and Wales
Property investment
Ordinary
100.00
4
Debtors
2024
2023
Amounts falling due within one year:
£
£
Unpaid share capital
200
100
Amounts owed by group undertakings
1,576,150
1,576,350
100
5
Creditors: amounts falling due within one year
2024
2023
£
£
Other borrowings
1,700,000
Taxation and social security
2,384
Accruals and deferred income
11,301
1,713,685
6
Called up share capital
2024
2023
2024
2023
Ordinary share capital
Number
Number
£
£
Issued and not fully paid
Ordinary shares of £1 each
200
100
200
100
100 ordinary shares of £1 each were allotted at par during the year
UNION PROPERTY DEVELOPMENT HOLDINGS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MAY 2024
- 5 -
7
Related party transactions
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.
8
Off balance sheet arrangements
The company has provided a shareholder security agreement in the sum of £16,233,900 for the bank loan facilities of its subsidiary undertaking, LPH Paddington Limited.