Company Registration No. 08054051 (England and Wales)
Union House Management Company Limited
Unaudited accounts
for the year ended 31 August 2024
Union House Management Company Limited
Unaudited accounts
Contents
Union House Management Company Limited
Company Information
for the year ended 31 August 2024
Directors
C A Sharp
S J Wilson
Company Number
08054051 (England and Wales)
Registered Office
First Floor
129 High Street
Guildford
Surrey
GU1 3AA
Surrey
Union House Management Company Limited
Statement of financial position
as at 31 August 2024
Debtors
1,824,978
1,788,038
Cash at bank and in hand
29,059
412
Creditors: amounts falling due within one year
(1,776,243)
(1,489,094)
Net current assets
77,794
299,356
Total assets less current liabilities
78,341
300,122
Creditors: amounts falling due after more than one year
(61,620)
(145,000)
Called up share capital
2
2
Profit and loss account
16,719
155,120
Shareholders' funds
16,721
155,122
For the year ending 31 August 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 in accordance with section 476 of the Companies Act 2006.
The directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies' regime and in accordance with the provisions of FRS 102 Section 1A - Small Entities. The profit and loss account has not been delivered to the Registrar of Companies.
The financial statements were approved by the Board of Directors and authorised for issue on 28 April 2025 and were signed on its behalf by
C A Sharp
Director
Company Registration No. 08054051
Union House Management Company Limited
Notes to the Accounts
for the year ended 31 August 2024
Union House Management Company Limited is a private company, limited by shares, registered in England and Wales, registration number 08054051. The registered office is First Floor, 129 High Street, Guildford, Surrey, GU1 3AA, Surrey.
2
Compliance with accounting standards
The accounts have been prepared in accordance with the provisions of FRS 102 Section 1A Small Entities. There were no material departures from that standard.
The principal accounting policies adopted in the preparation of the financial statements are set out below and have remained unchanged from the previous year, and also have been consistently applied within the same accounts.
The accounts have been prepared under the historical cost convention as modified by the revaluation of certain fixed assets.
The accounts are presented in £ sterling.
Turnover is measured at the fair value of the consideration received or receivable for goods supplied and services rendered, net of discounts and Value Added Tax.
Turnover from the sale of goods is recognised when the significant risks and rewards of ownership have transferred to the buyer (usually on despatch of the goods); the amount of turnover can be measured reliably; it is probable that the associated economic benefits will flow to the entity; and the costs incurred or to be incurred in respect of the transactions can be measured reliably.
The taxation expense represents the aggregate amount of current and deferred tax recognised in the reporting period. Tax is recognised in the statement of comprehensive income, except to the extent that it relates to items recognised in other comprehensive income or directly in capital and reserves. In this case, tax is recognised in other comprehensive income or directly in capital and reserves, respectively.
Current tax is recognised on taxable profit for the current and past periods. Current tax is measured at the amounts of tax expected to pay or recover using the tax rates and laws that have been enacted or substantively enacted at the reporting date.
Deferred tax is recognised in respect of all timing differences at the reporting date. Unrelieved tax losses and other 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date that are expected to apply to the reversal of the timing difference.
Union House Management Company Limited
Notes to the Accounts
for the year ended 31 August 2024
Where the outcome of construction contracts can be reliably estimated, contract turnover and contract costs are recognised by reference to the stage of completion of the contract activity as at the period end.
Where the outcome of construction contracts cannot be estimated reliably, turnover is recognised to the extent of contract costs incurred that it is probable will be recoverable, and contract costs are recognised as an expense in the period in which they are incurred.
The entity uses the percentage of completion method to determine the amounts to be recognised in the period. The stage of completion is measured by reference to the contract costs incurred up to the end of the reporting period as a percentage of total estimated costs for each contract. Costs incurred for work performed to date do not include costs relating to future activity, such as for materials or prepayments.
Tangible fixed assets and depreciation
Tangible assets are included at cost less depreciation and impairment. Depreciation has been provided at the following rates in order to write off the assets over their estimated useful lives:
Fixtures & fittings
25% Straight Line
A financial asset or a financial liability is recognised only when the company becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the transaction price, unless the arrangement constitutes a financing transaction, where it is recognised at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Debt instruments are subsequently measured at amortised cost.
Where investments in non-convertible preference shares and non-puttable ordinary shares or preference shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in profit or loss. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in profit or loss, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately.
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets or either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised in profit or loss immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Union House Management Company Limited
Notes to the Accounts
for the year ended 31 August 2024
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised in finance costs in profit or loss in the period in which it arises.
Judgements in applying accounting policies and key sources of estimation uncertainty
The preparation of financial statements in compliance with FRS 102 Section 1A requires the use of certain critical accounting estimates. It also requires management to exercise judgement in applying the company's accounting policies. In preparing these financial statements, the directors have made the following judgements:
Determine whether there are indicators of impairment of the company's tangible fixed assets. Factors taken into consideration in reaching such a decision include the economic viability and expected future financial performance of the asset and where it is a component of a larger cash-generating unit, the viability and expected future performance of that unit.
Other key sources of estimation uncertainty:
Tangible fixed assets (note 4)
Tangible fixed assets are depreciated over their useful lives taking into account residual values, where appropriate. The actual lives of the assets and residual values are assessed annually and may vary depending on a number of factors. In re-assessing asset lives, factors such as technological innovation, product life cycles and maintenance programmes are taken into account. Residual value assessments consider issues such as future market conditions, the remaining life of the asset and projected disposal values.
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Tangible fixed assets
Fixtures & fittings
Amounts falling due within one year
Trade debtors
25,059
27,771
Accrued income and prepayments
11,542
2,500
Other debtors
1,788,377
1,757,767
Union House Management Company Limited
Notes to the Accounts
for the year ended 31 August 2024
6
Creditors: amounts falling due within one year
2024
2023
Bank loans and overdrafts
70,791
109,006
Trade creditors
24,157
7,110
Taxes and social security
33,176
31,028
Other creditors
941,504
694,044
Loans from directors
31,173
73,106
Deferred income
169,073
75,600
7
Creditors: amounts falling due after more than one year
2024
2023
Bank loans consist of a Coronavirus Business Interruption Loan (CBIL) totalling £100,000 (year ended 2023 £160,000). The loan was withdrawn on 5 May 2020 and is unsecured. Interest is charged on the loan of 3% per annum and the loan is being repaid from 1 June 2021 in monthly instalments over a 5 year period.
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Average number of employees
During the year the average number of employees was 16 (2023: 15).