| REGISTERED NUMBER: |
| UNITED COMMERCIAL INVESTMENTS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 1 JANUARY 2024 TO 30 SEPTEMBER 2024 |
| REGISTERED NUMBER: |
| UNITED COMMERCIAL INVESTMENTS LIMITED |
| UNAUDITED FINANCIAL STATEMENTS |
| FOR THE PERIOD |
| 1 JANUARY 2024 TO 30 SEPTEMBER 2024 |
| UNITED COMMERCIAL INVESTMENTS LIMITED (REGISTERED NUMBER: 09375943) |
| CONTENTS OF THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 JANUARY 2024 TO 30 SEPTEMBER 2024 |
| Page |
| Company Information | 1 |
| Balance Sheet | 2 |
| Notes to the Financial Statements | 4 |
| UNITED COMMERCIAL INVESTMENTS LIMITED |
| COMPANY INFORMATION |
| FOR THE PERIOD 1 JANUARY 2024 TO 30 SEPTEMBER 2024 |
| DIRECTORS: |
| SECRETARY: |
| REGISTERED OFFICE: |
| REGISTERED NUMBER: |
| UNITED COMMERCIAL INVESTMENTS LIMITED (REGISTERED NUMBER: 09375943) |
| BALANCE SHEET |
| 30 SEPTEMBER 2024 |
| 30.9.24 | 31.12.23 |
| Notes | £ | £ | £ | £ |
| FIXED ASSETS |
| Tangible assets | 4 |
| Investment property | 5 |
| CURRENT ASSETS |
| Debtors | 6 |
| Cash at bank |
| CREDITORS |
| Amounts falling due within one year | 7 |
| NET CURRENT ASSETS |
| TOTAL ASSETS LESS CURRENT LIABILITIES |
| CREDITORS |
| Amounts falling due after more than one year |
8 |
( |
) |
( |
) |
| PROVISIONS FOR LIABILITIES | 11 | ( |
) |
| NET ASSETS |
| CAPITAL AND RESERVES |
| Called up share capital | 12 |
| Retained earnings | 13 |
| SHAREHOLDERS' FUNDS |
| The directors acknowledge their responsibilities for: |
| (a) | ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006 and |
| (b) | preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
| UNITED COMMERCIAL INVESTMENTS LIMITED (REGISTERED NUMBER: 09375943) |
| BALANCE SHEET - continued |
| 30 SEPTEMBER 2024 |
| The financial statements were approved by the Board of Directors and authorised for issue on |
| UNITED COMMERCIAL INVESTMENTS LIMITED (REGISTERED NUMBER: 09375943) |
| NOTES TO THE FINANCIAL STATEMENTS |
| FOR THE PERIOD 1 JANUARY 2024 TO 30 SEPTEMBER 2024 |
| 1. | STATUTORY INFORMATION |
| United Commercial Investments Limited is a |
| The presentation currency of the financial statements is the Pound Sterling (£). |
| 2. | ACCOUNTING POLICIES |
| Going concern |
| The financial statements have been prepared on a going concern basis which assumes that the company will continue in operational existence for the foreseeable future. In making his assessment, the director has reviewed the balance sheet, the likely future cashflows of the business and has considered the facilities that are available to the company along with his continued support. |
| At the date of approving the financial statements the Director has a reasonable expectation that the company has adequate resources to continue in operational existence for the foreseeable future and that the going concern basis of accounting remains appropriate. The directors continue to adopt the going concern basis of accounting in preparing the financial statements. |
| UNITED COMMERCIAL INVESTMENTS LIMITED (REGISTERED NUMBER: 09375943) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 JANUARY 2024 TO 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Significant judgements and estimates |
| In the application of the company's accounting policies, which are described in note 2, management is required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
| The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate id revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both current and future periods. |
| Useful economic lives of tangible assets - The annual depreciation charge for tangible fixed assets is sensitive to changes in the estimated useful economic lives and residual values of the assets. The useful economic lives and residual values are re-assessed annually. They are amended when necessary to reflect the current estimate based on technological advancement, future investments, economic utilisation and the physical condition of the assets. See notes for the carrying amount of the tangible fixed assets and accounting policies in note 1 for the useful economic lives of each class of asset. |
| Investment Properties |
| The fair value of investment properties is determined using professional valuation techniques, which are reviewed annually by management in accordance with FRS 102, Section 16. Where observable market data is available, it is incorporated into the valuation process. In the absence of such data, alternative methods, such as recent transaction prices, estimated rental income, and appropriate yield assumptions, are used. |
| Management assesses whether any factors could materially impact the fair value of investment properties, including changes in market conditions, occupancy rates, or expected rental income. Where such factors are identified, appropriate adjustments are made to the valuation, with any changes recognised in the income statement. |
| Given the inherent subjectivity in property valuations, actual outcomes may differ from estimates, and management regularly reviews key assumptions to ensure that valuations reflect current market conditions. |
| UNITED COMMERCIAL INVESTMENTS LIMITED (REGISTERED NUMBER: 09375943) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 JANUARY 2024 TO 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Revenue recognition |
| Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. |
| Turnover represents rental income from investment properties and is recognised on an accruals basis, based on the agreed terms with tenants, even where no formal lease agreements exist. Rental income is recognised when it is receivable, provided that the amount can be measured reliably and it is probable that the economic benefits will flow to the company. |
| Where rental payments are informal or based on periodic agreements (e.g., rolling tenancies or short-term arrangements), income is recognised as earned, typically when payments become due. Any payments received in advance are deferred and recognised over the relevant period to which they relate. |
| If the company provides additional services to tenants, such as maintenance or utilities, the income related to these services is recognised when the service is provided and a contractual or constructive obligation exists for the tenant to pay. |
| All turnover is stated net of VAT, where applicable. |
| Tangible fixed assets |
| Tangible fixed assets held for the company's own use are stated at cost less accumulated depreciation and accumulated impairment losses. |
| Depreciation is provided at the following annual rates calculated to write off the cost of fixed assets, less their estimated residual value, over their expected useful lives: |
| Fixtures and fittings - 15% on reducing balance |
| Freehold property - not provided |
| At each balance sheet date, the company reviews the carrying amount of its tangible fixed assets to determine whether there is any indication that any items have suffered an impairment loss. If any such indication exists, the recoverable amount of an asset is estimated in order to determine the extent of the impairment loss, if any. Where it is not possible to estimate the recoverable amount of the asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. |
| Investment property |
| Investment property is initially recorded at cost, which includes purchase price and any directly attributable expenditure. Investment property is revalued to its fair value at each reporting date and any changes in fair value are recognised in profit and loss. |
| Investment property |
| 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. |
| UNITED COMMERCIAL INVESTMENTS LIMITED (REGISTERED NUMBER: 09375943) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 JANUARY 2024 TO 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Financial instruments |
| Cash and cash equivalents |
| Cash and cash equivalents are basic financial instruments and include cash in hand and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. |
| Financial instruments |
| The company has elected to apply the provisions of Section 11 "Basic Financial Instruments". |
| Financial instruments are recognised when the company becomes party to the contractual provisions of the instrument. Financial assets are liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. |
| Basic financial assets |
| Basic financial assets, which include trade and other debtors, loans to related companies and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the financial asset is measured at the present value of the future receipts discounted at a market rate of interest. |
| Basic financial liabilities |
| Basic financial liabilities, including trade and other creditors, loans to related companies and bank loans are initially recognised at transaction price unless the arrangement constitutes a financial transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. |
| Taxation |
| Taxation for the period comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent that it relates to items recognised in other comprehensive income or directly in equity. |
| Current or deferred taxation assets and liabilities are not discounted. |
| 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 period 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. |
| UNITED COMMERCIAL INVESTMENTS LIMITED (REGISTERED NUMBER: 09375943) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 JANUARY 2024 TO 30 SEPTEMBER 2024 |
| 2. | ACCOUNTING POLICIES - continued |
| Impairment |
| 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 assets 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. |
| Provisions |
| Provisions are recognised when the company has a present legal or constructive obligation as a result of past events; it is probable that an outflow of resources will be required to settle the obligation; and the amount of the obligation can be estimated reliably. |
| Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with respect to any one item included in the same class of obligations may be small. |
| Provision is not made for future operating losses. |
| Provisions are measured at the present value of the expenditures expected to be required to settle the obligation using a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the obligation. The increase in the provision due to passage of time is recognised as a finance cost. |
| 3. | EMPLOYEES AND DIRECTORS |
| The average number of employees during the period was |
| 4. | TANGIBLE FIXED ASSETS |
| Fixtures |
| and |
| fittings |
| £ |
| COST |
| At 1 January 2024 |
| and 30 September 2024 |
| DEPRECIATION |
| At 1 January 2024 |
| Charge for period |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 31 December 2023 |
| UNITED COMMERCIAL INVESTMENTS LIMITED (REGISTERED NUMBER: 09375943) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 JANUARY 2024 TO 30 SEPTEMBER 2024 |
| 5. | INVESTMENT PROPERTY |
| Total |
| £ |
| FAIR VALUE |
| At 1 January 2024 |
| Impairments | (9,376 | ) |
| At 30 September 2024 |
| NET BOOK VALUE |
| At 30 September 2024 |
| At 31 December 2023 |
| 6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 31.12.23 |
| £ | £ |
| Other debtors |
| 7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
| 30.9.24 | 31.12.23 |
| £ | £ |
| Bank loans and overdrafts (see note 9) |
| Trade creditors |
| Taxation and social security |
| Other creditors |
| 8. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
| 30.9.24 | 31.12.23 |
| £ | £ |
| Bank loans (see note 9) |
| 9. | LOANS |
| An analysis of the maturity of loans is given below: |
| 30.9.24 | 31.12.23 |
| £ | £ |
| Amounts falling due within one year or on demand: |
| Bank loans |
| UNITED COMMERCIAL INVESTMENTS LIMITED (REGISTERED NUMBER: 09375943) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 JANUARY 2024 TO 30 SEPTEMBER 2024 |
| 9. | LOANS - continued |
| 30.9.24 | 31.12.23 |
| £ | £ |
| Amounts falling due between one and two years: |
| Bank loans - 1-2 years |
| 10. | SECURED DEBTS |
| Bank loans are secured by fixed charge over freehold property at 8 Dunraven Place, Bridgend. |
| 11. | PROVISIONS FOR LIABILITIES |
| 30.9.24 |
| £ |
| Deferred tax | 877 |
| Deferred |
| tax |
| £ |
| Balance at 1 January 2024 | ( |
) |
| Provided during period |
| Balance at 30 September 2024 |
| 12. | CALLED UP SHARE CAPITAL |
| Allotted, issued and fully paid: |
| Number: | Class: | Nominal | 30.9.24 | 31.12.23 |
| value: | £ | £ |
| Ordinary | £1 | 10 | 10 |
| 13. | RESERVES |
| Retained |
| earnings |
| £ |
| At 1 January 2024 |
| Deficit for the period | ( |
) |
| At 30 September 2024 |
| UNITED COMMERCIAL INVESTMENTS LIMITED (REGISTERED NUMBER: 09375943) |
| NOTES TO THE FINANCIAL STATEMENTS - continued |
| FOR THE PERIOD 1 JANUARY 2024 TO 30 SEPTEMBER 2024 |
| 14. | DIRECTORS' ADVANCES, CREDITS AND GUARANTEES |
| The following advances and credits to directors subsisted during the period ended 30 September 2024 and the year ended 31 December 2023: |
| 30.9.24 | 31.12.23 |
| £ | £ |
| Balance outstanding at start of period |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of period |
| Balance outstanding at start of period |
| Amounts advanced |
| Amounts repaid |
| Amounts written off | - | - |
| Amounts waived | - | - |
| Balance outstanding at end of period |
| Interest is being charged at 2.25% per annum and there are no fixed repayment terms. |
| 15. | RELATED PARTY DISCLOSURES |
| During the period, the company made sales of £9,000 (2023: £12,000) and recharged expenses of £11,739 (2023: £19,700) to STS Commercial Limited. At the period end, an amount of £nil (2023: £nil) was due from STS Commercial Limited. |
| STS Commercial Limited has also provided a cross-company guarantee to Barclays Bank Plc in respect of the bank loans held by the company. |
| During the period, the company made sales of £4,500 (2023: £6,000) to New Phones Limited. At the period end, an amount of £nil (2023: £nil) was due from New Phones Limited. |
| Both companies are considered related parties due to common directors and control. |
| All the above balances are interest-free and repayable on demand. |
| 16. | CHANGE IN ACCOUNTING REFERENCE DATE |
| The company's accounting reference date has been changed from 31 December to 30 September. As a result, the financial statements cover a period of 9 months, from 1 January 2024 to 30 September 2024 |