Underwood and Co Properties Limited 12985746 false 2023-11-01 2024-10-31 2024-10-31 The principal activity of the company is Other letting and operating of owned real estate Digita Accounts Production Advanced 6.30.9574.0 true 12985746 2023-11-01 2024-10-31 12985746 2024-10-31 12985746 core:RetainedEarningsAccumulatedLosses 2024-10-31 12985746 core:ShareCapital 2024-10-31 12985746 core:CurrentFinancialInstruments 2024-10-31 12985746 core:CurrentFinancialInstruments core:WithinOneYear 2024-10-31 12985746 core:Non-currentFinancialInstruments 2024-10-31 12985746 core:Non-currentFinancialInstruments core:AfterOneYear 2024-10-31 12985746 core:FurnitureFittingsToolsEquipment 2024-10-31 12985746 bus:SmallEntities 2023-11-01 2024-10-31 12985746 bus:AuditExemptWithAccountantsReport 2023-11-01 2024-10-31 12985746 bus:FilletedAccounts 2023-11-01 2024-10-31 12985746 bus:SmallCompaniesRegimeForAccounts 2023-11-01 2024-10-31 12985746 bus:RegisteredOffice 2023-11-01 2024-10-31 12985746 bus:Director1 2023-11-01 2024-10-31 12985746 bus:PrivateLimitedCompanyLtd 2023-11-01 2024-10-31 12985746 core:FurnitureFittingsToolsEquipment 2023-11-01 2024-10-31 12985746 countries:EnglandWales 2023-11-01 2024-10-31 12985746 2023-10-31 12985746 2022-11-01 2023-10-31 12985746 2023-10-31 12985746 core:RetainedEarningsAccumulatedLosses 2023-10-31 12985746 core:ShareCapital 2023-10-31 12985746 core:CurrentFinancialInstruments 2023-10-31 12985746 core:CurrentFinancialInstruments core:WithinOneYear 2023-10-31 12985746 core:Non-currentFinancialInstruments 2023-10-31 12985746 core:Non-currentFinancialInstruments core:AfterOneYear 2023-10-31 iso4217:GBP xbrli:pure

Registration number: 12985746

Underwood and Co Properties Limited

Unaudited Filleted Financial Statements

for the Year Ended 31 October 2024

 

Underwood and Co Properties Limited

Contents

Company Information

1

Balance Sheet

2 to 3

Notes to the Unaudited Financial Statements

4 to 7

 

Underwood and Co Properties Limited

Company Information

Director

Mrs S Underwood

Registered office

109 The Park
Cheltenham
Glos
GL50 2RW

Accountants

Ballards LLP
Chartered Accountants
Oakmoore Court
Kingswood Road
Hampton Lovett
Droitwich
Worcestershire
WR9 0QH

 

Underwood and Co Properties Limited

(Registration number: 12985746)
Balance Sheet as at 31 October 2024

Note

2024
£

2023
£

Fixed assets

 

Tangible assets

4

3,376

-

Investment property

5

1,432,976

1,432,976

 

1,436,352

1,432,976

Current assets

 

Debtors

6

468,890

468,890

Cash at bank and in hand

 

15,227

23,424

 

484,117

492,314

Creditors: Amounts falling due within one year

7

(1,035,793)

(1,033,955)

Net current liabilities

 

(551,676)

(541,641)

Total assets less current liabilities

 

884,676

891,335

Creditors: Amounts falling due after more than one year

7

(896,054)

(896,054)

Net liabilities

 

(11,378)

(4,719)

Capital and reserves

 

Called up share capital

1

1

Retained earnings

(11,379)

(4,720)

Shareholders' deficit

 

(11,378)

(4,719)

For the financial year ending 31 October 2024 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.

Director's responsibilities:

The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476; and

The director acknowledges her responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.

These financial statements have been prepared in accordance with the special provisions relating to companies subject to the small companies regime within Part 15 of the Companies Act 2006.

These financial statements have been delivered in accordance with the provisions applicable to companies subject to the small companies regime. As permitted by section 444 (5A) of the Companies Act 2006, the director has not delivered to the registrar a copy of the Profit and Loss Account.

 

Underwood and Co Properties Limited

(Registration number: 12985746)
Balance Sheet as at 31 October 2024

Approved and authorised by the director on 14 June 2025
 

.........................................
Mrs S Underwood
Director

   
     
 

Underwood and Co Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

1

General information

The company is a private company limited by share capital, incorporated in England and Wales.

The address of its registered office is:
109 The Park
Cheltenham
Glos
GL50 2RW

2

Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

These financial statements have been prepared in accordance with Financial Reporting Standard 102 Section 1A smaller entities - 'The Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland' and the Companies Act 2006 (as applicable to companies subject to the small companies' regime).

Basis of preparation

These financial statements have been prepared using the historical cost convention except that as disclosed in the accounting policies certain items are shown at fair value.

Revenue recognition

Turnover comprises the fair value of the consideration received or receivable for the sale of goods and provision of services in the ordinary course of the company’s activities. Turnover is shown net of sales/value added tax, returns, rebates and discounts.

The company recognises revenue when:
The amount of revenue can be reliably measured;
it is probable that future economic benefits will flow to the entity;
and specific criteria have been met for each of the company's activities.

Tangible assets

Tangible assets are stated in the balance sheet at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

The cost of tangible assets includes directly attributable incremental costs incurred in their acquisition and installation.

Depreciation

Depreciation is charged so as to write off the cost of assets, other than land and properties under construction over their estimated useful lives, as follows:

Asset class

Depreciation method and rate

Fixtures and fittings

25% reducing balance

 

Underwood and Co Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

Investment property

Investment property is carried at fair value, derived from the current market prices for comparable real estate determined annually by external valuers. The valuers use observable market prices, adjusted if necessary for any difference in the nature, location or condition of the specific asset. Changes in fair value are recognised in profit or loss.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

Trade debtors

Trade debtors are amounts due from customers for merchandise sold or services performed in the ordinary course of business.

Trade debtors are recognised initially at the transaction price. They are subsequently measured at amortised cost using the effective interest method, less provision for impairment. A provision for the impairment of trade debtors is established when there is objective evidence that the company will not be able to collect all amounts due according to the original terms of the receivables.

Trade creditors

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Accounts payable are classified as current liabilities if the company does not have an unconditional right, at the end of the reporting period, to defer settlement of the creditor for at least twelve months after the reporting date. If there is an unconditional right to defer settlement for at least twelve months after the reporting date, they are presented as non-current liabilities.

Trade creditors are recognised initially at the transaction price and subsequently measured at amortised cost using the effective interest method.

Borrowings

Interest-bearing borrowings are initially recorded at fair value, net of transaction costs. Interest-bearing borrowings are subsequently carried at amortised cost, with the difference between the proceeds, net of transaction costs, and the amount due on redemption being recognised as a charge to the profit and loss account over the period of the relevant borrowing.

Interest expense is recognised on the basis of the effective interest method and is included in interest payable and similar charges.

Borrowings are classified as current liabilities unless the company has an unconditional right to defer settlement of the liability for at least twelve months after the reporting date.

Share capital

Ordinary shares are classified as equity. Equity instruments are measured at the fair value of the cash or other resources received or receivable, net of the direct costs of issuing the equity instruments. If payment is deferred and the time value of money is material, the initial measurement is on a present value basis.

3

Staff numbers

The average number of persons employed by the company (including the director) during the year, was 1 (2023 - 1).

 

Underwood and Co Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

4

Tangible assets

Furniture, fittings and equipment
 £

Total
£

Cost or valuation

Additions

4,502

4,502

At 31 October 2024

4,502

4,502

Depreciation

Charge for the year

1,126

1,126

At 31 October 2024

1,126

1,126

Carrying amount

At 31 October 2024

3,376

3,376

5

Investment properties

2024
£

At 1 November

1,432,976

At 31 October

1,432,976

There has been no valuation of investment property by an independent valuer.

6

Debtors

Current

2024
£

2023
£

Amounts owed by related parties

466,890

466,890

Other debtors

2,000

2,000

 

468,890

468,890

 

Underwood and Co Properties Limited

Notes to the Unaudited Financial Statements for the Year Ended 31 October 2024

7

Creditors

Note

2024
£

2023
£

Due within one year

 

Loans and borrowings

8

29,805

29,806

Accruals and deferred income

 

1,550

1,000

Other creditors

 

1,004,438

1,003,149

 

1,035,793

1,033,955

8

Loans and borrowings

Non-current loans and borrowings

2024
£

2023
£

Bank borrowings

896,054

896,054

Current loans and borrowings

2024
£

2023
£

Bank borrowings

29,805

29,806