Company registration number 07472760 (England and Wales)
UGS MK LIMITED
FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
PAGES FOR FILING WITH REGISTRAR
UGS MK LIMITED
CONTENTS
Page
Balance sheet
1
Notes to the financial statements
2 - 6
UGS MK LIMITED (REGISTERED NUMBER: 07472760)
BALANCE SHEET
AS AT
30 SEPTEMBER 2024
30 September 2024
- 1 -
2024
2023
Notes
£
£
£
£
Fixed assets
Investment property
4
11,650,000
11,650,000
Current assets
Debtors
5
78,774
55,674
Cash at bank and in hand
91,484
98,364
170,258
154,038
Creditors: amounts falling due within one year
6
(6,181,383)
(4,518,821)
Net current liabilities
(6,011,125)
(4,364,783)
Total assets less current liabilities
5,638,875
7,285,217
Creditors: amounts falling due after more than one year
7
(3,476,212)
(5,350,000)
Net assets
2,162,663
1,935,217
Capital and reserves
Called up share capital
8
118
118
Non-distributable profits reserve
1,332,099
1,332,099
Distributable profit and loss reserves
830,446
603,000
Total equity
2,162,663
1,935,217
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved by the board of directors and authorised for issue on 19 June 2025 and are signed on its behalf by:
D Shamoon
Director
UGS MK LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 2 -
1
Accounting policies
Company information
UGS MK Limited is a private company limited by shares incorporated in England and Wales. The registered office is 4th Floor, 399-401 Strand, London, United Kingdom, WC2R 0LT.
1.1
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 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, modified to include the revaluation of investment properties at fair value. The principal accounting policies adopted are set out below.
1.2
Going concern
The company's parent company has confirmed their intention to provide the company with adequate financial support to enable the company to continue for the foreseeable future. As such, the directors consider it appropriate for the accounts to be drawn up on a going concern basis. The directors are of the opinion that the accounts would not be materially different if prepared on the break up basis. true
1.3
Turnover
Turnover is recognised at the fair value of the consideration received or receivable for rental income provided in the normal course of business, and is shown net of VAT and other sales related taxes.
Rental income is recognised over the term of the lease in the period to which the rent relates.
1.4
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. Changes in fair value are recognised in profit or loss.
1.5
Cash and cash equivalents
Cash and cash equivalents are basic financial assets and include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
UGS MK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
1
Accounting policies
(Continued)
- 3 -
1.6
Financial instruments
The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the company's balance sheet when the company becomes party to the contractual provisions of the instrument.
Financial assets and 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 debtors 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 transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.
Classification of financial liabilities
Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements entered into. An equity instrument is any contract that evidences a residual interest in the assets of the company after deducting all of its liabilities.
Basic financial liabilities
Basic financial liabilities, including creditors, bank loans, loans from fellow group companies and preference shares that are classified as debt, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.
UGS MK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 4 -
2
Judgements and key sources of estimation uncertainty
In the application of the company’s accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated 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 is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
Investment property is valued at fair value and is based upon an external valuation undertaken in June 2023.
3
Employees
The average monthly number of persons (including directors) employed by the company during the year was:
2024
2023
Number
Number
Total
3
3
4
Investment property
2024
£
Fair value
At 1 October 2023 and 30 September 2024
11,650,000
The directors consider the value of the investment property to be fairly stated in the accounts at £11,650,000 which is at fair value, based upon an external valuation undertaken in June 2023.
Bank loans are secured on the investment property owned by the company, a debenture and a charge over the shares of the company. At 30 September 2024, the secured loan totalled £5,350,000 (2023: £7,200,000).
Due to the availability of indexation relief, and the offset of group deficits on revaluation, no deferred tax has arisen from the revaluation.
UGS MK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 5 -
5
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
78,756
55,656
Other debtors
18
18
78,774
55,674
6
Creditors: amounts falling due within one year
2024
2023
£
£
Bank loans
1,850,000
1,850,000
Trade creditors
34,997
33,880
Amounts owed to group undertakings
3,819,368
2,419,869
Taxation and social security
46,298
40,361
Other creditors
430,720
174,711
6,181,383
4,518,821
7
Creditors: amounts falling due after more than one year
2024
2023
£
£
Bank loans and overdrafts
3,476,212
5,350,000
8
Called up share capital
2024
2023
£
£
Ordinary share capital
Issued and fully paid
11,765 Ordinary shares of 1p each
118
118
9
Audit report information
As the income statement has been omitted from the filing copy of the financial statements, the following information in relation to the audit report on the statutory financial statements is provided in accordance with s444(5B) of the Companies Act 2006:
The auditor's report was unqualified.
Senior Statutory Auditor:
Declan McCusker
Statutory Auditor:
Perrys Audit Limited
Date of audit report:
26 June 2025
UGS MK LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 SEPTEMBER 2024
- 6 -
10
Related party transactions
The company has taken advantage of the exemption given by Financial Reporting Standard 102 Section 33.1A in relation to disclosing balances and transactions with other group companies on the grounds that the company is included in the consolidated accounts of its immediate parent company.
11
Parent company
The immediate parent company is Bursha Holdings Limited, a company incorporated in England and Wales.
The ultimate parent company is Chrisalis Holdings Limited. Chrisalis Holdings Limited is jointly owned by the Yucca Discretionary Settlement and Daniel Shamoon.