ACCOUNTS - Final Accounts

An analysis of turnover by class of business is as follows:

Registered number: 06595562

UNION INCOME LIMITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

UNION INCOME LIMITED

COMPANY INFORMATION

DIRECTORS	Mr R P Isaacs
	Ms F Echalier


COMPANY SECRETARY	F Echalier


REGISTERED NUMBER	06595562


REGISTERED OFFICE	14th Floor
	33 Cavendish Square
	London
	W1G 0PW


INDEPENDENT AUDITORS	Sumer Auditco Limited
	14th Floor
	33 Cavendish Square
	London
	W1G 0PW

UNION INCOME LIMITED

CONTENTS

	Page
Directors' Report	1 - 2
Independent Auditors' Report	3 - 6
Profit and Loss Account	7
Balance Sheet	8
Statement of Changes in Equity	9 - 10
Notes to the Financial Statements	11 - 20

UNION INCOME LIMITED

DIRECTORS' REPORT

FOR THE YEAR ENDED 31 DECEMBER 2024

The directors present their report and the financial statements for the year ended 31 December 2024.

DIRECTORS' RESPONSIBILITIES STATEMENT

The directors are responsible for preparing the Directors' Report and the financial statements in accordance with applicable law and regulations.

Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Company and of the profit or loss of the Company for that period.

In preparing these financial statements, the directors are required to:

∙select suitable accounting policies for the Company's financial statements and then apply them consistently;

∙make judgments and accounting estimates that are reasonable and prudent;

∙state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements;

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose with reasonable accuracy at any time the financial position of the Company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

DIRECTORS

The directors who served during the year were:

Mr R P Isaacs

Mr A Cheema (resigned 20 May 2024)

Mr D L Harrison (resigned 31 December 2024)

Ms S A Mountford (resigned 30 September 2024)

Ms F Echalier

DISCLOSURE OF INFORMATION TO AUDITORS

Each of the persons who are directors at the time when this Directors' Report is approved has confirmed that:

∙so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

∙the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Page 1

UNION INCOME LIMITED

DIRECTORS' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 DECEMBER 2024

AUDITORS

The auditors, Sumer Auditco Limited, will be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 21 September 2025 and signed on its behalf.

Mr R P Isaacs

Director

Page 2

UNION INCOME LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNION INCOME LIMITED

OPINION

We have audited the financial statements of Union Income Limited (the 'Company') for the year ended 31 December 2024, which comprise the Profit and Loss Account, the Balance Sheet, the Statement of Changes in Equity and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).

In our opinion the financial statements:

∙give a true and fair view of the state of the Company's affairs as at 31 December 2024 and of its loss for the year then ended;

∙have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and

∙have been prepared in accordance with the requirements of the Companies Act 2006.

BASIS FOR OPINION

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the Company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

CONCLUSIONS RELATING TO GOING CONCERN

In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Page 3

UNION INCOME LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNION INCOME LIMITED (CONTINUED)

OTHER INFORMATION

The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' Report thereon. The directors are responsible for the other information contained within the Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

OPINION ON OTHER MATTERS PRESCRIBED BY THE COMPANIES ACT 2006

In our opinion, based on the work undertaken in the course of the audit:

∙the information given in the Directors' Report for the financial year for which the financial statements are prepared is consistent with the financial statements; and

∙the Directors' Report has been prepared in accordance with applicable legal requirements.

MATTERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Directors' Report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

∙adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or

∙the financial statements are not in agreement with the accounting records and returns; or

∙certain disclosures of directors' remuneration specified by law are not made; or

∙we have not received all the information and explanations we require for our audit; or

∙the directors were not entitled to take advantage of the small companies' exemption from the requirement to prepare a Strategic Report.

RESPONSIBILITIES OF DIRECTORS

As explained more fully in the Directors' Responsibilities Statement set out on page 1, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the directors are responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the Company or to cease operations, or have no realistic alternative but to do so.

Page 4

UNION INCOME LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNION INCOME LIMITED (CONTINUED)

AUDITORS' RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' Report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

∙the results of our enquiries of management and those charged with governance of their assessment of the risks of fraud and irregularities;

∙the nature of the company, including its management structure and control systems (including the opportunity for management to override such controls);

∙management’s incentives and opportunities for fraudulent manipulation of the financial statements including the company’s remuneration and bonus policies and performance targets; and

∙the industry and environment in which it operates.

We also considered UK tax and pension legislation and laws and regulations relating to employment and the
preparation and presentation of the financial statements such as the Companies Act 2006.
Based on this understanding we identified the following matters as being of significance to the entity:

∙laws and regulations considered to have a direct effect on the financial statements including UK financial reporting standards, Company Law, tax and pension legislation and distributable profits legislation;the timing of the recognition of commercial income;

∙compliance with legislation relating to health and safety and local employment law;

∙management bias in selecting accounting policies and determining estimates;

∙inappropriate journal entries; and

∙recoverability of debtors;

We communicated the outcomes of these discussions and enquiries, as well as consideration as to where and how fraud may occur in the entity, to all engagement team members including the auditors of significant components.
Audit procedures undertaken in response to the potential risks relating to irregularities (which include fraud and non-compliance with laws and regulations) comprised:

∙enquiries of management and those charged with governance as to whether the entity complies with such laws and regulations;

∙enquiries with the same concerning any actual or potential litigation or claims;

∙discussion with the same regarding any known or suspected instances of non-compliance with laws and regulation and fraud;

∙assessment of matters reported to management and the result of the subsequent investigation;

∙obtaining an understanding of the relevant controls during the period;

∙obtaining an understanding of the policies and controls over the recognition of income and testing their implementation during the year;

∙review documentation relating to compliance with the regulations relating to Health and Safety and local employment law including certificates seen, insurance policy and health and safety statements;

∙challenging assumptions made by management in their specific accounting policies and estimates, in particular in relation to depreciation of tangible fixed assets;

Page 5

UNION INCOME LIMITED

INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF UNION INCOME LIMITED (CONTINUED)

∙identifying and testing journal entries, in particular any journal entries posted with unusual account combinations or crediting revenue or cash;

∙assessing the recovery of debtors in the period since the balance sheet date and challenging assumptions made by management regarding the recovery of balances which remain outstanding;

∙reviewing the financial statements for compliance with the relevant disclosure requirements;

∙performing analytical procedures to identify any unusual or unexpected relationships or unexpected movements in account balances which may be indicative of fraud;

∙evaluating the underlying business reasons for any unusual transactions;

No instances of material non-compliance were identified. However, the likelihood of detecting irregularities,
including fraud, is limited by the inherent difficulty in detecting irregularities, the effectiveness of the entity’s
controls, and the nature, timing and extent of the audit procedures performed. Irregularities that result from
fraud might be inherently more difficult to detect than irregularities that result from error. As explained above,
there is an unavoidable risk that material misstatements may not be detected, even though the audit has been
planned and performed in accordance with ISAs (UK).

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' Report.

USE OF OUR REPORT

This report is made solely to the Company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the Company's members those matters we are required to state to them in an Auditors' Report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the Company and the Company's members, as a body, for our audit work, for this report, or for the opinions we have formed.

Atulya Mehta (FCCA) (Senior Statutory Auditor)

for and on behalf of

Sumer Auditco Limited

Statutory Auditors

14th Floor

33 Cavendish Square

London

W1G 0PW

21 September 2025

Page 6

UNION INCOME LIMITED

PROFIT AND LOSS ACCOUNT

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
	£	£


Turnover	4	313,703	316,006
Cost of sales		(171,336)	(114,718)
Gross profit		142,367	201,288
Administrative expenses		(266,825)	(72,065)
Exceptional administrative expenses		(250,600)	-
Operating (loss)/profit		(375,058)	129,223
Tax on (loss)/profit	7	37,907	(37,907)
(Loss)/profit for the year		(337,151)	91,316

The notes on pages 11 to 20 form part of these financial statements.

Page 7

UNION INCOME LIMITED

REGISTERED NUMBER: 06595562

BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	9		6,773		162,407
			6,773		162,407
Current assets
Debtors: amounts falling due within one year	10	339,628		518,651
Cash at bank and in hand	11	18,411		32,488
		358,039		551,139
Creditors: amounts falling due within one year	12	(43,007)		(16,683)
Net current assets			315,032		534,456
Total assets less current liabilities			321,805		696,863
Provisions for liabilities
Deferred tax	13	-		(37,907)
			-		(37,907)
Net assets			321,805		658,956

Capital and reserves
Called up share capital	14	100	100
Profit and loss account	15	321,705	658,856
		321,805	658,956

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 21 September 2025.

Mr R P Isaacs

Director

The notes on pages 11 to 20 form part of these financial statements.

Page 8

UNION INCOME LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2024	100	658,856	658,956
Comprehensive income for the year
Loss for the year	-	(337,151)	(337,151)
At 31 December 2024	100	321,705	321,805

The notes on pages 11 to 20 form part of these financial statements.

Page 9

UNION INCOME LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Profit and loss account	Total equity
	£	£	£
At 1 January 2023	100	567,540	567,640
Comprehensive income for the year
Profit for the year	-	91,316	91,316
At 31 December 2023	100	658,856	658,956

The notes on pages 11 to 20 form part of these financial statements.

Page 10

UNION INCOME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	GENERAL INFORMATION

Union Income Limited is a private company limited by share capital, Incorporated in England and Wales, registration number 06595562. The address of the registered office is 14th Floor, 33 Cavendish Square, London, W1G 0PW.

2.ACCOUNTING POLICIES

2.1

BASIS OF PREPARATION OF FINANCIAL STATEMENTS

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with Financial Reporting Standard 102, the Financial Reporting Standard applicable in the UK and the Republic of Ireland and the Companies Act 2006.

The preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

2.2

FINANCIAL REPORTING STANDARD 102 - REDUCED DISCLOSURE EXEMPTIONS

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":

∙the requirements of Section 7 Statement of Cash Flows;

∙the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);

∙the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);

∙the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;

∙the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Embignell Limited as at 31 December 2024 and these financial statements may be obtained from 14th Floor, 33 Cavendish Square, London, W1G 0PW.

2.3

REVENUE

Turnover comprises card usage fees, monthly cardholder fees and cashback commission earned by the company.
Turnover is recognised at the end of each month to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts and rebates.

Page 11

UNION INCOME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.4

CURRENT AND DEFERRED TAXATION

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:

∙The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and

∙Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

2.5

EXCEPTIONAL ITEMS

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

2.6

TANGIBLE FIXED ASSETS

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following basis:

				Software development cost	-	Straight line basis over 3 to 5 years
				Office equipment	-	Straight line basis over 3 years

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

Page 12

UNION INCOME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.7

IMPAIRMENT OF FIXED ASSETS AND GOODWILL

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is any indication that an asset may be impaired, the carrying value of the asset (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGUs). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

2.8

DEBTORS

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

2.9

CASH AND CASH EQUIVALENTS

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

2.10

CREDITORS

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

2.11

PROVISIONS FOR LIABILITIES

Provisions are recognised when an event has taken place that gives rise to a legal or constructive obligation, a transfer of economic benefits is probable and a reliable estimate can be made.
Provisions are measured as the best estimate of the amount required to settle the obligation, taking into account the related risks and uncertainties.

Increases in provisions are generally charged as an expense to profit or loss.

Page 13

UNION INCOME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.ACCOUNTING POLICIES (CONTINUED)

2.12

FINANCIAL INSTRUMENTS

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Basic financial assets

Basic financial assets, which include trade and other debtors, cash and bank balances, are initially measured at their transaction price (adjusted for transaction costs except in the initial measurement of financial assets that are subsequently measured at fair value through profit and loss) and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, 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.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other debtors due with the operating cycle fall into this category of financial instruments.

Basic 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 the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans and other loans are initially measured at their transaction price (adjusting for transaction costs except in the initial measurement of financial liabilities that are subsequently measured at fair value through profit and loss). When this constitutes a financing transaction, whereby the debt instrument is measured at the present value of the future payments discounted at a market rate of interest, discounting is omitted where the effect of discounting is immaterial.

Debt instruments are subsequently carried at their amortised cost using the effective interest rate method.

Trade creditors are obligations to pay for goods and services that have been acquired in the ordinary course of business from suppliers. Trade creditors are classified as current liabilities if the payment is due within one year. If not, they represent non-current liabilities. Trade creditors are initially recognised at their transaction price and subsequently are measured at amortised cost using the effective interest method. Discounting is omitted where the effect of discounting is immaterial.

3.	JUDGMENTS IN APPLYING ACCOUNTING POLICIES AND KEY SOURCES OF ESTIMATION UNCERTAINTY

Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

Page 14

UNION INCOME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

	Card fees	313,703	316,006

Analysis of turnover by country of destination:

					2024	2023
					£	£

	United Kingdom	313,703	316,006

Fees payable to the Company's auditors and their associates for the audit of the Company's financial statements

5,516

7,200

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

6.	EMPLOYEES
		2024
		£

	Wages and salaries	254,145

The average monthly number of employees, including the directors, during the year was as follows:

	2024	2023
	No.	No.

Directors	4	5

Page 15

UNION INCOME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024



Total current tax	-	-

Deferred tax
Capital allowances	(37,907)	37,907
Total deferred tax	(37,907)	37,907


	Tax on (loss)/profit	(37,907)	37,907

(Loss)/profit on ordinary activities before tax

(375,058)

129,223

(Loss)/profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 25% (2023 - 23.5%)	(93,765)	30,367
Effects of:
Non-tax deductible amortisation of goodwill and impairment	62,650	-
Capital allowances for year in excess of depreciation	(24,227)	(15,748)
Deferred tax liability	(37,907)	37,907
Group relief	55,342	(14,619)
Total tax charge for the year	(37,907)	37,907

FACTORS THAT MAY AFFECT FUTURE TAX CHARGES

There were no factors that may affect future tax charges.

Page 16

UNION INCOME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	EXCEPTIONAL ITEMS
		2024	2023
		£	£

	Impairment of fixed assets	250,600	-
		250,600	-

Exceptional items include impairment of fixed assets.

9.	TANGIBLE FIXED ASSETS

	Software development cost	Office equipment	Total
	£	£	£
Cost or valuation
At 1 January 2024	227,696	-	227,696
Additions	91,269	4,930	96,199
At 31 December 2024	318,965	4,930	323,895
Depreciation
At 1 January 2024	65,289	-	65,289
Charge for the year on owned assets	-	1,233	1,233
Impairment charge	250,600	-	250,600
At 31 December 2024	315,889	1,233	317,122
Net book value
At 31 December 2024	3,076	3,697	6,773
At 31 December 2023	162,407	-	162,407

Page 17

UNION INCOME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

10.

DEBTORS

					2024	2023
					£	£


Trade debtors	51,726	20,706
Amounts owed by group undertakings	236,471	443,420
Other debtors	14,032	27,395
Prepayments and accrued income	37,399	27,130
	339,628	518,651

11.	CASH AND CASH EQUIVALENTS
		2024	2023
		£	£

	Cash at bank and in hand	18,411	32,488

12.	CREDITORS: Amounts falling due within one year
		2024	2023
		£	£

Trade creditors	21,210	2,640
Amounts owed to group undertakings	1,880	1,880
Accruals and deferred income	19,917	12,163
	43,007	16,683

13.	DEFERRED TAXATION

		2024
		£

	At beginning of year	(37,907)
	Charged to profit or loss	37,907
	At end of year	-

Page 18

UNION INCOME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

13.DEFERRED TAXATION (CONTINUED)

The deferred taxation balance is made up as follows:
	2024	2023
	£	£

	Capital allowance	-	(37,907)
		-	(37,907)

14.	SHARE CAPITAL
		2024	2023
		£	£

Authorised, allotted, called up and fully paid

100 (2023 - 100) Ordinary shares of £1.00 each	100	100

15.

RESERVES

Profit and loss account

The profit and loss reserve represents the distributable profit for the Company.

16.	CONTINGENT LIABILITIES

The Company, its parent company Embignell Limited and its fellow subsidiary undertakings Union Income Benefit Holdings Limited and AFI Consultancy Limited have given a multilateral guarantee as security for their banking facilities. At the balance sheet date the total borrowing of the group amounted to £1,081,309 (2023: £1,129,561).

	Contracted for but not provided in these financial statements	-	87,193
		-	87,193

Page 19

UNION INCOME LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

18.

RELATED PARTY TRANSACTIONS

The Company has taken advantage of the exemption available in FRS102 "Related party disclosures" whereby it has not disclosed transactions with the ultimate parent company or any wholly owned subsidiary undertaking of the group.
Included in debtors is £236,471 (2023: £443,420) due from fellow subsidiaries.
Included in creditors is £1,780 (2023: £1,780) due to fellow subsidiaries.
At the balance sheet date the company was owed £100 (2023: £100) from its immediate parent.

19.	Controlling Party

The immediate parent company in the current and preceding year is Embignell Limited, a company registered in England.
The Company considers Louvre Trust Limited, a company registered in Guernsey as trustees of the Flair Trust, to be its ultimate controlling party in the current and preceding year, by the virtue of its majority shareholding in the immediate parent company.
The group for which consolidated financial statements are prepared which include the results of this company is headed by Embignell Limited, whose registered office is:
14th Floor
33 Cavendish Square
London W1G 0PW

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