ACCOUNTS - Final Accounts

Registered number: 00146523

UK ESTATES LIMITED

UNAUDITED

DIRECTORS' REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

UK ESTATES LIMITED

COMPANY INFORMATION

Directors	D Gradel, FCA, MBA (Executive Chairman)
	R S Gyles MRICS


Company secretary	Bernadette Fox


Registered number	00146523


Registered office	5 Dancastle Court
	Arcadia Avenue
	London
	England
	N3 2JU


Accountants	Simmons Gainsford Professional Services Limited
	Chartered Accountants
	14th Floor
	33 Cavendish Square
	London
	W1G 0PW

UK ESTATES LIMITED

CONTENTS

	Page
Directors' report	1
Accountants' report	2
Consolidated statement of comprehensive income	3
Consolidated balance sheet	4 - 5
Company balance sheet	6 - 7
Consolidated statement of changes in equity	8 - 9
Company statement of changes in equity	10
Notes to the financial statements	11 - 24

UK ESTATES 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 consolidated 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 the Group and of the profit or loss of the Group for that period.

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

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

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

∙prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 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 the Group 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 the Group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Principal activity

The principal activities of the group are property investment and development.

Directors

The directors who served during the year were:

D Gradel, FCA, MBA (Executive Chairman)

R S Gyles MRICS

Small companies note

In preparing this report, the directors have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

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

D Gradel, FCA, MBA (Executive Chairman)

Director

Date: 10 October 2025

Page 1

UK ESTATES LIMITED

CHARTERED ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF UK ESTATES LIMITED
FOR THE YEAR ENDED 31 DECEMBER 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of UK Estates Limited for the year ended 31 December 2024 which comprise the Consolidated statement of comprehensive income, the Consolidated balance sheet, the Company balance sheet, the Consolidated statement of changes in equity, the Company statement of changes in equity and the related notes from the Group's accounting records and from information and explanations you have given us.

As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at https://www.icaew.com /regulation.

This report is made solely to the Board of directors of UK Estates Limited, as a body, in accordance with the terms of our engagement letter. Our work has been undertaken solely to prepare for your approval the financial statements of UK Estates Limited and state those matters that we have agreed to state to the Board of directors of UK Estates Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than UK Estates Limited and its Board of directors, as a body, for our work or for this report.

It is your duty to ensure that UK Estates Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of UK Estates Limited. You consider that UK Estates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of UK Estates Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.

Simmons Gainsford Professional Services Limited

Chartered Accountants

14th Floor

33 Cavendish Square

London

W1G 0PW

10 October 2025

Page 2

UK ESTATES LIMITED

CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME

FOR THE YEAR ENDED 31 DECEMBER 2024

	2024	2023
Note	£	£


Turnover		2,006,920	2,055,147
Cost of sales		(262,976)	(314,721)
Gross profit		1,743,944	1,740,426
Administrative expenses		(622,476)	(611,690)
Other operating income		900,966	-
Operating profit		2,022,434	1,128,736
Interest receivable and similar income	4	230,723	230,322
Interest payable and similar expenses	5	(1,533,720)	(1,406,204)
Profit/(loss) before taxation		719,437	(47,146)
Tax on profit/(loss)	6	-	335,000
Profit for the financial year		719,437	287,854

Profit for the year attributable to:
Owners of the parent Company	719,437	287,854
	719,437	287,854

Total comprehensive income for the year attributable to:
Owners of the parent Company	719,437	287,854
	719,437	287,854

There was no other comprehensive income for 2024 (2023:£NIL).

The notes on pages 11 to 24 form part of these financial statements.

Page 3

UK ESTATES LIMITED

REGISTERED NUMBER: 00146523

CONSOLIDATED BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	7		14,365		19,701
Investment property	9		43,145,008		43,145,008
			43,159,373		43,164,709
Current assets
Debtors: amounts falling due after more than one year	10	355,096		355,622
Debtors: amounts falling due within one year	10	23,321,861		23,638,044
Current asset investments	11	692		692
Cash at bank and in hand	12	744,698		112,253
		24,422,347		24,106,611
Creditors: amounts falling due within one year	13	(2,907,208)		(2,991,994)
Net current assets			21,515,139		21,114,617
Total assets less current liabilities			64,674,512		64,279,326
Creditors: amounts falling due after more than one year	14		(28,463,050)		(28,336,361)
Net assets			36,211,462		35,942,965

Capital and reserves
Called up share capital		4,147,000	4,147,000
Share premium account	17	3,281,913	3,281,913
Capital redemption reserve	17	2,565,822	2,565,822
Other reserves	17	18,588,000	18,588,000
Profit and loss account	17	7,628,727	7,360,230
Equity attributable to owners of the parent Company		36,211,462	35,942,965
		36,211,462	35,942,965

Page 4

UK ESTATES LIMITED

REGISTERED NUMBER: 00146523

CONSOLIDATED BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The financial statements have been prepared 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 financial statements were approved and authorised for issue by the board and were signed on its behalf by:

D Gradel, FCA, MBA (Executive Chairman)

Director

Date: 10 October 2025

The notes on pages 11 to 24 form part of these financial statements.

Page 5

UK ESTATES LIMITED

REGISTERED NUMBER: 00146523

COMPANY BALANCE SHEET

AS AT 31 DECEMBER 2024

		2024		2023
Note		£		£

Fixed assets
Tangible assets	7		14,365		19,701
Investments	8		65,106		65,106
			79,471		84,807
Current assets
Debtors: amounts falling due after more than one year	10	10,335,551		11,435,768
Debtors: amounts falling due within one year	10	23,283,659		23,293,076
Current asset investments	11	692		692
Cash at bank and in hand	12	478		393
		33,620,380		34,729,929
Creditors: amounts falling due within one year	13	(8,410,152)		(9,631,947)
Net current assets			25,210,228		25,097,982
Total assets less current liabilities			25,289,699		25,182,789


Net assets			25,289,699		25,182,789

Capital and reserves
Called up share capital		4,147,000	4,147,000
Share premium account	17	3,281,913	3,281,913
Capital redemption reserve	17	2,565,822	2,565,822
Profit and loss account	17	15,294,964	15,188,054
		25,289,699	25,182,789

Page 6

UK ESTATES LIMITED

REGISTERED NUMBER: 00146523

COMPANY BALANCE SHEET (CONTINUED)

AS AT 31 DECEMBER 2024

The directors consider that the Company is entitled to exemption from the requirement to have an audit under the provisions of section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.

The Company's financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The profit and loss account for the period dealt with in the accounts of the Company was a profit of £557,850 (2023: £385,522 profit).

The financial statements were approved and authorised for issue by the board and were signed on its behalf by:

D Gradel, FCA, MBA (Executive Chairman)

Director

Date: 10 October 2025

The notes on pages 11 to 24 form part of these financial statements.

Page 7


		UK ESTATES LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Capital redemption reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 January 2024	4,147,000	3,281,913	2,565,822	18,588,000	7,360,230	35,942,965
Comprehensive income for the year
Profit for the year	-	-	-	-	719,437	719,437
Total comprehensive income for the year	-	-	-	-	719,437	719,437
Dividends: Equity capital	-	-	-	-	(450,940)	(450,940)
At 31 December 2024	4,147,000	3,281,913	2,565,822	18,588,000	7,628,727	36,211,462

The notes on pages 11 to 24 form part of these financial statements.

Page 8


		UK ESTATES LIMITED

CONSOLIDATED STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Share premium account	Capital redemption reserve	Other reserves	Profit and loss account	Total equity
	£	£	£	£	£	£
At 1 January 2023	4,147,000	3,281,913	2,565,822	18,253,000	7,858,311	36,106,046
Comprehensive income for the year
Profit for the year	-	-	-	-	287,854	287,854
Total comprehensive income for the year	-	-	-	-	287,854	287,854
Dividends: Equity capital	-	-	-	-	(450,935)	(450,935)
Transfer to/from profit and loss account	-	-	-	335,000	(335,000)	-
At 31 December 2023	4,147,000	3,281,913	2,565,822	18,588,000	7,360,230	35,942,965

The notes on pages 11 to 24 form part of these financial statements.

Page 9

UK ESTATES LIMITED

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2024

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2024	4,147,000	3,281,913	2,565,822	15,188,054	25,182,789
Comprehensive income for the year
Profit for the year	-	-	-	557,850	557,850
Total comprehensive income for the year	-	-	-	557,850	557,850
Dividends: Equity capital	-	-	-	(450,940)	(450,940)
At 31 December 2024	4,147,000	3,281,913	2,565,822	15,294,964	25,289,699

The notes on pages 11 to 24 form part of these financial statements.

COMPANY STATEMENT OF CHANGES IN EQUITY

FOR THE YEAR ENDED 31 DECEMBER 2023

	Called up share capital	Share premium account	Capital redemption reserve	Profit and loss account	Total equity
	£	£	£	£	£
At 1 January 2023	4,147,000	3,281,913	2,565,822	15,253,467	25,248,202
Comprehensive income for the year
Profit for the year	-	-	-	385,522	385,522
Total comprehensive income for the year	-	-	-	385,522	385,522
Dividends: Equity capital	-	-	-	(450,935)	(450,935)
At 31 December 2023	4,147,000	3,281,913	2,565,822	15,188,054	25,182,789

The notes on pages 11 to 24 form part of these financial statements.

Page 10

UK ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

1.	General information

The company is a private company limited by shares and incorporated in England and Wales, registration number 00146523. The address of its registered office is 5 Dancastle Court, Arcadia Avenue, London N3 2JU.

2.Accounting policies

2.1

Basis of preparation of financial statements

The consolidated financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 Company has taken advantage of the exemption allowed under section 408 of the Companies Act 2006 and has not presented its own Statement of comprehensive income in these financial statements.

The following principal accounting policies have been applied:

2.2

Basis of consolidation

The consolidated financial statements present the results of the Company and its own subsidiaries ("the Group") as if they form a single entity. Intercompany transactions and balances between group companies are therefore eliminated in full.
The consolidated financial statements incorporate the results of business combinations using the purchase method. In the Balance sheet, the acquiree's identifiable assets, liabilities and contingent liabilities are initially recognised at their fair values at the acquisition date. The results of acquired operations are included in the Consolidated statement of comprehensive income from the date on which control is obtained. They are deconsolidated from the date control ceases.
In accordance with the transitional exemption available in FRS 102, the Group has chosen not to retrospectively apply the standard to business combinations that occurred before the date of transition to FRS 102, being 31 December 2015.

2.3

Turnover

The revenue of the company for the year has been derived from its principal activity wholly undertaken in the United Kingdom being principally rent receivable.

2.4

Operating leases: the Group as lessee

Rentals paid under operating leases are charged to profit or loss on a straight-line basis over the lease term.

2.5

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 11

UK ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.6

Finance costs

Finance costs are charged to profit or loss over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

2.7

Borrowing costs

All borrowing costs are recognised in profit or loss in the year in which they are incurred.

2.8

Pensions

Defined contribution pension plan

The Group operates a defined contribution plan for its employees. A defined contribution plan is a pension plan under which the Group pays fixed contributions into a separate entity. Once the contributions have been paid the Group has no further payment obligations.

The contributions are recognised as an expense in profit or loss when they fall due. Amounts not paid are shown in accruals as a liability in the Balance sheet. The assets of the plan are held separately from the Group in independently administered funds.

2.9

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 and the Group operate and generate 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;

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

∙Where they relate to timing differences in respect of interests in subsidiaries, associates, branches and joint ventures and the Group can control the reversal of the timing differences and such reversal is not considered probable in the foreseeable future.

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.

Page 12

UK ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.10

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:

Fixtures and fittings

5-10 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.

2.11

Investment property

Investment property is carried at fair value determined annually by the directors of the company and is derived from the current market rents and investment property yields from comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in the Consolidated Statement of Comprehensive Income.

2.12

Valuation of investments

Investments in subsidiaries are measured at cost less accumulated impairment.

2.13

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.

2.14

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.

2.15

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.

Page 13

UK ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.16

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.

2.17

Financial instruments

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

Financial instruments are recognised in the Group's Balance sheet when the Group becomes party to the contractual provisions of the instrument.

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 Group'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 Group after the deduction of all its liabilities.

Basic financial liabilities, which include trade and other creditors, bank loans, other loans and loans due to fellow group companies 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.

Page 14

UK ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

2.Accounting policies (continued)

2.17

Financial instruments (continued)

Derecognition of financial instruments

Derecognition of financial assets

Financial assets are derecognised when their contractual right to future cash flow expire, or are settled, or when the Group transfers the asset and substantially all the risks and rewards of ownership to another party. If significant risks and rewards of ownership are retained after the transfer to another party, then the Group will continue to recognise the value of the portion of the risks and rewards retained.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Group's contractual obligations expire or are discharged or cancelled.

2.18

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.

Employees

The average monthly number of employees, including directors, during the year was 8 (2023 - 7).

4.	Interest receivable
		2024	2023
		£	£

	Interest receivable from group companies	230,723	230,322
		230,723	230,322

5.	Interest payable and similar expenses
		2024	2023
		£	£

Bank interest payable	1,533,720	1,402,220
Other interest payable	-	3,984
	1,533,720	1,406,204

Page 15

UK ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

6.	Taxation

		2024	2023
		£	£



Total current tax	-	-

	Deferred tax
	On fair value adjustments	-	(335,000)


		-	(335,000)

Page 16

UK ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.	Tangible fixed assets
	Group

		Fixtures and fittings
		£
	Cost
	At 1 January 2024	120,043
	Disposals	(15,198)
	At 31 December 2024	104,845
	Depreciation
	At 1 January 2024	100,342
	Charge for the year on owned assets	5,336
	Disposals	(15,198)
	At 31 December 2024	90,480
	Net book value
	At 31 December 2024	14,365
	At 31 December 2023	19,701

Page 17

UK ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

7.Tangible fixed assets (continued)

	Company

		Fixtures and fittings
		£
	Cost
	At 1 January 2024	120,043
	Disposals	(15,198)
	At 31 December 2024	104,845
	Depreciation
	At 1 January 2024	100,342
	Charge for the year on owned assets	5,336
	Disposals	(15,198)
	At 31 December 2024	90,480
	Net book value
	At 31 December 2024	14,365
	At 31 December 2023	19,701

Page 18

UK ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

8.	Fixed asset investments

	Company

		Investments in subsidiary companies
		£
	Cost
	At 1 January 2024	65,106
	At 31 December 2024	65,106

Subsidiary undertakings
The following were subsidiary undertakings of the Company:
Name	Class of shares	Holding

Omentronic Limited	Ordinary	100
UKE City Properties Limited	Ordinary	100
City & Provincial Trustee Limited	Ordinary	100
UK Estate Management Limited	Ordinary	100
William Hutton Limited	Ordinary	100

Page 19

UK ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

9.	Investment property
	Group

		Freehold investment property
		£
	Valuation
	At 1 January 2024	43,145,008
	At 31 December 2024	43,145,008

The 2024 valuations were made by the directors of the company, on an open market value basis.

The historic cost of the investment properties is £42,745,008 (2023: £42,745,008).

10.	Debtors
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Due after more than one year
Amounts owed by group undertakings	-	-	10,335,551	11,435,768
Prepayments and accrued income	355,096	355,622	-	-
	355,096	355,622	10,335,551	11,435,768

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£

Due within one year
Trade debtors	36,717	324,519	-	-
Amounts owed by group undertakings	23,019,960	23,066,824	23,024,371	23,064,354
Other debtors	20,489	3,189	-	-
Prepayments and accrued income	124,695	123,512	139,288	108,722
Deferred taxation	120,000	120,000	120,000	120,000
	23,321,861	23,638,044	23,283,659	23,293,076

Page 20

UK ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

11.	Current asset investments
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

	Unlisted investments	692	692	692	692

12.	Cash and cash equivalents
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Cash at bank and in hand	744,698	112,253	478	393
Less: bank overdrafts	(128)	(148)	(128)	(65)
	744,570	112,105	350	328

13.	Creditors: Amounts falling due within one year
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Bank overdrafts	128	148	128	65
Bank loans	558,475	663,114	-	-
Trade creditors	209,608	302,351	84,315	82,015
Amounts owed to group undertakings	852	90,820	7,052,460	8,387,420
Other taxation and social security	393,826	398,810	270,758	246,304
Other creditors	1,045,805	896,443	972,491	891,143
Accruals and deferred income	698,514	640,308	30,000	25,000
	2,907,208	2,991,994	8,410,152	9,631,947

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UK ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

14.	Creditors: Amounts falling due after more than one year
		Group	Group
		2024	2023
		£	£

Bank loans	28,463,050	28,336,361
	28,463,050	28,336,361

The aggregate amount of liabilities repayable wholly or in part more than five years after the balance sheet date is:
	Group	Group
	2024	2023
	£	£


Repayable by instalments	15,317,361	15,447,765
	15,317,361	15,447,765

15.	Loans
	Analysis of the maturity of loans is given below:
		Group	Group
		2024	2023
		£	£

Amounts falling due within one year
Bank loans	558,475	663,114
Amounts falling due 1-2 years
Bank loans	563,114	558,476
Amounts falling due 2-5 years
Bank loans	13,295,015	13,018,702
Amounts falling due after more than 5 years
Bank loans	14,604,921	14,759,183
	29,021,525	28,999,475

Page 22

UK ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

16.	Deferred taxation
	Group

		2024
		£

	At beginning of year	120,000
	At end of year	120,000

Company

		2024
		£

	At beginning of year	120,000
	At end of year	120,000

Group	Group	Company	Company
2024	2023	2024	2023
£	£	£	£

	Tax losses carried forward	120,000	120,000	120,000	120,000
		120,000	120,000	120,000	120,000

17.

Reserves

Share premium account

Share premium consists of the premium paid for shares above their nominal value.

Other reserves

Other reserves compromise consolidation reserve of £1,763,000 (in the consolidated balance sheet) and unrealised gains on the revaluation of the investment property net of the associated deferred tax.

Profit and loss account

The reserve includes all current and prior period profits and losses.

Page 23

UK ESTATES LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2024

18.	Commitments under operating leases
	At 31 December 2024 the Group and the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:
		Group	Group	Company	Company
		2024	2023	2024	2023
		£	£	£	£

Not later than 1 year	36,000	16,781	36,000	16,781
Later than 1 year and not later than 5 years	53,162	-	53,162	-
	89,162	16,781	89,162	16,781

19.	Related party transactions
	At the year end included in company creditors are amounts due to subsidiary undertakings of £7,052,460 (2023: £8,299,920). Also at the year end included in company debtors is £10,335,551 (2023: £11,435,768) due from a subsidiary undertaking.

Page 24