UNITY ASSET MANAGEMENT LTD


Director	HARRISON, Timothy Oliver


Registered Address	124-128 City Road
	London
	EC1V 2NX


Registered Number	14630970 (England and Wales)

Statement of Financial Position
31 January 2025

	Notes	2025		2024
		£	£	£	£
Fixed assets
Tangible assets	4		306,329		-
			306,329		-
Current assets
Debtors	5	30,109		1
Cash at bank and on hand		154,542		-
		184,651		1
Creditors amounts falling due within one year	6	(117,707)		-
Net current assets (liabilities)			66,944		1
Total assets less current liabilities			373,273		1
Creditors amounts falling due after one year	7		(424,622)		-
Net assets			(51,349)		1
Capital and reserves
Called up share capital			1		1
Profit and loss account			(51,350)		-
Shareholders' funds			(51,349)		1

The company was entitled to exemption from audit for this reporting period under section 477 of the Companies Act 2006 relating to small companies.
The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.
The Director acknowledges their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The directors have chosen to not file a copy of the company’s profit and loss account under section 444 (5A) Companies Act 2006.
The members have agreed to the preparation of abridged accounts for this accounting period in accordance with section 444(2A).
The amended accounts are prepared as they were at the date of the original accounts.
They replace the original accounts
and are now the statutory accounts.
These amended accounts have been prepared to correct errors identified in the accounting treatment of investment properties and associated borrowing transaction costs in the accounts originally approved and filed for the year ended 31 January 2025. As a result, the original accounts did not comply with the requirements of the Companies Act 2006 to the extent that the carrying values of investment properties, the presentation of related borrowing transaction costs and the consequential taxation and retained earnings balances were misstated. These amended accounts replace the original annual accounts for the year ended 31 January 2025 and are now the statutory accounts of the company for that financial year. They have been prepared as at the date of the original annual accounts and not as at the date of revision and accordingly do not deal with events between those dates.
The carrying values of the investment properties at 18 Geranium Close and 31 Bowling Green Road have been corrected to their appropriate fair values at 31 January 2025. Directly attributable borrowing transaction costs previously included within investment property have been reclassified and accounted for as transaction costs of the related financial liabilities, with the appropriate amortisation recognised as a finance cost. Consequential amendments have also been made to taxation, deferred tax and retained earnings.

The financial statements were approved and authorised for issue by the Director on 27 October 2026, and are signed on its behalf by:

HARRISON, Timothy Oliver
Director
Registered Company No. 14630970

UNITY ASSET MANAGEMENT LTD

Notes to the Financial Statements
for the year ended 31 January 2025

1.	Accounting policies

	Statutory information
	The company is a private company limited by shares and registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

	Statement of compliance
	The financial statements have been prepared in accordance with the Companies Act 2006 and FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland including Section 1A Small Entities.

	Basis of preparation
	The financial statements have been prepared in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland, as applied to small entities by Section 1A of the standard, and in accordance with the Companies Act 2006. The financial statements have been prepared under the historical cost convention, except for investment properties, which are measured at fair value in accordance with FRS 102 Section 16. The financial statements are presented in pounds sterling, which is the company’s functional currency, and amounts are rounded to the nearest pound unless otherwise stated.

Basis of preparation

The financial statements have been prepared in accordance with FRS 102, *The Financial Reporting Standard applicable in the UK and Republic of Ireland*, as applied to small entities by Section 1A of the standard, and in accordance with the Companies Act 2006.

The financial statements have been prepared under the historical cost convention, except for investment properties, which are measured at fair value in accordance with FRS 102 Section 16.

The financial statements are presented in pounds sterling, which is the company’s functional currency, and amounts are rounded to the nearest pound unless otherwise stated.

	Turnover policy
	Turnover represents income arising from the company's property activities and is stated net of VAT. Income from social housing arrangements is recognised over the period to which the accommodation is provided. Income from short-term serviced accommodation is recognised when the accommodation is provided to the customer. All turnover arises in the United Kingdom.

	Borrowing costs
	Borrowing costs, including interest and other financing costs that are not directly attributable transaction costs of a financial liability, are recognised in profit or loss in the period in which they are incurred. The company does not capitalise borrowing costs as part of the cost of qualifying assets. Directly attributable transaction costs incurred in obtaining a financial liability are accounted for as part of the initial carrying amount of that liability and subsequently recognised in profit or loss using the effective interest method.

Borrowing costs

Borrowing costs, including interest and other financing costs that are not directly attributable transaction costs of a financial liability, are recognised in profit or loss in the period in which they are incurred.

The company does not capitalise borrowing costs as part of the cost of qualifying assets.

Directly attributable transaction costs incurred in obtaining a financial liability are accounted for as part of the initial carrying amount of that liability and subsequently recognised in profit or loss using the effective interest method.

	Finance costs
	Finance costs recognised in profit or loss include interest payable on borrowings and the amortisation of directly attributable loan transaction costs using the effective interest method in accordance with FRS 102 Section 11. Other finance costs, including costs associated with proposed financing arrangements that do not proceed, are recognised in profit or loss as incurred.

	Current taxation
	Current tax is recognised in profit or loss, except where it relates to items recognised outside profit or loss, in which case it is recognised in the same place as the underlying item. Current tax represents the amount of tax payable or recoverable in respect of taxable profit or loss for the current or past reporting periods. Current tax is measured at the amount expected to be paid to, or recovered from, HM Revenue & Customs using tax rates and laws which have been enacted or substantively enacted by the balance sheet date. Where payments to HM Revenue & Customs exceed liabilities owed, an asset is recognised to the extent of the amount recoverable.

Current taxation

Current tax is recognised in profit or loss, except where it relates to items recognised outside profit or loss, in which case it is recognised in the same place as the underlying item.

Current tax represents the amount of tax payable or recoverable in respect of taxable profit or loss for the current or past reporting periods. Current tax is measured at the amount expected to be paid to, or recovered from, HM Revenue & Customs using tax rates and laws which have been enacted or substantively enacted by the balance sheet date.

Where payments to HM Revenue & Customs exceed liabilities owed, an asset is recognised to the extent of the amount recoverable.

	Deferred tax
	Deferred tax is recognised in respect of timing differences at the reporting date. Deferred tax liabilities are generally recognised for all timing differences that are expected to increase taxable profits in the future. Deferred tax assets are recognised for timing differences and unrelieved tax losses 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. Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and which are expected to apply when the underlying timing differences reverse. In respect of investment properties measured at fair value, deferred tax is measured having regard to the tax consequences that would arise on recovery of the carrying amount through sale. Deferred tax is recognised in profit or loss except where it relates to items recognised outside profit or loss, in which case it is recognised in the same place as the underlying item.

Deferred tax

Deferred tax is recognised in respect of timing differences at the reporting date.

Deferred tax liabilities are generally recognised for all timing differences that are expected to increase taxable profits in the future. Deferred tax assets are recognised for timing differences and unrelieved tax losses 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.

Deferred tax is measured using the tax rates and laws that have been enacted or substantively enacted by the reporting date and which are expected to apply when the underlying timing differences reverse.

In respect of investment properties measured at fair value, deferred tax is measured having regard to the tax consequences that would arise on recovery of the carrying amount through sale.

Deferred tax is recognised in profit or loss except where it relates to items recognised outside profit or loss, in which case it is recognised in the same place as the underlying item.

	Tangible fixed assets and depreciation
	Investment properties are initially recognised at cost, including directly attributable expenditure incurred in acquiring the property. After initial recognition, investment properties are measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss in the period in which they arise. Investment properties are not depreciated. Plant, furniture and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is charged so as to write off the cost of the assets, less any estimated residual value, over their estimated useful economic lives on a straight-line basis as follows:

Tangible fixed assets and depreciation

Investment properties are initially recognised at cost, including directly attributable expenditure incurred in acquiring the property.

After initial recognition, investment properties are measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss in the period in which they arise. Investment properties are not depreciated.

Plant, furniture and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses.

Depreciation is charged so as to write off the cost of the assets, less any estimated residual value, over their estimated useful economic lives on a straight-line basis as follows:


		Straight line (years)
	Plant and machinery	5
	Fixtures and fittings	5

	Trade and other debtors
	Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

Trade and other debtors

Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts.

	Cash and cash equivalents
	Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less. Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

Cash and cash equivalents

Cash and cash equivalents comprise cash at bank and on hand, demand deposits with banks and other short-term highly liquid investments with original maturities of three months or less.

Bank overdrafts are disclosed separately. For the purpose of the cash flow statement, bank overdrafts form an integral part of the company's cash management and are included as a component of cash and cash equivalents.

	Trade and other creditors
	Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method.

	Financial instruments
	A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment. Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment.

Financial instruments

A financial asset or a financial liability is recognised only when the entity becomes a party to the contractual provisions of the instrument. Basic financial instruments are initially recognised at transaction price and measured at amortised cost using the effective interest method. Where investments in non-derivative financial instruments are publicly traded, or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value through profit and loss. All other investments are subsequently measured at cost less impairment.

Financial assets which are measured at cost or amortised cost are reviewed for objective evidence of impairment at each balance sheet date. If there is objective evidence of impairment, an impairment loss is recognised in profit or loss immediately. All equity instruments, regardless of significance, and other financial assets that are individually significant, are assessed individually for impairment. 

	Share capital
	Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of new ordinary shares or options are shown in equity as a deduction, net of tax, from the proceeds.

2.	Average number of employees


		2025		2024
	Average number of employees during the year	0		0

3.	Deferred tax
	At 31 January 2025, a deferred tax liability of £2,082 arose in respect of accelerated capital allowances claimed on furniture and equipment used in the company's furnished holiday letting activity. A corresponding deferred tax asset of £2,082 has been recognised in respect of tax losses arising during the year, as recovery is supported by the future reversal of the taxable timing difference. Accordingly, the net deferred tax balance at 31 January 2025 is £nil. No additional deferred tax asset has been recognised in respect of remaining tax losses or investment property fair value differences, as recovery was not considered sufficiently certain at the reporting date.

Deferred tax

At 31 January 2025, a deferred tax liability of £2,082 arose in respect of accelerated capital allowances claimed on furniture and equipment used in the company's furnished holiday letting activity.

A corresponding deferred tax asset of £2,082 has been recognised in respect of tax losses arising during the year, as recovery is supported by the future reversal of the taxable timing difference.

Accordingly, the net deferred tax balance at 31 January 2025 is £nil.

No additional deferred tax asset has been recognised in respect of remaining tax losses or investment property fair value differences, as recovery was not considered sufficiently certain at the reporting date.

4.	Tangible fixed assets

		Total
		£
	Cost or valuation
	Additions	345,901
	Revaluations	(37,906)
	At 31 January 25	307,995
	Depreciation and impairment
	Charge for year	1,666
	At 31 January 25	1,666
	Net book value
	At 31 January 25	306,329
	At 31 January 24	-


	Investment properties are measured at fair value at each reporting date, with changes in fair value recognised in profit or loss. At 31 January 2025, investment properties had a carrying value of £298,000 following a net fair value reduction of £37,906 during the year. Furniture and equipment is stated at cost less accumulated depreciation. At 31 January 2025, the cost of furniture and equipment was £9,995 with accumulated depreciation of £1,666, giving a net book value of £8,329.

Investment properties are measured at fair value at each reporting date, with changes in fair value recognised in profit or loss.

At 31 January 2025, investment properties had a carrying value of £298,000 following a net fair value reduction of £37,906 during the year.

Furniture and equipment is stated at cost less accumulated depreciation. At 31 January 2025, the cost of furniture and equipment was £9,995 with accumulated depreciation of £1,666, giving a net book value of £8,329.

5.	Debtors: amounts due within one year

	2025	2024
	£	£
Trade debtors / trade receivables	447	-
Prepayments and accrued income	29,662	-
Total	30,109	-

6.	Creditors: amounts due within one year

	2025	2024
	£	£
Trade creditors / trade payables	267	-
Bank borrowings and overdrafts	116,690	-
Accrued liabilities and deferred income	750	-
Total	117,707	-

7.	Creditors: amounts due after one year

	2025	2024
	£	£
Bank borrowings and overdrafts	97,423	-
Other creditors	327,199	-
Total	424,622	-


	Included within 'Other creditors' is the amount owed to the director of £327,199.

8.	Creditors: amounts due after 5 years
	Included within secured borrowings is £102,410 in respect of the MT Finance interest-only mortgage, the principal of which is contractually repayable more than five years after the balance sheet date.

9.	Secured creditors
	At the balance sheet date, the company had two secured borrowings with the following gross principal balances: A bridging loan of £122,250 from MS Lending was secured by a legal charge over 31 Bowling Green Road. The loan is included within creditors falling due within one year. A mortgage of £102,410 from MT Finance was secured by a legal charge over 18 Geranium Close and is included within creditors falling due after more than one year. Each borrowing is secured over the respective investment property to which the financing relates.

Secured creditors

At the balance sheet date, the company had two secured borrowings with the following gross principal balances:

A bridging loan of £122,250 from MS Lending was secured by a legal charge over 31 Bowling Green Road. The loan is included within creditors falling due within one year.

A mortgage of £102,410 from MT Finance was secured by a legal charge over 18 Geranium Close and is included within creditors falling due after more than one year.

Each borrowing is secured over the respective investment property to which the financing relates.

10.	Financial instruments
	The company has elected to apply the provisions of Sections 11 and 12 of FRS 102 in accounting for its financial instruments. Basic financial assets, including cash and debtors, are initially recognised at transaction price and subsequently measured at amortised cost less impairment where appropriate. Basic financial liabilities, including creditors and mortgage borrowings, are initially recognised at transaction price adjusted for directly attributable transaction costs and are subsequently measured at amortised cost using the effective interest method. Directly attributable borrowing transaction costs are included in the initial carrying amount of the related financial liability and recognised in profit or loss over the expected financing period using the effective interest method.

10.

Financial instruments

The company has elected to apply the provisions of Sections 11 and 12 of FRS 102 in accounting for its financial instruments.

Basic financial assets, including cash and debtors, are initially recognised at transaction price and subsequently measured at amortised cost less impairment where appropriate.

Basic financial liabilities, including creditors and mortgage borrowings, are initially recognised at transaction price adjusted for directly attributable transaction costs and are subsequently measured at amortised cost using the effective interest method.

Directly attributable borrowing transaction costs are included in the initial carrying amount of the related financial liability and recognised in profit or loss over the expected financing period using the effective interest method.

11.	Share capital
	At 31 January 2025 there was 1 Ordinary £1 share in issue.

12.	Related party transactions
	During the year, the company entered into transactions with its director and controlling shareholder, Timothy Oliver Harrison. At 31 January 2025, the amount owed to the director was £327,199. The balance is unsecured and interest free. In accordance with arrangements documented and in force at the reporting date, repayment will not be required within 12 months of the reporting date and the balance has therefore been classified as a non-current liability. The director has also provided personal guarantees in respect of the company’s secured borrowings. No charge has been made to the company in respect of these guarantees.

12.

Related party transactions

During the year, the company entered into transactions with its director and controlling shareholder, Timothy Oliver Harrison.

At 31 January 2025, the amount owed to the director was £327,199. The balance is unsecured and interest free. In accordance with arrangements documented and in force at the reporting date, repayment will not be required within 12 months of the reporting date and the balance has therefore been classified as a non-current liability.

The director has also provided personal guarantees in respect of the company’s secured borrowings. No charge has been made to the company in respect of these guarantees.

13.	Controlling party
	Timothy Oliver Harrison controlled the company through ownership of the entire issued share capital.

14.	Further information regarding the company's financial position
	The company was dormant in prior periods. It became active on 31 March 2024 following the commencement of property investment activities. The company’s principal activity is the holding and letting of investment properties and it is therefore not considered to be trading in the ordinary sense.