UNITY ASSET MANAGEMENT LTD


Director	HARRISON, Timothy Oliver


Registered Address	124-128 City Road
	London
	EC1V 2NX


Registered Number	14630970 (England and Wales)

Notes to the Financial Statements
for the year ended 31 January 2026

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.

	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 concerning the carrying amounts of assets and liabilities. The principal area involving estimation uncertainty is the determination of the fair value of investment properties. Fair values are determined by reference to available market evidence, including recent transactions, valuations and comparable property information, together with the location, condition, use and specific characteristics of each property. 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 and, where applicable, in future periods.

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 concerning the carrying amounts of assets and liabilities.

The principal area involving estimation uncertainty is the determination of the fair value of investment properties. Fair values are determined by reference to available market evidence, including recent transactions, valuations and comparable property information, together with the location, condition, use and specific characteristics of each property.

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 and, where applicable, in future periods.

	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 assets and liabilities are not discounted.

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 assets and liabilities are not discounted.

	Tangible fixed assets and depreciation
	Investment Properties Investment properties, being land and buildings held to earn rental income and/or for capital appreciation, are initially measured at cost, including directly attributable acquisition expenditure. Investment properties are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. No depreciation is charged on investment properties. Plant, furniture and equipment Plant, furniture and equipment are stated at cost less accumulated depreciation and any accumulated impairment losses. Depreciation is provided so as to write off the cost of the assets, less their estimated residual values, over their estimated useful economic lives on a straight-line basis as follows:

Tangible fixed assets and depreciation

Investment Properties
Investment properties, being land and buildings held to earn rental income and/or for capital appreciation, are initially measured at cost, including directly attributable acquisition expenditure.

Investment properties are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in profit or loss. No depreciation is charged on investment properties.

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

Depreciation is provided so as to write off the cost of the assets, less their estimated residual values, 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.

	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.

	Related parties
	For the purposes of these financial statements, a related party could be a person or an entity. Careful consideration is given to the definition of a related party to ensure that all related party relationships, transactions and balances are identified.

2.	Average number of employees


		2026		2025
	Average number of employees during the year	0		0

3.	Deferred tax
	Deferred tax liabilities arise from cumulative fair-value gains on certain investment properties and capital allowances claimed in advance of depreciation on qualifying furniture and equipment. Deferred tax assets relating to unrelieved tax losses have been recognised to the extent that recovery is probable against the reversal of those taxable timing differences. The corresponding assets and liabilities have been offset, resulting in a net deferred-tax balance of £nil at 31 January 2026 (2025: £nil). At the reporting date, the company had non-trading loan relationship deficits of £39,878 and UK property business losses of £4,310 available to carry forward, subject to the relevant statutory conditions. No additional net deferred-tax asset has been recognised for remaining tax losses or deductible differences on investment properties, as sufficient evidence of their recovery against future taxable profits is not presently available. There was no net deferred-tax charge or credit for the year.

Deferred tax

Deferred tax liabilities arise from cumulative fair-value gains on certain investment properties and capital allowances claimed in advance of depreciation on qualifying furniture and equipment.

Deferred tax assets relating to unrelieved tax losses have been recognised to the extent that recovery is probable against the reversal of those taxable timing differences. The corresponding assets and liabilities have been offset, resulting in a net deferred-tax balance of £nil at 31 January 2026 (2025: £nil).

At the reporting date, the company had non-trading loan relationship deficits of £39,878 and UK property business losses of £4,310 available to carry forward, subject to the relevant statutory conditions.

No additional net deferred-tax asset has been recognised for remaining tax losses or deductible differences on investment properties, as sufficient evidence of their recovery against future taxable profits is not presently available.

There was no net deferred-tax charge or credit for the year.

4.	Tangible fixed assets

		Total
		£
	Cost or valuation
	At 01 February 25	307,995
	Additions	760,613
	Revaluations	37,015
	At 31 January 26	1,105,623
	Depreciation and impairment
	At 01 February 25	1,666
	Charge for year	5,685
	At 31 January 26	7,351
	Net book value
	At 31 January 26	1,098,272
	At 31 January 25	306,329


	Investment properties are measured at fair value at each reporting date, with changes in fair value recognised in profit or loss. At 31 January 2026, investment properties had a carrying value of £1,045,000, following a net fair value gain of £37,015 during the year. Furniture and equipment is stated at cost less accumulated depreciation. At 31 January 2026, the cost of furniture and equipment was £60,623, with accumulated depreciation of £7,351, giving a net book value of £53,272.

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

At 31 January 2026, investment properties had a carrying value of £1,045,000, following a net fair value gain of £37,015 during the year.

Furniture and equipment is stated at cost less accumulated depreciation. At 31 January 2026, the cost of furniture and equipment was £60,623, with accumulated depreciation of £7,351, giving a net book value of £53,272.

5.	Debtors: amounts due within one year

	2026	2025
	£	£
Trade debtors / trade receivables	-	447
Other debtors	189,733	-
Prepayments and accrued income	6,042	29,662
Total	195,775	30,109

6.	Creditors: amounts due within one year

	2026	2025
	£	£
Trade creditors / trade payables	2,579	268
Bank borrowings and overdrafts	-	116,690
Accrued liabilities and deferred income	2,396	750
Total	4,975	117,708

7.	Creditors: amounts due after one year

	2026	2025
	£	£
Bank borrowings and overdrafts	729,560	97,423
Other creditors	634,684	327,199
Total	1,364,244	424,622


	Included within 'Other creditors' is the amount owed to the director of £634,684 (2025: £327,199).

8.	Creditors: amounts due after 5 years
	The company’s secured mortgage borrowings are interest-only, with the principal amounts repayable in full at the contractual maturity dates. At 31 January 2026, gross principal of £772,446 was repayable more than five years after the reporting date. The carrying amount of these borrowings at 31 January 2026, after deduction of unamortised directly attributable loan transaction costs, was £729,560.

Creditors: amounts due after 5 years

The company’s secured mortgage borrowings are interest-only, with the principal amounts repayable in full at the contractual maturity dates.

At 31 January 2026, gross principal of £772,446 was repayable more than five years after the reporting date.

The carrying amount of these borrowings at 31 January 2026, after deduction of unamortised directly attributable loan transaction costs, was £729,560.

9.	Secured creditors
	At 31 January 2026, the company had the following secured mortgage borrowings outstanding, stated at their gross principal balances: 1. £102,410 due to MT Finance, secured by a legal charge over 18 Geranium Close. 2. £109,013 due to MT Finance, secured by a legal charge over 25 Wetherall Avenue. 3. £74,970 due to MT Finance, secured by a legal charge over 1 Sun Street. 4. £108,091 due to MT Finance, secured by a legal charge over 1 Jade Close. 5. £173,250 due to LendCo, secured by a legal charge over 82 Bath Road. 6. £204,713 due to LendCo, secured by a legal charge over 31 Bowling Green Road. Total gross secured mortgage borrowings at the reporting date were £772,447. The borrowings are secured by legal charges over the respective investment properties.

Secured creditors

At 31 January 2026, the company had the following secured mortgage borrowings outstanding, stated at their gross principal balances:

1. £102,410 due to MT Finance, secured by a legal charge over 18 Geranium Close.
2. £109,013 due to MT Finance, secured by a legal charge over 25 Wetherall Avenue.
3. £74,970 due to MT Finance, secured by a legal charge over 1 Sun Street.
4. £108,091 due to MT Finance, secured by a legal charge over 1 Jade Close.
5. £173,250 due to LendCo, secured by a legal charge over 82 Bath Road.
6. £204,713 due to LendCo, secured by a legal charge over 31 Bowling Green Road.

Total gross secured mortgage borrowings at the reporting date were £772,447.

The borrowings are secured by legal charges over the respective investment properties.

10.	Financial instruments
	The company has elected to apply the provisions of Sections 11 and 12 of FRS 102 in respect of financial instruments. Basic financial assets, including cash and cash equivalents and trade and other debtors, are initially recognised at transaction price and subsequently measured at amortised cost, less any impairment where applicable. Basic financial liabilities, including trade and other 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 transaction costs associated with borrowings are recognised as part of the initial carrying amount of the related financial liability and are recognised in profit or loss over the expected financing period using the effective interest method. Financial assets and liabilities are derecognised when the contractual rights or obligations expire or are discharged.

10.

Financial instruments

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

Basic financial assets, including cash and cash equivalents and trade and other debtors, are initially recognised at transaction price and subsequently measured at amortised cost, less any impairment where applicable.

Basic financial liabilities, including trade and other 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 transaction costs associated with borrowings are recognised as part of the initial carrying amount of the related financial liability and are recognised in profit or loss over the expected financing period using the effective interest method.

Financial assets and liabilities are derecognised when the contractual rights or obligations expire or are discharged.

11.	Share capital
	At 31 January 2026, the company's issued and fully paid share capital comprised 1 Ordinary share of £1, with an aggregate nominal value of £1.

12.	Related party transactions
	During the year, the company entered into transactions with its director and controlling shareholder, Timothy Oliver Harrison, and with entities under his common control. At 31 January 2026, the amount owed to the director was £634,684 (2025: £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. At 31 January 2026, an amount of £189,733 was due from Unity Property Trading Ltd, a company under the common control of Timothy Oliver Harrison. The balance is unsecured, interest free and has no fixed repayment terms. 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, and with entities under his common control.

At 31 January 2026, the amount owed to the director was £634,684 (2025: £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.

At 31 January 2026, an amount of £189,733 was due from Unity Property Trading Ltd, a company under the common control of Timothy Oliver Harrison. The balance is unsecured, interest free and has no fixed repayment terms.

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
	The ultimate controlling party at 31 January 2026 was Timothy Oliver Harrison, by virtue of his ownership of the entire issued share capital of the company.

	Notes	2026		2025
		£	£	£	£
Fixed assets
Tangible assets	4		1,098,272		306,329
			1,098,272		306,329
Current assets
Debtors	5	195,775		30,109
Cash at bank and on hand		880		154,542
		196,655		184,651
Creditors amounts falling due within one year	6	(4,975)		(117,708)
Net current assets (liabilities)			191,680		66,943
Total assets less current liabilities			1,289,952		373,272
Creditors amounts falling due after one year	7		(1,364,244)		(424,622)
Net assets			(74,292)		(51,350)
Capital and reserves
Called up share capital			1		1
Profit and loss account			(74,293)		(51,351)
Shareholders' funds			(74,292)		(51,350)