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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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Unispace Properties Ltd |
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REGISTERED NUMBER:
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Unaudited Financial Statements for the Year Ended 31 December 2016 |
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for |
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Unispace Properties Ltd |
Unispace Properties Ltd (Registered number: 07681850) |
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Contents of the Financial Statements |
for the Year Ended 31 December 2016 |
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Page |
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Statement of Financial Position | 1 |
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Notes to the Financial Statements | 3 |
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Unispace Properties Ltd (Registered number: 07681850) |
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Statement of Financial Position |
31 December 2016 |
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31.12.16 | 31.12.15 |
Notes | £ | £ |
FIXED ASSETS |
Investment property | 3 |
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CURRENT ASSETS |
Debtors | 4 |
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Cash at bank |
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CREDITORS |
Amounts falling due within one year | 5 | ( |
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NET CURRENT (LIABILITIES)/ASSETS | ( |
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TOTAL ASSETS LESS CURRENT
LIABILITIES |
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CREDITORS |
Amounts falling due after more than one year | 6 | ( |
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NET ASSETS/(LIABILITIES) |
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( |
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CAPITAL AND RESERVES |
Called up share capital |
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Retained earnings |
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( |
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SHAREHOLDERS' FUNDS |
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( |
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Unispace Properties Ltd (Registered number: 07681850) |
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Statement of Financial Position - continued |
31 December 2016 |
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The directors acknowledge their responsibilities for: |
(a) |
ensuring that the company keeps accounting records which comply with Sections 386 and 387 of the Companies Act 2006
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(b) |
preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of each
financial year and of its profit or loss for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the company. |
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In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
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The financial statements were approved by the Board of Directors on
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Unispace Properties Ltd (Registered number: 07681850) |
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Notes to the Financial Statements |
for the Year Ended 31 December 2016 |
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1. | STATUTORY INFORMATION |
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Unispace Properties Ltd is a private company, limited by shares, registered in England, registration number 07681850. The |
registered office is Duke House, 6-12 Tabard Street, London, SE1 4JU. |
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2. | ACCOUNTING POLICIES |
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Basis of preparing the financial statements |
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Turnover |
Turnover represents invoiced rental income, excluding value added tax. Income is recognised based on the proportion of |
the rental period which is complete. |
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Investment property |
Investment property is shown at most recent valuation. Any aggregate surplus or deficit arising from changes in fair value |
is recognised in profit or loss. |
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Taxation |
Taxation for the year comprises current and deferred tax. Tax is recognised in the Income Statement, except to the extent |
that it relates to items recognised in other comprehensive income or directly in equity. |
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Current or deferred taxation assets and liabilities are not discounted. |
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Current tax is recognised at the amount of tax payable using the tax rates and laws that have been enacted or substantively |
enacted by the statement of financial position date. |
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Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the statement of |
financial position date. |
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Timing differences arise from the inclusion of income and expenses in tax assessments in periods different from those in |
which they are recognised in financial statements. Deferred tax is measured using tax rates and laws that have been enacted |
or substantively enacted by the year end and that are expected to apply to the reversal of the timing difference. |
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Unrelieved tax losses and other deferred tax assets are recognised 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. |
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Provisions |
Provisions are recognised when the company has a legal or constructive obligation as a result of a past event, it is probable |
that an outflow of resources will be required to settle the obligation, and the amount has been reliably estimated. Provisions |
are not recognised for future operating losses. Provisions are discounted where the time value of money is material. |
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Where there are a number of similar obligations, the likelihood that an outflow will be required in settlement is determined |
by considering the class of obligations as a whole. A provision is recognised even if the likelihood of an outflow with |
respect to any one item included in the same class of obligations may be small. |
Unispace Properties Ltd (Registered number: 07681850) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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3. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 January 2016 |
and 31 December 2016 |
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NET BOOK VALUE |
At 31 December 2016 |
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At 31 December 2015 |
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4. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Trade debtors |
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Other debtors |
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Prepayments and accrued income |
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5. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Bank loans and overdrafts |
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Shareholder loans |
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Trade creditors |
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VAT | 62,434 | 70,598 |
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6. | CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR |
31.12.16 | 31.12.15 |
£ | £ |
Bank loan | 2,134,542 | 2,282,902 |
Shareholder loans | - | 646,327 |
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The bank loan is a variable rate loan of £2,351,184 at initial drawdown. The loan is repayable in 60 monthly instalments of |
capital and interest with a bullet payment to the clear the balance on 03 August 2020. |
Unispace Properties Ltd (Registered number: 07681850) |
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Notes to the Financial Statements - continued |
for the Year Ended 31 December 2016 |
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7. | SECURED DEBTS |
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The following secured debts are included within creditors: |
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31.12.16 | 31.12.15 |
£ | £ |
Bank loans |
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In respect of the bank loan provided, The Royal Bank of Scotland holds a fixed charge security over the investment |
property of the company and all fixtures & fittings, plant & machinery, furniture & furnishings connected to the property. |
An additional fixed charge security has also been granted to The Royal Bank of Scotland in respect of all rents receivable |
from any lease granted out of the investment property. |
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8. | RELATED PARTY DISCLOSURES |
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At the year end the company shareholders had advanced £674,538 (2015: £646,327) to the company in the form of |
shareholder loans. The loans are interest free and have no fixed repayment terms. |