|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MAY 2019 |
|
FOR |
|
UNIVERSITY AREA PROPERTIES LTD |
|
|
REGISTERED NUMBER:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
UNAUDITED FINANCIAL STATEMENTS |
|
FOR THE YEAR ENDED 31 MAY 2019 |
|
FOR |
|
UNIVERSITY AREA PROPERTIES LTD |
UNIVERSITY AREA PROPERTIES LTD (REGISTERED NUMBER: NI035371) |
|
CONTENTS OF THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2019 |
|
|
|
|
|
|
|
|
|
|
Page |
|
Company Information | 1 |
|
Balance Sheet | 2 | to | 3 |
|
Notes to the Financial Statements | 4 | to | 7 |
|
UNIVERSITY AREA PROPERTIES LTD |
|
COMPANY INFORMATION |
FOR THE YEAR ENDED 31 MAY 2019 |
|
|
|
|
|
|
|
DIRECTORS: |
|
|
|
|
|
|
|
SECRETARY: |
|
|
|
|
|
|
REGISTERED OFFICE: |
|
|
|
|
|
|
|
|
|
REGISTERED NUMBER: |
|
|
|
|
|
|
ACCOUNTANTS: |
|
Chartered Certified Accountants |
17 Clarendon Road |
Clarendon Dock |
Belfast |
BT1 3BG |
UNIVERSITY AREA PROPERTIES LTD (REGISTERED NUMBER: NI035371) |
|
BALANCE SHEET |
31 MAY 2019 |
|
31.5.19 | 31.5.18 |
Notes | £ | £ | £ | £ |
FIXED ASSETS |
Tangible assets | 4 |
|
|
Investment property | 5 |
|
|
|
|
|
CURRENT ASSETS |
Debtors | 6 |
|
|
Cash at bank |
|
|
|
|
CREDITORS |
Amounts falling due within one year | 7 |
|
|
NET CURRENT ASSETS |
|
|
TOTAL ASSETS LESS CURRENT
LIABILITIES |
|
|
|
CREDITORS |
Amounts falling due after more than one
year |
8 |
|
|
NET ASSETS |
|
|
|
CAPITAL AND RESERVES |
Called up share capital |
|
|
Revaluation reserve | 10 |
|
|
Retained earnings | ( |
) | ( |
) |
SHAREHOLDERS' FUNDS |
|
|
|
|
|
|
|
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 and |
(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. |
UNIVERSITY AREA PROPERTIES LTD (REGISTERED NUMBER: NI035371) |
|
BALANCE SHEET - continued |
31 MAY 2019 |
|
|
|
|
In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered. |
|
The financial statements were authorised for issue by the Board of Directors on
behalf by: |
|
|
|
|
|
|
|
UNIVERSITY AREA PROPERTIES LTD (REGISTERED NUMBER: NI035371) |
|
NOTES TO THE FINANCIAL STATEMENTS |
FOR THE YEAR ENDED 31 MAY 2019 |
|
|
1. | STATUTORY INFORMATION |
|
University Area Properties Ltd is a
|
company's registered number and registered office address can be found on the Company Information page. |
|
The address of the company's place of business is 49 University Street, Belfast BT7 1FY. |
|
2. | ACCOUNTING POLICIES |
|
Basis of preparing the financial statements |
|
|
Significant judgements and estimates |
In preparing these financial statements the director has made the following judgements: |
|
Establish whether there are indicators of impairment of the company's tangible assets. Factors taken into |
consideration in reaching such a decision include the economic viability and expected future financial |
performance of the asset and the business in general. |
|
The director also considers the depreciation rates on an annual basis to ensure there is sufficient evidence to |
support these and that the estimates remains reasonable. |
|
Turnover |
Turnover represents monies received from rental properties and receipts from contracting work. |
|
Tangible fixed assets |
|
Fixtures, fittings & equipment | - |
|
Computer equipment | - |
|
|
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. |
UNIVERSITY AREA PROPERTIES LTD (REGISTERED NUMBER: NI035371) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
|
|
2. | ACCOUNTING POLICIES - continued |
|
Financial instruments |
All financial instruments of the company are considered to meet the definition of basic financial instruments. |
|
- Short term debtors and creditors |
Debtors and creditors with no stated interest rate and are receivable or payable on demand are recognised at |
transaction price, and subject to annual impairment reviews. Any losses arising on impairment are recognised in |
the profit and loss account. |
|
- Cash and cash equivalents |
Cash and cash equivalents comprise cash at bank and in hand. |
|
- Loans and borrowings |
All loans and borrowings are initially recorded at the present value of cash payable to the lender in settlement of |
the liability discounted at the market interest rate. Subsequently loans and borrowings are stated at amortised |
cost using the effective interest rate method. The computation of amortised cost includes any issue costs, |
transaction costs and fees, and any discount or premium on settlement, and the effect of this is to amortise these |
amounts over the expected borrowing period. Loans with no stated interest rate and repayable within one period |
or on demand are not amortised. Loans and borrowings are classified as current liabilities unless the borrower |
has an unconditional right to defer settlement of the liability for at least 12 months after the financial period end |
date. |
|
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. |
|
Current or deferred taxation assets and liabilities are not discounted. |
|
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 balance sheet date. |
|
Deferred tax |
Deferred tax is recognised in respect of all timing differences that have originated but not reversed at the balance |
sheet date. |
|
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. |
|
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. |
|
Investment properties |
Investment properties for which fair value can be measured reliably without undue cost or effort are measured at |
fair value at each reporting date with changes in fair value recognised in profit or loss. |
|
3. | EMPLOYEES AND DIRECTORS |
|
The average number of employees during the year was
|
UNIVERSITY AREA PROPERTIES LTD (REGISTERED NUMBER: NI035371) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
|
|
4. | TANGIBLE FIXED ASSETS |
Fixtures, |
fittings | Computer |
& equipment | equipment | Totals |
£ | £ | £ |
COST |
At 1 June 2018 |
and 31 May 2019 |
|
|
|
DEPRECIATION |
At 1 June 2018 |
|
|
|
Charge for year |
|
|
|
At 31 May 2019 |
|
|
|
NET BOOK VALUE |
At 31 May 2019 |
|
|
|
At 31 May 2018 |
|
|
|
|
|
5. | INVESTMENT PROPERTY |
Total |
£ |
FAIR VALUE |
At 1 June 2018 |
and 31 May 2019 |
|
NET BOOK VALUE |
At 31 May 2019 |
|
At 31 May 2018 |
|
|
The directors are of the opinion that there has been no change in the valuation of the investment properties |
during the year. |
|
6. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
31.5.19 | 31.5.18 |
£ | £ |
Rental debtors | 500 | 2,090 |
Loans to related parties | 49,884 | 78,245 |
Deposits held | - | 11,262 |
Intercompany | 7,012 | 7,012 |
Other debtors | - | 12,404 |
57,396 | 111,013 |
UNIVERSITY AREA PROPERTIES LTD (REGISTERED NUMBER: NI035371) |
|
NOTES TO THE FINANCIAL STATEMENTS - continued |
FOR THE YEAR ENDED 31 MAY 2019 |
|
|
7. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
|
31.5.19 | 31.5.18 |
£ | £ |
Trade creditors | 46,180 | 33,589 |
Taxation and social security | 1,519 | 2,668 |
Deferred income | 16,580 | 18,910 |
Accruals | 10,226 | 9,509 |
Other creditors | 44,950 | 49,443 |
119,455 | 114,119 |
|
8. |
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE
YEAR |
31.5.19 | 31.5.18 |
£ | £ |
Other creditors |
|
|
|
Amounts falling due in more than five years: |
|
Repayable otherwise than by instalments |
Other loans more 5yrs non-inst |
|
|
|
Repayable by instalments |
Other loans | 149,843 | 154,786 |
|
9. | SECURED DEBTS |
|
The following secured debts are included within creditors: |
|
31.5.19 | 31.5.18 |
£ | £ |
Other loans |
|
|
|
The loans relate to mortgages that are secured by way of a charge over the property to which they relate. |
|
10. | RESERVES |
Revaluation |
reserve |
£ |
At 1 June 2018 |
and 31 May 2019 |
|
|
11. | ULTIMATE CONTROLLING PARTY |
|
The ultimate controlling party is
|