Universal Property Interest Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 00411085 (England and Wales)

UNIVERSAL PROPERTY INTERESTS LIMITED

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31ST DECEMBER 2020

Page

Company Information

1

Abridged Balance Sheet

2

to

3

Notes to the Financial Statements

4

to

5

DIRECTORS:

Mr A E Keech

Mrs A P Dickson

SECRETARY:

Mrs A P Dickson

REGISTERED OFFICE:

The Grange

3 North Park Avenue

Leeds

West Yorkshire

LS8 1DN

REGISTERED NUMBER:

00411085 (England and Wales)

ACCOUNTANTS:

Thomas Coombs Limited

Chartered Accountants

3365 The Pentagon

Century Way

Thorpe Park

Leeds

West Yorkshire

LS15 8ZB

BANKERS:

National Westminster Bank

8 Park Row

Leeds

West Yorkshire

LS1 5HD

FIXED ASSETS

Tangible assets

4

88,915

88,915

CURRENT ASSETS

Debtors

-

1

Prepayments and accrued income

166

158

Cash at bank

9,929

11,581

10,095

11,740

CREDITORS

Amounts falling due within one year

539

1,076

NET CURRENT ASSETS

9,556

10,664

TOTAL ASSETS LESS CURRENT LIABILITIES

98,471

99,579

ACCRUALS AND DEFERRED INCOME

1,719

1,719

NET ASSETS

96,752

97,860

CAPITAL AND RESERVES

Called up share capital

5

22,691

22,691

Revaluation reserve

6

20,558

20,558

Capital redemption reserve

6,309

6,309

Capital reserve

3,803

3,803

Retained earnings

43,391

44,499

SHAREHOLDERS' FUNDS

96,752

97,860

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31st December 2020.

The members have not required the company to obtain an audit of its financial statements for the year ended 31st December 2020 in accordance with Section 476 of the Companies Act 2006.

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.

The financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.

All the members have consented to the preparation of an abridged Balance Sheet for the year ended 31st December 2020 in accordance with Section 444(2A) of the Companies Act 2006.

In accordance with Section 444 of the Companies Act 2006, the Income Statement has not been delivered.

The financial statements were approved by the Board of Directors and authorised for issue on 7th June 2021 and were signed on its behalf by:

Mr A E Keech - Director

Mrs A P Dickson - Director

1.	STATUTORY INFORMATION

Universal Property Interests Limited is a private company, limited by shares , registered in England and Wales. The company's registered number and registered office address can be found on the Company Information page.

2.	ACCOUNTING POLICIES

Basis of preparing the financial statements

These financial statements have been prepared in accordance with Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" including the provisions of Section 1A "Small Entities" and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.

The financial statements are presented in sterling which is the functional currency of the company and rounded to the nearest £1.

Turnover

Turnover is measured at the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes.

Tangible fixed assets

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Plant & machinery etc - 20% on cost

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes cost directly attributable to making the asset capable of operating as intended.

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

In accordance with Statement of Standard of Accounting Practice No. 19, the company's properties are included in the Balance Sheet at their open market values. The surpluses or deficits on revaluation of such properties are transferred to the investment property revaluation reserve. Depreciation is not provided in respect of freehold investment properties. Leasehold investment properties are not amortised where the unexpired term is over twenty years. The policy represents a departure from statutory accounting principles, which require depreciation to be provided on all fixed assets. The directors consider that this policy is necessary in order that the Financial Statements may give a true and fair view because current values and changes in current values are of prime importance rather than the calculation of systematic annual depreciation. Depreciation is only one of the many factors reflected in the valuation and the amount which might otherwise have been shown cannot be separately identified or quantified.

Debtors and creditors receivable / payable within one year

Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the profit and loss account in other administrative expenses.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was 2 (2019 - 2 ) .

4.	TANGIBLE FIXED ASSETS

Totals

£

COST

At 1st January 2020

and 31st December 2020

92,446

DEPRECIATION

At 1st January 2020

and 31st December 2020

3,531

NET BOOK VALUE

At 31st December 2020

88,915

At 31st December 2019

88,915

The freehold investment properties were revalued on 31st December 2020 by the directors on the basis of a fair market value of the freehold. On a historical cost basis, freehold investment properties would have been included at £68,356 (2019: £68,356).

5.	CALLED UP SHARE CAPITAL

Allotted, issued and fully paid:

Number:

Class:

Nominal

2020

2019

value:

£

£

4,000

'A' ordinary shares

£1

4,000

4,000

18,691

'B' ordinary shares

£1

18,691

18,691

22,691

22,691

The 'A' and 'B' shares rank equally for dividends and return of capital in a winding up. The 'A' shares confer on the holders one vote for each share held and the holders of 'B' shares are not entitled to vote at meetings.

6.

RESERVES

Revaluation

reserve

£

At 1st January 2020

and 31st December 2020

20,558