Union Road Limited - Accounts to registrar (filleted) - small 18.2

REGISTERED NUMBER: 09629319 (England and Wales)

UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 30 NOVEMBER 2019

FOR

UNION ROAD LIMITED

Page

Company Information

1

Statement of Financial Position

2

Notes to the Financial Statements

3

DIRECTOR:

Mr C Del Mastro

REGISTERED OFFICE:

1 Kings Avenue

London

N21 3NA

REGISTERED NUMBER:

09629319 (England and Wales)

ACCOUNTANTS:

AGK Partners

Chartered Accountants

1 Kings Avenue

London

N21 3NA

FIXED ASSETS

Investments

4

50,000

50,000

Investment property

5

1,825,000

1,825,000

1,875,000

1,875,000

CURRENT ASSETS

Debtors

6

442,570

448,507

Cash at bank and in hand

32,977

41,218

475,547

489,725

CREDITORS

Amounts falling due within one year

7

2,280

14,454

NET CURRENT ASSETS

473,267

475,271

TOTAL ASSETS LESS CURRENT LIABILITIES

2,348,267

2,350,271

CREDITORS

Amounts falling due after more than one year

8

(1,267,000

)

(1,267,000

)

PROVISIONS FOR LIABILITIES

10

(216,025

)

(216,025

)

NET ASSETS

865,242

867,246

CAPITAL AND RESERVES

Called up share capital

100

100

Fair value reserve

11

864,100

864,100

Retained earnings

1,042

3,046

865,242

867,246

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 November 2019.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 November 2019 in accordance with Section 476 of the Companies Act 2006.

The director acknowledges his 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.

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

The financial statements were approved by the director and authorised for issue on 25 November 2020 and were signed by:

Mr C Del Mastro - Director

1.	STATUTORY INFORMATION

Union Road 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.

The presentation currency of the financial statements is the Pound Sterling (£).

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 as modified by the revaluation of certain assets.

Significant judgements and estimates

In the application of the company's accounting policies, the director is required to make judgements, estimates

and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other

sources. The estimates and associated assumptions are based on historical experience and other factors that

are relevant. Actual results may differ from these estimates.

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 where the revision affects only that period

or in the period of the revision and future periods where the revision affects both current and future periods.

There are no significant judgements or estimates involved in the preparation of the financial statements.

Revenue

Revenue represents the value of rental income chargeable in respect of the company's investment property.

Revenue is recognised evenly over the period of the rental agreement.

Investment property

Investment property, which is property held to earn rentals, is initially recognised at cost, which includes the

purchase cost and any directly attributable expenditure.

Subsequently it is measured at fair value at the reporting date. Any aggregate surplus or deficit arising from

changes in fair value is recognised in profit or loss.

Deferred tax is provided on these gains at the rate expected to apply if the property is sold at the balance sheet

date.

Other Investments

Other Investments are recognised at cost less impairment.

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 statement of financial position date.

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.

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.

Cash and cash equivalent

Cash and cash equivalents in the statement of financial position comprise cash at banks and in hand, short term

deposits with an original maturity date of one month. Cash equivalents are defined as short-term, highly liquid

investments that are readily convertible to known amounts of cash and that are subject to an insignificant risk of

changes in value.

Financial instruments

Basic financial instruments are recognised at amortised cost, except for investments in non-convertible

preference and non-puttable ordinary shares which are measured at fair value, with changes recognised in profit

or loss.

Derivative financial instruments are initially recorded at cost and thereafter at fair value with changes recognised

in profit and loss.

3.	EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2018 - NIL).

4.	FIXED ASSET INVESTMENTS

Other

investments

£

COST

At 1 December 2018

and 30 November 2019

50,000

NET BOOK VALUE

At 30 November 2019

50,000

At 30 November 2018

50,000

5.	INVESTMENT PROPERTY

Total

£

FAIR VALUE

At 1 December 2018

and 30 November 2019

1,825,000

NET BOOK VALUE

At 30 November 2019

1,825,000

At 30 November 2018

1,825,000

Fair value at 30 November 2019 is represented by:

£

Valuation in 2016

1,080,125

Cost

744,875

1,825,000

If investment property had not been revalued it would have been included at the following historical cost:

2019

2018

£

£

Cost

744,875

744,875

Investment property was valued on an open market basis on 30 November 2019 by the the director .

6.

DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Other debtors

442,570

448,507

7.

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

2019

2018

£

£

Trade creditors

-

780

Taxation and social security

-

11,874

Other creditors

2,280

1,800

2,280

14,454

8.

CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

2019

2018

£

£

Bank loans

1,267,000

1,267,000

Amounts falling due in more than five years:

Repayable by instalments

Bank loans more 5 yr by instal

1,267,000

1,267,000

9.	SECURED DEBTS

The following secured debts are included within creditors:

2019

2018

£

£

Bank loans

1,267,000

1,267,000

Bank loan is secured by way of fixed and floating charge on the investment property of the company and

contains a negative pledge.

10.	PROVISIONS FOR LIABILITIES

2019

2018

£

£

Deferred tax

216,025

216,025

Deferred

tax

£

Balance at 1 December 2018

216,025

Balance at 30 November 2019

216,025

11.

RESERVES

Fair

value

reserve

£

At 1 December 2018

and 30 November 2019

864,100

12.	DIRECTOR'S ADVANCES, CREDITS AND GUARANTEES

The following advances and credits to a director subsisted during the years ended 30 November 2019 and

30 November 2018:

2019

2018

£

£

Mr C Del Mastro

Balance outstanding at start of year

58,377

105,752

Amounts advanced

1,002

2,625

Amounts repaid

(52,120

)

(50,000

)

Amounts written off

-

-

Amounts waived

-

-

Balance outstanding at end of year

7,259

58,377

The interest at the rate of 2.5% has been charged on the overdrawn director balance. The loan was repaid on 6

April 2020.

13.	RELATED PARTY DISCLOSURES

Included in the other debtors less than one year is an amount of £2,000 (2018: £26,000) due from a connected

company with common directorship and shareholding. The loans were interest free and repayable on demand.