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REGISTERED NUMBER: 09656473 (England and Wales)















Unaudited Financial Statements for the Year Ended 30 June 2022

for

Utopia Asset Management Ltd

Utopia Asset Management Ltd (Registered number: 09656473)






Contents of the Financial Statements
for the Year Ended 30 June 2022




Page

Company Information 1

Balance Sheet 2

Notes to the Financial Statements 4


Utopia Asset Management Ltd

Company Information
for the Year Ended 30 June 2022







DIRECTOR: P A Rex





REGISTERED OFFICE: 119 Queen Street
Portsmouth
Hampshire
PO1 3HY





REGISTERED NUMBER: 09656473 (England and Wales)





ACCOUNTANTS: Ency Associates
Chartered Certified Accountants
Printware Court
Cumberland Business Centre
Northumberland Road
Portsmouth
Hampshire
PO5 1DS

Utopia Asset Management Ltd (Registered number: 09656473)

Balance Sheet
30 June 2022

30.6.22 30.6.21
Notes £    £    £    £   
FIXED ASSETS
Investments 4 617 467
Investment property 5 650,000 410,806
650,617 411,273

CURRENT ASSETS
Stocks 409,385 409,385
Debtors 6 714,900 344,900
Cash at bank 21,287 5,630
1,145,572 759,915
CREDITORS
Amounts falling due within one year 7 1,302,863 1,187,211
NET CURRENT LIABILITIES (157,291 ) (427,296 )
TOTAL ASSETS LESS CURRENT
LIABILITIES

493,326

(16,023

)

CREDITORS
Amounts falling due after more than
one year

8

(295,000

)

-

PROVISIONS FOR LIABILITIES (45,447 ) -
NET ASSETS/(LIABILITIES) 152,879 (16,023 )

Utopia Asset Management Ltd (Registered number: 09656473)

Balance Sheet - continued
30 June 2022

30.6.22 30.6.21
Notes £    £    £    £   
CAPITAL AND RESERVES
Called up share capital 100 100
Retained earnings 152,779 (16,123 )
SHAREHOLDERS' FUNDS 152,879 (16,023 )

The company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2022.

The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2022 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 26 August 2022 and were signed by:





P A Rex - Director


Utopia Asset Management Ltd (Registered number: 09656473)

Notes to the Financial Statements
for the Year Ended 30 June 2022

1. STATUTORY INFORMATION

Utopia Asset Management Ltd 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 as modified by the revaluation of certain assets.

Investments in subsidiaries
Investments in subsidiary undertakings are recognised at cost.

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.

Stocks
Work in progress is valued at the lower of cost and net realisable value.

Cost is calculated using the first-in, first-out method and includes all purchase, transport, and handling costs in bringing stocks to their present location and condition.

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.

Utopia Asset Management Ltd (Registered number: 09656473)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2022

3. EMPLOYEES AND DIRECTORS

The average number of employees during the year was NIL (2021 - NIL).

4. FIXED ASSET INVESTMENTS
Shares in
group
undertakings
£   
COST
At 1 July 2021 467
Additions 150
At 30 June 2022 617
NET BOOK VALUE
At 30 June 2022 617
At 30 June 2021 467

5. INVESTMENT PROPERTY
Total
£   
FAIR VALUE
At 1 July 2021 410,806
Revaluations 239,194
At 30 June 2022 650,000
NET BOOK VALUE
At 30 June 2022 650,000
At 30 June 2021 410,806

Fair value at 30 June 2022 is represented by:
£   
Valuation in 2022 239,194
Cost 410,806
650,000

6. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.22 30.6.21
£    £   
Other debtors 714,900 344,900

Utopia Asset Management Ltd (Registered number: 09656473)

Notes to the Financial Statements - continued
for the Year Ended 30 June 2022

7. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
30.6.22 30.6.21
£    £   
Other creditors 1,302,863 1,187,211

8. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
30.6.22 30.6.21
£    £   
Other creditors 295,000 -

9. SECURED DEBTS

The following secured debts are included within creditors:

30.6.22 30.6.21
£    £   
Other creditors 295,000 -

Gfs 1 LTD created two charges over the assets of the company, including over Flat 1, 21 Craneswater Park, Southsea, PO4 0NX, dated 31 January 2022.

10. ULTIMATE CONTROLLING PARTY

The controlling party is P A Rex.