Company Registration No. 05478560 (England and Wales)
UTOPIA CAPITAL INVESTMENTS LIMITED
UNAUDITED FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
PAGES FOR FILING WITH REGISTRAR
UTOPIA CAPITAL INVESTMENTS LIMITED
COMPANY INFORMATION
Directors
Mr D W Conn
Mr I W Hall
Company number
05478560
Registered office
Utopia House
Springvale Avenue
Springvale Business Park, Bilston
Wolverhampton
West Midlands
WV14 0QL
Accountants
Ormerod Rutter Limited
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
Bankers
HSBC Bank Plc
Crown Bank
Hanley
Stoke on Trent
Staffordshire
ST1 1DA
UTOPIA CAPITAL INVESTMENTS LIMITED
CONTENTS
Page
Accountants' report
1
Balance sheet
2 - 3
Notes to the financial statements
4 - 8
UTOPIA CAPITAL INVESTMENTS LIMITED
ACCOUNTANTS' REPORT TO THE BOARD OF DIRECTORS ON THE PREPARATION OF THE UNAUDITED STATUTORY FINANCIAL STATEMENTS OF UTOPIA CAPITAL INVESTMENTS LIMITED FOR THE PERIOD ENDED 31 DECEMBER 2022
- 1 -
In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Utopia Capital Investments Limited for the period ended 31 December 2022 which comprise, the balance sheet and the related notes from the company’s accounting records and from information and explanations you have given us.
As a practising member firm of the Institute of Chartered Accountants in England and Wales (ICAEW), we are subject to its ethical and other professional requirements which are detailed at http://www.icaew.com/en/members/regulations-standards-and-guidance.
This report is made solely to the Board of Directors of Utopia Capital Investments Limited, as a body, in accordance with our terms of engagement. Our work has been undertaken solely to prepare for your approval the financial statements of Utopia Capital Investments Limited and state those matters that we have agreed to state to the Board of Directors of Utopia Capital Investments Limited, as a body, in this report in accordance with ICAEW Technical Release 07/16 AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Utopia Capital Investments Limited and its Board of Directors as a body, for our work or for this report.
It is your duty to ensure that Utopia Capital Investments Limited has kept adequate accounting records and to prepare statutory financial statements that give a true and fair view of the assets, liabilities, financial position and profit of Utopia Capital Investments Limited. You consider that Utopia Capital Investments Limited is exempt from the statutory audit requirement for the period.
We have not been instructed to carry out an audit or a review of the financial statements of Utopia Capital Investments Limited. For this reason, we have not verified the accuracy or completeness of the accounting records or information and explanations you have given to us and we do not, therefore, express any opinion on the statutory financial statements.
Ormerod Rutter Limited
15 September 2023
Chartered Accountants
The Oakley
Kidderminster Road
Droitwich
Worcestershire
WR9 9AY
UTOPIA CAPITAL INVESTMENTS LIMITED
BALANCE SHEET
AS AT
31 DECEMBER 2022
31 December 2022
- 2 -
2022
2021
Notes
£
£
£
£
Fixed assets
Tangible assets
3
10,639,784
21,521
Investment properties
4
10,630,000
10,639,784
10,651,521
Current assets
Debtors
5
3,499,534
3,443,797
Cash at bank and in hand
848,485
892,481
4,348,019
4,336,278
Creditors: amounts falling due within one year
6
(5,704,978)
(5,751,997)
Net current liabilities
(1,356,959)
(1,415,719)
Total assets less current liabilities
9,282,825
9,235,802
Provisions for liabilities
7
(444,895)
(452,696)
Net assets
8,837,930
8,783,106
Capital and reserves
Called up share capital
8
1,002
1,002
Non-distributable profits reserve
3,869,824
3,869,824
Distributable profit and loss reserves
4,967,104
4,912,280
Total equity
8,837,930
8,783,106
The directors of the company have elected not to include a copy of the profit and loss account within the financial statements.true
For the financial period ended 31 December 2022 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of financial statements.
The members have not required the company to obtain an audit of its financial statements for the period in question in accordance with section 476.
These financial statements have been prepared and delivered in accordance with the provisions applicable to companies subject to the small companies regime.
UTOPIA CAPITAL INVESTMENTS LIMITED
BALANCE SHEET (CONTINUED)
AS AT
31 DECEMBER 2022
31 December 2022
- 3 -
The financial statements were approved by the board of directors and authorised for issue on 15 September 2023 and are signed on its behalf by:
Mr D W Conn
Director
Company Registration No. 05478560
UTOPIA CAPITAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 4 -
1
Accounting policies
Company information
Utopia Capital Investments Limited is a private company limited by shares incorporated in England and Wales. The registered office is Utopia House, Springvale Avenue, Springvale Business Park, Bilston, Wolverhampton, West Midlands, WV14 0QL.
1.1
Accounting convention
These financial statements have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the requirements of the Companies Act 2006 as applicable to companies subject to the small companies regime. The disclosure requirements of section 1A of FRS 102 have been applied other than where additional disclosure is required to show a true and fair view.
The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments at fair value. The principal accounting policies adopted are set out below.
1.2
Turnover
Turnover, represents the value of rents, service charges and recharges of applicable property expenditure received, net of value added tax.
1.3
Tangible fixed assets
Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
Land and buildings Freehold
Revaluation model
Improvements to property
10% on cost
Plant and machinery
20% on cost
Fixtures and fittings
15% on cost
Properties whose fair value can be measured reliably are held under the revaluation model and are carried at a revalued amount, being their fair value at the date of valuation less any subsequent accumulated depreciation and subsequent accumulated impairment losses. The fair value of the land and buildings is usually considered to be their market value.
Revaluation gains and losses are recognised in other comprehensive income and accumulated in equity, except to the extent that a revaluation gain reverses a revaluation loss previously recognised in profit or loss or a revaluation loss exceeds the accumulated revaluation gains recognised in equity; such gains and losses are recognised in profit or loss.
1.4
Investment properties
Investment property, which is property held to earn rentals and/or for capital appreciation, 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 end date. The surplus or deficit on revaluation is recognised in profit or loss.
1.5
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
UTOPIA CAPITAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
1
Accounting policies
(Continued)
- 5 -
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the profit and loss account because it excludes items of income or expense that are taxable or deductible in other years and it further excludes items that are never taxable or deductible. The company’s liability for current tax is calculated using tax rates that have been enacted or substantively enacted by the reporting end date.
Deferred tax
Deferred tax liabilities are generally recognised for all timing differences and deferred tax assets are recognised to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits. Such assets and liabilities are not recognised if the timing difference arises from goodwill or from the initial recognition of other assets and liabilities in a transaction that affects neither the tax profit nor the accounting profit.
The carrying amount of deferred tax assets is reviewed at each reporting end date and reduced to the extent that it is no longer probable that sufficient taxable profits will be available to allow all or part of the asset to be recovered. Deferred tax is calculated at the tax rates that are expected to apply in the period when the liability is settled or the asset is realised. Deferred tax is charged or credited in the profit and loss account, except when it relates to items charged or credited directly to equity, in which case the deferred tax is also dealt with in equity. Deferred tax assets and liabilities are offset when the company has a legally enforceable right to offset current tax assets and liabilities and the deferred tax assets and liabilities relate to taxes levied by the same tax authority.
1.6
Employee benefits
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
1.7
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
1.8
Leases
Rentals payable under operating leases, including any lease incentives received, are charged to profit or loss on a straight line basis over the term of the relevant lease except where another more systematic basis is more representative of the time pattern in which economic benefits from the lease asset are consumed.
2
Employees
The average monthly number of persons (including directors) employed by the company during the period was 2 (2021 - 2).
UTOPIA CAPITAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 6 -
3
Tangible fixed assets
Land and buildings Freehold
Improvements to property
Plant and machinery
Fixtures and fittings
Total
£
£
£
£
£
Cost or valuation
At 1 January 2022
17,308
380,872
38,224
436,404
Transfers
10,630,000
10,630,000
At 31 December 2022
10,630,000
17,308
380,872
38,224
11,066,404
Depreciation and impairment
At 1 January 2022
9,664
367,958
37,261
414,883
Depreciation charged in the period
1,731
9,116
890
11,737
At 31 December 2022
11,395
377,074
38,151
426,620
Carrying amount
At 31 December 2022
10,630,000
5,913
3,798
73
10,639,784
At 31 December 2021
7,644
12,914
963
21,521
2022
2021
£
£
Cost
-
-
Accumulated depreciation
-
-
Carrying value
-
-
4
Investment property
2022
£
Fair value
At 1 January 2022
10,630,000
Transfers
(10,630,000)
At 31 December 2022
A valuation of the investment properties was performed in September 2021 by a suitably qualified independent professional valuer. On 31 December 2022, the entity was consolidated into a group. The investment property is used by a fellow group company and as such no longer met the definition of investment property. The property has therefore been transferred to PPE at its revalued amount.
UTOPIA CAPITAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 7 -
5
Debtors
2022
2021
Amounts falling due within one year:
£
£
Amounts owed by group undertakings
2,768,120
2,768,120
Other debtors
731,414
675,677
3,499,534
3,443,797
6
Creditors: amounts falling due within one year
2022
2021
£
£
Trade creditors
624
1,751
Amounts owed to group undertakings
4,357,854
3,899,532
Taxation and social security
46,070
88,619
Other creditors
1,300,430
1,762,095
5,704,978
5,751,997
7
Provisions for liabilities
2022
2021
£
£
Deferred tax liabilities
444,895
452,696
8
Called up share capital
2022
2021
£
£
Ordinary share capital
Issued and fully paid
1,000 Ordinary A of £1 each
1,000
1,000
1 Ordinary B of £1 each
1
1
1 Ordinary C of £1 each
1
1
1,002
1,002
Ordinary A shares have voting rights and voting rights in respect to dividends.
Ordinary B shares and Ordinary C shares have no voting rights. Ordinary B shares and Ordinary C shares have dividends rights only.
UTOPIA CAPITAL INVESTMENTS LIMITED
NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)
FOR THE PERIOD ENDED 31 DECEMBER 2022
- 8 -
9
Control
The immediate parent company is Utopia Capital Investments Group Limited by right of their ownership of greater than 75% of company's share capital.
The ultimate controlling parties are Mr David William Conn and Mr Ian William Hall through their shareholdings in Utopia Capital Investments Group Limited.