Company registration number 12481337 (England and Wales)
UTAH HOLDINGS LIMITED
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
UTAH HOLDINGS LIMITED
COMPANY INFORMATION
Directors
Mrs J H Davison
Mr A G Hayward
(Appointed 21 February 2022)
Mr W J Ley
Company number
12481337
Registered office
Lyme Green Business Park
Brunel Road
Macclesfield
Cheshire
SK11 0TA
Auditor
Champion Accountants LLP
1 Worsley Court
High Street
Worsley
Manchester
M28 3NJ
UTAH HOLDINGS LIMITED
CONTENTS
Page
Strategic report
1
Directors' report
2 - 3
Independent auditor's report
4 - 6
Group statement of comprehensive income
7
Group statement of financial position
8
Group statement of changes in equity
9
Group statement of cash flows
10
Notes to the group financial statements
11 - 27
Parent company statement of financial position
28
Parent company statement of changes in equity
29
Notes to the parent company financial statements
30 - 31
UTAH HOLDINGS LIMITED
STRATEGIC REPORT
FOR THE YEAR ENDED 30 JUNE 2022
- 1 -
The directors present the strategic report for the year ended 30 June 2022.
Fair review of the business
The Company was incorporated on 20 February 2020 and holds 100% of the share capital of Southerns Holdings Limited, Southerns Limited, Southerns Office Interiors Limited, Southerns Office Interiors (Yorkshire) Limited, Southerns Group Interiors and Tavisford Limited.
The company and its subsidiaries, collectively “Utah Group”, are dormant having ceased to trade following the events of 11 March 2022 explained below.
On 11 March 2022, Utah Group disposed of Southerns Broadstock Limited, Ralph Capper Interiors Limited and SID 2022 Realisation Limited via a sale of business transaction to Broadstock Holdings Limited, designed to secure ongoing financial support for these three subsidiaries. The financial results for these three entities are included within the consolidated results for UTAH Holdings Group up until this date, are are disclosed separately in the accounts as a discontinued operation.
As such, Utah Holdings Limited (company and Utah group) is now non trading and at 30 June 2022 there were no employees of the business. The key remaining creditor of Utah Holdings Limited (company and group) post the above transaction and group restructure / refinance remains TDC LLP, the owner of the business. Furthermore, considering the Company’s situation outside of a trading group, the directors have concluded that material uncertainty exists in its use of the going concern basis of preparation.
Profit before tax for the year was £11,190,540 (2021: Loss of £25,506,059). All profit in the year relates to debt forgiveness and a profit on disposal relating from the sale of business transaction referred to above.
Financial risk management
Given the size of the Group, the directors have not delegated the responsibility of monitoring financial risk management to a sub-committee of the board. The policies set by the board of directors are implemented by the Group's finance department on a day-to-day basis to meet the treasury objectives. These objectives include ensuring that the Group has sufficient liquidity to meet its day-to-day needs and fund its capital commitments and working capital requirements, deploying any surplus liquidity in a prudent and profitable manner, and managing the Group's relationship with banks and financial institutions.
Critical estimates and judgements
The financial reporting framework that has been applied in their preparation of these financial statements is applicable law and International Accounting Standards (IAS) in conformity with the requirements of the Companies Act 2006, which requires the use of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting year. Although based on management's best judgements, actual results may ultimately differ from estimates made. The main estimates and assumptions of the Group are related to; assessing the carrying value of inventories, including the estimated stock provision, and determining the provision against trade receivables for expected credit losses. These estimates and assumptions are rigorously reviewed by the board on an ongoing basis.
Mr A G Hayward
Director
8 February 2024
UTAH HOLDINGS LIMITED
DIRECTORS' REPORT
FOR THE YEAR ENDED 30 JUNE 2022
- 2 -
The directors present their annual report and financial statements for the year ended 30 June 2022.
Principal activities
The principal activity of the group up to 11 March 2022 was that of the sale, manufacture and distribution of office furniture across the corporate, health, education and retail sectors.
From that date, after a group restructure the group has ceased to trade.
Results and dividends
The results for the year are set out on page 7.
No ordinary dividends were paid. The directors do not recommend payment of a further dividend.
Directors
The directors who held office during the year and up to the date of signature of the financial statements were as follows:
Mrs J H Davison
Mr A G Hayward
(Appointed 21 February 2022)
Mr W J Ley
Mr C A Eastwood
(Resigned 16 February 2022)
Mr R P Smeaton
(Resigned 31 December 2022)
Statement of directors' responsibilities
The directors are responsible for preparing the annual report and the financial statements in accordance with applicable law and regulations.
Company law requires the directors to prepare financial statements for each financial year. Under that law the directors have elected to prepare the group and parent company financial statements in accordance with International Financial Reporting Standards (IFRSs) as adopted by the United Kingdom. Under company law the directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the company and of the profit or loss of the company for that period.
In preparing these financial statements, International Accounting Standard 1 requires that directors:
properly select and apply accounting policies;
present information, including accounting policies, in a manner that provides relevant, reliable, comparable and understandable information;
provide additional disclosures when compliance with the specific requirements in IFRSs are insufficient to enable users to understand the impact of particular transactions, other events and conditions on the entity's financial position and financial performance; and
make an assessment of the company's ability to continue as a going concern.
The directors are responsible for keeping adequate accounting records that are sufficient to show and explain the company’s transactions and disclose with reasonable accuracy at any time the financial position of the company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
UTAH HOLDINGS LIMITED
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 3 -
Statement of disclosure to auditor
Each director in office at the date of approval of this annual report confirms that:
so far as the director is aware, there is no relevant audit information of which the company's auditor is unaware, and
the director has taken all the steps that he / she ought to have taken as a director in order to make himself / herself aware of any relevant audit information and to establish that the company's auditor is aware of that information.
This confirmation is given and should be interpreted in accordance with the provisions of section 418 of the Companies Act 2006.
On behalf of the board
Mr A G Hayward
Director
8 February 2024
UTAH HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF UTAH HOLDINGS LIMITED
- 4 -
We were engaged to audit the financial statements of Utah Holdings Limited (the ‘parent company’) and its subsidiaries (the ‘group’) for the year ended 30 June 2022 which comprise the group statement of comprehensive income, the group and parent company statement of financial position, the group and parent company statement of changes in equity, the group statement of cash flows and the group and parent company notes to the financial statements, including significant accounting policies.
The financial reporting framework that has been applied in their preparation is applicable law and UK adopted international accounting standards.
We do not express an opinion on the accompanying financial statements. Because of the significance of the matter described in the 'Basis for Disclaimer of Opinion' section of our report, we have not been able to obtain sufficient appropriate audit evidence to provide a basis for an audit opinion on these financial statements.
Basis for disclaimer of opinion
As explained in note 1 to the financial statements, the directors have prepared consolidated financial statements as required under International Accounting Standards in conformity with the requirements of the Companies Act2006. The consolidated financial statements for the period ended 30 June 2021 had not been previously prepared nor audited . Consequently we have not been able to perform audit procedures or determine what the impact would be on the presentation of the financial statements for the year ended 30 June 2022.
Opinions on other matters prescribed by the Companies Act 2006
Because of the significance of the matter described in the basis for disclaimer of opinion section of our report, we have been unable to form an opinion, whether based on the work undertaken in the course of the audit:
the information given in the strategic report and the directors' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
the strategic report and the directors' report have been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
Notwithstanding our disclaimer of opinion on the financial statements, in the light of the knowledge and understanding of the company and its environment obtained in the course of the audit performed subject to the pervasive limitation described above, we have not identified material misstatements in the strategic report or the directors' report.
Arising from the limitation of our work referred to above:
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
returns adequate for our audit have not been received from branches not visited by us; or
the financial statements are not in agreement with the accounting records and returns; or
certain disclosures of directors' remuneration specified by law are not made.
Responsibilities of directors
As explained more fully in the directors' responsibilities statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the parent company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the parent company or to cease operations, or have no realistic alternative but to do so.
UTAH HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UTAH HOLDINGS LIMITED
- 5 -
Auditor's responsibilities for the audit of the financial statements
Our responsibility is to conduct an audit of the company's financial statements in accordance with International Standards on Auditing (UK) and to issue an audit report.
We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements.
Other matters which we are required to address
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud are detailed below.
Identifying and assessing risks related to irregularities:
We assessed the susceptibility of the company's financial statements to material misstatement and how fraud might occur, including through discussions with the directors, discussions within our audit team planning meeting, updating our record of internal controls and ensuring these controls operated as intended. We evaluated possible incentives and opportunities for fraudulent manipulation of the financial statements. We identified laws and regulations that are of significance in the context of the company by discussions with directors and by updating our understanding of the sector in which the company operates.
Laws and regulations of direct significance in the context of the company include The Companies Act 2006 and UK Tax legislation.
Audit response to risks identified:
We considered the extent of compliance with these laws and regulations as part of our audit procedures on the related financial statement items including a review of financial statement disclosures. We reviewed the company's records of breaches of laws and regulations, minutes of meetings and correspondence with relevant authorities to identify potential material misstatements arising. We discussed the company's policies and procedures for compliance with laws and regulations with members of management responsible for compliance.
During the planning meeting with the audit team, the engagement partner drew attention to the key areas which might involve non-compliance with laws and regulations or fraud. We enquired of management whether they were aware of any instances of non-compliance with laws and regulations or knowledge of any actual, suspected or alleged fraud. We addressed the risk of fraud through management override of controls by testing the appropriateness of journal entries and identifying any significant transactions that were unusual or outside the normal course of business. We assessed whether judgements made in making accounting estimates gave rise to a possible indication of management bias. At the completion stage of the audit, the engagement partner's review included ensuring that the team had approached their work with appropriate professional scepticism and thus the capacity to identify non-compliance with laws and regulations and fraud.
There are inherent limitations in the audit procedures described above and the further removed non-compliance with laws and regulations is from the events and transactions reflected in the financial statements, the less likely we would become aware of it. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.
A further description of our responsibilities is available on the Financial Reporting Council's website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
UTAH HOLDINGS LIMITED
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF UTAH HOLDINGS LIMITED
- 6 -
This report is made solely to the company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members as a body, for our audit work, for this report, or for the opinions we have formed.
Mark Turner FCA (Senior Statutory Auditor)
For and on behalf of Champion Accountants LLP
8 February 2024
Chartered Accountants
Statutory Auditor
1 Worsley Court
High Street
Worsley
Manchester
M28 3NJ
UTAH HOLDINGS LIMITED
GROUP STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 30 JUNE 2022
- 7 -
Year
Period
ended
ended
30 June
30 June
2022
2021
Notes
£
£
Continuing operations
Revenue
2
208,992
86,035
Cost of sales
(720)
(1,747)
Gross profit
208,272
84,288
Other operating income
-
24,692,472
Administrative expenses
(1,680,954)
(32,862,310)
Exceptional items
3
(11,987,885)
Operating loss
4
(1,472,682)
(20,073,435)
Finance costs
8
(3,529,550)
(5,432,624)
Other gains and losses
9
16,172,985
Profit/(loss) before taxation
11,170,753
(25,506,059)
Income tax income
10
-
50,293
Profit/(loss) for the year
11,170,753
(25,455,766)
Discontinued operations
11
Southerns Broadstock Limited
(555,632)
(998,951)
Space Invader Design Limited
98,025
(997,395)
Ralph Capper Interiors Limited
(13,284)
162,030
Profit/(loss) and total comprehensive income for the year
10,699,862
(27,290,082)
Profit for the financial year is all attributable to the owners of the parent company.
Total comprehensive income for the year is all attributable to the owners of the parent company.
UTAH HOLDINGS LIMITED
GROUP STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022
30 June 2022
- 8 -
2022
2021
Notes
£
£
Current assets
Inventories
16
-
2,887,382
Investments
15
30,000
Trade and other receivables
17
197,416
4,907,875
Cash and cash equivalents
33,129
677,847
Assets held for sale
19
22,494,991
230,545
30,998,095
Current liabilities
Trade and other payables
21
303,787
9,637,594
Current tax liabilities
269,604
Borrowings
20
16,363,969
45,146,104
Lease liabilities
22
-
2,671,425
16,667,756
57,724,727
Net current liabilities
(16,437,211)
(26,726,632)
Non-current liabilities
Deferred tax liabilities
23
410,441
Net liabilities
(16,437,211)
(27,137,073)
Equity
Called up share capital
25
153,009
153,009
Retained earnings
(16,590,220)
(27,290,082)
Total equity
(16,437,211)
(27,137,073)
The financial statements were approved by the board of directors and authorised for issue on 8 February 2024 and are signed on its behalf by:
Mr A G Hayward
Director
Company registration number 12481337 (England and Wales)
UTAH HOLDINGS LIMITED
GROUP STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
- 9 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 July 2020
-
Period ended 30 June 2021:
Loss and total comprehensive income
-
(27,290,082)
(27,290,082)
Transactions with owners:
Issue of share capital
25
153,009
-
153,009
Balance at 30 June 2021
153,009
(27,290,082)
(27,137,073)
Year ended 30 June 2022:
Loss and total comprehensive income
-
10,699,862
10,699,862
Balance at 30 June 2022
153,009
(16,590,220)
(16,437,211)
UTAH HOLDINGS LIMITED
GROUP STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 30 JUNE 2022
- 10 -
2022
2021
Notes
£
£
£
£
Cash flows from operating activities
Cash (absorbed by)/generated from operations
29
(3,483,155)
2,751,971
Interest paid
(3,674,370)
(5,582,091)
Income taxes refunded/(paid)
19,787
(314,183)
Net cash outflow from operating activities
(7,137,738)
(3,144,303)
Investing activities
Proceeds from disposal of intangibles
34,980
Purchase of property, plant and equipment
(2,344,498)
Proceeds from disposal of property, plant and equipment
529,130
1,030,607
Proceeds from disposal of subsidiaries, net of cash disposed
24,547,028
-
Proceeds from disposal of investments
(3,048)
-
Net cash generated from/(used in) investing activities
25,073,110
(1,278,911)
Financing activities
Proceeds from issue of shares
153,009
Proceeds from borrowings
5,042,000
Repayment of bank loans
(18,152,596)
Payment of lease liabilities
(427,494)
(93,948)
Net cash (used in)/generated from financing activities
(18,580,090)
5,101,061
Net (decrease)/increase in cash and cash equivalents
(644,718)
677,847
Cash and cash equivalents at beginning of year
677,847
Cash and cash equivalents at end of year
33,129
677,847
UTAH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS
FOR THE YEAR ENDED 30 JUNE 2022
- 11 -
1
Accounting policies
Company information
Utah Holdings Limited is a private company limited by shares incorporated in England and Wales. The registered office is Unit 1, Easter Park, Great Bank Road, Wingates Industrial Estate, Bolton, Greater Manchester, BL5 3XU. The company's principal activities and nature of its operations are disclosed in the directors' report.
The group consists of Utah Holdings Limited and all of its subsidiaries.
1.1
Accounting convention
The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted for use in the United Kingdom and with those parts of the Companies Act 2006 applicable to companies reporting under IFRS, except as otherwise stated.
The financial statements are prepared in sterling, which is the functional currency of the group. Monetary amounts in these financial statements are rounded to the nearest £.
As a parent company with wholly owned subsidiaries the company has produced these consolidated Financial Statements despite the underlying complexities involved in consolidating a group which has undergone numerous restructuring exercises and was previously part of a wider group that had entered administration.
Whilst individual company accounts have been prepared and audited for the previous financial year, the complexity of the group consolidated position resulting from restructuring and refinancing exercises prevented a group position being prepared for the accounting period ended 30 June 2021. In order to meet their statutory obligations the directors have made certain assumptions and judgements to enable the comparative and opening position to be stated. The directors note that the auditors have disclaimed their opinion as a result of these matters.
The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.
1.2
Business combinations
The cost of a business combination is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill.
The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for changes in contingent consideration after the acquisition date.
Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date.
1.3
Basis of consolidation
The consolidated group financial statements consist of the financial statements of the parent company Utah Holdings Limited together with all entities controlled by the parent company (its subsidiaries) and the group’s share of its interests in joint ventures and associates.
The financial statements are made up to 30 June 2022. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.
All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.
UTAH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 12 -
Subsidiaries are consolidated in the group’s financial statements from the date that control commences until the date that control ceases.
Entities in which the group holds an interest and which are jointly controlled by the group and one or more other venturers under a contractual arrangement are treated as joint ventures. Entities other than subsidiary undertakings or joint ventures, in which the group has a participating interest and over whose operating and financial policies the group exercises a significant influence, are treated as associates.
Investments in joint ventures and associates are carried in the group statement of financial position at cost plus post-acquisition changes in the group’s share of the net assets of the entity, less any impairment in value. The carrying values of investments in joint ventures and associates include acquired goodwill.
If the group’s share of losses in a joint venture or associate equals or exceeds its investment in the joint venture or associate, the group does not recognise further losses unless it has incurred obligations to do so or has made payments on behalf of the joint venture or associate.
Unrealised gains arising from transactions with joint ventures and associates are eliminated to the extent of the group’s interest in the entity.
1.4
Going concern
The directors have prepared the financial statements on the basis that the company is no longer a going concern. The going concern presumption has been departed from as a result of the reorganisation of Utah Group that was completed on 11 March 2022, which resulted in the wider remaining group ceasing to tradetrue.
1.5
Revenue
Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. The group recognises revenue when it transfers control of a product or service to a customer.
When cash inflows are deferred and represent a financing arrangement, the fair value of the consideration is the present value of the future receipts. The difference between the fair value of the consideration and the nominal amount received is recognised as interest income.
The nature, timing of satisfaction of performance obligations and significant payment terms of the group's major sources of revenue are as follows:
1.6
Property, plant and equipment
Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the income statement.
1.7
Non-current investments
Interests in subsidiaries, associates and jointly controlled entities are initially measured at cost and subsequently measured at cost less any accumulated impairment losses. The investments are assessed for impairment at each reporting date and any impairment losses or reversals of impairment losses are recognised immediately in profit or loss.
A subsidiary is an entity controlled by the parent company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.
UTAH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 13 -
An associate is an entity, being neither a subsidiary nor a joint venture, in which the group holds a long-term interest and has significant influence. The group considers that it has significant influence where it has the power to participate in the financial and operating decisions of the associate.
Entities in which the group has a long term interest and shares control under a contractual arrangement are classified as jointly controlled entities.
1.8
Inventories
Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the inventories to their present location and condition.
Inventories held for distribution at no or nominal consideration are measured at the lower of cost and replacement cost, adjusted where applicable for any loss of service potential.
Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.
1.9
Non-current assets held for sale
Non-current assets (and disposal groups) classified as held for sale are measured at the lower of carrying amount and fair value less costs to sell.
Non-current assets and disposal groups are classified as held for sale if their carrying amount will be recovered through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale which should be expected to qualify for recognition as a completed sale within one year from the date of classification.
1.10
Cash and cash equivalents
Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.
1.11
Financial assets
Financial assets are recognised in the group's statement of financial position when the group becomes party to the contractual provisions of the instrument. Financial assets are classified into specified categories, depending on the nature and purpose of the financial assets.
At initial recognition, financial assets classified as fair value through profit and loss are measured at fair value and any transaction costs are recognised in profit or loss. Financial assets not classified as fair value through profit and loss are initially measured at fair value plus transaction costs.
Financial assets at fair value through profit or loss
When any of the above-mentioned conditions for classification of financial assets is not met, a financial asset is classified as measured at fair value through profit or loss. Financial assets measured at fair value through profit or loss are recognized initially at fair value and any transaction costs are recognised in profit or loss when incurred. A gain or loss on a financial asset measured at fair value through profit or loss is recognised in profit or loss, and is included within finance income or finance costs in the statement of income for the reporting period in which it arises.
UTAH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 14 -
Financial assets held at amortised cost
Financial instruments are classified as financial assets measured at amortised cost where the objective is to hold these assets in order to collect contractual cash flows, and the contractual cash flows are solely payments of principal and interest. They arise principally from the provision of goods and services to customers (eg trade receivables). They are initially recognised at fair value plus transaction costs directly attributable to their acquisition or issue, and are subsequently carried at amortised cost using the effective interest rate method, less provision for impairment where necessary.
Financial assets at fair value through other comprehensive income
Debt instruments are classified as financial assets measured at fair value through other comprehensive income where the financial assets are held within the group’s business model whose objective is achieved by both collecting contractual cash flows and selling financial assets, and the contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
A debt instrument measured at fair value through other comprehensive income is recognised initially at fair value plus transaction costs directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognised through other comprehensive income are directly transferred to profit or loss when the debt instrument is derecognised.
The parent company has made an irrevocable election to recognize changes in fair value of investments in equity instruments through other comprehensive income, not through profit or loss. A gain or loss from fair value changes will be shown in other comprehensive income and will not be reclassified subsequently to profit or loss. Equity instruments measured at fair value through other comprehensive income are recognized initially at fair value plus transaction cost directly attributable to the asset. After initial recognition, each asset is measured at fair value, with changes in fair value included in other comprehensive income. Accumulated gains or losses recognized through other comprehensive income are directly transferred to retained earnings when the equity instrument is derecognized or its fair value substantially decreased. Dividends are recognized as finance income in profit or loss.
Impairment of financial assets
Financial assets carried at amortised cost and FVOCI are assessed for indicators of impairment at each reporting end date.
Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows of the investment have been affected.
Derecognition of financial assets
Financial assets are derecognised only when the contractual rights to the cash flows from the asset expire, or when it transfers the financial asset and substantially all the risks and rewards of ownership to another entity.
1.12
Financial liabilities
The group recognises financial debt when the group becomes a party to the contractual provisions of the instruments. Financial liabilities are classified as either 'financial liabilities at fair value through profit or loss' or 'other financial liabilities'.
Other financial liabilities
Other financial liabilities, including borrowings, trade payables and other short-term monetary liabilities, are initially measured at fair value net of transaction costs directly attributable to the issuance of the financial liability. They are subsequently measured at amortised cost using the effective interest method. For the purposes of each financial liability, interest expense includes initial transaction costs and any premium payable on redemption, as well as any interest or coupon payable while the liability is outstanding.
UTAH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities
Financial liabilities are derecognised when, and only when, the group’s obligations are discharged, cancelled, or they expire.
1.13
Equity instruments
Equity instruments issued by the parent company are recorded at the proceeds received, net of direct issue costs. Dividends payable on equity instruments are recognised as liabilities once they are no longer payable at the discretion of the company.
1.14
Taxation
The tax expense represents the sum of the tax currently payable and deferred tax.
Current tax
The tax currently payable is based on taxable profit for the year. Taxable profit differs from net profit as reported in the income statement 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 group’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 is the tax expected to be payable or recoverable on differences between the carrying amounts of assets and liabilities in the financial statements and the corresponding tax bases used in the computation of taxable profit, and is accounted for using the balance sheet liability method. Deferred tax liabilities are generally recognised for all taxable temporary differences and deferred tax assets are recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised. Such assets and liabilities are not recognised if the temporary 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 income statement, 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 group 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.
1.15
Employee benefits
The costs of short-term employee benefits are recognised as a liability and an expense, unless those costs are required to be recognised as part of the cost of inventories or non-current assets.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the group is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
1.16
Retirement benefits
Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.
UTAH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
1
Accounting policies
(Continued)
- 16 -
1.17
Leases
At inception, the group assesses whether a contract is, or contains, a lease within the scope of IFRS 16. A contract is, or contains, a lease if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. Where a tangible asset is acquired through a lease, the group recognises a right-of-use asset and a lease liability at the lease commencement date. Right-of-use assets are included within property, plant and equipment, apart from those that meet the definition of investment property.
The right-of-use asset is initially measured at cost, which comprises the initial amount of the lease liability adjusted for any lease payments made at or before the commencement date plus any initial direct costs and an estimate of the cost of obligations to dismantle, remove, refurbish or restore the underlying asset and the site on which it is located, less any lease incentives received.
The right-of-use asset is subsequently depreciated using the straight-line method from the commencement date to the earlier of the end of the useful life of the right-of-use asset or the end of the lease term. The estimated useful lives of right-of-use assets are determined on the same basis as those of other property, plant and equipment. The right-of-use asset is periodically reduced by impairment losses, if any, and adjusted for certain remeasurements of the lease liability.
The lease liability is initially measured at the present value of the lease payments that are unpaid at the commencement date, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the group's incremental borrowing rate. Lease payments included in the measurement of the lease liability comprise fixed payments, variable lease payments that depend on an index or a rate, amounts expected to be payable under a residual value guarantee, and the cost of any options that the group is reasonably certain to exercise, such as the exercise price under a purchase option, lease payments in an optional renewal period, or penalties for early termination of a lease.
The lease liability is measured at amortised cost using the effective interest method. It is remeasured when there is a change in: future lease payments arising from a change in an index or rate; the group's estimate of the amount expected to be payable under a residual value guarantee; or the group's assessment of whether it will exercise a purchase, extension or termination option. When the lease liability is remeasured in this way, a corresponding adjustment is made to the carrying amount of the right-of-use asset, or is recorded in profit or loss if the carrying amount of the right-of-use asset has been reduced to zero.
The group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of machinery that have a lease term of 12 months or less, or for leases of low-value assets including IT equipment. The payments associated with these leases are recognised in profit or loss on a straight-line basis over the lease term.
2
Revenue
2022
2021
£
£
Revenue analysed by class of business
Discontinued
17,601,487
32,662,383
Continuing
208,992
86,035
17,810,479
32,748,418
UTAH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 17 -
3
Exceptional items
2022
2021
£
£
Expenditure
Other exceptional costs
323,845
13,894,159
Discontinued operations
323,845
1,906,274
-
(11,987,885)
4
Operating loss
2022
2021
Operating loss for the year is stated after charging/(crediting):
£
£
Fees payable to the company's auditor for the audit of the company's financial statements
22,975
30,500
Depreciation of property, plant and equipment
-
1,258,430
Loss on disposal of property, plant and equipment
52,196
247,667
Write down of assets held for sale
418,083
Amortisation of intangible assets (included within )
-
17,490
Loss on disposal of intangible assets
1,360
-
Cost of inventories recognised as an expense
13,416,745
19,742,113
5
Auditor's remuneration
2022
2021
Fees payable to the company's auditor and associates:
£
£
For audit services
Audit of the financial statements of the group and company
15,025
30,500
Audit of the financial statements of the company's subsidiaries
34,167
32,000
49,192
62,500
6
Employees
The average monthly number of persons (including directors) employed by the group during the year was:
2022
2021
Number
Number
Management and administration
41
67
Warehouse and distribution
65
99
Total
106
166
UTAH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
6
Employees
(Continued)
- 18 -
Their aggregate remuneration comprised:
2022
2021
£
£
Wages and salaries
3,481,241
7,815,776
Social security costs
510,468
1,308,464
Pension costs
43,396
167,893
4,035,105
9,292,133
7
Directors' remuneration
2022
2021
£
£
Remuneration for qualifying services
473,402
1,025,156
Company pension contributions to defined contribution schemes
43,396
167,893
516,798
1,193,049
Remuneration disclosed above includes the following amounts paid to the highest paid director:
2022
2021
£
£
Remuneration for qualifying services
104,167
319,489
Company pension contributions to defined contribution schemes
11,615
18,410
8
Finance costs
2022
2021
£
£
Interest on bank overdrafts and loans
3,674,370
5,582,091
Discontinued operations
(144,820)
(149,467)
3,529,550
5,432,624
9
Other gains and losses
2022
2021
£
£
Amounts written off investments held at fair value through OCI
(3,048)
-
Amounts written back to financial liabilities
11,027,539
-
Gains on disposal of subsidiaries
5,148,494
-
16,172,985
-
UTAH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 19 -
10
Income tax expense
Total
Continuing operations
Discontinued operations
Total
2022
2021
2021
2021
£
£
£
£
Current tax
UK corporation tax on profits for the current period
-
67,865
380,343
448,208
Deferred tax
Origination and reversal of temporary differences
-
(118,158)
-
(118,158)
-
(50,293)
380,343
330,050
The charge for the year can be reconciled to the loss per the income statement as follows:
2022
2021
£
£
Profit/(loss) before taxation
10,699,962
(26,960,032)
Expected tax charge/(credit) based on a corporation tax rate of 19.00% (2021: 19.00%)
2,032,893
(5,122,406)
Effect of expenses not deductible in determining taxable profit
-
2,351,828
Utilisation of tax losses not previously recognised
(2,184,574)
-
Unutilised tax losses carried forward
151,681
3,214,033
Losses on discontinued operations not recognised
-
6,816
Permanent capital allowances in excess of depreciation
-
1,715
Other non-reversing timing differences
-
(121,936)
Taxation charge for the year
-
330,050
UTAH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 20 -
11
Discontinued operations
Southerns Broadstock Limited
The results of the discontinued business, which have been included in the income statement, were as follows:
2022
2021
£
£
Revenue
16,017,791
29,678,677
Operating expenses
(16,133,832)
(28,937,914)
Exceptional items
(294,671)
(1,212,593)
Finance costs
(144,820)
(149,467)
Loss before taxation
(555,532)
(621,297)
Income tax expense
(100)
(377,654)
Net loss attributable to discontinuation
(555,632)
(998,951)
Space Invader Design Limited
The results of the discontinued business, which have been included in the income statement, were as follows:
2022
2021
£
£
Revenue
1,339,253
2,413,285
Operating expenses
(1,215,999)
(2,591,228)
Exceptional items
(25,229)
(810,027)
Profit/(loss) before taxation
98,025
(987,970)
Income tax expense
-
(9,425)
Net profit/(loss) attributable to discontinuation
98,025
(997,395)
Ralph Capper Interiors Limited
The results of the discontinued business, which have been included in the income statement, were as follows:
2022
2021
£
£
Revenue
244,443
570,421
Operating expenses
(253,782)
(531,473)
Exceptional items
(3,945)
116,346
(Loss)/profit before taxation
(13,284)
155,294
Income tax (expense)/credit
-
6,736
Net (loss)/profit attributable to discontinuation
(13,284)
162,030
UTAH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 21 -
12
Impairments
Impairment tests have been carried out where appropriate and the following impairment losses have been recognised in profit or loss:
2022
2021
£
£
In respect of:
Goodwill
20,000,000
Financial assets - fair value through OCI
3,048
-
Recognised in:
Administrative expenses
-
20,000,000
Other gains and losses
3,048
-
13
Intangible assets
Goodwill
Other Intangible
Total
£
£
£
Cost
Additions
39,333,490
53,830
39,387,320
Transfer to held for sale
(39,333,490)
(53,830)
(39,387,320)
At 30 June 2021
At 30 June 2022
Amortisation and impairment
Charge for the year
17,490
17,490
Impairment loss
20,000,000
-
20,000,000
Transfer to held for sale
(20,000,000)
(17,490)
(20,017,490)
At 30 June 2021
-
At 30 June 2022
-
Carrying amount
At 30 June 2022
-
-
At 30 June 2021
-
-
More information on impairment movements in the year is given in note 12.
UTAH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 22 -
14
Property, plant and equipment
Freehold land and buildings
Plant and equipment
Fixtures and fittings
Computers
Motor vehicles
Right-of-use assets
Total
£
£
£
£
£
£
£
Cost
At 1 July 2020
-
Additions
6,417
266,629
26,616
38,514
2,664,975
3,003,151
Business combinations
2,725,664
683,447
186,269
186,931
56,154
521,461
4,359,926
Disposals
(2,577,666)
(179,000)
(77,925)
(2,834,591)
Transfer to held for sale
(154,415)
(771,076)
(212,885)
(225,445)
(56,154)
(3,108,511)
(4,528,486)
At 30 June 2021
-
At 30 June 2022
-
Accumulated depreciation and impairment
At 1 July 2020
Charge for the year
251,782
289,493
58,336
111,426
5,538
541,855
1,258,430
Eliminated on disposal
(598,732)
(179,000)
(48,196)
(77,925)
(903,853)
On assets reclassified as held for sale
(153,044)
(355,741)
(134,694)
(200,532)
(5,538)
(463,930)
(1,313,479)
Other
499,994
245,248
76,358
89,106
48,196
958,902
At 30 June 2021
At 30 June 2022
Carrying amount
At 30 June 2022
-
-
-
-
-
-
At 30 June 2021
-
-
-
-
-
-
UTAH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 23 -
15
Investments
Current
Non-current
2022
2021
2022
2021
£
£
£
£
Other investments
30,000
Fair value of financial assets carried at amortised cost
The directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.
16
Inventories
2022
2021
£
£
Raw materials
-
2,887,382
17
Trade and other receivables
2022
2021
£
£
Trade receivables
3,930,698
VAT recoverable
3,971
-
Other receivables
192,222
975,954
Prepayments
1,223
1,223
197,416
4,907,875
18
Trade receivables - credit risk
Fair value of trade receivables
The directors consider that the carrying amount of trade and other receivables differs from fair value as follows:
Carrying value
Fair value
2022
2021
2022
2021
£
£
£
£
Trade receivables net of allowances
3,930,698
3,930,698
Other debtors
192,222
975,954
192,222
975,954
Prepayments
1,223
1,223
1,223
1,223
193,445
4,907,875
193,445
4,907,875
No significant receivable balances are impaired at the reporting end date.
UTAH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 24 -
19
Assets and liabilities classified as held for sale
2022
2021
£
£
Goodwill
-
19,333,490
Intangible assets
-
1,360
Property, plant and equipment
-
3,160,141
Total assets classified as held for sale
22,494,991
20
Borrowings
2022
2021
£
£
Borrowings held at amortised cost:
Bank loans
16,363,969
40,104,104
Other loans
-
5,042,000
The group had 2 main principal loans:
HSBC UK Bank plc held a fixed and floating charge over the investments in subsidiaries dated 27 February 2020. The carrying amount of this loan at the reporting date was £nil (2021: £7,222,401). An interest rate of 3.779% applied to this loan. On 11 March 2022 the loan was fully settled.
Toscafund GP Limited holds a fixed and floating charge over the investments in subsidiaries dated 27 February 2020, 4 June 2020 and 24 June 2021. The carrying amount of this loan at the reporting date was £16,363,969 (2021: £32,881,703). An interest rate of 12% applies to this loan.
21
Trade and other payables
2022
2021
£
£
Trade payables
5,140,288
Accruals
31,700
1,345,560
Social security and other taxation
23,241
3,118,547
Other payables
248,846
33,199
303,787
9,637,594
22
Lease liabilities
2022
2021
Maturity analysis
£
£
Within one year
-
500,762
In two to five years
-
2,170,663
Total undiscounted liabilities
-
2,671,425
All lease liabilties are expected to be settled within 12 months from the reporting date.
UTAH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 25 -
23
Deferred taxation
The following are the major deferred tax liabilities and assets recognised by the group and movements thereon during the current and prior reporting period.
ACAs
£
Balance at 1 July 2020
-
Deferred tax movements in prior year
Other
410,441
Liability at 1 July 2021
410,441
Deferred tax movements in current year
Transfer on disposal
(410,441)
Liability at 30 June 2022
24
Retirement benefit schemes
2022
2021
Defined contribution schemes
£
£
Charge to profit or loss in respect of defined contribution schemes
43,396
167,893
The group operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the group in an independently administered fund.
25
Share capital
2022
2021
2022
2021
Ordinary share capital
Number
Number
£
£
Issued and fully paid
A Ordinary of 1p each
8,955,000
8,955,000
89,550
89,550
B Ordinary of 0.0001p each
893,713
893,713
1
1
C Ordinary of 0.0001p each
8,025,539
8,025,539
8
8
C1 Ordinary of 1p each
10
10
-
-
C2 Ordinary of 1p each
10
10
-
-
Deferred shares of 1p each
6,345,001
6,345,001
63,450
63,450
24,219,273
24,219,273
153,009
153,009
UTAH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 26 -
26
Business disposals
On 11 March 2022 Utah group disposed of its 100% holding in Southerns Broadstock Limited, Ralph Capper Interiors Limited, and Space Invader Designs Limited via a sale of business transaction to Broadstock Holdings Limited, designed to secure ongoing financial support for these three subsidiaries. Included in these financial statements are losses of £470,891 arising from the group's interests in the subsidiaries up to the date of its disposal.
Net assets of business disposed of
£
Cash and cash equivalents
243,921
Property, plant and equipment
2,578,815
Trade and other receivables
4,388,337
Inventories
3,349,019
Trade and other payables
(8,892,063)
Tax liabilities
(276,111)
Obligations under finance leases
(2,243,931)
Deferred tax
(410,441)
(1,262,454)
Total consideration
24,790,949
The consideration was satisfied by:
£
Cash
24,790,949
Net cash inflow arising on disposal
£
Cash consideration received
24,790,949
Cash and cash equivalents disposed of
(243,921)
24,547,028
27
Capital risk management
The group is not subject to any externally imposed capital requirements.
28
Related party transactions
Remuneration of key management personnel
The remuneration of key management personnel, including directors, is set out in note 7.
Other transactions with related parties
During the year the group entered into the following transactions with related parties:
UTAH HOLDINGS LIMITED
NOTES TO THE GROUP FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
28
Related party transactions
(Continued)
- 27 -
Interest paid
Management charges
2022
2021
2022
2021
£
£
£
£
Entities with joint control or significant influence over the company
3,486,880
5,170,745
25,000
31,250
The following amounts were outstanding at the reporting end date:
2022
2021
Amounts due to related parties
£
£
Entities with joint control or significant influence over the company
16,363,970
32,881,703
Joint ventures in which the entity is a venturer
247,666
16,611,636
32,881,703
Other information
On 11 March 2022, the group sold 3 subsidiaries to Broadstock Holdings Limited, a related party by way of common ownership. See note 26 for further details.
29
Cash (absorbed by)/generated from operations
2022
2021
£
£
Profit/(loss) before income tax from:
Continuing operations
11,170,753
(25,506,059)
Discontinued operations
(470,791)
(1,453,973)
Profit/(loss) for the year before income tax
10,699,962
(26,960,032)
Adjustments for:
Finance costs
3,674,370
5,582,091
Loss on disposal of property, plant and equipment
52,196
-
Loss on disposal of intangibles
1,360
-
Amortisation and impairment of intangible assets
-
20,017,490
Depreciation and impairment of property, plant and equipment
-
1,258,430
Other gains and losses
(16,172,985)
-
Movements in working capital:
(Increase)/decrease in inventories
(461,637)
82,799
Decrease/(increase) in trade and other receivables
322,122
(781,607)
(Decrease)/increase in trade and other payables
(1,598,543)
3,552,800
Cash (absorbed by)/generated from operations
(3,483,155)
2,751,971
UTAH HOLDINGS LIMITED
COMPANY STATEMENT OF FINANCIAL POSITION
AS AT 30 JUNE 2022
30 June 2022
- 28 -
2022
2021
Notes
£
£
Current assets
Investments
31
24,371,884
Trade and other receivables
33
499,606
14,169,497
499,606
38,541,381
Current liabilities
Trade and other payables
35
42,162
1,669,109
Borrowings
34
16,363,969
40,104,104
16,406,131
41,773,213
Net current liabilities
(15,906,525)
(3,231,832)
Net liabilities
(15,906,525)
(3,231,832)
Equity
Called up share capital
36
153,009
153,009
Retained earnings
(16,059,534)
(3,384,841)
Total equity
(15,906,525)
(3,231,832)
As permitted by s408 Companies Act 2006, the company has not presented its own income statement and related notes. The company’s loss for the year was £12,674,693 (2021 - £3,384,841 loss).
The financial statements were approved by the board of directors and authorised for issue on 8 February 2024 and are signed on its behalf by:
08 February 2024
Mr A G Hayward
Director
Company registration number 12481337 (England and Wales)
UTAH HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 30 JUNE 2022
- 29 -
Share capital
Retained earnings
Total
Notes
£
£
£
Balance at 1 July 2020
-
-
Period ended 30 June 2021:
Loss and total comprehensive income
-
(3,384,841)
(3,384,841)
Transactions with owners:
Issue of share capital
36
153,009
-
153,009
Balance at 30 June 2021
153,009
(3,384,841)
(3,231,832)
Year ended 30 June 2022:
Loss and total comprehensive income
-
(12,674,693)
(12,674,693)
Balance at 30 June 2022
153,009
(16,059,534)
(15,906,525)
UTAH HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 30 -
30
Employees company disclosure
The average monthly number of persons (including directors) employed by the company during the year was:
2022
2021
Number
Number
Total
-
-
31
Investments company disclosure
Current
Non-current
2022
2021
2022
2021
£
£
£
£
Investments in subsidiaries
24,371,884
Fair value of financial assets carried at amortised cost
Except as detailed below the directors believe that the carrying amounts of financial assets carried at amortised cost in the financial statements approximate to their fair values.
Investment in subsidiary undertakings
Details of the company's principal operating subsidiaries are included in {note.note78}.
32
Subsidiaries
Details of the company's subsidiaries at 30 June 2022 are as follows:
Name of undertaking
Registered office
Class of
% Held
shares held
Direct
Indirect
Southerns Holdings Limited
England
Ordinary
100.00
-
Southerns Limited *
England
Ordinary
0
100.00
Southerns Group Interior Limited **
England
Ordinary
0
100.00
Southerns Office Interiors (Yorkshire) Ltd **
England
Ordinary
0
100.00
Tavisford Ltd ***
England
Ordinary
0
100.00
Southerns Office Interiors Ltd ****
England
Ordinary
0
100.00
* Held through Southerns Holdings Limited
** Held through Southerns Limited
*** Held through Southerns Group Interiors Limited
**** Held through Tavisford Limited
All of the above companies are registered in England & Wales and their registered office is: Lyme Green Business Park, Brunel Road, Macclesfield, England, SK11 0TA.
UTAH HOLDINGS LIMITED
COMPANY STATEMENT OF CHANGES IN EQUITY (CONTINUED)
FOR THE YEAR ENDED 30 JUNE 2022
- 31 -
33
Trade and other receivables company disclosure
2022
2021
£
£
Amounts owed by fellow group undertakings
346,347
13,989,988
Other receivables
153,259
179,509
499,606
14,169,497
34
Borrowings company disclosure
2022
2021
£
£
Borrowings held at amortised cost:
Bank loans
16,363,969
40,104,104
The company had 2 main principal loans:
HSBC UK Bank plc held a fixed and floating charge over the investments in subsidiaries dated 27 February 2020. The carrying amount of this loan at the reporting date was £nil (2021: £7,222,401). An interest rate of 3.779% applied to this loan. On 11 March 2022 the loan was fully settled.
Toscafund GP Limited holds a fixed and floating charge over the investments in subsidiaries dated 27 February 2020, 4 June 2020 and 24 June 2021. The carrying amount of this loan at the reporting date was £16,363,969 (2021: £32,881,703). An interest rate of 12% applies to this loan.
35
Trade and other payables company disclosure
2022
2021
£
£
Amounts owed to fellow group undertakings
-
1,605,735
Accruals
30,400
30,000
Social security and other taxation
11,762
33,374
42,162
1,669,109
36
Share capital company disclosure
Refer to note 25 of the group financial statements.
2022-06-302021-07-01falseCCH SoftwareCCH Accounts Production 2023.300Mrs J H DavisonMr A G HaywardMr W J LeyMr C A EastwoodMr R P 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