Caseware UK (AP4) 2023.0.135 2023.0.135 The members have not required the company to obtain an audit in accordance with section 476 of the Companies Act 2006.false2023-05-01falseownership and letting of properties22truetrue 00820859 2023-05-01 2024-04-30 00820859 2022-05-01 2023-04-30 00820859 2024-04-30 00820859 2023-04-30 00820859 2022-05-01 00820859 2 2023-05-01 2024-04-30 00820859 2 2022-05-01 2023-04-30 00820859 d:Director1 2023-05-01 2024-04-30 00820859 e:PlantMachinery 2023-05-01 2024-04-30 00820859 e:PlantMachinery 2024-04-30 00820859 e:PlantMachinery 2023-04-30 00820859 e:PlantMachinery e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00820859 e:MotorVehicles 2023-05-01 2024-04-30 00820859 e:MotorVehicles 2024-04-30 00820859 e:MotorVehicles 2023-04-30 00820859 e:MotorVehicles e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00820859 e:OfficeEquipment 2023-05-01 2024-04-30 00820859 e:OfficeEquipment 2024-04-30 00820859 e:OfficeEquipment 2023-04-30 00820859 e:OfficeEquipment e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00820859 e:OwnedOrFreeholdAssets 2023-05-01 2024-04-30 00820859 e:CurrentFinancialInstruments 2024-04-30 00820859 e:CurrentFinancialInstruments 2023-04-30 00820859 e:CurrentFinancialInstruments e:WithinOneYear 2024-04-30 00820859 e:CurrentFinancialInstruments e:WithinOneYear 2023-04-30 00820859 e:ShareCapital 2024-04-30 00820859 e:ShareCapital 2023-04-30 00820859 e:ShareCapital 2022-05-01 00820859 e:SharePremium 2023-05-01 2024-04-30 00820859 e:SharePremium 2024-04-30 00820859 e:SharePremium 2 2023-05-01 2024-04-30 00820859 e:SharePremium 2023-04-30 00820859 e:SharePremium 2022-05-01 00820859 e:SharePremium 2 2022-05-01 2023-04-30 00820859 e:InvestmentPropertiesRevaluationReserve 2024-04-30 00820859 e:InvestmentPropertiesRevaluationReserve 2 2023-05-01 2024-04-30 00820859 e:InvestmentPropertiesRevaluationReserve 2023-04-30 00820859 e:InvestmentPropertiesRevaluationReserve 2022-05-01 00820859 e:InvestmentPropertiesRevaluationReserve 2 2022-05-01 2023-04-30 00820859 e:RetainedEarningsAccumulatedLosses 2023-05-01 2024-04-30 00820859 e:RetainedEarningsAccumulatedLosses 2024-04-30 00820859 e:RetainedEarningsAccumulatedLosses 2 2023-05-01 2024-04-30 00820859 e:RetainedEarningsAccumulatedLosses 2022-05-01 2023-04-30 00820859 e:RetainedEarningsAccumulatedLosses 2023-04-30 00820859 e:RetainedEarningsAccumulatedLosses 2022-05-01 00820859 e:RetainedEarningsAccumulatedLosses 2 2022-05-01 2023-04-30 00820859 d:FRS102 2023-05-01 2024-04-30 00820859 d:AuditExemptWithAccountantsReport 2023-05-01 2024-04-30 00820859 d:FullAccounts 2023-05-01 2024-04-30 00820859 d:PrivateLimitedCompanyLtd 2023-05-01 2024-04-30 00820859 e:AcceleratedTaxDepreciationDeferredTax 2024-04-30 00820859 e:AcceleratedTaxDepreciationDeferredTax 2023-04-30 00820859 e:OtherDeferredTax 2024-04-30 00820859 e:OtherDeferredTax 2023-04-30 00820859 2 2023-05-01 2024-04-30 00820859 f:PoundSterling 2023-05-01 2024-04-30 iso4217:GBP xbrli:pure

Registered number: 00820859










Utting Estates Limited








Unaudited

Financial statements

Information for filing with the registrar

For the year ended 30 April 2024





 
Utting Estates Limited
 
  
Chartered accountants' report to the board of Directors on the preparation of the unaudited statutory financial statements of Utting Estates Limited for the year ended 30 April 2024

In order to assist you to fulfil your duties under the Companies Act 2006, we have prepared for your approval the financial statements of Utting Estates Limited for the year ended 30 April 2024 which comprise  the Balance sheet, the Statement of changes in equity 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 https://www.icaew.com /regulation.

This report is made solely to the Board of directors of Utting Estates Limited, as a body, in accordance with the terms of our engagement letter dated 18th July 2018Our work has been undertaken solely to prepare for your approval the financial statements of Utting Estates Limited and state those matters that we have agreed to state to the Board of directors of Utting Estates Limited, as a body, in this report in accordance with ICAEW Technical Release TECH07/16AAF. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than Utting Estates Limited and its Board of directors, as a body, for our work or for this report. 

It is your duty to ensure that Utting Estates 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 loss of Utting Estates Limited. You consider that Utting Estates Limited is exempt from the statutory audit requirement for the year.

We have not been instructed to carry out an audit or review of the financial statements of Utting Estates 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.

  



Kreston Reeves LLP
 
Chartered Accountants
  
Springfield House
Springfield Road
Horsham
West Sussex
RH12 2RG
26 July 2024
Page 1

 
Utting Estates Limited
Registered number: 00820859

Balance sheet
As at 30 April 2024

2024
2023
Note
£
£

Fixed assets
  

Tangible assets
 5 
5,501
5,638

Investments
 6 
2,855,000
5,770,000

  
2,860,501
5,775,638

Current assets
  

Debtors: amounts falling due within one year
 7 
85,328
11,267

Cash at bank and in hand
 8 
1,833,155
130,490

  
1,918,483
141,757

Creditors: amounts falling due within one year
 9 
(327,483)
(93,691)

Net current assets
  
 
 
1,591,000
 
 
48,066

Total assets less current liabilities
  
4,451,501
5,823,704

Provisions for liabilities
  

Deferred tax
 10 
(230,983)
(761,304)

  
 
 
(230,983)
 
 
(761,304)

Net assets
  
4,220,518
5,062,400


Capital and reserves
  

Called up share capital 
  
183
183

Share premium account
 11 
604,942
604,942

Investment property reserve
 11 
1,180,039
3,195,823

Profit and loss account
 11 
2,435,354
1,261,452

  
4,220,518
5,062,400


Page 2

 
Utting Estates Limited
Registered number: 00820859

Balance sheet (continued)
As at 30 April 2024

The Directors consider that the Company is entitled to exemption from audit under section 477 of the Companies Act 2006 and members have not required the Company to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

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 financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime and in accordance with the provisions of FRS 102 Section 1A - small entities.

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

The Company has opted not to file the statement of comprehensive income in accordance with provisions applicable to companies subject to the small companies' regime.

The financial statements were approved and authorised for issue by the board and were signed on its behalf by: 





R B Utting
Director

Date: 26 July 2024

The notes on pages 5 to 11 form part of these financial statements.

Page 3

 
Utting Estates Limited
 

Statement of changes in equity
For the year ended 30 April 2024


Called up share capital
Share premium account
Investment property reserve
Profit and loss account
Total equity

£
£
£
£
£


At 1 May 2022
183
604,942
3,118,369
1,259,901
4,983,395



Profit for the year
-
-
-
119,005
119,005

Dividends
-
-
-
(40,000)
(40,000)

Transfer to/from Non-Distributable Reserves
-
-
77,454
(77,454)
-



At 1 May 2023
183
604,942
3,195,823
1,261,452
5,062,400



Loss for the year
-
-
-
(797,882)
(797,882)

Dividends
-
-
-
(44,000)
(44,000)

Transfer to/from Non-Distributable Reserves
-
-
(2,015,784)
2,015,784
-


At 30 April 2024
183
604,942
1,180,039
2,435,354
4,220,518


The notes on pages 5 to 11 form part of these financial statements.

Page 4

 
Utting Estates Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

1.


General information

Utting Estates Limited is a private company, limited by shares and incorporated in England and Wales, registration number 00820859. The registered office address is Springfield House, Springfield Road Horsham, West Sussex, RH12 2RG.
The principal activities of the company in the year under review were those of letting, dealing, management and maintenance of land and property.
The accounts are presented in sterling and rounded to the nearest £1.

2.Accounting policies

 
2.1

Basis of preparation of financial statements

The financial statements have been prepared under the historical cost convention unless otherwise specified within these accounting policies and in accordance with FRS 102 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland' and the requirements of the Companies Act 2006. 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 preparation of financial statements in compliance with FRS 102 requires the use of certain critical accounting estimates. It also requires management to exercise judgment in applying the Company's accounting policies (see note 3).

The following principal accounting policies have been applied:

 
2.2

Revenue

Turnover is recognised to the extent that it is probable that the economic benefits will flow to the Company and the turnover can be reliably measured. Turnover compromises revenue recognised by the Company in respect of rent receivable and other income from the letting and management of land and property owned by the Company during the year. 

 
2.3

Interest income

Interest income is recognised in profit or loss using the effective interest method.

Page 5

 
Utting Estates Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.4

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in profit or loss except that a charge attributable to an item of income and expense recognised as other comprehensive income or to an item recognised directly in equity is also recognised in other comprehensive income or directly in equity respectively.

The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income.

Deferred tax balances are recognised in respect of all timing differences that have originated but not reversed by the balance sheet date, except that:
The recognition of deferred tax assets is limited to the extent that it is probable that they will be recovered against the reversal of deferred tax liabilities or other future taxable profits; and
Any deferred tax balances are reversed if and when all conditions for retaining associated tax allowances have been met.

Deferred tax balances are not recognised in respect of permanent differences except in respect of business combinations, when deferred tax is recognised on the differences between the fair values of assets acquired and the future tax deductions available for them and the differences between the fair values of liabilities acquired and the amount that will be assessed for tax. Deferred tax is determined using tax rates and laws that have been enacted or substantively enacted by the balance sheet date.

 
2.5

Tangible fixed assets

Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. Historical cost includes expenditure that is directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management.

Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method.

Depreciation is provided on the following bases:

Plant and machinery
-
20%
Motor vehicles
-
20%
Office equipment
-
50%

The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date.

Gains and losses on disposals are determined by comparing the proceeds with the carrying amount and are recognised in profit or loss.

 
2.6

Investment property

Investment property is carried at fair value determined annually by the directors and derived from the current market rents and investment property yields for comparable real estate, adjusted if necessary for any difference in the nature, location or condition of the specific asset. No depreciation is provided. Changes in fair value are recognised in profit or loss.

Page 6

 
Utting Estates Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)

 
2.7

Debtors

Short-term debtors are measured at transaction price, less any impairment. Loans receivable are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method, less any impairment.

 
2.8

Cash and cash equivalents

Cash is represented by cash in hand and deposits with financial institutions repayable without penalty on notice of not more than 24 hours. Cash equivalents are highly liquid investments that mature in no more than three months from the date of acquisition and that are readily convertible to known amounts of cash with insignificant risk of change in value.

 
2.9

Creditors

Short-term creditors are measured at the transaction price. Other financial liabilities, including bank loans, are measured initially at fair value, net of transaction costs, and are measured subsequently at amortised cost using the effective interest method.

 
2.10

Financial instruments

The Company has elected to apply the provisions of Section 11 “Basic Financial Instruments” of FRS 102 to all of its financial instruments.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include trade and other receivables, cash and bank balances, are initially measured at their transaction price including transaction costs and are subsequently carried at their amortised cost using the effective interest method, less any provision for impairment, unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Discounting is omitted where the effect of discounting is immaterial. The Company's cash and cash equivalents, trade and most other receivables due with the operating cycle fall into this category of financial instruments.

Other financial assets

Other financial assets, which includes investments in equity instruments which are not classified as subsidiaries, associates or joint ventures, are initially measured at fair value, which is normally the recognised transaction price. Such assets are subsequently measured at fair value with the changes in fair value being recognised in profit or loss. Where other financial assets are not publicly traded, hence their fair value cannot be measured reliably, they are measured at cost less impairment.

Impairment of financial assets

Financial assets are assessed for indicators of impairment at each reporting date. 

Financial assets are impaired when events, subsequent to their initial recognition, indicate the estimated future cash flows derived from the financial asset(s) have been adversely impacted. The impairment loss will be the difference between the current carrying amount and the present value of the future cash flows at the asset(s) original effective interest rate.

Page 7

 
Utting Estates Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

2.Accounting policies (continued)


2.10
Financial instruments (continued)

If there is a favourable change in relation to the events surrounding the impairment loss then the impairment can be reviewed for possible reversal. The reversal will not cause the current carrying amount to exceed the original carrying amount had the impairment not been recognised. The impairment reversal is recognised in profit or loss.

 
2.11

Dividends

Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting.


3.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires the directors to make judgments, estimates and assumptions that can affect the amounts reported for assets and liabilities, and the results for the year.
Investment properties
The Company has investment property with a value of £2,855,000 at the reporting date (see note 7). The fair value of investment property has been determined by the directors at an open market value. They have used a valuation technique based on comparable market data. The determined fair value of the investment property is most sensitive to fluctuations in the property market.
Taxation
Provision has been made in the financial statements for deferred tax amounting to £230,983 at the reporting date (see note 11). This provision is based upon estimates of the availability of future taxable profits, the timing of the reversal of timing differences upon which the provision is based and the tax rates that will be in force at that time. 


4.


Employees

The average monthly number of employees, including directors, during the year was 2 (2023 - 2). 

Page 8

 
Utting Estates Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

5.


Tangible fixed assets





Plant and machinery
Motor vehicles
Office equipment
Total

£
£
£
£



Cost or valuation


At 1 May 2023
20,852
33,658
5,480
59,990


Additions
1,828
-
1,209
3,037


Disposals
(908)
-
(584)
(1,492)



At 30 April 2024

21,772
33,658
6,105
61,535



Depreciation


At 1 May 2023
16,653
33,658
4,041
54,352


Charge for the year on owned assets
1,833
-
1,341
3,174


Disposals
(908)
-
(584)
(1,492)



At 30 April 2024

17,578
33,658
4,798
56,034



Net book value



At 30 April 2024
4,194
-
1,307
5,501



At 30 April 2023
4,199
-
1,439
5,638


6.


Fixed asset investments





Investment property

£



Cost or valuation


At 1 May 2023
5,770,000


Disposals
(2,900,000)


Revaluations
(15,000)



At 30 April 2024
2,855,000




Page 9

 
Utting Estates Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

7.


Debtors

2024
2023
£
£


Other debtors
77,500
10,773

Prepayments and accrued income
7,828
494

85,328
11,267



8.


Cash and cash equivalents

2024
2023
£
£

Cash at bank and in hand
1,833,155
130,490

1,833,155
130,490



9.


Creditors: Amounts falling due within one year

2024
2023
£
£

Corporation tax
263,498
9,807

Other taxation and social security
1,443
1,315

Other creditors
54,292
75,069

Accruals and deferred income
8,250
7,500

327,483
93,691


Page 10

 
Utting Estates Limited
 

 
Notes to the financial statements
For the year ended 30 April 2024

10.


Deferred taxation




2024
2023


£

£






At beginning of year
(761,304)
(735,373)


Charged to profit or loss
530,321
(25,931)



At end of year
(230,983)
(761,304)

The provision for deferred taxation is made up as follows:

2024
2023
£
£


Accelerated capital allowances
(1,128)
(1,148)

Investment property revaluations
(229,855)
(760,156)

(230,983)
(761,304)


11.


Reserves

Share premium account

The Share Premium account records the amount above the nominal value received for shares issued by the Company. Share Premium may only be utilised to write-off any expenses incurred or commissions paid on the issue of those shares, or to pay up new shares to be allotted to members as fully paid bonus shares. This is a non distributable reserve.

Investment property reserve
The Company uses the revaluation model for the measurement of its investment properties. This reserve records the revaluation surplus recognised less the related provision for deferred tax. This is a non distributable reserve.
Profit and loss account
The Profit and loss account comprises all current and prior period retained profits and losses after deducting any distributions made to the company's shareholders. This is a distributable reserve.


12.


Related party transactions

During the year one of the directors, R B Utting, received dividends amounting to £44,000 (2023 -  £40,000) by virtue of his shareholding in the company.
During the year advertising expenses of £9,000 (2023 - £12,000) were paid to a director, R B Utting, or members of his immediate family for promotional purposes. 
During this and the previous year the company used offices owned by the directors, R B Utting and V J Utting, where no rent was paid; however the company paid apportioned fees relating to light and heat amounting to £2,500 (2023  - £2,500).

Page 11