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Registered number: 03321083









URA VENTURES LIMITED









ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 DECEMBER 2023

 
URA VENTURES LIMITED
 
 
COMPANY INFORMATION


Directors
M L L Higgins 
A F Kenning 
J R G Kenning 
R T Kenning 
R M Sayers 
I Sellars 




Registered number
03321083



Registered office
Centenary House
Bridge Business Centre

Beresford Way

Chesterfield

Derbyshire

S41 9FG




Independent auditors
PKF Smith Cooper Audit Limited
Statutory Auditors

158 Edmund Street

Birmingham

West Midlands

B3 2HB





 
URA VENTURES LIMITED
 

CONTENTS



Page
Strategic report
1 - 2
Directors' report
3 - 4
Independent auditors' report
5 - 8
Statement of comprehensive income
9
Balance sheet
10 - 11
Statement of changes in equity
12
Notes to the financial statements
13 - 30


 
URA VENTURES LIMITED
 
 
STRATEGIC REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

Introduction
 
The directors present their strategic report and audited financial statements for the year ended 31st December 2023. As part of a corporate reorganisation which completed in March 2023, the entire issued share capital of the Company was transferred to Longfox Limited, a Company owned and controlled by two of the Company’s directors. The transaction was undertaken with the full approval of both the FCA and the Company’s funders collectively, who continue to positively support the Company’s aims and requirements.
The Company's principal activity continued to be that of contract hire of cars and commercial vehicles with a bias towards environmental protection, however, substantial additional depreciation affecting profits on electric vehicles has proved necessary affecting their viability, making it more difficult to achieve the environmental aim. 

Results and dividends
 
The profit for the year was £ 3,617k pre tax and £2,667k after tax. These results compare with £4,633k pre tax and £3,633k post tax in the previous year. Tthe reduction in 2023 against 2022 being entirely due to a provision to reflect volatility on electric vehicle residual values. 
Ordinary dividends of £150k (2022 - £300k) were declared and paid during the year. In addition, the board declared an exceptional dividend of £14,520k as part of the corporate reorganisation referenced above. 

Principal risks and uncertainties
 
Competition is a continuing risk for the Company which could result in the loss of business to its competitors. To manage this risk, the Company strives to provide added-value service and a high level of commitment to delivering all business in accordance with the instructions of the clients. The Company’s return is affected by movements in residual value of ex contract hire vehicles, however, the Company monitors this very closely. As referred to above, there has, in 2023 and early 2024, been a significant adverse movement in the residual values of electric vehicles for which the company has made due provision.
There is a risk from customers having financial difficulties, however, the Company has a broad spread of customers, thereby reducing the size of such risk.
Used vehicle residual values will also affect cashflow on repayment of financed residuals, however, this risk has been allowed for by the maintenance of adequate cash resources. A strong and open working relationship is maintained with funders who, in turn, provide excellent support. 
Lack of consistency in pricing of new EVs together with insufficient follow through of Government policy to make used electric vehicles attractive to used car buyers represents a risk to support continuing growth in our EV fleet. 
Interest rates have risen after years of very low rates, however, the Company has many years of experience of operating in high interest environment and these are less of a risk due to the company’s policy of fixing rates for the duration of each contract.

Financial key performance indicators
 
Our key performance indicators are fleet size (additions and disposals), budgeted return built into leases, actual return from leases, disposal values against budget, and delinquency rate. All of these were strong due to favourable trading conditions, with the exception of electric vehicles as referred to above.

Page 1

 
URA VENTURES LIMITED
 

STRATEGIC REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Environmental
 
The Company is committed to reducing its carbon footprint and, where possible, those of its customers in the following key ways:
 
Operating electric vehicles for the last 7 years. This has been made far more difficult for the reasons stated above
Nearly 100% of  company cars are now full battery electric vehicles
New premises built with a full set of charging points and the company paid for substantial extra supply and set out for doubling of capacity
Solar panel roof on new building
 
Stakeholders
In addition to having the interests and engagement of its employees and customers at the heart of its core values, the Company will continue to support 2 main charities, the MCC Foundation and Royal British Legion, as well as smaller donations by particular reference to staff participation.


This report was approved by the board on 8 August 2024 and signed on its behalf.



R T Kenning
Director

Page 2

 
URA VENTURES LIMITED
 
 
 
DIRECTORS' REPORT
FOR THE YEAR ENDED 31 DECEMBER 2023

The directors present their report and the financial statements for the year ended 31 December 2023.

Directors' responsibilities statement

The directors are responsible for preparing the Strategic report, the Directors' 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 financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland'. 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, the directors are required to:


select suitable accounting policies for the Company's financial statements and then apply them consistently;

make judgments and accounting estimates that are reasonable and prudent;

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Company will continue in business.

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 to enable them to ensure that the financial statements comply with the Companies Act 2006They 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.

Principal activity

The principal activity of the company is the contract hire and sale of motor vehicles and other related services.

Results and dividends

The profit for the year, after taxation, amounted to £2,667 k (2022 - £3,663 k).

Particulars of dividends paid are detailed in note 12 to the financial statements.

Directors

The directors who served during the year were:

M L L Higgins 
A F Kenning 
J R G Kenning 
R T Kenning 
R M Sayers 
I Sellars 

Page 3

 
URA VENTURES LIMITED
 
 
 
DIRECTORS' REPORT (CONTINUED)
FOR THE YEAR ENDED 31 DECEMBER 2023

Disclosure of information to auditors

Each of the persons who are directors at the time when this Directors' report is approved has confirmed that:
 
so far as the director is aware, there is no relevant audit information of which the Company's auditors are unaware, and

the director has taken all the steps that ought to have been taken as a director in order to be aware of any relevant audit information and to establish that the Company's auditors are aware of that information.

Post balance sheet events

There have been no significant events affecting the Company since the year end.

Auditors

The auditorsPKF Smith Cooper Audit Limitedwill be proposed for reappointment in accordance with section 485 of the Companies Act 2006.

This report was approved by the board on 8 August 2024 and signed on its behalf.
 





R T Kenning
Director

Page 4

 
URA VENTURES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF URA VENTURES LIMITED
 

Opinion


We have audited the financial statements of URA Ventures Limited (the 'Company') for the year ended 31 December 2023, which comprise the Statement of comprehensive income, the Balance sheet, the Statement of changes in equity and the related notes, including a summary of significant accounting policiesThe financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ‘The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).


In our opinion the financial statements:


give a true and fair view of the state of the Company's affairs as at 31 December 2023 and of its profit for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
have been prepared in accordance with the requirements of the Companies Act 2006.


Basis for opinion


We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our 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 United Kingdom, including the Financial Reporting Council's Ethical Standard and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.


Conclusions relating to going concern


In auditing the financial statements, we have concluded that the directors' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.


Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.


Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.


Page 5

 
URA VENTURES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF URA VENTURES LIMITED (CONTINUED)


Other information


The other information comprises the information included in the Annual Report other than the financial statements and our Auditors' report thereon. The directors are responsible for the other information contained within the Annual ReportOur opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.


We have nothing to report in this regard.


Opinion on other matters prescribed by the Companies Act 2006
 

In our opinion, 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
 

In the light of the knowledge and understanding of the Company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic report or the Directors' report.


We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:


adequate accounting records have not been kept, or 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; or
we have not received all the information and explanations we require for our audit.


Responsibilities of directors
 

As explained more fully in the Directors' responsibilities statement set out on page 3, 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 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 Company or to cease operations, or have no realistic alternative but to do so.


Page 6

 
URA VENTURES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF URA VENTURES LIMITED (CONTINUED)


Auditors' responsibilities for the audit of the financial statements
 

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.


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 extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
 
Based on our understanding of the Group and industry, key laws and regulations that we identified included:
 
Companies Act;
Tax Legislation;
Health and Safety and Employment Legislation; and
Financial Conduct Authority.

We identified that the principal risk of fraud or non-compliance with laws and regulations related to:

management bias in respect of accounting estimates and judgements made;
management override of control; and
posting of unusual journals or transactions.

We focused on those areas that could give rise to a material misstatement in the Company financial statements.
Our procedures included, but were not limited to:

Enquiry of management and those charged with governance around actual and potential litigation and claims, including instances of non-compliance with laws and regulations and fraud;
Reviewing minutes of meetings of those charged with governance, where available;
Reviewing legal expenditure in the year to identify instances of non-compliance with laws and regulations and fraud;
Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations, and
Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias, in particular, estimation of residual values and maintenance costs.

It is the primary responsibility of management, with the oversight of those charged with governance, to ensure that the entity's operations are conducted in accordance with the provisions of laws and regulations and for the prevention and detection of fraud.


Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
Page 7

 
URA VENTURES LIMITED
 
 
 
INDEPENDENT AUDITORS' REPORT TO THE MEMBERS OF URA VENTURES LIMITED (CONTINUED)



A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our Auditors' report.


Use of our report
 

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 2006Our 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 Auditors' 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.





Stephen Newman (Senior statutory auditor)
  
for and on behalf of
PKF Smith Cooper Audit Limited
 
Statutory Auditors
  
158 Edmund Street
Birmingham
West Midlands
B3 2HB

8 August 2024
Page 8

 
URA VENTURES LIMITED
 
 
STATEMENT OF COMPREHENSIVE INCOME
FOR THE YEAR ENDED 31 DECEMBER 2023

2023
2022
Note
£000
£000

  

Turnover
 3 
23,464
20,927

Cost of sales
  
(17,141)
(14,221)

Gross profit
  
6,323
6,706

Administrative expenses
  
(3,250)
(3,074)

Profit on disposal of fixed assets
  
2,050
1,962

Other operating income/(charges)
  
20
(13)

Operating profit
 4 
5,143
5,581

Income from fixed assets investments
 8 
11
13

Interest receivable and similar income
 9 
157
27

Interest payable and similar expenses
 10 
(1,694)
(988)

Profit before taxation
  
3,617
4,633

Tax on profit
 11 
(950)
(970)

Profit for the financial year
  
2,667
3,663

  

The notes on pages 13 to 30 form part of these financial statements.

Page 9

 
URA VENTURES LIMITED
REGISTERED NUMBER: 03321083

BALANCE SHEET
AS AT 31 DECEMBER 2023

2023
2022
Note
£000
£000

Fixed assets
  

Intangible assets
 13 
-
2

Tangible assets
 14 
44,027
43,118

Investments
 15 
329
309

  
44,356
43,429

Current assets
  

Stocks
 16 
153
238

Debtors: amounts falling due after more than one year
 17 
3,668
4,031

Debtors: amounts falling due within one year
 17 
5,281
6,358

Cash at bank and in hand
 18 
6,384
11,967

  
15,486
22,594

Creditors: amounts falling due within one year
 19 
(21,055)
(17,107)

Net current (liabilities)/assets
  
 
 
(5,569)
 
 
5,487

Total assets less current liabilities
  
38,787
48,916

Creditors: amounts falling due after more than one year
 20 
(27,036)
(25,212)

Provisions for liabilities
  

Deferred tax
 23 
(550)
(500)

Net assets
  
11,201
23,204


Capital and reserves
  

Called up share capital 
 24 
354
354

Share premium account
 25 
1,281
1,281

Capital redemption reserve
 25 
114
114

Profit and loss account
 25 
9,452
21,455

  
11,201
23,204


Page 10

 
URA VENTURES LIMITED
REGISTERED NUMBER: 03321083
    
BALANCE SHEET (CONTINUED)
AS AT 31 DECEMBER 2023

The financial statements were approved and authorised for issue by the board and were signed on its behalf on 8 August 2024.




R T Kenning
Director

The notes on pages 13 to 30 form part of these financial statements.

Page 11

 
URA VENTURES LIMITED
 

STATEMENT OF CHANGES IN EQUITY
FOR THE YEAR ENDED 31 DECEMBER 2023


Called up share capital
Share premium account
Capital redemption reserve
Profit and loss account
Total equity

£000
£000
£000
£000
£000


At 1 January 2022
354
1,281
114
18,092
19,841



Profit for the year
-
-
-
3,663
3,663

Dividends
-
-
-
(300)
(300)



At 1 January 2023
354
1,281
114
21,455
23,204



Profit for the year
-
-
-
2,667
2,667

Dividends
-
-
-
(14,670)
(14,670)


At 31 December 2023
354
1,281
114
9,452
11,201


The notes on pages 13 to 30 form part of these financial statements.

Page 12

 
URA VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies

 
1.1

Basis of preparation of financial statements

URA Ventures Limited is a private company limited by shares incorporated in England, United Kingdom. The address of the registered office is given in the company information page of these financial statements. The company's registration number is 03321083. The nature of the Company's operations and principal activities are given in the Director's Report.
The financial statements are prepared in Sterling which is the functional currency of the Company. The financial statements level of rounding is to the nearest thousand. 

 
1.2

Financial Reporting Standard 102 - reduced disclosure exemptions

The Company has taken advantage of the following disclosure exemptions in preparing these financial statements, as permitted by the FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland":
the requirements of Section 7 Statement of Cash Flows;
the requirements of Section 3 Financial Statement Presentation paragraph 3.17(d);
the requirements of Section 11 Financial Instruments paragraphs 11.42, 11.44 to 11.45, 11.47, 11.48(a)(iii), 11.48(a)(iv), 11.48(b) and 11.48(c);
the requirements of Section 12 Other Financial Instruments paragraphs 12.26 to 12.27, 12.29(a), 12.29(b) and 12.29A;
the requirements of Section 33 Related Party Disclosures paragraph 33.7.

This information is included in the consolidated financial statements of Longfox Limited as at 31 December 2023 and these financial statements may be obtained from Companies House.

 
1.3

Revenue

All revenue arises in the United Kingdom from the Company's principal activity, which is the contract hire and sale of motor vehicles and other related services. Income from vehicle leasing and contract hire agreements is recognised on a straight line basis over the period of the lease. Where income from leases includes amounts to cover maintenance of vehicles, an estimated cost of maintenance is accrued based on standard industry expectations. Income from the sales of vehicles sold is recognised at the point of sale.

Revenue excludes discounts, rebates, value added tax and other sales taxes.

 
1.4

Exemption from preparing consolidated financial statements

The Company is a parent company that is also a subsidiary included in the consolidated financial statements of a larger group by a parent undertaking established under the law of any part of the United Kingdom and is therefore exempt from the requirement to prepare consolidated financial statements under section 400 of the Companies Act 2006.

Page 13

 
URA VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.5

Going concern

The financial statements have been prepared on the going concern basis. The directors have assessed the Company's future trading expectations which show that the Company expects to operate within the level of its working capital.
The directors, therefore, have a reasonable expectation that they have adequate resources to continue in operational existence for the foreseeable future. For these reasons, they continue to adopt the going concern basis in preparing the annual report and financial statements.

 
1.6

Leased assets: the Company as lessor

Finance lease, hire purchase and other installment finance receivables are apportioned between capital and interest so that the interest, net of commissions, is apportioned over the term of the relevant agreement to provide a constant periodic rate of return on the net investment.

In accordance with FRS 102, the minimum lease payments receivable from finance lease and other finance agreements, less appropriate future income arising from finance charges, are included in debtors.

Where motor vehicles are funded through finance leases, the amounts receivable are shown in other debtors and the amounts payable are shown in creditors.

 
1.7

Interest income

Interest income is recognised in the Statement of comprehensive income using the effective interest method.

 
1.8

Finance costs

Finance costs are charged to the Statement of comprehensive income over the term of the debt using the effective interest method so that the amount charged is at a constant rate on the carrying amount. Issue costs are initially recognised as a reduction in the proceeds of the associated capital instrument.

 
1.9

Pensions

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The amount charged to the Statement of comprehensive income represents the contributions payable to the scheme in respect of the accounting period. An accrual or prepayment is included in the balance sheet to the extent to which such costs do not equate to the cash contributions paid in the period.

Page 14

 
URA VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.10

Current and deferred taxation

The tax expense for the year comprises current and deferred tax. Tax is recognised in the  Statement of comprehensive income, unless it relates to items in other comprehensive income or directly in equity. In such cases, the restated tax is also recognised in other comprehensive income or directly in equity.

Current tax liabilities are measured at the amount expected to be paid, based on tax rates and laws that are enacted or substantively enacted at the balance sheet date.

Deferred tax is accounted for using the balance sheet liability method and is calculated using rates of taxation enacted or substantively enacted at the balance sheet date which are expected to apply when the asset or liability is settled.

Deferred tax liabilities are generally recognised for all taxable temporary differences. Deferred tax assets are only recognised to the extent that it is probable that taxable profits will be available against which deductible temporary differences can be utilised.

 
1.11

Exceptional items

Exceptional items are transactions that fall within the ordinary activities of the Company but are presented separately due to their size or incidence.

 
1.12

Intangible assets

Goodwill

Goodwill arising on business combinations is capitalised, classified as an asset on the balance sheet and amortised on a straight line basis over its useful life.

  
1.13

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.

Depreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its expected useful life.

The cost of vehicles acquired is depreciated over the period of the lease to estimated residual values based principally on standard industry expectations.

Land is not depreciated.

The estimated useful lives range as follows:

 Freehold property   - 50 years
 Plant and machinery  - 2 to 10 years
 Motor vehicles   - over the term of the contract
 Fixtures and fittings  - 5 years

Page 15

 
URA VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

  
1.14

Impairment of fixed assets and goodwill

Assets that are subject to depreciation or amortisation are assessed at each balance sheet date to determine whether there is any indication that the assets are impaired. Where there is an indication that an asset may be impaired, the carrying value of the assets (or cash-generating unit to which the asset has been allocated) is tested for impairment. An impairment loss is recognised for the amount by which the asset's carrying amount exceeds its recoverable amount. The recoverable amount is the higher of an asset's (or CGU's) fair value less costs to sell and value in use. For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows (CGU's). Non-financial assets that have been previously impaired are reviewed at each balance sheet date to assess whether there is any indication that the impairment losses recognised in prior periods may no longer exist or may have decreased.

 
1.15

Valuation of investments

Investments are recognised initially at fair value which normally the transaction price excluding transaction costs. Subsequently, they are measured at fair value through Statement of comprehensive income if the shares are publicly traded.

 
1.16

Stocks of vehicles

Stocks of vehicles held for resale are stated at the lower of cost and net realisable value and are shown net of deposits received.

At each balance sheet date, stocks are assessed for impairment. If stock is impaired, the carrying amount is reduced to its selling price less costs to complete and sell. The impairment loss is recognised immediately in the Statement of comprehensive income.

 
1.17

Debtors and creditors

Debtors and creditors with no stated interest rate or that are receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in the Statement of comprehensive income in other administration expenses.

 
1.18

Cash and liquid resources

Cash, for the purpose of the cash flow statement, comprises of cash in hand and deposits repayable on demand, less overdrafts repayable on demand.

  
1.19

Provisions for liabilities

Provisions are made where an event has taken place that gives the Company a legal or constructive obligation that probably requires settlement by a transfer of economic benefit, and a reliable estimate can be made of the amount of the obligation.
Provisions are charged as an expense to the Statement of comprehensive income in the year that the Company becomes aware of the obligation, and are measured at the best estimate at the balance sheet date of the expenditure required to settle the obligation, taking into account relevant risks and uncertainties.
When payments are eventually made, they are charged to the provision carried in the Balance sheet.

Page 16

 
URA VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

1.Accounting policies (continued)

 
1.20

Financial instruments

The Company only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other debtors and creditors, loans from banks and other third parties, loans to related parties and investments in ordinary shares.
Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of the future cash flows and subsequently at amortised cost using the effective interest method. Debt instruments that are payable or receivable within one year, typically trade debtors and creditors, are measured, initially and subsequently, at the undiscounted amount of the cash or other consideration expected to be paid or received, however, if the arrangements of a short-term instrument constitute a financing transaction, like the payment of a trade debt deferred beyond normal business terms or in case of an out-right short-term loan that is not at market rate, the financial asset or liability is measured, initially at the present value of future cash flows discounted at a market rate of interest for a similar debt instrument and subsequently at amortised cost. 

Financial assets that are measured at cost and amortised cost are assessed at the end of each reporting period for objective evidence of impairment. If objective evidence of impairment is found, an impairment loss is recognised in the Statement of comprehensive income.
For financial assets measured at amortised cost, the impairment loss is measured as the difference between an asset's carrying amount and the present value of estimated cash flows discounted at the asset's original effective interest rate. If a financial asset has a variable interest rate, the discount rate for measuring any impairment loss is the current effective interest rate determined under the contract.
For financial assets measured at cost less impairment, the impairment loss is measured as the difference between an asset's carrying amount and best estimate of the recoverable amount, which is an approximation of the amount that the Company would receive for the asset if it were to be sold at the balance sheet date.
Financial assets and liabilities are offset and the net amount reported in the Balance sheet when there is an 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.

 
1.21

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.

Page 17

 
URA VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

2.


Judgments in applying accounting policies and key sources of estimation uncertainty

The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported for assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates.

The directors conclude that the following are key sources of estimation uncertainty affecting the preparation of the financial statements:

- Estimation of useful lives, residual values and depreciation of car fleet
- Estimation of maintenance costs


3.


Turnover

An analysis of turnover by class of business is as follows:


2023
2022
£000
£000

Sale of goods
3,350
2,746

Rendering of services
20,097
18,106

Sundry income
17
75

23,464
20,927



4.


Operating profit

The operating profit is stated after charging:

2023
2022
£000
£000

Depreciation of tangible fixed assets
10,542
7,892

Amortisation of intangible assets, including goodwill
2
2

Defined contribution pension cost
49
50


5.


Auditors' remuneration

2023
2022
£000
£000

Fees payable to the Company's auditors for the audit of the financial statements
20
17

The Company has taken advantage of the exemption not to disclose amounts paid for non-audit services as these are disclosed in the consolidated accounts of the parent Company.

Page 18

 
URA VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

6.


Employees

Staff costs, including directors' remuneration, were as follows:


2023
2022
£000
£000

Wages and salaries
1,990
1,888

Social security costs
223
214

Cost of defined contribution scheme
49
50

2,262
2,152


The average monthly number of employees, including the directors, during the year was as follows:


        2023
        2022
            No.
            No.







Employees
42
42


7.


Directors' remuneration

2023
2022
£000
£000

Directors' emoluments
452
491

Company contributions to defined contribution pension schemes
5
5

457
496


During the year retirement benefits were accruing to 3 directors (2022 - 3) in respect of defined contribution pension schemes.

The highest paid director received remuneration of £136k (2022 - £191k).

The value of the Company's contributions paid to a defined contribution pension scheme in respect of the highest paid director amounted to £2k (2022 - £NIL).


8.


Income from investments

2023
2022
£000
£000



Income from fixed asset investments
11
13




Page 19

 
URA VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

9.


Interest receivable

2023
2022
£000
£000


Other interest receivable
157
27

157
27


10.


Interest payable and similar expenses

2023
2022
£000
£000


Other loan interest payable
2
-

Finance leases and hire purchase contracts
1,692
988

1,694
988


11.


Taxation


2023
2022
£000
£000

Corporation tax


Current tax on profits for the year
900
470


Deferred tax


Origination and reversal of timing differences
50
500


Taxation on profit on ordinary activities
950
970
Page 20

 
URA VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
11.Taxation (continued)


Factors affecting tax charge for the year

The tax assessed for the year is higher than (2022 - higher than) the standard rate of corporation tax in the UK of 23.5% (2022 - 19%). The differences are explained below:

2023
2022
£000
£000


Profit on ordinary activities before tax
3,617
4,633


Profit on ordinary activities multiplied by standard rate of corporation tax in the UK of 23.5% (2022 - 19%)
850
881

Effects of:


Expenses not deductible for tax purposes
50
59

Capital allowances for year in excess of depreciation
-
(470)

Deferred taxation
50
500

Total tax charge for the year
950
970


Factors that may affect future tax charges

There were no factors that may affect future tax charges.


12.


Dividends

2023
2022
£000
£000


Dividends paid on equity share capital
14,670
300

Page 21

 
URA VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

13.


Intangible assets




Goodwill

£000



Cost


At 1 January 2023
37



At 31 December 2023

37



Amortisation


At 1 January 2023
35


Charge for the year
2



At 31 December 2023

37



Net book value



At 31 December 2023
-



At 31 December 2022
2



Page 22

 
URA VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

14.


Tangible fixed assets





Freehold property
Plant and machinery
Motor vehicles
Fixtures and fittings
Total

£000
£000
£000
£000
£000



Cost 


At 1 January 2023
2,865
663
57,778
50
61,356


Additions
-
18
16,867
-
16,885


Disposals
-
-
(12,154)
-
(12,154)



At 31 December 2023

2,865
681
62,491
50
66,087



Depreciation


At 1 January 2023
171
566
17,461
40
18,238


Charge for the year
18
33
10,491
-
10,542


Disposals
-
-
(6,720)
-
(6,720)



At 31 December 2023

189
599
21,232
40
22,060



Net book value



At 31 December 2023
2,676
82
41,259
10
44,027



At 31 December 2022
2,694
97
40,317
10
43,118

Land amounting to £1,126k (2022 - £1,126k) has not been depreciated.

The net book value of assets held under finance leases or hire purchase contracts, included above, are as follows:


2023
2022
£000
£000



Motor vehicles
35,840
30,210

Page 23

 
URA VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

15.


Fixed asset investments





Listed investments

£000



Market value


At 1 January 2023
310


Fair value adjustment
20



At 31 December 2023
330




The Company owns 100% of the issued share capital of Windsor Vehicle Leasing Limited. The registered office address is Centenary House, Beresford Way, Chesterfield, United Kingdom, S41 9FG. The Company remained dormant during the current and previous financial year.


16.


Stocks

2023
2022
£000
£000

Vehicles
153
238


During the year cost of vehicles held for resale was written down by £620k (2022 - £669k) in cost of sales.

Page 24

 
URA VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

17.


Debtors

2023
2022
£000
£000

Due after more than one year

Vehicle lease related debtors
3,198
3,520

Net investment in vehicles leased under finance leases
470
511

3,668
4,031


2023
2022
£000
£000

Due within one year

Trade debtors
1,186
1,251

Other debtors
3,401
4,372

Prepayments and accrued income
110
105

Net investment in vehicles leased under finance leases
584
630

5,281
6,358


Vehicles totalling £445k (2022: £506k) at cost have been acquired during the year for the purpose of renting out under finance leases. The nature of these agreements is such that the receivables are more appropriately included within debtors rather than the vehicles shown as fixed assets. The future rentals due on these contracts are shown as net investments in vehicles under finance leases above. Of these rentals £237k (2022: £493k) are due after more than one year.


18.


Cash and cash equivalents

2023
2022
£000
£000

Cash at bank and in hand
6,384
11,967


Page 25

 
URA VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

19.


Creditors: Amounts falling due within one year

2023
2022
£000
£000

Other loans
23
23

Payments received on account
2,414
1,848

Trade creditors
946
1,062

Corporation tax
515
269

Other taxation and social security
595
239

Obligations under finance lease and hire purchase contracts
13,882
10,950

Accruals and deferred income
2,680
2,716

21,055
17,107


Obligations under finance leases and hire purchase contracts are secured on the Company's fleets of hire and leasing motor vehicles and also by a deed granting the lender a prior fixed and floating charge over the amounts due to the Company from its customers under the lease and hire purchase agreements in respect of these vehicles.
There is also an unlimited debenture in place with the bank over all assets of the company.
Other loans are secured on a number of the Company's fleet of hire motor vehicles.


20.


Creditors: Amounts falling due after more than one year

2023
2022
£000
£000

Other loans
13
35

Net obligations under finance leases and hire purchase contracts
26,989
25,065

Other creditors
34
112

27,036
25,212


Obligations under finance leases and hire purchase contracts are secured as detailed in note 19.
Other loans are secured as detailed in note 19.

Page 26

 
URA VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

21.


Loans


Analysis of the maturity of loans is given below:


2023
2022
£000
£000

Amounts falling due within one year

Other loans
23
23


Amounts falling due 2-5 years

Other loans
13
35


36
58



22.


Hire purchase and finance leases


Minimum lease payments under hire purchase fall due as follows:

2023
2022
£000
£000


Within one year
13,998
10,950

Between 1-2 years
15,463
11,588

Between 2-5 years
11,526
13,477

40,987
36,015


23.


Deferred taxation




2023


£000






At beginning of year
(500)


Charged to Statement of comprehensive income
(50)



At end of year
(550)

Page 27

 
URA VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023
 
23.Deferred taxation (continued)

The provision for deferred taxation is made up as follows:

2023
2022
£000
£000


Accelerated capital allowances
(550)
(500)

(550)
(500)


24.


Share capital

2023
2022
£000
£000
Allotted, called up and fully paid



353,986 (2022 - 353,986) Ordinary shares of £1.00 each
354
354



25.


Reserves

Share premium account

This reserve records the amount above the nominal value received for shares sold, less transaction costs.

Capital redemption reserve

The nominal value of shares repurchased.

Profit and loss account

Includes all current and prior period retained profits and losses.


26.


Contingent liabilities

The Company has provided buy back guarantees to certain customers in respect of residual values of motor vehicles at the end of the contractual period. The directors are of the view that as 31 December 2023, and at the date of approval of these financial statements, the risk of a material liability arising from such guarantees was remote. Furthermore, these guarantees are the same in character as the remainder of the Company's risk profile in its contract hire business.

The Company has also issued a debenture guarantee, by way of a charge over the assets of the Company, to the Company's bankers National Westminster Bank PLC. As at 31 December 2023 the amount covered by this guarantee was £Nil (2022 - £Nil).

The Company is included in a group registration for VAT purposes with its subsidiary company, Windsor Vehicle Leasing Limited. All members of the VAT group are jointly and severally liable for the total amount of VAT due. The total liability is included in note 19.

Page 28

 
URA VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

27.


Capital commitments


At 31 December 2023 the Company had capital commitments as follows:

2023
2022
£000
£000


Contracted for but not provided in these financial statements
4,834
13,112


28.


Pension commitments

The Company operates a defined contribution pension scheme. The assets of the scheme are held separately from those of the Company  in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £49k (2022 - £50k) . Contributions totalling £8k (2022 - £6k) were payable to the fund at the balance sheet date and are included in creditors.


29.


Commitments under operating leases - lessor

At 31 December 2023 the Company had future minimum lease payments due under non-cancellable operating leases for each of the following periods:

2023
2022
£000
£000


Not later than 1 year
12,384
11,668

Later than 1 year and not later than 5 years
10,752
11,156

23,136
22,824


30.


Transactions with directors

During the year the Company advanced £nil (2022 - £450k) to a director. At the balance sheet date the amount due to the Company was £nil (2022 - £450k). The amount advanced was accruing interest at 2% per annum.


31.


Related party transactions

During the year dividends paid to directors totalled £88k (2022 - £175k).
During the year, a related party made loans totalling £nil (2022 - £65k) to the Company. At the balance sheet date the Company owed the related party £36k (2022 - £58k). These loans are accruing interest at 4% and 5% per annum.

The Company has taken advantage of the exemption in paragraph 33.1A of Financial Reporting Standard 102, from the requirement to disclose transactions with wholly owned members of the Group.
Page 29

 
URA VENTURES LIMITED
 
 
 
NOTES TO THE FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 DECEMBER 2023

32.


Controlling party

At 31 December 2023 the immediate parent undertaking was Longfox Limited, a company incorporated in England and Wales. The registered office address is Kenning House Kites Park, Summerleys Road, Princes Risborough, United Kingdom, HP27 9PX.
Longfox Limited heads the largest and smallest group within which URA Ventures Limited belongs and for which group accounts are prepared. Copies of the group accounts can be obtained from Companies House, Crown Way, Maindy, Cardiff, CF14 3UZ.
At 31 December 2023, the directors' consider there to be no single controlling party.

 
Page 30